Banks, credit unions and mortgage companies are all lenders. The lender decides whether to make the loan, sets the rate and fees, and either keeps the loan or sells it to an investor while a servicer collects the payments.
Why it matters
Lenders differ in the programs they offer and in what they charge for the same borrower, so it pays to understand who is actually lending to you.
Where you meet it
On every disclosure you sign. A mortgage broker can compare several lenders for you; a loan processor prepares the file the lender reviews.
Questions about your loan?
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