The Lending Group Co, Mortgage Lending Group, Lenders Group, direct mortgage lenders.#Direct #mortgage #lenders


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Published on: June 26, 2016

Published on: June 24, 2016

Published on: may 29, 2016

Published On: May 24, 2016

Published on: May 21, 2016

Published on: May 14, 2016

Published on May1, 2016

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Direct mortgage lenders

  • Copyrights © 2015-2016
  • THE LENDING GROUP COMPANY
  • NMLS ID:1148626

Finding the best mortgage loans; we can help you out.

Nature Of Business and services : We specialize in: PURCHASE REFINANCE CASH OUT -DEBT CONSOLIDATION HOME EQUITY LINEs OF CREDIT.

The Lending Group is a full service Direct Mortgage Lender. We lend on Residential and Commercial Real Estate. Our team specializes in Fast Closings, Low Down Payments, Unique Loan Programs, High Loan To Value Cash Outs. Working with a Direct Lender Guarantees your Home Loam application to to approve with the Lowest Rate on the Market as well as No Broker Fees! We cater to First Time Home Buyers, Realtors, Real Estate Investors, Refinance Customers (Example: Lower you Monthly Payment and Interest Rate). Debt Consolidation for Existing home owners.

*Product Types*: Conventional Mortgages, Home Equity Loans and Lines of Credit, FHA Home Loans (Including 203k), USDA Home Loans, VA Home Loans(for Veterans Only), No Income Loans, Sub Prime and Less Than Perfect Credit Loans, Commercial Loans, Construction Loans, Fix Flip Loans. Lending Group Company was established In 2013 with a combined group experience of over 60 years. The Lending Group Company ®, Home mortgage Loans ®, Mortgage Loans refinancing ® all of these are registered trademarks, or service marks of “THE LENDING GROUP COMPANY ® ” You may not use, display or recreate them without the prior written approval of THE LENDING GROUP COMPANY. You may not remove, modify , or otherwise change any trademark, signature, privacy or other exclusive privileges rights shown on, included in, or otherwise showing in any Content provided by, considered on, or obtained through this site. All other images recognized and included herein are the property of their specific owners and their use herein doesn t mean support or approval of their products or services.

Direct mortgage lenders


Kelowna Mortgages, Kelowna Mortgage Broker, BC Direct Mortgages, direct mortgage lenders.#Direct #mortgage #lenders


direct mortgage lenders

Direct mortgage lenders Direct mortgage lenders

Mortgages Made EASY!

With expert, creative solutions.

Direct mortgage lenders

Direct mortgage lenders

Current Rates

We had the privilege of working with Ed, Shannon and Chris on our first mortgage, and our first renewal. There were various considerations that made both deals more complex than your run-of-the-mill mortgages (4 names on title, two homes, two mortgages, etc). The service was fantastic; they provided advice that could be easily understood and acted upon, and we got a great rate on every mortgage. We’ll certainly be working with them again on our next renewal!

I have known Ed at the Mortgage Center for several years and have greatly appreciated his “above and beyond” approach. He is by far a master at navigating the mortgage world and at finding the best rates and options available. His moral and ethical business practises are evident as he always puts the client’s best interests first. His high level of service and ability to deliver are 2 reasons that I recommend him highly and believe he will not disappoint.

Ed, Shannon and Chris are an exceptional team that guided us through the process of getting the best rates and the best mortgage step by step. They were very friendly, knowledgeable, prompt, and were never more than a phone call away. I would highly recommend these guys to anyone! Thanks guys!

Ed, Shannon and Chris have well-served many of my client’s mortgage needs. I appreciate most the time they take to explain the products they recommend. I, like many others, value and expect first-class treatment around my financial concerns, even more so for the client’s I introduce to The Mortgage Centre. Why don’t we expect that of our banks anymore? This level of service and trust is not the norm these days. You will be hard-pressed to find a better team to help you.

Ed and Shannon were both amazing through the entire process. This was our first home so we didn’t understand a lot of what was going on but they were always available at any time of day to answer our questions. We really felt like they had our best interest at heart and were treating our mortgage as if it were their own. We are so grateful for all their help and guidance and would recommend them to anyone, first time buyers or not. Thanks again Ed and Shannon!

