Mortgage Banker: An ambiguous* sales person working for and representing one retail lender, rather than the consumer.
am·big·u·ous– unclear or inexact because a choice between alternatives has not been made.
Mortgage Broker: A transparent* educator working for the consumer versus one retail lender, with independence allowing for wholesale lender competition and choice.
trans·par·ent – having thoughts, feelings, or motives that are easily perceived. The ability to see-through.
Bankrate published an article in 2015 around the topic of Mortgage Broker versus Banker and which one is better for the consumer. After hearing from both sides, readers were asked to choose which they would prefer if they were in the market to buy or refinance a home.
The reader poll results were heavily in favor of the Mortgage Broker. Over 90% of readers said they would choose a Mortgage Broker over a Mortgage Banker.
What makes this study interesting is that approximately 10% of providers in Oregon and Washington are “True” Mortgage Brokers, leaving the other 90% Mortgage Bankers. This means that consumers must carefully research and ensure that they are talking also with a Mortgage Broker when shopping for a new mortgage and seeking pre-approval. Chances are they might be talking with a Mortgage Banker inaccurately using the broker term.
Shopping for a mortgage can really pay off
Americans are always on the lookout for a good deal.They delight in hunting for discounted jeans or snagging 25 percent off on the latest gadget.But Americans aren’t shopping around for one of their most expensive items–their mortgage.
47% of homebuyers don’t compare lenders
According to a survey by the Consumer Financial Protection Bureau, nearly half of all home buyers only considered one lender for their mortgage.
Comparing lenders could save you thousands
Comparing your options with multiple lenders could mean lower interest rates and payments saving you thousands of dollars throughout the life of your loan.
You can put that savings to use by:
- Paying off your mortgage or other debts faster
- Saving for emergency home repairs
- Making Improvements to your home
- Putting a more aside for your future
- Or maybe even splurging on a family vacation
We are here to help you shop
American Mortgage Corporation offers exclusive client representation and compares pricing and execution from over 25 different lenders competing for your business.
Bank
- Usually a depository in some fashion with other products and services.
- Typically only one or very few lending source or limited options which may result in higher rates and fees due to operational costs/lack of comparison.
- Loan Officers may not be required to take entry-level or continuing education.
- Loan Officer represents the bank rather than the consumer.
Mortgage Broker
- Usually only offers mortgage services, non-depository.
- Multiple wholesale lenders and programs – full brokerage only.
- Works and shops exclusively for the consumer without priority to any lender or pass-through line of credit.
- Loan Officers must take entry-level and continuing education.
- Most advanced platform, requiring a high level of experience.
- With controlled costs, we believe this is the most favorable channel for consumers on pricing and programs.
WHY CHOOSE AMERICAN MORTGAGE CORPORATION?
- No special interests. We work exclusively for YOU and carry no influence from business affiliations or steering toward bank or bank line priorities (which most lenders do when their originators lack independence).
- Full disclosure. We expose any premiums received in the interest rate to apply as a credit to reduce closing costs and settlement charges.
- The ability to compare. We compare the rates, costs, and programs of the very best wholesale lenders to allow competition to produce the most favorable terms and speed.
- Service. Our heightened focus on communication and paperless processing system allows us to expedite your loan application for a smooth and more enjoyable experience.
- Pricing. Our low overhead and flexibility for choice and comparison allows us to provide very competitive pricing many feel is unmatched with our level of experience included.
- Market Watch. Our Loan Consultants have a very close grasp on the mortgage-backed securities market to provide rate lock suggestion in this volatile bond market which can save $.
- Your Loan Consultant is local, licensed under the Nationwide Mortgage Licensing System (NMLS), and complies with the Safe Act for entry-level and continuing education.
- Reputation and experience. Our reputation and respect in the marketplace has been earned by our ability to exceed expectations and always do the right thing.
- “A+” rating with the BBB and integrity in the primary residential mortgage market.
These are just a few of reasons why many choose American Mortgage Corporation for their home purchase or refinance needs.
CONTACT ONE OF OUR LOAN CONSULTANTS TODAY!
We consistently strive to offer consumers the best possible mortgage experience by using a transparent and systematic approach that makes lenders compete for your business. The more educated the consumer, the greater chance they will become a American Mortgage Corporation client when comparing mortgage providers. Don’t just take our word for it, here are some reviews that our past customers have left!
Our experience with American Mortgage Corporation was fabulous! Because of their help and attention to detail we were able to move from NY to FL and purchase our dream home! Thank you!!!
My wife and I could not be happier with American Mortgage Corporation. This is our third home purchase. Our loan officer was extremely professional, accessible, and there for us every step of the way.
I’m very happy with the services provided by American Mortgage Corp. They answered all my questions in detail and took me step by step through the entire process. I will definitely recommend them to family and friends or anyone in need of their services
Our purchase experience with American Mortgage was fast, easy and stress free. Our mortgage agent was very knowledgeable. The processing staff was efficient and extremely helpful in keeping us informed throughout the entire process. We were very pleased with the flow of our transaction from start to finish and plan on coming back in the future for our refinance.
Great service. Took care of all issues that came up and delivered as promised. Can’t ask for more from your lender. Highly recommend
This was our first time buying a home..and I’m not going to lie. It was the most stressful time also. My husband heard a commercial about American Mortgage..I was going to go through Lending Tree. I was confused and lending Tree wouldn’t answer any of my question..so I called American Mortgage..they took the time to answer my questions..told me about my credit report..what to do..what not to do..they calmed my nerves..I was confident in my task ahead of us. We went with American Mortgage..and I’m so glad we did..What a dream team. Thanks to American Mortgage..we’re in a beautiful home.
Marc T.
★★★★★
American Mortgage personnel was a huge help in refinancing my property. I had a lot of credit card debt and haven’t had a raise is quite some time. Plus, because of short sales and foreclosures in my residential area, it was hard to see any equity in my house: something that AM has no control over, but AM was able to get me cash out and a low interest rate and was able to increase my monthly cash flow to pay down my debt over time. They also paid all of my closing cost with the lender credit. They are even supposed to reimburse my appraisal fee. It was truly a no cost transaction. I’m really lucky. Can’t wait to work with them again.
