Are you a mortgage lender or a mortgage broker, and what's the difference?
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I'm a Mortgage Loan Officer- neither, but am contracted under NEXA Lending, LLC NMLS #1660690 who contracts my business: DreamLux Home Loans, NMLS #2156538 to originate mortgage Loans across my licensed states of Missouri and Kansas in both their non-delegated mortgage lending and wholesale mortgage brokering sectors a mortgage sector platforms. On the lending side, the lender (NEXA) operates at setting more rates and margins, and funds loans with its own money. A broker submits your file to multiple wholesale lenders and places it with whichever one fits your scenario best. The practical difference is the size of the menu. A single-lender loan officer has one set of guidelines and one pricing sheet. Under NEXA, we have access to 280+ lenders and banks across the country either way we shop on our applicants and buyers behalf, which matters most when a file has something non-standard about it, like self-employment income, a recent credit event, or a property type one lender or bank can't offer.