I am very happy with the service that Ed Kolisnyk and his family has provided. They are friendly, knowledgeable, and prompt. They understand the system and are able to navigate the requirements and timelines to facilitate great rates on mortgages from all the different lenders. They work hard to get the best possible rate at zero cost to me! I will absolutely call Ed Kolisnyk when it is time for my mortgage term renewal.

Chris helped me every step of the way during the purchase of my first home. I had many questions about the entire process, he spent the time to walk me through anything I didn’t fully understand. Even when I was in Vancouver to purchase my condo, Chris made sure all the documents were available and that I was able to reach him whenever I needed. Thanks again Chris, and thanks for helping me get such a great rate!

I first met Ed, Shannon and Chris while I was President of an Investment Dealership. In that role I worked with a number of high-caliber investment and mortgage professionals, this team of 3 is second to none. Their level of professionalism and drive to exceed their client’s expectations is both outstanding and encouraging. I can, with confidence, highly recommend Ed, Shannon and Chris.

We have been working with BC Direct Mortgages for over 10 years. We have really enjoyed our mortgage product our low rate and I absolutely love not going into a bank to negotiate a better rate. Ed and Shannon looked after everything for us including shopping around for the best rate, referring an affordable home appraisal expert and making closing costs as low as possible. We are very happy about our new arrangements and we will be thinking of you two working hard while we are lounging in our new pool.


New Jersey Mortgage Loans, First Lenders Mortgage, direct mortgage lenders.#Direct #mortgage #lenders


First Lenders Mortgage

Call Us Today Toll Free! Day Or Night

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  • Direct mortgage lenders

  • Direct mortgage lenders

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    New Jersey Mortgage Rates

    We are the premier source of financing for New Jersey Mortgage Loans. We educate our clients about every option available so they have the power to make informed decisions about what’s right for them. If your looking for New Jersey Mortgage financing then look no further than First Lenders Mortgage of New Jersey!

    NJ FHA

    Our New Jersey FHA mortgage loans allow for purchasing a home with little down and secure fixed rates. Refinance with an FHA loan. No cost refinancing with NO CREDIT SCORE qualifying.

    NJ Jumbo

    We offer Jumbo mortgage Loans for your purchase or refinancing needs up to $10 Million with rates among the lowest in the country. Loans are considered jumbo loans when they exceed $424,100.

    NJ COnforming

    Our New Jersey conforming loans allow for low fixed rate purchase and refinance mortgage loans. NJ loans are loans under $424,100 with full documentation.

    Direct mortgage lenders

    documentation List

    Lending guidelines sure have gotten tougher over the past year. Lenders are requiring more and more documentation than ever before! As a result, we at First Lenders Mortgage thought it would be a good idea to provide an “UPDATED” list of what is required by banks when applying for a mortgage! You most likely DID NOT have to provide some of these the last time you applied for a loan. These are Fannie Mae and Freddie Mac guidelines and apply to all lenders!


  • Types of Mortgage Lenders, The Truth About, direct mortgage lenders.#Direct #mortgage #lenders


    Types of Mortgage Lenders

    Direct mortgage lenders

    Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

    Portfolio Mortgage Lenders

    Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

    Correspondent Mortgage Lenders

    Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

    A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

    Wholesale Mortgage Lenders

    Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

    A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

    The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

    Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

    Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

    Subprime Mortgage Lenders

    Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

    This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

    Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

    Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

    Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

    Related: Take a look at the top mortgage lenders in the second quarter of 2010.


    What Do Mortgage Lenders Look For, The Truth About, direct mortgage lenders.#Direct #mortgage #lenders


    What Do Mortgage Lenders Look For?

    Mortgage Q A: “What do mortgage lenders look for?”

    While this is a bit of a broad question, most banks and mortgage lenders are looking for the same basic thing, your ability to repay the home loan.

    After all, as long as you make your mortgage payments on time each month, there isn t much else for them to worry about. You hold up your end of the bargain and they ll be more than happy to extend financing.

    Keep in mind that this differs from the priorities of some loan originators, who are more concerned with your ability to qualify for a loan (so they can get paid a commission), as opposed to actually being able to afford it.

