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Mortgage Bankers Mortgage bankers are essentially “mortgage lenders” that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors.
If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans.
Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations.
Examples include So Fi, loan Depot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.
A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing.
These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding.
Some examples include United Wholesale Mortgage and Carrington Mortgage Services. Warehouse Lenders Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages.
This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.
Wholesale Mortgage Lenders Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market.
Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.
Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.
Portfolio Mortgage Lenders Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan.
In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.Tags: Adult Dating, affair dating, sex dating