In-House Operations. Brokers and bank branches have to send all their loan files states away to the big banks’ corporate processing centers for approval before you can close, which can take weeks. This causes inconvenience for you and, in a home purchase situation, can place you in breach of contract. Unlike a mortgage broker or a retail bank branch, a Mortgage Banker performs all loan activities in-house, from origination to processing to underwriting to closing. A Mortgage Banker has proven itself worthy of delegated authority from the big banks, FHA, VA, USDA, and the mortgage insurance companies to review borrower information and to approve and make loans on its own, which results in a quicker, smoother transaction for you. Better Interest Rates. Bank branches have a set interest rate schedule with no flexibility, and mortgage brokers either have to increase your rate or charge you fees to make money. Thanks to our good relationships with our investors, we can offer you the most competitive interest rates out there without junk fees or some bait-and-switch. Loan Officer Licensing. Employees of banks do not require education, training, examination, or licensure regulated by state or Federal governments, nor do they have to pass any background or credit checks other than what their employer deems necessary. They can lend in any state without having to pass an examination on that state’s lending laws. In addition, the systems in place to monitor loan originators’ lending activity (National Mortgage Licensing System, or NMLS) do not apply to banks; they are all exempt by law.