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

The main difference between a bank and a mortgage lender is that a bank is a financial institution that provides services such as savings and checking accounts, while a mortgage lender provides loans to purchase real estate. Banks typically offer a range of services, including saving and checking accounts, debit and credit cards, investment accounts, and money management services. They also provide loan products such as home loans, business loans, and auto loans. Banks are subject to federal and state banking regulations, and all of their products and services must be in accordance with these regulations. Mortgage lenders, on the other hand, specialize in providing loans to purchase real estate. Mortgage companies, or lenders, are typically regulated by both the federal and the state governments. These lenders are responsible for ensuring that all mortgages meet the standards required by the applicable regulations. In North Carolina, the North Carolina Commissioner of Banks is the primary regulator of banks and lenders. The Commissioner is responsible for setting and enforcing rules governing all banks and lenders operating in the state. Banks and lenders are expected to comply with applicable laws and regulations, including the North Carolina Banking Laws. This includes ensuring that all loans meet the minimum standards set by the state and federal governments.

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

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