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What is a porfolio lender? Do they offer better rates? My Loan borker says they are and I should choose a portfolio lender

by bbsimon1964 from Madison, Wisconsin. Mar 10th 2011 Reply


Patrick Bodine (pbodine)
#10 ranked lender in Minnesota - 25 contributions

A portfolio lender funds and keeps the loan in house usually on loans that are hard to get done elsewhere.Most times the rates and or fees are higher at these lenders but not always.Either way you should always get another opinion.If you have anyother questions please dont hesitate to contact me.BNC National Bank is a national lender with competive rates and fees. Patrick Bodine SR.Mortgage Consultant 650 Douglas Drive NorthGolden Valley, MN 55422Cell:651.248.0467 Office:612.305.2284 Fax:612.766.9884 Email:pbodine@bncnationalbank.comWebsite:www.bncnationalbank.com/minneapolis/pbodine

Mar 10th 2011
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Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions

As pointed out "portfolio" lenders service their own loans and do not sell them. They TYPICALLY specialize in arms though may offer a 30 yr fixed..but usually NOT very competitive with the fixed product. They make their own guidelines vs. underwriting with Fannie or Freddie guidelines. As always..check all options and costs to see which better fits your needs.

Mar 11th 2011
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Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions

The primary purpose for using a portfolio lender is the availability to products not offered by the big banks. Not because of rates and not because they don't sell their loans.... Happy funding, Rudi

Mar 14th 2011
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