Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate.
Direct Lenders. First of all there are really two types of direct lenders. There are crap companies like Quicken, Freedom and Loan Depot that are really just efficient marketing companies with call centers out of Timbuctoo. And then there are local lenders. Some examples of local lenders in the DC area are Embrace, McLean Mortgage, and Apex.
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The Risks of Subprime Mortgages In the mortgage business, borrowers with poor credit histories are considered high-risk and more likely to default on their loans than their counterparts with higher.
· On top of that, we are a direct lender as well which means we can not only fund our own loans, but can also fund the loans for all the lenders we underwrite for – a tremendous time savings as well. By the way, I can also broker loans out if needed as well.
· The best online mortgage lenders have top-notch customer service reps to walk you through the application process via phone. Is the lender reputable? Most mortgage lenders are straight-shooting companies. Any bank will have its share of unhappy customers that didn’t get approved or had something go wrong in the closing process, but below.
Direct Lenders. A direct lender is any financial institution that can offer a mortgage, including commercial banks with a slew of services and savings and loan associations, aka thrifts. If you choose to find a mortgage going through direct lenders instead of mortgage brokers, you have to apply individually to each lender.
Another disadvantage of dealing with direct versus correspondent lender is that direct lenders will only have one type of loan program, Mortgage brokers and correspondent lenders have multiple variety of lenders where if you do not qualify with one particular wholesale lender, they can shop you to other lenders.
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