Mortgage Lender or Broker? What’s the Difference?

Is there a difference between a mortgage brokers and a mortgage lender? Yes. Lenders are creditors, have full control over all lending aspects of the lending transaction. Brokers: not so much. Brokers are not creditors; and therefore, they do not make the credit decision on the financing request but must rely on the expertise of partner institutions (creditors).  They act as a liaison between the buyer/borrower and the true creditor or lender. Brokers are not in control of the credit decision on the loan, whereas lenders control all aspect of the transaction, top to bottom, soup to nuts.

Empire of America is a direct lender. We make this clear distinction known as there are several positive aspects when you work with us:

• Fast loan closings! We often close a transaction in just a couple of weeks and control all aspects of the transaction including processing, underwriting, loan document production and funding.
  • Clients are often appreciative of our speed, and it’s attributable to us status as direct lenders.
• You talk directly to the lender – reducing confusions, misunderstandings, he said/she said, nothing is lost in translation.
• Fast-track formal loan approvals!
• Pre-approval letters with full underwriting review, verified income, assets, and credit. Ready within one hour of sending your documentation and application.
  • Speed is everything in a competitive marketplace – we are available 24/7 to produce pre-approvals for you as your purchase offer requirements change from day to day.
• Full rate/pricing level controls, enabling borrowers to easily switch programs, rates, and reduce closing expenses when and as required.
• Accurate and clearly explained closing costs!
• Response times drastically reduced, we aren’t waiting for broker to speak to lender and then back and forth to you.
• Last minute changes to financial structure of the financing, not a problem! Just let us know!
  • Often, we can change the final loan amount the day before you sign the final loan documents, it’s all changeable up until the last moment, and it’s done quickly.
• Accurate prediction on all loan processing milestones, from application to closing. Having prediction on loan closing is important, and we provide that to you with certainty.