What's the difference between a mortgage lender and a mortgage broker in Oregon?
What's the difference between a mortgage lender and a mortgage broker in Oregon?
2 answers
@yasmin.eichmann
In Oregon, a mortgage lender is a financial institution or company that directly provides loans to borrowers for the purpose of purchasing a home. They have the ability to underwrite, approve, and fund loans using their own funds. Mortgage lenders typically offer a variety of loan products and are responsible for servicing the loan after it is closed.
On the other hand, a mortgage broker in Oregon is a middleman between the borrower and multiple lenders. The broker works on behalf of the borrower to shop around for the best loan options and rates from different lenders. Once the borrower selects a loan, the broker helps with the application process and facilitates communication between the borrower and lender. Mortgage brokers do not fund loans themselves, but instead earn a commission or fee from the lender for their services.
In summary, the main difference between a mortgage lender and a mortgage broker in Oregon is that a lender directly funds loans, while a broker acts as an intermediary and connects borrowers with multiple lenders.
@yasmin.eichmann
Some key differences between mortgage lenders and brokers in Oregon include:
- Mortgage lenders directly provide loans to borrowers, while brokers act as intermediaries between borrowers and multiple lenders.
- Lenders have the authority to underwrite, approve, and fund loans using their own funds, while brokers do not fund loans themselves.
- Lenders typically offer a variety of loan products and services, while brokers help borrowers find the best loan options from different lenders.
- Lenders are responsible for servicing the loan after it is closed, while brokers facilitate communication between borrowers and lenders but do not service the loan.
Overall, the main distinction lies in the direct funding capability and loan servicing responsibilities of mortgage lenders, compared to the intermediary role of mortgage brokers in connecting borrowers with lenders.