    Lenders want to make money as well, but not by writing bad loans. And they certainly don t want to let any fraudulent activity make its way through their doors.

    Pinpoint Potential Red Flags Before the Lender Does

    Think of a home loan application like a job interview. You want to put your best foot forward. This means taking a hard look at yourself and determining what your weaknesses and strengths are. This is exactly what a lender will do.

    So before your loan application is actually submitted to a bank or mortgage lender, it is imperative to ensure that every possible red flag has been addressed.

    Typically, borrowers know what these issues are, but if you don’t, consider shortcomings in asset, income, employment and/or credit departments.

    Ultimately, you want your loan application to be as strong as possible and to make sense so approval will be the only option; underwriters tend to love common sense. As long as it makes sense, they can approve it knowing they won t get any flak for letting a bad loan slip through the cracks.

    They ll Look at Your Credit, Your Assets, and Your Job

    One of the biggest things lenders are concerned about is credit. If you don’t check your credit score before applying for a mortgage, the deal could be DOA, so it s key to know where you stand before looking to purchase or refinance.

    I ve written extensively about credit s role in the loan approval process, so you can learn more by clicking the preceding link.

    What do mortgage companies look for on bank statements?

    If you don’t have money for a down payment or seasoned asset reserves, your application may be declined or scrutinized further; so take care of your banking details at least a couple of months before applying. This means having the money in verifiable accounts you plan to share with the underwriter, not under your mattress.

    Lenders ask for banks statements to ensure the money you claim to have is actually in the accounts. They ll also want to know it s been there for a couple months, not just deposited right before applying for a loan (aka not your actual money).

    That s why they ask for the past two months of statements. Also note that they ll scrutinize any large or unusual deposits that show up in your statements, so try to keep things simple before and during your mortgage application process.

    What do mortgage companies ask your employer?

    Same goes for income; if you haven’t had steady work for two years, the underwriter will have a much better (and easier) reason to deny your application. But if you ve been with the same company for years and your income has steadily increased, you should be in good shape.

    Similar to your income and assets, lenders will want to verify your employment prior to funding your loan, either with a written Verification of Employment (VOE) and/or a verbal phone call to your employer. The lender will want the employer to verify when you started working there, what your current position/title is, and if you re still currently employed.

    If you re self-employed, they ll ask for a CPA letter to verify you do what you say you do.

    What do mortgage companies look for on tax returns?

    Clearly they want to verify your income, so the best way to do that is to look at your actual taxes. And they don t just want one year or tax returns, they want the last two. With two years of returns, they can see if your income is steady, dropping, or rising. If it s dropping, you might have to explain yourself.

    They will also ask you to fill out a form 4506-T, which is a request for tax return transcripts. This is done to make sure everything matches up and to prevent fraud. So don t submit bogus tax returns.

    If you’re self-employed, make sure your business that’s making all that money is well organized, at least on paper. That means having something as simple as a business phone number, assuming you’re bringing in tens of thousands a month; disorganization can cost you there. Underwriters simply won t believe you re making $20,000 a month if your business phone number is your personal line with a voicemail recording that says, What up dude.

    If you claim a ton of business expenses, be careful that they don t reduce your taxable income to the point where you no longer qualify.

    If occupancy is a concern, make sure you have the documentation to back it up; if you’re downgrading to a smaller home, you better have a great narrative in place.

    For example, buying a single-story home after owning a two-story home because you have trouble getting up and down the stairs. Or moving to a similar, yet inferior home because you ll be closer to family.

    Some Things May Be Out of Your Hands

    Unfortunately, some things may be out of your control, like issues tied to the property itself. Perhaps some aspects of the home aren’t up to code, or the value just isn’t there (appraised value); if that’s the case, you may be out of luck regardless of how well prepared you are.

    One advantage to working with a loan officer/mortgage broker is that they can prepare your loan file before it ever gets to the mortgage company, so many mortgage mistakes can be avoided. They can also shop your loan with multiple banks and lenders, so if it doesn t fly with one, it can be resubmitted to another.

    Keep in mind that even the smallest detail could cost you the deal altogether, so it never hurts to go over the loan file with a fine-tooth comb (with the help of a loan processor) to ensure everything is ship shape.

