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An Overview On The Lending Institutions In The Mortgage Market by Sharon Samraj
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The mortgage business has its own complexities and it is known to be an ever changing industry, hence it is important that you should understand the fact as to how the mortgage market functions and how do they generate the profits. It is important to note the fact that the mortgage industry requires a good understanding of the loans and what is the procedure through which the loans gain appreciation and what is the reason for which some loan are being offered by only some lenders. This article provides you with an overview about the different institution that caters to the need of mortgage brokers.

Institutional lender Vs the private lenders: The first and foremost classification is the comparison of the institutional versus the private lenders. Some of the institutional lenders include commercial banks, savings and loans, credit unions, mortgage banking companies, pension funds, and insurance companies. The loan is generally granted by them based on the income and credit of the borrower and they follow the set of standard lending guidelines. It is important to note the fact that generally the private lenders are the individuals and the small companies that do not have many guaranteed depositors and they are not even guided by the regulations of the federal government.

Primary Vs Secondary market: First and foremost it is important to understand eth fact that these markets should not be confused with the first and second mortgages. The primary mortgage lenders should deal directly with the public. They themselves originate the loans and then lend the loan amount directly to the borrower. They are often referred as the ��retail�� side of the business,[link widoczny dla zalogowanych], and the lenders generate the profits based on the loan processing fees and it is important to note the fact that the profit is not generated through the interest paid on the loan.
The primary mortgage lenders are the lenders who generally lend the money to the consumers and then they also sell the mortgage notes to the investors in the secondary mortgage so that they could replenish their cash reserves. The largest buyers in the secondary market are the Federal National Mortgage association,[link widoczny dla zalogowanych], FNMA, or Fannie Mae, the Government National Mortgage association or GNMA or even the Ginnie Mae and the Federal Home Loan Mortgage Corporation or FHLMC or Freddie Mac. There are a number of private financial institutions like the banks, life insurance companies, other private investors and the other thrift associations that are also involved in the process of buying notes.
Mortgage brokers versus mortgage bankers: There is general assumption prevailing in the mortgage market that the mortgage companies are the banks that lend their own money and it is important to remember the fact that the company that lends you money may be either a mortgage banker or a mortgage broker. A mortgage banker is a direct lender that lends you its own money; however they sell the loans to the secondary market. But it is important to remember the fact that these bankers sometimes retain the servicing rights also. On the other hand the mortgage broker is the intermediary who does the loan shopping,[link widoczny dla zalogowanych], the analysis for the borrower and he brings the borrower and the lender together.
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