Mortgage Brokers don’t lend money, rather they arrange to place your loan with an investor who is the actual Lender. In other words, they are a middle-man or go between. At PacWest, we are the Lender. It’s no myth that Brokers make their money by charging you fees for their services, or often times raising the interest rate. Common fees charged include broker fees, processing fees, document review fees and underwriting fees. Not only can it be more expensive to use a Broker, your file is most likely being underwritten and funded by someone you don't know, someone who has not even established a relationship with you. This can add additional time and requirements to the transaction.

PacWest is a direct Lender, where your file is processed and approved by people you are familiar with. You will always know what stage your loan is in. You are only charged for the fees directly associated with the loan you need. Always ask for a good faith estimate to pin-point what the actual charges and closing costs are to make an informed decision.