mortgage banker

(redirected from Mortgage Bankers)

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.
Wood Legislative Service Award from the Mortgage Bankers Association.
At its March monthly lunch meeting, the Real Estate Board of New York Finance Committee, chaired by Marc Haves, of Haves, Pine & Seligman, hosted a panel of top mortgage bankers entitled "Notable 2005 Debt Transactions--the Broker's Perspective.
But in recent months, everyone from mortgage bankers to corporate governance watchdogs have called for Fannie Mae to scale back the conventional loan programs it offers to low-income home buyers.
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).
March 23--Please join the Mortgage Bankers Association for a luncheon with Patrick Hanlon, executive director of The Ackman-Ziff Real Estate Group.
in 1994; mortgage bankers arranged nearly two million of the over six million loans made that same year.
Santa Ana, California-based Mission Hills Mortgage Bankers has selected Baltimore-based eOriginal Inc.

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