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Why Use a Mortgage Banker

Mortgage bankers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.

What is a Mortgage Banker?

A morgage banker is a company, individual or institution that originates mortgages. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages. After a mortgage is originated, a mortgage banker might retain the mortgage in portfolio, or they might sell the mortgage to an investor. Additionally, after a mortgage is originated, a mortgage banker might service the mortgage, or they might sell the servicing rights to another financial institution. A mortgage banker's primary business is to earn the fees associated with loan origination. Most mortgage bankers do not retain the mortgage in portfolio.

Bankers Handle the Details!

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage banker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

A mortgage banker also:

  • Discusses and explains financing program options
  • Informs you, in writing, of lock-in options
  • Explains all documents of the loan application
  • Explains all associated costs of the loan application
  • Explains the disbursement of all loan applications
  • Explains the loan process, from application to closing
  • Provides you with a good faith estimate of cost and fees
  • Communicates with you throughout the loan process in a timely manner
  • Coordinates the final closing of your transaction
Scott Lestina, Loan Officer NMLS #229498
Pacor Mortgage Corp
14930 S Cicero, Oak Forest, IL  60452
Cell:  (630) 244-2679
slestina@pacormortgage.com
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