In his entry I’m just going to talk about the different options on the Primary Mortgage Market. The Primary Mortgage Market is where a homeowner or buyer would go to get a loan to purchase or refinance a home. Then, over the next couple of entries I’m going to talk about the other areas that are listed in the diagram.
Primary Mortgage Market
When a borrower wants a loan, they have a choice of:
- Mortgage Brokers – Assist borrowers with the loan process, have ability to submit loans to multiple lenders so that they can find the best “home” for the loan
- Financial Depository Institutions - Savings and loan associations, savings banks, credit unions and commercial banks.
- Mortgage Bankers – Fund loans and quick sell on Secondary Market, can be retail or wholesale
- Retail mortgage bankers employ loan officers that perform the same functions as mortgage brokers by assisting borrowers with the application and loan selection process. Retail has two areas: Origination and Production
- Wholesale mortgage bankers do not employ loan officers, but obtain their business directly from mortgage brokers.
No comments:
Post a Comment