August 19, 2015
Generally speaking, you have three types of professionals to choose from when seeking mortgage financing
| Retail Bank | Broker | Mortgage Banker | |
| Wide variety of programs | Possibly | Possibly |  |
| Multiple investors |  |
Limited | |
| Multiple pricing options | |
Limited | |
| Local Processing | Limited | Limited | |
| In-house underwriting | Limited | |
|
| In-house closing | |
|
|
| Licensed Mortgage Originators | Possibly | |
|
| Financially accountable | |
|
|
| Performance driven | |
|
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| Utilize local appraisers | Possibly | Possibly | |
Traditional Bank
Some people choose to secure financing through the same institution where they have a checking or savings account. While this is certainly a viable option, one of the drawbacks is that the client may be limited to the dozen or so products the bank offers. If the client would be best served by local processing, a quick close, a 203k, a Rural Housing loan and their bank does not offer the program, the client could potentially be losing out.
Mortgage Broker
A Mortgage Broker has established relationships with a variety of different banks BUT, is NOT empowered to make, grant, or approve mortgage loans. All loans are provided by third party lenders. The disadvantage of working with a broker is that the available pool of banks willing to establish relationships with brokers is getting smaller as their lenders are scrutinizing the credit quality and appraisals of their submissions, and do not have overall control.
Mortgage Banker
As a Mortgage Banker, Premium Mortgage provides the very best that is available in the mortgage market today: authorized, educated, and experienced Loan Officers, and the ability to control the process from start to finish.
We have a three prong approach to securing financing:
- We have access to the same programsthat amortgage broker does
- We lend in our own name from a warehouse line of credit and
- We establish lending relationships with national banks that will extend their programs to mortgage bankers but not mortgage Brokers.
Premium Mortgage provides the very best that is available in the mortgage market today: authorized, educated, and experienced Loan Officers, and an operations team that is committed to providing the best possible service in each market we serve.
Since we are financially responsible, and the performance of our loans are rated by the investors who buy them, our excellent track record is reflected in the rate that we can offer our clients.
We are the experts in home financing.
