We Are Your Banker
Definition of a Mortgage Banker:
A company or institution that originates loans. Bankers use their own funds, or funds borrowed from a warehouse lender, to fund advances.
This type of bank is a state-licensed banking entity that makes home allowances directly to the consumer. The difference between a mortgage banker and broker is that the banker funds advances with its own capital.
Generally, this type of bank originates an allowance and places it on a pre-established warehouse line of credit until the advance can be sold to an investor, such as Fannie Mae or Freddie Mac. The process of selling credit from the bank to another investor is referred to as selling the loan on the secondary market.
Banks frequently use the secondary market to sell advances because the funds received pay down their warehouse lines of credit which enables the bank to continue to lend. This type of bank is not regulated as a federal or state bank and does not take deposits from consumers or businesses.
Definition of a Mortgage Broker:
An intermediary who brings loan borrowers and lenders together, but does not use its own funds to originate advances. A investment broker gathers paperwork from a borrower, and passes that paperwork along to a lender for underwriting and approval. The funds are then lent in the name of the lender.
The distinguishing feature between a mortgage banker and broker is that bankers close borrowed money in their own names, using their own funds, while brokers facilitate originations for other financial institutions. Brokers do not close credit in their own names.
Because Graystone is a title banker, we make all loan determinations “in house.” The credit is originated, processed, underwritten and closed by Graystone. The originator has direct access to the team of processors and underwriters, expediting the process for our clients. The client file remains with our team for the duration of the process and is not sent to a third party for consideration. This is an attractive quality to our clients and our referring partners, as it eliminates delays and the need for multiple “hands” in the file.
Lori Thompson is a top notch professional. In my industry, I have the opportunity to work with many lenders and they just don’t hold a candle to Lori. I have worked with Lori for over 10 years and she is always helping clients with their dreams. This is not just her job but her need to help people. She does with compassion and caring. All my clients have liked her so much they tell their friends a family about her. I personally have used her as well and believe me, I have many to choose from but I would never use anyone but Lori. Whether it is for a new home or refinance, Lori is your lender for life. Bangerter RealtyMichele