Community banks, credit unions and savings and loan companies can all be portfolio lenders.Ĭorrespondent lenders: These lenders originate, underwrite, and fund their own mortgage loans.

Portfolio lenders do not sell their loan portfolios to investors or agencies such as Fannie Mae or Freddie Mac. Portfolio lenders: They use their own money to issue the mortgage, which provides more flexibility. Consumer direct lenders specialize only in mortgages, as opposed to retail lenders who might offer other consumer banking services, like checking accounts. They can be mortgage bankers, portfolio lenders or correspondent lenders. Most mortgage bankers can also be considered retail lenders.Ĭonsumer direct lenders: Direct lenders originate loans themselves. Your bank or credit union is a good example of a retail lender. Retail lenders: These lenders offer mortgages directly to consumers. After closing, they typically sell the loans on a secondary market to investors or agencies such as Fannie Mae and Freddie Mac. Mortgage bankers: These lenders package and fund loans with their own funds or borrow money from other lenders to originate loans. Most lenders are categorized based on the way they acquire or fund mortgages, and how they handle them after closing. You can then find a lender who can provide a loan for your customized needs. Instead of scrubbing lender profiles for their business models, use Zillow to discover lenders. Find retail and consumer direct mortgage lenders on Zillow's mortgage marketplace.

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