Please give me answer in details
2006-11-07 05:22:03 · 4 answers · asked by Pearl 1 in Business & Finance ➔ Renting & Real Estate
Most people use the terms interchangeably, but a Lender is someone who makes loans, which doesn't necessarily mean "secured loans" of which mortgages are a variety. A mortgage company is one that deals in mortgages, but not necessarily as a direct lender, they could be a broker between borrower and lender, or a buyer/seller of mortgage loans.
2006-11-07 05:25:52 · answer #1 · answered by open4one 7 · 1⤊ 0⤋
The lender is the company who actually puts up the money. Lenders only work in providing money to those looking for loans. A mortgage company may also have a lending arm (do thier own lending), but a mortgage company usually employs the brokers who work between the client and the lender to find the most apropriate lender and product and get all the paperwork done. It is virtually unheard of for a client to work directly with a lender, without a broker who is part of a mortgage company.
I hope that helps.
2006-11-07 13:27:33 · answer #2 · answered by ms_know_it_all 4 · 1⤊ 0⤋
In plain english, the lender is typically the bank while the mortgage company is the broker that presents the deal to the bank on behalf of its client; the borrower.
There are of course situations where the lender is not a financial insituiton but a private individual or company that puts up the money.
2006-11-07 14:32:46 · answer #3 · answered by boston857 5 · 0⤊ 0⤋
They can be the same but the lender is always the source of the money. Again this can be a mortgage company but in most cases they are a broker.
2006-11-07 13:48:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