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Do I Need A Banker or A Broker?
Frequently Asked Questions
How Does It Work?
Reference Policy
Christian Financial Times Publication

Banker or Broker?

Broker: In general terms, a mortgage or financial broker is a “middleman” that helps to present the borrower’s financial case in the best light he or she can to as many lending sources as possible. Brokers generally get an “upfront retainer” (usually $1000 and up) without guarantees of performance. The borrower and the lender in the same transaction may compensate the broker. And the broker is often in the position of “seeking qualified borrowers” for a particular lender—there is not an incentive to find the very best deal, but rather “a deal”. And the broker often uses the shotgun effect, seeking any offers to loan and then requesting the rate and terms. It is an unfortunate phenomenon that the borrower’s request often becomes “shop worn” as the request is circulated around the financial community in which brokers are familiar. Confidentiality is minimized, the lender establishes rates and terms, and the ministry may be asked to provide “additional information” time and time again as the broker confronts different demands from different lenders.

Banker: Bankers are not “middlemen”.

Mission Management and Consultants (MMC) is a mortgage banker. We speak “bank” and understand the entire underwriting process. Our founder and President, has over 25 years of commercial mortgage and banking experience, closing loans in excess of $100 million dollars. His vast experience allows him extensive knowledge in loan review, audits and compliance issues that every banker must address.

First, we serve as in-house bankers for the client ministry. We work exclusively for the ministry client and will not take any fees, disclosed or otherwise, from any other source in the client’s transaction. Through the information provided in a one-page Application/Survey Form we establish the budget right up front—how much money the ministry can borrow and how much it can afford to pay. From there, MMC first obtains the documentation, ascertains the goals and objectives of the client ministry, and communicates as necessary among the ministry, architect and contractor to “structure” the loan so as to ensure that not only are the funds for the budget available, but that the terms and conditions work for construction process through its several phases.

MMC secures from its lending sources one or more carefully targeted offers to finance and presents each to the ministry with a complete explanation of terms and conditions of each loan commitment. We negotiate only with senior management at each lending institution. Then, the ministry client, not MMC, chooses what transaction will best serve its needs. The MMC package is thorough, thoughtful, organized, and complete—meeting the highest standards of underwriting and compliance before it is ever presented to a lending institution. And it’s confidential. The loan request is never “shop worn”. Indeed, because of the precision knowledge of the entire process, MMC actually pre-underwrites the entire transaction, thus ascertaining the proper maximum rate and terms that lenders will be permitted to charge. We dictate the terms for our client’s request—not the bank! As a result, MMC’s goal is to obtain one or more lending commitments under the terms and conditions established by MMC in the shortest period of time. This is possible because all of the lender’s work is done for them and all they need to do is assess risk and price the loan.

There is a considerable difference between the middleman broker and the in-house banker.

About Mission Management and Consultants, LLC
Mission Management and Consultants LLC is one of the leading church finance mortgage bankers in America. MMC is an experienced team of bankers and professionals, called to the ministry of obtaining financing for Christian organizations with new or restructuring existing mortgages. Our mission is to help Christian churches, schools, and ministries manage cost through professional financing solutions.

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