Mortgage Broker versus Bank versus Mortgage Lender
Brokers are part of the lending community dependent on everything on the bank whom they send the loan to. They have no decision making authority and rely for underwriting and processing and funding from a lender whom they deliver the loan. Very limited on the scope of work. If one lender/bank denies their loan they have to get a new appraisal from a new lender and submit all over again.
Banks are more like mortgage lenders but unfortunately are very restrictive on their lending due to extreme regulations they are subjected to. They just don’t give any suggestion or any alternatives. Poor knowledge of bank loan officers is a very disappointing fact. The process can take long and a never ending stream of documents. Restrictive lending is what banks do.
A mortgage lender has no limitations as outlined above. They process, they underwrite and fund their own loans. They are not dependent on any third part for any of the functions except for title and appraisal. That makes the entire process smoother, faster and extremely easy for the borrower. The mortgage lenders are highly knowledgeable of the whole industry in general and provide all the support and valuable insight into the process. They can overcome most of the issues in the loan process and help borrowers close the loan and move into their dream house.