The short answer: an independent mortgage broker is a licensed company that is not tied to one bank. It compares loan programs from several wholesale lenders, helps you apply with the one that fits, and manages the file until closing. The lender funds the loan; the broker does the shopping and the guidance.
| Independent mortgage broker | Independent mortgage banker | |
|---|---|---|
| Whose money funds the loan | A wholesale lender the broker selects | The banker's own credit line, then usually sold |
| Loan choices | Programs from several lenders | Its own program menu (often broad) |
| Who sets underwriting rules | The chosen lender | The banker, following investor guidelines |
| How you see the cost | Both must give you a Loan Estimate within three business days of applying | |
Some companies are both. Beyond Financing, Inc. works as a broker in California, Connecticut and Massachusetts, and as a broker and correspondent lender in Florida, New Hampshire, North Carolina, Rhode Island, South Carolina and Texas.
You do not need one, but many first-time buyers find it helpful: a broker can compare first-time-buyer, FHA and down-payment-assistance options from several lenders and explain each step. Whether it costs less depends on the loan; compare Loan Estimates to see.
A broker is paid either by the lender or by you, never both on the same loan, and the amount is disclosed on your Loan Estimate and Closing Disclosure. See also Mortgage Broker vs. Bank.
Yes. Mortgage brokers and their loan officers must be licensed in each state where they work. You can look up any company on nmlsconsumeraccess.org. Beyond Financing, Inc. is NMLS 2394496.
Sometimes, because more lenders are compared. Rates depend on your credit, loan amount, down payment and the market, so compare Loan Estimates.
No. The lender funds it and a loan servicer collects payments.
Talk to a loan officer · (857) 410-1391
É uma empresa licenciada que não está presa a um único banco: compara programas de vários credores e ajuda você a escolher o que combina com sua renda, crédito e imóvel. Falamos português: (857) 410-1391.
Es una empresa con licencia que no depende de un solo banco: compara programas de varios prestamistas y le ayuda a elegir el que se ajusta a su situación. Hablamos español: (857) 410-1391.
This page is general information, not a commitment to lend. Programs, rates and terms vary by lender and borrower and are subject to credit approval. Beyond Financing, Inc., NMLS 2394496, nmlsconsumeraccess.org. Equal Housing Opportunity. Not affiliated with Beyond Finance, LLC.
