Heath Keller, a Senior Loan Officer at Cornerstone Mortgage joins Doug on todays show to shed light on what the differences are between a Mortgage Broker, Mortgage Banker, and Banks. Heath also gives insight on why he chose to work for Cornerstone.
Mortgage Broker
- No control over underwriting, closing, other important facets of the mortgage process
- Doesn’t fund loans in their own name
Mortgage Banker
- Correspondent lending vs Agency Direct
Banks
- Banks don’t know what loan commitment dates mean
- Centralized processing
- Long wait times
- Bureaucracy
- Slow
- Too many layers of management
- Higher fees and higher rates
- No licensing for loan originators – This is where all Originators go if they have bad credit
Why Cornerstone Mortgage?
- Goldilocks of lenders
- Not too big to implement changes
- Big enough to create leverage
- Top 3 lender in Missouri
- #1 in most volume per loan originator in Missouri
- Top 100 Mortgage Companies in the U.S.
- Direct seller to Fannie/Freddie/Ginnie
- High standards for operations
If you are looking for a mortgage reach out to Heath Keller or Doug Haldeman. You can reach Heath at (314) 494-2428 or Doug at (314) 472-DOUG.
Podcast: Play in new window | Download
