Mortgage Banker versus Mortgage Broker; St Louis Mortgage Interest Rate Update

On my way into the office this morning, I received a frantic phone call from a real estate agent I have known for years…it turns out, her client’s lender is unable to close on time because they still have to send out the loan to their “investor” to review and underwrite the loan.

It is important to understand the difference between a Mortgage Banker and a Mortgage Broker. The mortgage company I am with a mortgage banker with over 41 years of serving our community. What does that mean? Picture your community bank and take away everything but the mortgage department. We use our own money to close the loan and select a servicer to handle your monthly mortgage payments. In essence, a mortgage banker controls the loan process from application to closing. Continue reading “Mortgage Banker versus Mortgage Broker; St Louis Mortgage Interest Rate Update