Mortgage Broker

Direct Lender

Customization

Represents borrower by packaging loan to highlight strengths and minimize weaknesses

Represents only the lender

Representation

Offers a wide range of programs with the most competitive rates

Offers limited programs

Flexibility

A problem loan can be quickly moved from one lender to another

If the loan is denied, the whole process must start over

Professionalism

Familiar with many lenders and loan programs and are licensed by the Department of Real Estate

Familiar with limited number of programs and not required to be licensed

Performance

Generally paid only on commission and therefore motivated to close loans

Generally paid a salary plus lower commission

Costs

Can offer numerous rate and fee combinations

Offer limited rate and fee combinations