Mortgage Brokers vs. Mortgage Bankers
What's the difference you ask?
Benefits of Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on his customer’s needs, not his employer’s needs. A broker matches clients with lenders then walks the paperwork through final approval and funding. Brokers’ fees are paid by the lender, so they are of no consequence to the buyer.
Benefits of Bankers: Mortgage bankers are direct lenders; working with them eliminates the middleman. Mortgage bankers themselves approve or reject loans and may prove more expeditious. Mortgage bankers must have substantial net worth if they are to survive. Because they are competing with both other bankers and brokers, mortgage bankers offer competitive rates.
In most cases, when working with a Realtor. The Realtor has built a working relationship with either a Mortgage Banker or a Mortgage Broker which is to the benefit to you the buyer. The Mortgage person has a stake in making sure your loan gets to the closing table with the least amount of issues possible and closes, or a chance of losing the that book of business from that Realtor.
So if you don't have a lender don't hesitate to ask your Realtor.