1. YOUR LOAN MAY BE SOLD -
Unless the loan is kept on the bank's balance sheet, MOST loans are packaged and sold in bulk to the secondary market (Fannie Mae or Freddie Mac)for profit.
2. LOAN DECISIONS MAY NOT BE
MADE LOCALLY -
Your local bank may actually broker to other lenders BIGGER than them. As a result, underwriting is often outsourced too.
3. YOUR LOAN OFFICER IS NOT
REQUIRED TO BE FEDERALLY AND STATE LICENSED -
Unlike Mortgage Brokers, reps of local and national banks are not required to be federally and state licensed. Nor are they required to maintain a license through continuing education.
4. ALL APPRAISERS MUST BE
LOCAL AND CERTIFIED -
It makes no difference if your bank is local, regional, national or private. All appraisers must be LOCAL and CERTIFIED to effectively determine the value of your home.