JVM Lending is and has been both a “mortgage broker” and a “mortgage bank” for some time now. Both channels have significant advantages. We avoided a mortgage bank affiliation for a long time b/c no mortgage bank could ever guarantee us the service levels and low rates we need to be competitive.

    In 2014, however, Alameda Mortgage came through with everything we asked for. We now fund the majority of our loans through our banking channel.

    With a “mortgage bank” we underwrite and fund our loans internally, on our own warehouse line, and then “sell” the loans to investors or aggregators after the loan funds. With the broker channel, we send the loans to outside lenders who underwrite and fund the loans (and then sell the loans or retain them for servicing).

    There are three big advantages a strong banking channel provides: (1) We can make sure the Appraisal Management Company is staffed with only the very best, local, appraisers; (2) Our underwriters are fully delegated to underwrite almost all of our loans in house; and (3) We can draw documents and fund loans when necessary, and not wait for a file to be polished to perfection.

    We still broker too, but only when the rates are better for a borrower or when there is something that can be done through the broker channel that cannot be done through the banking channel.

    Jay Voorhees
    Founder/Broker | JVM Lending
    (855) 855-4491 | DRE# 01524255, NMLS# 335646

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