mortgage banker

Mortgage banker

A company or individual that originates mortgage loans and sells them to investors, while taking care of borrowers' loan payments, records, taxes, and insurance.

Mortgage Banker

One who works for, or, especially, manages, a mortgage bank. Mortgage bankers are responsible for making mortgage loans and ensuring their timely payment. Because they specialize exclusively in mortgage loans, they often have greater access to Fannie Mae, Freddie Mac, or similar federal banking institutions. This gives them access to capital to make loans that they may not otherwise have because they work for non-depository institutions. Very often, mortgage bankers sell the mortgages they issue so as to have easier access to capital without having to wait for the loans' repayments. This in turn allows them to make more mortgage loans. See also: Mortgage-backed securities.

mortgage banker

An organization that makes real estate loans that are then resold to another party. The mortgage banker's income derives from the fees it charges to originate and service the mortgages. Sale of the mortgages gives the mortgage banker more funds to use in making additional loans.

mortgage banker

One who is not an institutional lender (bank,credit union,etc.) but who loans their own funds for mortgage financing.The mortgage banker might borrow the money on a line of credit, in order to fund the loans, but it is still responsible for providing the cash. Contrast with a mortgage broker,who acts only as an intermediary.

References in periodicals archive ?
DANA ABERNATHY, senior account manager for Emeryville, California-based National Mortgage Insurance Corporation, has been named chairman of the Mortgage Bankers Association's (MBA's) Certified Mortgage Banker (CMB) Society.
White is a certified mortgage banker and former president of the Arkansas Mortgage Bankers Association and the Northwest Arkansas Mortgage Bankers Association.
He also holds the Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association and is a past president of the Mortgage Bankers Association of Metropolitan Washington (MBA/MW).
Luckily, the mortgage banker arranged a loan that paid off the balloon payment and refinanced what was still owed on the house.
Laquidara, senior vice president & Chief Mortgage Officer has just been awarded the prestigious designation of Certified Mortgage Banker (CMB) by the Society of Mortgage Bankers and Campus MBA of The Mortgage Bankers Association in Washington, DC.
These technologies can be delivered to the mortgage banker on a hosted basis.

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