What is the difference between a bank and a mortgage lender?

The difference between a bank and a mortgage lender in Delaware is quite significant. A bank is a financial institution that safeguards and invests deposits made by individuals and businesses. Banks also offer various financial products and services such as loans, mortgages, credit cards, and other types of investments. In Delaware, banks are state-chartered and regulated by the Delaware State Bank Commissioner. On the other hand, mortgage lenders are entities that provide financing for people who want to purchase a home. Mortgage lenders are responsible for providing the funds, either through a loan or refinancing, to purchase the home. Mortgage lenders are typically either private companies or government-sponsored entities. In Delaware, the State Department of Banking and Finance is responsible for regulating mortgage lenders. Generally speaking, banks offer a variety of services such as lending and investments. Mortgage lenders, however, are primarily focused on providing financing for home purchases. Banks are state-chartered, and regulated by the Delaware State Bank Commissioner, while mortgage lenders are regulated by the State Department of Banking and Finance.

Related FAQs

What is the Payment Card Industry Data Security Standard?
What is the Homeowner’s Protection Act?
What is the Bank Secrecy Act?
What is the Community Reinvestment Act?
What is the Consumer Financial Protection Bureau?
What is the Bank Holding Company Act?
What is the Investment Company Act?
What is the Fair and Accurate Credit Transactions Act?
What is the Truth in Savings Act?
What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

What is the difference between a bank and a mortgage lender?

Related FAQs

Related Blog Posts