What is a local non bank lender

Typically, a bank lender is akin to Bank of America or Wells Fargo. A non-bank lender is just about everyone else. We are a Mortgage Banker. This means we lend our own money and sell the loans, but do not take deposits. We also act as a Mortgage Broker as well. This makes us a non-bank lender. A Mortgage Broker is also a non-bank lender, although they usually broker your loan to either a bank lender or a non-bank lender. Generally you can get a better deal and have many more options when you work with a non-bank lender such as Nova Home Loans. Local, means they operate in your community, as opposed to being a nationwide mortgage factory. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Banks offer savings accounts, checking accounts, CD's, etc.. They also offer credit cards and car loans as well as mortgages.. a Non- Bank lender only offers mortgages.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Non-bank lender means exactly like the others here have stated. We don't handle depository accounts like a bank on your corner. Also, more importantly, This Is All We Do. We don't open savings accounts or order checks like your local bank, while trying to understand your mortgage needs. There is a big difference in terms of expertise. Mortgage Bankers have sufficient $'s to fund their own loans and we may even service them. Mortgage Bankers/Brokers are held to a higher standard than any other in the industry. Many of us have special designations that set us apart from our peers. I am an Illinois licensed lender located in Schaumburg/Chicago/Lombard/Northfield. Please don't hesitate to contact me if you would like further info regarding my company. 1st Advantage Mortgage, a Draper & Kramer Co. barb.lanis@1amllc.com

It is usually referred to when speaking of a bank that does not take deposits and is an FDIC bank. Most, if not all, mortgage banks are non bank lenders. We act as a mortgage banker, but do not accept deposits. Chris JonesGuaranteed Rate

We are a Mortgage Broker with wholesale, tier 1 pricing. This means that I can do your shopping for you and find the best program for your specific scenario. Being a broker, I am 100% compensated by the lender- not you. In addition, I can usually find some of the lowest rates available and at the same time offer $0 closing cost options. We have been in business locally in Naperville, Il since 1997 and carry a A+ rating with the Better Business Bureau. Feel free to fill out a quick form here : http://www.smartmortgagecentersinc.com/matt or call me direct at 847.322.4720

Non-Bank mortgage lenders... Simply said, any lender who is NOT a bank, and or NOT owned by a bank. The biggest reason you see that term listed here is simple. Loan Officers at banks, credit unions, and mortgage companies owned by banks are NOT required to have any state of federally mandated education, nor do they have to have any state or federally mandated testing to be a Loan Officer handling your largest financial transaction. We call them application clerks. On the other hand, Loan Officer at NON-Bank lenders ARE REQUIRED to go to school, and pass difficult state and federal tests, have yearly continuing education, and more to be a Loan Officer. So, do you want to work with an unlicensed clerk, or a licensed professional? I think the answer is easy and clear! Only work with licensed professionals at non-bank lenders!

The short answer to your question is a Mortgage Broker. Joe Shamie 866-970-3400 x-274

You've received some great answers thus far. A local non-bank lender is an institution that lends money on residential properties, but does not a depository operations (i.e. checking, savings, money market accounts). They only originate mortgages. Happy New Year!

It is a mortgage broker or mortgage lender that isn't a depository.