What’s The Difference Between Mortgage Brokers And Mortgage Bankers?
In general, a mortgage banker has the ability to make loans from his or her own funds. A mortgage broker finds funds for a borrower from investors such as insurance companies, commercial banks, S&Ls, and pension funds.
As a practical matter, in many cases mortgage bankers act as mortgage brokers — and so do commercial banks, S&Ls, thrifts and other “lenders.”
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