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Types of Mortgage Companies

Trying to find the right mortgage company for you can be almost as difficult as trying to locate the most comfortable pair of shoes for your feet. Many offer varying types of mortgages that include a wide variety of features you may or may not require or want.

Types of Companies That Provide a Wide Range of Mortgages

1. Banks & Credit Unions – With funds set aside to provide mortgage home loans or commercial loans, banks and credit unions are generally the first place a mortgage shopper will seek out. A Mortgage Banker deals specifically with mortgage loans inside the banking establishment.

2. Wholesale Lenders – Many mortgage bankers double up as wholesale lenders who only deal with mortgage brokers for loan generation. Since they only deal with the brokers for mortgage loan transactions, they will not have retail outlets (offices). The wholesale lending divisions of mortgage bankers offer loans to mortgage brokers at interest rates lower than their retail outlets, for further disbursement to the public. The mortgage broker adds his fees to the money being loaned. The end result is that the borrower find the costs to be almost the same as those he would have found inside the bank itself.

3. Mortgage Brokers – The brokerages generally do not do the lending for mortgage loans. They are there to assist you in searching out the best mortgage loan companies available. They are able to match your needs to the mortgage lender’s abilities and come up with several who could assist you. By providing you with all the necessary information on each selected broker, you go to a lender well prepared for what they have to offer.

4. Mortgage Loan Chain Companies – Several large mortgage lending companies have popped up across the country. Familiar names are Nationwide, Franklin, American, Capital, Ameriquest and Pacific Premier. These companies have access to almost unlimited funds and the widest possible selection of mortgage types available.

5. Online Mortgage Companies – The computer has become a major format of applying for mortgage home loans or mortgage refinancing. Companies such as Lending Tree (a cyberspace mortgage broker who provides your information to lenders to enable them to compete for your business), Countrywide, and others. When dealing with online mortgage loan companies, you have the ability to be impartial while obtaining information. There is instant messaging to allow you to “talk” to someone and ask questions. Depending on the type of mortgage loan you are seeking, the rates are generally about the same as they would be if you were to be sitting in a conventional mortgage lender’s office. The difference is convenience; it is done in your own home with no personal contact.

6. Direct Lenders – When a private lender directly funds the loans, he is called a direct lender. Smaller direct lenders can use the ware house lines of credit to generate their own lending amount. The way you can recognize a direct lending company is when the loan documents are drawn up in their name – but these days, the smallest mortgage broker can draw up the loan papers in his name.

List of Major U.S. Home Mortgage Companies and Lenders

1. Ameriquest

2. Home Funds Direct

3. ABN-AMRO

4. Accredited Home Lenders

5. Aegis Mortgage Corporation

6. American General Finance

7. American Home Mortgage

8. Bank of America

9. Bank One

10. Bayview Loan Servicing

11. BBT

12. Beneficial

13. Cendant

14. Centex Home Equity

15. Central Mortgage Company

16. Central Pacific Bank

17. Charter One

18. Chase Manhattan Mortgage/Chase Manhattan Bank/Home Finance

19. CIT Group

20. Citi Financial/Citi Mortgage

21. Countrywide Financial

22. Deutsche Bank

23. ditech.com

24. Greentree

25. HSBC

26. Indymac Bank

27. Midland Mortgage

28. Nationwide Advantage Mortgage

29. NetBank

30. New Equity Mortgage

The list of nationally branded lending institutions is long. The above are only a few of the hundreds available to those seeking online or conventional mortgage home loans and mortgage lenders.


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Mortgage Essentials

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