Lenders Dickinson Mortgage
Sandy Dickinson
704-895-8770
Cell - 704-577-0144
SandyD@Dickinsonmortgage.com
www.Dickinsonmortgage.com - Apply online
21345 Catawba Ave
Cornelius, NC 28031 Jim Garrison
Mortgage Consultant
CE Instructor on LOANS
Jim Garrison
Phone: 704-488-5020
e-fax: 866-935-5065
jgarrison@houseloan.com
or jim@jimgarrison.com
It’s easy to apply on-line at my website, www.jimgarrison.com WR Starkey Mortgage
Max Robertson
704-439-3481
Cell - 704-490-2774
maxrobertson@wrstarkey.com
http://www.loansbyMax.com Wells Fargo
Craig Lewis
Home Mortgage Consultant
704-896-1526
Cell - 704-564-7391
craig.a.lewis@wellsfargo.com
http://www.wfhm.com/craig-lewis Jimmy Hamic
Senior Loan Officer/ Sales Manager
American Home Bank, a Division of First National Bank of Chester County
20460 Chartwell Center Dr Ste 4
Cornelius, NC 28031
office 704.895.1002
mobile 704.231.9416
efax 877.440.4883
office fax 704.895.1004
jhamic@bankahb.com
http://applynow.bankahb.com/jhamic There are 4 basic types of lenders:
Banks & Credit Unions - The oldest source. Their portfolio ends up conforming to or exceeding FNMA/FHLMC standards because banks want to be able to sell the loans in the future. Banks have only one set of underwriting guidelines, and usually processing is done in a large, centralized location. Banks are usually challenged to deliver quick turnarounds due to all of the internal customers that they get from their branches.
Mortgage Bankers - These also underwrite and then close mortgages from their own funds. Many times mortgage bankers are subsidiaries of banks that operate mortgage origination offices in areas outside of the bank’s ‘footprint’. So they have the same rules and procedures to follow. Some of the challenges they can run into are: only one set of underwriting guidelines, centralized processing, and a lack of urgency in regards to closing deadlines from its support staff.
Correspondent Lenders – These underwrite, close and fund loans just like bank or mortgage banker using ‘warehouse lines’, but then sell the loans to the end investor right away. The selection of investors allows a correspondent lender to place the loan with whoever has the lowest rate or most favorable underwriting criteria at the time. Correspondent lenders can also broker loans when needed. CL’s usually have decentralized processing and underwriting. Some can close in 8 days, as fast as the law allows.
Mortgage Brokers - Brokers don’t put up the money for the mortgage, but earn their living off origination fees and yield spread premiums paid by the investor or wholesale lender. Brokers operate the same as real estate companies; they match the buyer (here the borrower) and the seller (here the wholesale lender) for a fee. Their main challenges today are delivery times and the constant loss of wholesale outlets. The number of wholesale lenders has shrunk dramatically as a result of the credit crisis. So mortgage brokers now may have less of a selection of lenders than Correspondent Lenders, especially for FHA loans. Their turn-around times are totally dependent on the wholesale lender. Many wholesale lenders are publishing response times of 5 days for underwriting, 2 days for clearing any UW conditions, and 3 days for loan packages. This means in order to close on time, a mortgage broker must submit a loan 2 weeks prior to closing! |