There are also non bank lenders or mortgage managers.
In the past, the only mortgage lenders were banks, credit unions or building societies. More recently, another home loan lender has emerged: the mortgage manager or non bank lender.
Credit advisers & mortgage managers – what’s the difference?
A credit adviser doesn’t actually lend you money. Their role is to facilitate a loan – helping you choose from a range of lenders.
A mortgage manager or non bank lender, on the other hand, does lend money. Non bank lenders go into the financial markets, obtain funds, and then offer those funds to borrowers at particular terms.
Some companies can be both credit advisers and mortgage managers. They can facilitate loans with traditional lenders like the banks, as well as offering loans where they act as non bank lenders – sourcing the funds themselves.
For more information on the above article please click here.