Cami Skerrett says...
what Col Kurtz didn't mention is that when you pay retail to a direct lender you end up with a higher rate and the lender gets more on the back end then a broker would, it's called SRP or service release premium.
Here's another little fact/difference.
The brokers yield spread premium has to be disclosed on the HUD1 settlement statement but the bank does not have to disclose their premium.
Posted on November 1, 2010
I've been Approved for a mortgage loan to need a construction loan to build a home.