Mission Statement

Mortgage Broker Vs Mortgage Lender

To help better educate the consumer, Obsidian Financial Services has devised guidelines. These help you to understand the many aspects of obtaining your home loan. Since the 2010 collapse of the mortgage industry, many aspects of purchasing and obtaining a home mortgage have drastically changed.

Factors such as:

  • Income qualification
  • Down payment
  • Credit scores
  • Verification of assets have all been affected by the enactment of the 2010 Dodd-Frank bill.

Since the enactment of this bill, paperwork and discloses have increased over 40%. This has drastically increased the amount of work involved in processing, underwriting and final closing.

The mortgage lending industry recognizes two types of companies. One is the mortgage broker; the other is the mortgage lender. Both will appear in the disclosure, rates and cost. There are substantial differences you need to understand in how they operate, approve and close loans.

The Mortgage Broker

This is by far the most popular role you will see in the Mortgage Lending Industry.

As licensing requirements differ from state to state, there are very few requirements for operating as a mortgage broker. They are fully dependent on the mortgage lender to underwrite and close loans.

The broker is responsible for the processing and submitting the loan to the lender for underwriting and closing.

The Mortgage Lender

A Mortgage Lender is a convenient way to obtain your mortgage loan. We have a staff of processors, underwriters and loan closers that work on setup and compliance.

The average turnaround time from start to finish for a loan with Obsidian is 2 to 3 weeks.

One way to check if a lender is approved with HUD is to go to https://hud.gov. They will help you have confidence in knowing who you are dealing with.

Obsidian Financial Services is a Lender, and we fit all the lender criteria we described.

When you start your loan with us, you’re not just getting a loan from any lender, you are joining the Obsidian Financial Services Family, and your loan will be delivered “the Obsidian way!”

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