FCB Mortgage Partners
About Mortgage Brokers
A mortgage broker is a conduit that will fund loans using another investor or banker's money. Mortgage brokers buy their rates at wholesale or discount prices and sell them to the consumer at retail value. A
mortgage banker is an entity that funds loans from its own funds and either retains the loan for servicing or sells the loan to an investor through the secondary market. FCB Mortgage Partners, LLC and
working through Donna Clements' affiliation with a mortgage bank, is both a mortgage banker and a mortgage broker utilizing both options to ensure we are able to provide the best financing options at the lowest rates possible.About Mortgage Bankers
A mortgage banker is a lender that uses its own money to finance your mortgage. The banker may keep the loan in its own portfolio of similar loans, or may sell the loan to another source.
Real Estate Loans
If our money is not as competitively priced as other mortgage lenders, we are able to broker real estate loans directly to the bank that has the best overall rate and cost. Perhaps the credit or documentation needs are better served by an investor other than our own banking sources. In that case, we are able to sell real estate loans to another bank. Sometimes, we do not offer certain programs that other banks may offer and that you may need. Subsequently, we will broker those real estate loans.
Common Misconception About Mortgage Brokers
The common misconception about mortgage brokers is that one has to pay more to use the services of a mortgage broker. A mortgage broker buys loans from the investor, whether it be Chase Manhattan Bank, Bank of America, Wells Fargo, Countrywide or any number of other large banking resources. These banks have a wholesale division. The wholesale division is available only to licensed mortgage brokers who have undergone stringent underwriting criteria themselves to be eligible to sell and deliver loans to the bank.
Real Estate Loans at Retail or Better
A mortgage broker simply buys the real estate loan for less than the banks retail division is able to offer, and then sells the real estate loan to you, the consumer, at a rate/cost of retail or better. Naturally, due to the competitive nature of the mortgage business, FCB Mortgage Partners shops the market to determine that our services are very attractively priced.