    There’s never any guarantee, but the more preparation you put into it, the better off you’ll be.


    Types of Mortgage Lenders, The Truth About, direct mortgage lenders.#Direct #mortgage #lenders


    Types of Mortgage Lenders

    Direct mortgage lenders

    Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

    Portfolio Mortgage Lenders

    Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

    Correspondent Mortgage Lenders

    Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

    A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

    Wholesale Mortgage Lenders

    Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

    A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

    The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

    Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

    Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

    Subprime Mortgage Lenders

    Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

    This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

    Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

    Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

    Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

    Related: Take a look at the top mortgage lenders in the second quarter of 2010.


    The Lending Group Co, Mortgage Lending Group, Lenders Group, direct mortgage lenders.#Direct #mortgage #lenders


    Calculate Your Home Loan

    Refinancing Calculator ›

    Published on: June 26, 2016

    Published on: June 24, 2016

    Published on: may 29, 2016

    Published On: May 24, 2016

    Published on: May 21, 2016

    Published on: May 14, 2016

    Published on May1, 2016

    View Testimonials

    Direct mortgage lenders

    • Copyrights © 2015-2016
    • THE LENDING GROUP COMPANY
    • NMLS ID:1148626

    Finding the best mortgage loans; we can help you out.

    Nature Of Business and services : We specialize in: PURCHASE REFINANCE CASH OUT -DEBT CONSOLIDATION HOME EQUITY LINEs OF CREDIT.

    The Lending Group is a full service Direct Mortgage Lender. We lend on Residential and Commercial Real Estate. Our team specializes in Fast Closings, Low Down Payments, Unique Loan Programs, High Loan To Value Cash Outs. Working with a Direct Lender Guarantees your Home Loam application to to approve with the Lowest Rate on the Market as well as No Broker Fees! We cater to First Time Home Buyers, Realtors, Real Estate Investors, Refinance Customers (Example: Lower you Monthly Payment and Interest Rate). Debt Consolidation for Existing home owners.

    *Product Types*: Conventional Mortgages, Home Equity Loans and Lines of Credit, FHA Home Loans (Including 203k), USDA Home Loans, VA Home Loans(for Veterans Only), No Income Loans, Sub Prime and Less Than Perfect Credit Loans, Commercial Loans, Construction Loans, Fix Flip Loans. Lending Group Company was established In 2013 with a combined group experience of over 60 years. The Lending Group Company ®, Home mortgage Loans ®, Mortgage Loans refinancing ® all of these are registered trademarks, or service marks of “THE LENDING GROUP COMPANY ® ” You may not use, display or recreate them without the prior written approval of THE LENDING GROUP COMPANY. You may not remove, modify , or otherwise change any trademark, signature, privacy or other exclusive privileges rights shown on, included in, or otherwise showing in any Content provided by, considered on, or obtained through this site. All other images recognized and included herein are the property of their specific owners and their use herein doesn t mean support or approval of their products or services.

    Direct mortgage lenders


    Types of Mortgage Lenders, The Truth About, direct mortgage lenders.#Direct #mortgage #lenders


    Types of Mortgage Lenders

    Direct mortgage lenders

    Mortgage bankers are essentially mortgage lenders that originate and sell their loans in pools on the secondary market to investors such as Freddie Mac and Fannie Mae, along with private investors. If they are non-depository institutions, they finance the loans with warehouse lines of credit extended by other lenders, but quickly sell them off on the secondary market so they can originate new loans. Chase, Quicken, and Wells Fargo Home Mortgage are three of the largest examples, though much smaller operations also share this distinction.

    Portfolio Mortgage Lenders

    Portfolio mortgage lenders originate and fund their own loans, and may service them for the entire life of the loan. Because they typically offer deposit accounts to consumers, they are able to hold onto the loans they fund. They are also able to offer more flexibility in loan products and loan programs because they don t need to adhere to the guidelines of secondary market buyers. That means unique program guidelines and special offerings that other banks can t offer. Once their loans are serviced and paid for on time for at least a year, they are considered seasoned and can be sold on the secondary market more easily. Bank of America, Chase, and Wells Fargo are examples of portfolio mortgage lenders.

