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Real Estate Pros : Mortgage Agent and Broker Last Updated: May 14th, 2012 - 22:24:01

Begin Your Mortgage Lender Career

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Mortgage lenders are generally classified into three types:

• Mortgage Banks
• Savings and Loans Associations
• Mortgage Brokers

Other types of lenders including Portfolio Lenders, Direct Lenders and Correspondents can also be seen in the field of Mortgage Lending.

Let’s talk more about the different types of mortgage lenders.

Mortgage Banks

Mortgage Banker is generally defined as a lender that is large enough to originate loans and create pools of loans which can later be sold directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Different banks have different types of loan packages. Some will service the loans originated by them, whereas others will not. The number of Fixed Rate Mortgages (FRMs) and Adjustable Rate Mortgages (ARMs) also differ from bank to bank. It is advisable that you check rates of different mortgage banks so that you can determine the package that best suits your requirements. A mortgage broker can go over the list of lenders and choose the lender that is most likely to accept your loan application. A mortgage broker can also help you compare different rates and schemes and help you shortlist lenders.

Savings and Loans Associations

Savings and loans associations generally concentrate on one- to four-family residential mortgages, multifamily mortgages and commercial mortgages. Savings and Loans Associations are gaining rapid popularity and are becoming more like regular banks. As a borrower, you must compare rates of different associations before you select one for financing your loan.

Mortgage Brokers

Mortgage Brokers act as matchmakers between the borrower and the lender. They are the companies that originate loans with the intention of brokering them to wholesale lending institutions.

Mortgage brokers choose the loan scheme best-suited for the borrower’s personal needs from a variety of lending schemes. This helps the borrower save time and resources which are otherwise utilized in looking around and short listing the best lending institution. Currently, more than half of all mortgage loans in the United States are originated by Mortgage Brokers. Most mortgage brokers are especially adept at sub-prime loans, FHA loans and VA loans.

Portfolio Lenders

Portfolio lenders are those institutions that originate loans out of their own funds for their own selves. This means that these institutions are lending for their own portfolio of loans and do not worry about selling their portfolio immediately on the secondary market. Portfolio lenders are generally large banks and large savings and loans associations.

Direct Lenders

Direct lenders also fund their own loans. However, direct lenders can be a very small institution to a large bank.


Correspondent can be an individual or a company originating and closing home loans in their own name, and later selling these loans individually instead of pools to a larger lender often known as a sponsor. This sponsor re-sells the loan in the form of a pool to other corporations as a mortgage banker.

Related Mortgage Career Topics:

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