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Originally Posted by Greg Wholesale reps are agents that represent lenders who sell or service mortgage notes. They work with brokers and bankers that use wholesale lending. They are a middle man selling the lenders services to brokers and bankers.
Retail Loan officers work for a company who has it's own products and are sold or serviced by that company. Most retail divisions spring up from wholesale lenders who want to originate their own business directly rather than relying on brokers to use them out of a very competitive wholesale market.
Mortgage Brokerages are companies using wholesale products solely.
A mortgage broker shop is simular to a real estate brokerage in terms of operational levels and management.
A Mortgage banking company is more like a large corporation in most cases. They often go public and have several divisions, corporate offices, and levels of management all reporting back to a VP.
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Great post Greg. I've been in the lead industry for 4 years and I actually just learned something new.
Thanks,
Carlo