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Ronald Said:

mortgage company vs lender?

We Answered:

There are lots of mortgage brokers out there who will take all your info and then shop it around to different lenders. They are supposed to find the best mortgage for your situation, but I've not had great experience with them.

I've found them to be more expensive (since there is an extra middle man) and they seem to look for the mortgage that gives them the biggest fee, not the one thats best for me. Anyhow, I'm sure there are good ones out there too, and I digress as that wasn't your question.

So these are typically seperate companies that just take your info and put sellers with lenders.

Grace Said:

How can I find out who the Lender or Mortgage Company on a House in Grand Prairie TX. Dallas County?

We Answered:

www.dallascad.org

search appraisals by address, it will show who owns it whether it's a person or a bank...

Lois Said:

I want to purchase a detroit condo, i need help finding a lender/mortgage company that can assist?

We Answered:

I had the same problem last week in the Orlando area. We were going to buy a townhouse but the legal description had it listed as a condo and we were unable to find a lender. First bump in the road was FHA is not lending money for mostly all condos; we went looking for other options and found that no banks want to lend money to buy a condo, even though we have 10% to put down and good credit. We tried three different lenders before giving up, we had to walk away from the property and are now looking for a single family residence. Good luck to you, hope you find a solution!

Jon Said:

Can a mortgage company charge a lender processing fee at settlement?

We Answered:

Yes they can charge you that, but it should be reflected on your good faith estimate prior to the closing.

Lender's don't charge a processing fee however. Normally they have doc prep, underwriting, tax service, credit report, flood cert. Brokers charge processing but anything over a couple hundred dollars is pretty steep. They are normally the ones who add fees and try to hit you for more at the table.

You can challenge the fee since I'm guessing you already closed. I think you can file a claim with the department of financial institutions in your state.

Sherry Said:

Do You Know The Difference Between a Lender and A Mortgage Company?

We Answered:

Most people use the terms interchangeably, but a Lender is someone who makes loans, which doesn't necessarily mean "secured loans" of which mortgages are a variety. A mortgage company is one that deals in mortgages, but not necessarily as a direct lender, they could be a broker between borrower and lender, or a buyer/seller of mortgage loans.