    Correspondent Mortgage Lenders

    Correspondent mortgage lenders originate and fund loans in their own name, then sell them off to larger mortgage lenders, who in turn service them, or sell them on the secondary market. The loans can be underwritten by the correspondent mortgage lenders, but the loan programs are usually based on terms approved by the larger mortgage lender, or sponsor . Correspondents usually have a array of products from different sponsors, and act as an extension for those larger lenders. In other words, a small correspondent mortgage lender may resell Wells Fargo products and/or Chase products under their own name.

    A direct mortgage lender is simply a bank or lender that works directly with a homeowner and underwrites their product in-house, with no need for a middleman or broker. Mortgage bankers and portfolio lenders usually fall under this category if they have retail operations. Examples include SoFi, loanDepot, Wells Fargo and Bank of America, though smaller entities could share this distinction as well.

    Wholesale Mortgage Lenders

    Wholesale mortgage lenders are similar to mortgage bankers in that they originate and sometimes service loans, and also sell them on the secondary market. Many mortgage banks have wholesale and retail divisions, although wholesale lenders can be independent entities as well.

    A wholesale mortgage lender is distinct because it works with independent mortgage brokers, who are client-facing. These brokers work on the retail end with borrowers and handle all correspondence, while simultaneously working with an Account Executive at the wholesale mortgage lender to carry out processing, underwriting, and loan funding. The borrower never actually interacts with the lender, only the broker does.

    The wholesale mortgage lender funds the loan, and will usually sell it on the secondary market within a month or two. Some examples include United Wholesale Mortgage and Carrington Mortgage Services.

    Warehouse lenders provide financing to other mortgage lenders so they can originate their own mortgages. This short-term funding provides smaller lenders with liquidity so they can focus on making more mortgages while selling existing ones on the secondary market.

    Smaller mortgage bankers and correspondent lenders rely on warehouse lines of credit to finance their operations. They pay back the warehouse lines of credit whens loans are sold, and may give a cut to the warehouse lender for each loan that is eventually sold. The mortgages are used as collateral for the temporary financing.

    Subprime Mortgage Lenders

    Subprime lenders tend to focus on homeowners with less than stellar credit. While the definition of subprime varies from lender to lender, most in the industry characterize it as lending to borrowers with credit scores below 620. But other issues may persist, including limited income and assets, or inability to provide documentation. As a result, interest rates provided by subprime mortgage lenders will be much higher than those at standard lenders. Essentially, subprime lenders are willing to take on more risk for a greater reward (a sky-high interest rate).

    This category has since been replaced by non-QM lenders, who make loans that fall outside the Qualified Mortgage (QM) rule. However, loan quality today might be better than that of their predecessors so a straight up comparison isn t entirely fair.

    Alt-A mortgage lenders typically offer mortgages to borrowers with limited documentation, limited or no down payment, and/or credit scores mostly between 620-720. This type of mortgage lender falls somewhere between a prime lender and a subprime lender. Borrowers may use an Alt-A mortgage lender because they have a tricky loan scenario or a sticking point that makes it difficult or impossible to close with a traditional mortgage lender. The risk appetite of an Alt-A lender is medium-high.

    Mortgage brokers work independently with both banks/mortgage lenders and borrowers, and need to be licensed. Their job is to contact borrowers and bring in potential deals. Once they have a deal, they can send it to a mortgage bank or a wholesale lender. They need to process the loan once it is approved, and can negotiate pricing with the bank or mortgage lender to receive a rebate, known as a yield spread premium. Mortgage brokers may form partnerships with real estate agents to ensure a steady stream of new business.

    Loan officers work at retail banks or under mortgage brokers, and basically do the same thing a broker would do, except they don t need to be licensed. They solicit borrowers using direct mail, telemarketing, and similar practices. Brokers usually provide them with office supplies and leads, and each take a split of the total commission. They may not need be well experienced, so take caution if and when one solicits you to ensure they are well educated on mortgages.

    Related: Take a look at the top mortgage lenders in the second quarter of 2010.


    Compare Home Loans and Mortgages with ING DIRECT #home #loan #rates


    #ing mortgage rates

    #

    Find that home loan.

