what is a direct mortgage lender

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A direct lender is a financial institution that offers mortgages. Most are banks or savings and loan associations. If you choose to go to a direct lender instead of a mortgage broker, you may apply.

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 mortgage lenders are considered any financial institution that can provide mortgages directly to borrowers without intermediaries such as investment banks, mortgage brokers, or private equity firms.

A mortgage broker is a middleman who may represent the mortgage loan products of many lenders. The broker’s goal is to match you with the loan product that best meets your needs at the best price..

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A Bank or direct mortgage lender is the company that is actually funding the loan. You will work with a loan officer that is an employee of the Bank. Often, Banks are licensed in most, if not all 50 states.

New American Funding is a direct lender offering conventional, FHA, and VA loans. You can also explore options for a mortgage that includes a home renovation loan. Less common available loan types include jumbo loans, reverse mortgages, and interest only mortgages.

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There are a few types of lenders, for example: correspondent lenders or conduit lenders act as a broker-lender hybrid, funding and closing the loan and simultaneously or relatively quickly selling that loan to a direct lender. Direct lenders have the actual money to fund mortgage loans, and in some cases they will use lines of credit.

To choose our top picks, we started with VA mortgage lenders that are on the VA-approved lender list. This means the U.S. Department of Veterans Affairs has approved them to originate and fund loans.