{"id":2435,"date":"2017-03-03T16:02:55","date_gmt":"2017-03-03T21:02:55","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2435"},"modified":"2017-03-10T15:12:07","modified_gmt":"2017-03-10T20:12:07","slug":"mortgage-bankers-vs-mortgage-lenders-vs-mortgage-brokers","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/mortgage-bankers-vs-mortgage-lenders-vs-mortgage-brokers\/","title":{"rendered":"Mortgage Bankers vs. Mortgage Lenders vs. Mortgage Brokers"},"content":{"rendered":"<h2>Bankers and Lenders and Brokers, Oh My!<\/h2>\n<h3>Mortgage Bankers<\/h3>\n<p>When many prospective homebuyers think about getting pre-approved for a mortgage, they picture their local bank. They stop by the nearest branch, are greeted by a friendly teller, and ask to speak to a loan officer. There\u2019s nothing inherently wrong with this concept, but it certainly isn\u2019t the only way to obtain a mortgage.<\/p>\n<h3>Mortgage Lenders<\/h3>\n<p>Mortgage Lenders exist with the sole purpose of originating home mortgages. They do not have checking accounts or ATMs. Generally, they originate the mortgage, but once it closes and funds, they sell it to a mortgage servicer, and use the money to originate new mortgages. Mortgage lenders are also referred to as Direct Lenders or Retail Lenders.<\/p>\n<h3>Mortgage Brokers<\/h3>\n<p>Mortgage Brokers are basically a financial matchmaker, matching homebuyers to mortgage lenders. They develop relationships with multiple Wholesale Lenders to originate mortgages through the loan programs those lenders offer. Mortgage Brokers take a loan application, then send it to the lender who offers the best rate and terms for that borrower\u2019s financial situation.<\/p>\n<h3>Which option is best for you?<\/h3>\n<p>Riverbank Finance is a Mortgage Broker, so I\u2019m more than a little biased, but let me explain! Mortgage Brokers are a great option for most borrowers because we have access to more programs and encourage competition amongst our lenders\u2014both of which drive pricing down. We also charge zero origination fees on the majority of our loan programs.<\/p>\n<p>Working with a Mortgage Broker saves borrowers more than just money\u2014 it also saves hours of time! We shop our lenders\u2019 rates and fees everyday, and know the program guidelines inside and out. Unlike banks and lenders, we do not add any additional overlays to our lenders program guidelines\u2014their minimums are our minimums, allowing us to serve borrowers that others can\u2019t.<\/p>\n<h3>Get More Information<\/h3>\n<p>To apply for a Mortgage, call Riverbank Finance today at 1-800-555-2098.<br \/>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/2435#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"109\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankers and Lenders and Brokers, Oh My! Mortgage Bankers When many prospective homebuyers think about getting pre-approved for a mortgage, they picture their local bank. They stop by the nearest branch, are greeted by a friendly teller, and ask to speak to a loan officer. There\u2019s nothing inherently wrong with this concept, but it certainly<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/mortgage-bankers-vs-mortgage-lenders-vs-mortgage-brokers\/\" title=\"ReadMortgage Bankers vs. Mortgage Lenders vs. Mortgage Brokers\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":10,"featured_media":2436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,70,1,308],"tags":[431,179,289,108,629],"class_list":["post-2435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-first-time-home-buyer","category-local-michigan","category-mortgage-tips","tag-buying-a-home-2","tag-michigan-mortgage-broker","tag-mortgage-broker","tag-mortgage-programs","tag-mortgage-tips-2"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=2435"}],"version-history":[{"count":3,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2435\/revisions"}],"predecessor-version":[{"id":2444,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2435\/revisions\/2444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/2436"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=2435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=2435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=2435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}