Banks, credit unions, brokers and nonbank lenders, mapped side by side
The landscape: who does what
On the map
Four jobs make up a mortgage: originating it (taking your application), funding it, owning it afterward and servicing it (collecting payments). One company can do all four, or they can be split. Many loans are sold after closing to investors such as Fannie Mae or Freddie Mac, and servicing can move to another company.
Last reviewed against the primary sources listed below.
The four jobs
| Job | Who can do it |
|---|---|
| Originate | Bank, credit union, broker, nonbank lender |
| Fund | Bank, credit union, nonbank or wholesale lender |
| Own | The lender, or an investor after sale |
| Service | The lender or a separate servicer |
Why it matters to you
- Your contact after closing may change; the terms do not.
- Lenders that keep loans may be more flexible on unusual files.
- Licensing and regulator differ by type.
Common questions about where to apply
What does a loan officer do?
A loan officer takes your application, explains loan options and guides the file to closing. They must be licensed or registered, which you can check on the Consumer Access lookup.
What does a mortgage advisor do?
The term is used loosely. Ask whether the person is a licensed loan officer, a broker or an unlicensed adviser, and how they are paid.