As a Mortgage Bank, Wilmington Mortgage Services underwrites, closes and funds the vast majority of our loans in-house. This means that your loan package will likely not leave our office at any point during the process.

Mortgage Brokers are required to take your application and submit it to a variety of third party lenders in the hopes of obtaining approval. This often leads to multiple credit inquiries, delays and confusion. Once an approval is obtained, the Mortgage Broker must rely on this third party organization to prepare closing documents and get funds to the settlement table on-time.

The third party lender does not know you. They have not spoken with you on the phone, or met you in person. This impersonal process can be incredibly difficult to work with.

Loan Officers at retail banks are paid to sell the bank’s products, not to find the right solution offered by the greater marketplace. On a daily basis, Wilmington Mortgage Services receives rate sheets for dozens of lenders. If you work with a retail bank, your loan officer will only be looking at one.

Flexibility

What if something changes at the last minute, such as a late renegotiation of a sales price due to repair items, or you need to change your settlement date due to conditions beyond anyone’s control? Well, if your loan is through a Mortgage Broker or Retail Bank, the process needs to start all over again…

At Wilmington Mortgage Services, it’s different. Since most of our loans are processed at our home office in Wilmington, DE, we can adjust incredibly quickly. Over the years, there have been hundreds of examples of when we needed to make a change for the customers’ benefit at the last minute. Often a new closing package can be delivered electronically within minutes, not days.

Furthermore, funds and closing packages are sent directly from us. We don’t have to wait for a closer or funder in another city who works for another organization to get to your file.

The best part is that because we operate as a banker, we get the best rates available. Let’s face it, price isn’t everything, but it sure is important.

phil@wilmingtonmortgagegroup.com