Another disadvantage of dealing with direct versus correspondent lender is that direct lenders will only have one type of loan program, Mortgage brokers and correspondent lenders have multiple variety of lenders where if you do not qualify with one particular wholesale lender, they can shop you to other lenders.
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Getting a mortgage loan used to mean walking into your local bank. With the variety of options you have in the modern age, find an option that is best for you.
Direct lenders are raising funds from investors who want the lender to put that capital at risk in exchange for returns. Regulators take a much more hands off approach; they’re not nearly as concerned with a fund blowing up as they are with a bank going under.
Most mortgage lenders in the U.S. are mortgage bankers. A mortgage bank could be a retail or a direct lender – including large banks, online mortgage lenders like Quicken, or credit unions..
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A Bank or direct mortgage lender is the company that is actually funding the loan. You will work with a loan officer that is an employee of the Bank. Often, Banks.
You didn’t mention the context where this question arises, so here’s the generic answer: a direct loan involves no dealer, broker, or other "middle-man", while indirect financing involves a "finder" of some sort who processes a credit application to some point and then hands the deal off to the lender.
The number of community banks engaged in so-called indirect lending has increased, in part driven by banks’ efforts to increase earnings. In these banks, indirect lending involves a bank funding consumer purchases of personal goods such as autos, boats, recreational vehicles (RV) and motorcycles through a third party, typically the retailer selling the goods.
A Bank or direct mortgage lender is the company that is actually funding the loan. You will work with a loan officer that is an employee of the Bank. Often, Banks are licensed in most, if not all 50 states. The loan officer only has access to the home loan programs that lender offers.