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What is the difference between a mortgage broker and mortgage lender?

April 26, 2017difference Lender mortgage mortgage broker

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What is the difference between a mortgage broker and mortgage lender?

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A mortgage banker (lender) lends their money on the day of closing. They originate, process, underwrite, approve, close and fund the loan. Usually the lending decision is made by their own underwriter and the loan is funded in their name. Many mortgage bankers then sell the servicing of the loan to a third party after the closing. None of the conditions of the loan can change, just the name of the mortgage servicer.