Mortgage News

Mortgage News For Tucson Arizona

Tucson Mortgage News On Banks, Mortgage Bankers and Mortgage Brokers

mortgage news mortgage loansThis Tucson Mortgage News update highlights the 3 key types of mortgage lenders. Many of our Tucson home buyers want to know which is best. Our answer always depends on the situation of each client.

Banks, mortgage bankers and brokers will all be able to help you get a mortgage. If you qualify! However, they are not all alike.

Today’s mortgage lenders face conditions that can easily deliver challenges to them and you – the borrower. While they all must use your FICO score, they are not all alike. Knowing what each lender does or doesn’t do may help you choose the better way to go – for you!

Mortgage news highlights for BANKS:

Each bank has will normally manage the entire loan process. Starting with loan pre qualification through funding the loan.

The bank loan officer only has the authority to discuss the bank’s interest rate and loan program information.

Bank loan officers are not required to be licensed or maintain fulfill any yearly education obligations.

The majority of banks doing mortgage processing will contract out the appraisal. In the Tucson real estate market the appraisal is critical to both buyers and sellers. Banks will normally sub contract the appraisal process to a National Appraisal Management Company (AMC).


A full service mortgage banker processes,underwrites and funds the mortgage internally. This gives the mortgage banker complete control of the entire mortgage loan process.

Mortgage Banker Loan Officers understand the process and are in a position to communicate any issues and make direct inquiries with underwriting!

All Mortgage Banker Loan Officers must be licensed and are required to take annual continuing education programs.

Mortgage bankers be able to access a number of financial institutions and financing programs. Large mortgage bankers will be selling mortgages directly to Fannie Mae and Freddie Mac. That eliminates overlays.

Mortgage Bankers can choose to internally control the appraisal management process or can contract with an AMC. Once again, larger Mortgage Bankers will likely have an appraisal management department. That allows them to control the process internally.

Mortgage News On Mortgage BROKERS:

A mortgage broker is the “Middle Man” in the lending process.

The broker will shop rates & programs with numerous mortgage lenders.

A Broker has NO control over underwriting or funding. They rely on a banking institutions to close the transaction.

Brokers have no control over the appraisal process. Normally, the bank they are brokering the mortgage to will order through an appraisal through their AMC.

So which is best? Depends on your perspective and experience. If you want to know our view, give is a call. We will review the choices and give you some insight based on our experience in Tucson AZ.

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