First, just know that all banks are lenders. So that means the Wells Fargos and Bank of Americas of the world are mortgage lenders….not mortgage brokers.

Then we have a hybrid…a broker with a line of credit that legally gets treated like a bank for the purposes of disclosing rate bump income…yield spread or service release premium.

Wholesale Lender Defined

A wholesale lender provides the money for a brokered mortgage at closing. They also underwrite the mortgage and make sure it has all the required documents and is within the guidelines. A wholesale lender is in between the originator and the final investor.

Mortgage Broker Defined

A mortgage broker is the middle man between you and a wholesale source that funds your loan. The wholesale source is called a wholesale lender. The mortgage broker brings you and the wholesale lender together.

Wachovia Mortgage Corp is a division of the Parent Company, Wachovia Corp headquartered in Charlotte North Carolina. Wachovia Corp became the fourth largest US banking operation when it merged with First Union in 2001.

Wachovia Mortgage Corp

We, years ago, had a broker relationship with Wachovia Mortgage as we had followed a very bright account executive who had recently switched companies. However, he wasn’t there long (less than 6 months if I remember) and it wasn’t like him to hop from company to company.