Financing in Rockville>Question Details

Joe Prabil, Other/Just Looking in Rockville, MD

Do all mortgage brokers have access to the same database or all lenders, as a result of the mortgage reforms/new laws/regulations?

Asked by Joe Prabil, Rockville, MD Sat Jul 2, 2011

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No, not all mortgage brokers are approved with the same wholesale lenders. There are 100's of wholesale lenders across the U.S., some can be regional (like a few states, or the South East, etc.), some can just fund loans in 1 state, and some can even do loans in all 50 states or even random states that they choose. Each mortgage broker firm will determine what type of clients they usually work with, and which lenders they would like to be approved with to help out their clients.
1 vote Thank Flag Link Sun Jul 3, 2011
No, every lending institution is different.
0 votes Thank Flag Link Fri Feb 8, 2013
Different banks and lenders have different products. Really depends on what you need. Regulation is also not across the board. Brokers are subject to different regulations than banks. They both serve the same clients, but are regulated under inconsistent rules. Wrong??? Maybe do, but that is how it is right now. Hope it helps you, feel free to elaborate.
0 votes Thank Flag Link Sat Jul 2, 2011
good evening joe...i'm not sure what database you are referring to...anyway....i have originated mortgages for both brokers and lenders for over 16 years...if a mortgage rep works for a depository, they do not need to be licensed with the nmls..if they work for a lender who is not also a depository, or work for a broker...then they must have a nmls license..that all started in 2008..i always felt i could be more productive and have many more financial resources to help borrowers working for a broker than a lender, that has only one set of guidelines.......some lenders do still broker..but for the most part..brokers (unfortunately) are soon going to be a thing of the past....
some of the brokers i have worked for in the past, have had many wholesalers...we usually used one, two or three for the majority of our loans, but it was always great to have the resources for a "fall-out" loan ..that we could close somewhere else....the way it is mostly dealt with now, is that a lot of good borrowers are denied...
hope that helps..
bob mcclure
0 votes Thank Flag Link Sat Jul 2, 2011
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