
|
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 |