National Direct Mortgage Lending By Justin Crowley

What Makes Us Unique

As I said before, we’re not your ordinary mortgage company. And this is true in many ways. One of those ways is how we obtain the money we lend: We are what’s known in the business as a direct correspondent lender. A correspondent lender is basically a hybrid between a mortgage broker and a mortgage bank.

You see, a broker is basically a middle-man, who takes a loan application and presents it to several different lenders in search for a good fit. The loan is shipped off, underwritten, approved (sometimes), and then closed in the name of the lender and the broker gets paid a referral fee.

The benefit of a broker is that he can choose from several different lenders in case one has a better loan for his client than another. The fatal flaw with being a broker is that he has absolutely no control over the deal while in process, meaning it could fall apart at any minute, or get lost by the off-site underwriter. Plus, his clients pay a higher rate and higher closing costs because of all the extra people involved to make the loan happen.

New Office Building Conversely, a mortgage banker is the exact opposite. Mortgage Bankers work for your big-name mortgage companies. They take your loan application, hand it over to a co-worker, and have the loan underwritten internally. It still may not be in the same location or even the same state, but both people work for the same company. Once an approval is made, the mortgage bank prepares their closing documents and funds the loan directly. The advantage here is that the Mortgage Banker’s company has seemingly maintained control of the loan throughout the process and doesn’t have to rely on a complex web of fax machines and telephone menus to ensure a smooth closing. The biggest deficiencies here are the rates. Just like with any single-product company, they can be the most competitive one day, then the least competitive the next. Furthermore, they can be super aggressive on one loan program, and completely out of the market on another, making finding the best rate more hit or miss.

At Affiliated, we have access to over thirty of the nation’s most competitive and expansive mortgage lenders, who allow us to process, underwrite, and directly fund their mortgage programs in-house, often times at even better rates than their retail branches. Plus, we’re constantly evaluating and adding more to keep up with the growing needs of our clients. In short, we provide you the flexibility and versatility of a broker, with the control and efficiency of a banker, and leave you with rates and services that are consistently superior to the competition.

National Direct Mortgage Lending By Justin Crowley - Affiliated Financial Group

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What Makes Us Unique