Tag Archive for: mortgage brokers

Why We Don’t Align With UWM/Broker Channel

MOST INNOVATIVE COMPANY IN MORTGAGE One of the most innovative companies in the mortgage space is also the largest wholesale lender. As a reminder, there are Three Primary Channels For Mortgages: (1) Banks & Credit Unions; (2) Mortgage Banks; and (3) Brokers. Banks perform many other functions (checking, savings, commercial lending) besides offering mortgages; mortgage […]Read More

The 3 Primary Mortgage Lending Channels: Banks, Mortgage Banks & Brokers

We publish this blog every few years because it always gets a surprising amount of interest. It is relevant now because the broker channel seems to be expanding again much faster than anyone anticipated. I explain why JVM is no longer in the broker channel below. THREE PRIMARY CHANNELS FOR MORTGAGES 1. Commercial Banks and […]Read More

Internal Appraisal Panel; Why We Left the Broker Channel; Never Pushing Values

APPRAISER WHO LIVED 100 MILES FROM SUBJECT PROPERTY In October, I shared an appraisal horror story about a huge Appraisal Management Company hiring an appraiser who lived 100 miles away from our subject property. The appraiser crossed a major freeway to find comparable sales in a vastly inferior neighborhood, and came in $200,000 under contract […]Read More

“In House” or Direct Lending Explained

STALLED LOANS DURING OUR “BROKER DAYS” Back when we “brokered” all of our loans to other “wholesale” lenders, major underwriting issues would arise, as they often do with all purchases. Our files would then come to a halt and prevent us from closing on time. We were not allowed to speak with our underwriters directly […]Read More

Mortgage Bank Vs. Broker Vs. Commercial Bank; There Is A Difference

There are three primary channels for funding mortgages: (1) Commercial Banks, (2) Mortgage Banks, and (3) Brokers. There are significant differences between the channels. Commercial Banks dominated the mortgage world after the 2008 meltdown, but their market share has been shrinking in recent years. Commercial banks include Wells Fargo, Chase, Citi, U.S. Bank, and B […]Read More