Comments on: Banker or Broker…What’s The Difference? http://www.khayyamjones.com/blog/2009/09/28/banker-or-broker-whats-the-difference/ Sun, 23 May 2010 02:53:22 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Corey Vandenberg http://www.khayyamjones.com/blog/2009/09/28/banker-or-broker-whats-the-difference/comment-page-1/#comment-132 Corey Vandenberg Mon, 28 Dec 2009 23:45:14 +0000 http://www.khayyamjones.com/blog/?p=110#comment-132 Great post, very insightful and informative. I would clarify one point, and that is that correspondent lenders and Banks still earn the YSP and another premium called SRP or Service Release Premium. The difference between them is that Banks and Correspondent lenders are not required to disclose these fee's like Brokers are. The greatest advantage as you mentioned is the in house processing/underwriting which can greatly speed up the process and result in loans closing faster. It is important to remember that there is no fiduciary (Agency) relationship with either a bank or a broker which is why it is so important to shop around and make lenders compete. Great post, very insightful and informative.

I would clarify one point, and that is that correspondent lenders and Banks still earn the YSP and another premium called SRP or Service Release Premium. The difference between them is that Banks and Correspondent lenders are not required to disclose these fee’s like Brokers are.

The greatest advantage as you mentioned is the in house processing/underwriting which can greatly speed up the process and result in loans closing faster.

It is important to remember that there is no fiduciary (Agency) relationship with either a bank or a broker which is why it is so important to shop around and make lenders compete.

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