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Bankers - Brokers – Retailers … What is the difference? Is there any? There are three types of lenders offering mortgage financing. Retailers Typically you are dealing with a salesperson working for a large commercial bank or franchise mortgage corporation. The salesperson acts like a broker funneling information to the operations group where a decision is made. More often than not this decision making is done out of state or in a different time zone. Brokers An individual that may or may not be licensed. Brokers do not have any underwriting authority. The broker serves as a salesperson between the borrower and an investor that provides mortgage money. When problems in approval occur the broker has to either find another lending source or go back to the borrower to fix the problem. Henger Rast We are a local mortgage banker, licensed and delegated by the State, Fannie Mae and Freddie Mac to originate, process, underwrite, close and fund mortgage loans. Henger Rast is a very unique model for the markets in which we operate. We control the lending process to make it run very efficiently. Our full time underwriters provide loan decision in hours not days or weeks.
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