Although you may find a mortgage banker that is advertising as a real bank, which most mortgage bankers do, they are not a direct lender. You may hear a mortgage banker saying, “Do to use using our own money we can give you a lower rate” or “When other lenders cannot make the decision to lend to you, we can because we do our own underwriting.” However these statements are beyond the capabilities of a mortgage banker.

The mortgage banker, like the mortgage broker, is paid a premium by a bank/lender to receive a mortgage. Mortgage bankers will sell a loan before it closes. They will run the loan through their checkbooks and then close the loan to send it on its way to the real lender/bank. Once the real lender/bank has made sure that the loan was completed by the mortgage banker, the bank will send back the money of the loan to the mortgage banker.

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Stateside Underwriting Agency offers one of the most complete packages of specialty risk and investor required insurance for the mortgage industry. We offer Professional Liability, Fidelity/Crime Bond, Mortgage Impairment and Employment Practices Liability. Our program is tailored to the individual risk and offers limits up to $3,000,000 of in house authority and up to $60 million of limits have been placed when required for our larger clients.

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