Many people describe the mortgage lending process as a tangled maze, difficult to navigate.
Years ago this may have been true, however with the advent of Web lending services the process of securing a loan is becoming more and more simple. Some mortgage sources are direct lenders, such as banks and mortgage bankers with retail establishments. Usually banks or mortgage banks will be competitive in one or several products, and will encourage their sales agents to sell these products to the consumer. Brokers or multi-lender platforms represent a number of lenders and offer these lender's products through a wholesale arrangement. The lender will then compensate the broker when they deliver a loan to them and this compensation is invisible to the borrower.