As a Mortgage Broker, my closing costs had to include my companies fees for proceesing the loan as well as the fees of the Lender I was sending the loan too.
As a Mortgage Banker, the client only has to pay the fees of the Mortgage Banker, hence saving the client $400 – $500 in additional fees.

As far as product, there has been no difference for me between Broker and Banker. In both situations my companies have had 20 plus sale agreements with other Banks. Alt A, subprimes, No Docs have been available to me in both environments.

Rates are another story. Because of the competitive market place, if you don't offer a great rate you don't get the business. I think this has kept Brokers as well as Bankers on the same track.

All said and done, I would prefer to be a Banker over Broker especially in this market place with Lenders are dissolving Broker relationships on a daily basis…ie. Bank of America, Washington Mutual, etc….

As a Mortgage Broker, my closing costs had to include my companies fees for proceesing the loan as well as the fees of the Lender I was sending the loan too.
As a Mortgage Banker, the client only has to pay the fees of the Mortgage Banker, hence saving the client $400 – $500 in additional fees.

As far as product, there has been no difference for me between Broker and Banker. In both situations my companies have had 20 plus sale agreements with other Banks. Alt A, subprimes, No Docs have been available to me in both environments.

Rates are another story. Because of the competitive market place, if you don't offer a great rate you don't get the business. I think this has kept Brokers as well as Bankers on the same track.

All said and done, I would prefer to be a Banker over Broker especially in this market place with Lenders are dissolving Broker relationships on a daily basis…ie. Bank of America, Washington Mutual, etc….