Mortgage Banker vs. Mortgage Broker It is important to understand the difference between a Mortgage Banker and a Mortgage Broker. Paramount Mortgage Company, with over 36 years of serving our community, is a Mortgage Banking Company. What does that mean? Picture your community bank and take away everything but the mortgage department. We use our own money to close the loan and we select a servicer to handle your monthly mortgage payments.
The Benefits of working with Paramount Mortgage Company, a mortgage banking company, for your loan transaction:  In-House Underwriting. We have the authority to underwrite your loan at our office. There are seven experienced, skilled underwriters on our team. We understand the loan programs and guidelines, and are confident in our ability to find the appropriate loan program to meet your needs.  Problem solving. If you have any questions that arise during or after the loan process, we are here to help. Paramount has the ability to be flexible when it comes to processing your mortgage. Let us know if changes happen and we can work with you to reach the best end result for you.  We are there with you at the closing table. We want to share in this important event – and be able to explain the closing papers and address any questions that arise.  We fund our own loans. No need to wait for and investor to send a check to closing. Paramount attends every closing, with check in hand to ensure a smooth transaction!  We’re here for you after closing. We have a relationship with our servicers, and we can help you with questions related to your mortgage after closing. Call our post-closing department to learn how responsive we really are! Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage banker, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.