Dually Licensed Tina
Dually LicensedForum Replies Created
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❤️
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Out of curiosity, what’s the turnover rate of nuns and priests?
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🎊🎊 proud dad of Pepper 👏
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Gustan, me and my team are in. You are absolutely right and even more right. CEO MIKE KORTAS is hands down a legend and I think I want to be his ally for the rest of my career. Kudos to the best authentic Chief Executive Officer of the mortgage industry.
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This small town in Texas with 50 full time cops in a town of 250 residents reminds me of Rosemont Illinois. The Rosemont police department has similar ratio of cops versus residents of Rosemont. If you want to be a cop wannabe, Rosemont Illinois is where you want to set up residency.
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There are also NO RATIO Mortgage Loans. I think they want 75% loan to value on no ratio Mortgage Loans.
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Mortgage brokers and mortgage bankers originate home loans for homeowners and homebuyers as well as real estate investors. Mortgage brokers have wholesale lending relationships with wholesale mortgage investors and financial institutions. Mortgage brokers get paid a yield spread premium or commission of a maximum of 2.75%. The maximum commission a mortgage broker can make is 2.75% for the entire mortgage broker company. Mortgage brokers has access to multiple wholesale mortgage investors whereas mortgage brokers are captive and only have access to their own products. There are no maximum commission mortgage bankers. Mortgage bankers can charge 5% or more in commission. The higher the commission the higher the rate to the consumer.
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A mortgage banker and a correspondent lender are both involved in the mortgage industry, but they operate differently in terms of their roles and functions:
Mortgage Banker:
A mortgage banker is typically a financial institution or company that originates, processes, underwrites, and funds mortgage loans using its own funds or a credit line.Mortgage bankers often work directly with borrowers, taking their loan applications, processing them, and making the final lending decision.After closing the loan, mortgage bankers might continue to service the loan themselves or sell it to investors on the secondary mortgage market.
Correspondent Lender:
A correspondent lender, on the other hand, acts as an intermediary between the borrower and a larger mortgage lender or investor.Correspondent lenders originate and fund mortgage loans using their own capital or credit lines but typically underwrite and close the loans in their own name.However, rather than keeping the loans on their books, correspondent lenders sell them to larger mortgage lenders or investors shortly after closing. These larger lenders may include banks, mortgage companies, or government-sponsored enterprises (GSEs) like Fannie Mae or Freddie Mac.
In summary, the primary distinction lies in how they handle the loans after origination and closing. Mortgage bankers usually retain the loans on their balance sheets or service them, while correspondent lenders typically sell the loans to other entities shortly after closing.
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Many loan officers love what they do. However, most Mortgage Loan Originators can no longer support their families if the head of the household is a full time loan officer or owner of a small mom and pop Mortgage Broker company. Large retail mortgage companies are bleeding and most are sinking. You will see many more mortgage companies close its doors and not survive this mortgage and housing crisis.