The loan officer marketing is a worker of the bank and is combined with their license and their insurance. Mortgage broker marketing are licensed by the national Mortgage licensing system and registry. Loan officer is working in direct.
The brokers perform the same services like the bank. The merely difference is we reveal our commission and they don’t. Mortgage broker marketing and Loan officer marketing can do marketing with the web, because the web is the highly used network of the people. When the broker, broker your loan to ABC lender they pay me a commission known as Yield Spread Premium. Simultaneously the mortgage broker shows it to you on the application and at the time of closing, that’ who pays me the lender. As the bank originates your loan and sells it to someone else, they also make a commission. Though the commission is know as Service Release Premium. Thanks to lobbyists and DC, they don’t have to reveal this commission to clients, workers or anyone.
So when bankers effort to tell you that” We are the bank so why to use a broker when you can come straight to us” don’t believe this is a kind of publicity they will try to wash your mind.
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