    Important Information

    # The ING DIRECT Borrowing Power Indication is not an offer of credit. If you wish to apply for a loan please call us on 1800 100 258. Any application for credit is subject to ING DIRECT’s credit approval criteria.

    An application for credit is further subject to satisfying:

    • – A satisfactory valuation of the security property being offered.
    • – Legible copy of the Contract of Sale.
    • – Receipt and validation of all necessary documentation to certify assets, deposit and security.
    • – Confirmation of personal and financial details.
    • – Satisfactory credit reference report.

    Information and interest rates are current as at and are subject to change. All applications for credit are subject to ING DIRECT’s credit approval criteria. Fees and charges apply. Details of these and the terms and conditions are available at ingdirect.com.au or by calling 133 464. All features are not available for every type of loan. Interest rate discounts for LVR 90% or less are available only for new owner occupier borrowings and new to ING DIRECT security property. Interest rate discounts may be withdrawn for new customers at any time. WARNING: If you select a fixed rate loan, break costs may be payable if at anytime before the fixed interest period expires, you pay out your loan or you make additional payments of $10,000 or more in any year of the fixed interest period, or you ask us to change your loan type or fixed interest period. Break costs may be substantial. With an Orange Advantage home loan, an annual fee of $199 applies ; and 100% interest offset when linked to our Orange Everyday transaction account and you make a deposit into this account. The comparison rate is based on a loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

    Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to our home loan products you should read the relevant Terms and Conditions booklet and Fees and Limits Schedule. To view these documents you may need Adobe Acrobat. Products are issued by ING DIRECT.

    ING DIRECT is “Australia’s Most Recommended Bank” according to Nielsen Consumer & Media View Jul ’15 – Dec ’15 (n=9,552) when compared by customers of 14 other banks operating in Australia.

    Testimonials appearing on this site were obtained from customers as part of the ‘Tell Isla’ campaign from https://www.campaigns.ingdirect.com.au/isla/ (no longer accessible) in May-June 2015. They are individual experiences of customers that have used our products and/or services. We do not guarantee that they are typical results that consumers will generally achieve. Testimonials are not necessarily representative of all those who will use our products and/or services.

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    ING DIRECT is a division of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL 229823, Australian Credit Licence 229823.

    For information about the Australian Government Deposit Guarantee, click here. ING DIRECT Living Super (which is part of the ING DIRECT Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153.


    ING DIRECT, banco online sin comisiones – People in Progress #help #with #mortgage


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    Triplica tus ganas de Bolsa

    Hasta el 31 de octubre, tienes 3 grandes motivos para invertir con Broker NARANJA: 50€ de regalo por tu primera compra o traspaso, 3 meses sin comisiones de compraventa y un 1% de abono al traspasar tu cartera.

    Sin comisiones, sin condiciones

    Nuestra Cuenta NÓMINA está pensada para hacerte la vida más sencilla. Con tarjetas gratuitas, transferencias gratis en el mismo día y la facilidad de hacer todo lo que quieras desde tu móvil.

    Cero comisiones, cero ataduras

    Pedir un Préstamo NARANJA sin ser cliente de ING DIRECT no es infidelidad a tu banco. Contrátalo ahora, sin ataduras y sin necesidad de traer tu nómina.

    Tu Cuenta N MINA, sin papel

    Sin comisiones, sin condiciones… ¡y ahora también sin papel! Abre tu Cuenta NÓMINA de forma rápida y sencilla desde tu móvil u ordenador y empieza a disfrutar de todas sus ventajas: tarjetas gratuitas, transferencias sin coste en el mismo día, descuentos en Shopping NARANJA…

    Cambio de moneda online

    ¿Te vas de viaje y necesitas cambiar de moneda? Ahora, como cliente de ING DIRECT, puedes hacerlo cómodamente de forma online y recibir el dinero en casa en solo unos días.

    Informaci n sobre cajeros

    Seguramente ya has podido comprobar que la forma de sacar dinero en los cajeros de nuestro país ha cambiado en 2016. Por eso, nos gustaría explicarte la situación actual e informarte sobre cómo puedes seguir sacando dinero sin pagar comisiones en más de 44.000 cajeros.