Mortgage loans generally fall into two categories, Wholesale Lenders or Retail lenders. Wholesale lenders typically offer loans to mortgage Bankers or Brokers at a discounted cost. Then the Banker or Broker adds their fees to this lower wholesale rate, this is called the Retail cost. Bankers are correspondent Lenders that originate and fund in their own name, then typically sell this loan in the secondary market. Brokers act as an intermediary between borrowers and lenders, they do not use their own funds, but instead help consumers compare a variety of quotes from different lenders, the final cost is generally slightly different, either cheaper or higher.
Nevada Broker
A Nevada State BrokerWhat that actually means.
Licensed office
Nevada Broker Location
Cap Funds LLC DBA State Capital Mortgage
NMLS #2233984 · NV License #5478 · Equal Housing Lender
Broker overview
Wholesale lenders, retail lenders, bankers, and brokers.
Wholesale pricing
Compensation, credits, and fees
We work to help borrowers compare competitive wholesale pricing options where available. Broker compensation may be paid by the lender or by the borrower depending on the loan structure, program, pricing option, and applicable law. Any compensation, lender credits, discount points, origination charges, and third-party costs must be reviewed in the formal application and disclosure process. Before choosing a lender, borrowers should compare the total rate, APR, points, fees, credits, service, and program terms for their specific scenario.
Broker difference
Banker versus broker
Bankers and Brokers both help procure the right mortgage for a borrower, the basic difference lies in that mortgage bankers represent a specific financial institution that lends their own money, which typically have stricter guidelines. In contrast, the broker is not bound to any one lender or financial institution but is free to shop around for a mortgage based on the borrower’s individual needs. Both types of lending have their advantages, and what a borrower decides on, depends on their current circumstances. However, using a mortgage broker can save a borrower the time and effort of doing research on their own. Be sure to compare the cost to those of other lenders as you weigh in your options.
Scenario review
When a broker can fit
Getting a mortgage from a mortgage Broker might be a good option if your credit history is less than stellar or unique, since a mortgage Broker has multiple relationships with wholesale lenders and could get you approved under less strict requirements. You’ll work with the Broker to complete all of the steps in the application process, and the Broker will coordinate with the wholesale lender for approval. Brokers have less overhead and liability, therefore their cost is typically lower. Brokers also have the ability to shop Private Mortgage Insurance(PMI) options so your monthly mortgage payments are much lower.
Nevada requirement
Physical office in Nevada
A broker will also be able to help you find competitive rates and terms, since they can shop around for you using their wholesale lender contacts. A Broker working on your behalf could save you time from having to do the research yourself. Nevada is a “brick and mortar” state, this means that any and all mortgage brokers must have a physical office located in the state of Nevada. This office is a License Mortgage Broker with the State of Nevada.
This page is not a loan approval, rate lock, Loan Estimate, commitment to lend, or promise of pricing or approval. Current loan terms, costs, compensation, and availability depend on credit approval, underwriting, documentation, program guidelines, investor requirements, and applicable law; not all applicants qualify.