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Mortgage Banks, definition and functions!
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[QUOTE="Jasz, post: 206158, member: 61772"] Mortgage banks are financial institutions that originate, renew, or purchase mortgages to sell on the secondary market. They perform loan servicing functions such as managing monthly payments and dealing with defaulting homeowners. Mortgage bankers can also provide guarantees for loans issued through other banks and stand in the position of borrower on behalf of another institution like a credit union or government agency. The main function of mortgage banks is to fund these loans so that the amount of money lent does not exceed the bank. Other main functions are to take ownership of the loan should a borrower default on it, buy out another lender and then grant a new mortgage or occasionally grant mortgage loans directly. Mortgage banks also service loans by collecting payments from borrowers and paying out money to creditors. Mortgage banks, also known as financial services companies, originate loans by pooling smaller mortgage loans together to sell to investors. Mortgage banks primarily operate in the Unified States, primarily in or near metropolitan areas. There are approximately 850 mortgage banks in the United States, and these banks' headquarters can be located outside of major metropolitan regions if they do not have a large number of locations. These banks give consumers access to more lenders and loan programs than local banks can afford to and provide a venue for lenders that have only a few branches. For example, a bank with ten locations cannot afford to issue a loan to everyone who comes through its doors; however, a mortgage bank with thirty-five locations in seventeen states may be able to serve all of these people. [/QUOTE]
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