What is Mortgage Lender?
A mortgage lender is a financial institution that originates and funds mortgage loans, either holding them in portfolio or selling them on the secondary market.
A mortgage lender is a bank, credit union, or mortgage company that originates and funds home loans. Lenders set their own credit, income, and collateral guidelines, and may offer a range of products such as conventional, FHA, VA, or USDA loans. Borrowers work directly with a lender's loan officer or through a broker. Watch for differences in interest rates, fees, and service levels between lenders. Some lenders sell loans on the secondary market, meaning your servicer may change. Compare loan estimates from multiple lenders to understand total costs. A lender may also offer portfolio loans that do not conform to standard guidelines.
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