General
What is a mortgage broker and how is it different from a bank?
Context
Many borrowers assume a mortgage broker and a bank loan officer do the same job.
The short answer
A mortgage broker is a licensed intermediary between borrowers and lenders. A bank quotes from its own rate sheet. A broker like Davis Monroe Financial LLC compares the wholesale lenders on its panel and submits your file to the one that fits it best, so you see more than one lender's pricing on the same application.
Things to keep in mind
A broker does not fund loans itself; the lender you are matched with makes the credit decision. You still work with one point of contact with us while getting access to several wholesale lender options.
Next step
Talk to us to see which lenders in our network fit your situation.
Have a question about your own situation?
Davis Monroe Financial LLC serves Minnesota homebuyers and homeowners. You complete one application. We compare the wholesale lenders on our panel and submit your file to the one that fits it best, and each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.