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Mortgage Broker Near Me Explains Mortgage Brokers VS Mortgage Bankers - YouTube
Channel: PIF Lending - Andrew Leavitt
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mortgage broker las vegas so most people
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typically ask who's better who's cheaper
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should i go with a mortgage banker or a
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mortgage broker well let me ask you the
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same question but in a different fashion
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let's say that you know the car that you
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want to purchase and you go to
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dealership a you find that exact car
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that you want to purchase you go to
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dealership b and you find the car again
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now there's one difference between these
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two dealerships one of them is
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significantly cheaper and one of them is
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more expensive let's just put that price
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tag around five thousand dollars
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are you gonna pay five thousand dollars
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more for the car when it's the exact
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same car at the other dealership and
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it's cheaper probably not i wouldn't at
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least but mortgage brokers mortgage
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bankers they work in the same fashion
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and mortgage brokers we are capped by
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federal law of how much we can make on
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the back end of a home loan what's the
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back end well you can't see it and
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that's the whole point however our
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mortgage brokers it's very transparent
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because we have to put it on the loan
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disclosures but it's not up until the
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closing time frame where you're actually
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going to see that number mortgage
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bankers they never have to list at any
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point in time in the transaction that
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cap comes from federal law and the
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mortgage bankers that federal law
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doesn't apply to them they're not capped
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so while we're capped at three percent
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and sure maybe we're charging the three
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percent most don't they're usually at
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2.75 the mortgage banker could be at
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four five eight nine just as long as
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they follow a few compliance laws they
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can charge as much as they want so you
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might be asking well how do i measure if
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i'm getting charged more points if i
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can't see it to closing well it's simple
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you get a loan estimate from the
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mortgage company now a loan estimate
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comes in the first part of the
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disclosures and it's probably the most
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important one in the loan disclosure
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package in my opinion
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if you look at it and one says an
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interest rate of 3.75 for mortgage
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company a mortgage company b has an
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interest rate of 2.99
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it's three quarters of a point
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difference the monthly payment's a
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couple hundred dollars different at that
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point
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well that's how many points are getting
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charged in the back end that you can't
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see because those points that you're
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paying is the reason why your interest
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rate is higher
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also we can't charge processing and
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underwriting fee as a mortgage broker
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and the mortgage bankers can but wait
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the mortgage breaker says one more thing
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well they don't have their underwriters
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in-house and they're not going to close
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on time well let me explain how in-house
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underwriters work if you're the owner of
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a mortgage banker the last thing you're
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going to do is have the underwriter
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sitting next to the loan officer if an
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underwriter makes a credit decision
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based off the loan officer's influence
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versus actually the
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documents and what they say and what a
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credit decision should be based off of
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when that mortgage banker goes to sell
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the loan to the federal housing
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administration or fha or va and they
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come back and they say hey you didn't
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get this document and it looks like you
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didn't document it well enough about the
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job gap um you know we can't buy this
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loan from you so now you own this 400
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000 loan this three hundred thousand
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dollar loan that's a four hundred
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thousand dollar loss in one day on one
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loan so if you're the mortgage banker
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you're gonna go ahead and separate them
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and you're gonna keep them separate so
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after that who are you gonna go with the
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mortgage banker that charges more fees
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makes more on the back end has one
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underwriting department that they can
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sell to
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or do you want to go with a mortgage
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broker that's various options of lenders
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no fees up front and you can see how
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much compensation they're making in the
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back end which results in you getting a
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lower interest rate
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don't know about you probably gonna go
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for the cheaper option and i'm probably
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gonna go with the option of the mortgage
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broker because where a mortgage banker
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can only go to one undrained department
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mortgage broker has access to multiple
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lenders and so if you don't qualify in
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the traditional square box well great we
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probably have an option for you where
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the mortgage banker says loan decline
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let's get your loan approved we'll talk
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to you soon
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[Music]
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paying it forward
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[Music]
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[Music]
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call 702 800 4664
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p.i.f lending yeah paying it forward
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