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"This is the mortgage broker's biggest secret," said Michael Moskowitz, president of Equity Now, a mortgage banker and direct lender in Manhattan.
Moreover, if the loan went into default, Inbursa could become a direct lender, allowing it to exercise its rights directly against Cablevision.
Quicken Loans, an online direct lender, has an expanding number of customer-written reviews — both positive and negative — on buying and refinancing.
Mr. Bernanke spoke hours after the Fed announced a new program to buy up companies' unsecured debt, a plan that pushes the agency closer than ever to the role of direct lender to business.
The shift is part of the industry's more conservative business approach, said Michael Moskowitz, the chief executive of Equity Now, a mortgage broker and direct lender based in Manhattan.
"The first 30 or 40 percent of buyers are obviously taking a slightly higher risk than someone buying in a well-developed building," said Rolan Shnayder, the director of new development lending at Home Owners Mortgage, a direct lender.
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But most banks and other direct lenders, including the few mortgage companies that function like banks, are exempt.
F.H.A. loans are typically offered by niche direct lenders, and because of the insurance, they often carry interest rates equal to or slightly below those of conventional loans.
The Direct Lenders Scheme was introduced in the 2012 Autumn Statement, allowing exporters access to state loans of up to £50 million.
The application process is similar, and the loans are made through brokers or direct lenders with roughly the same interest rates.
Direct lenders who keep loans in their own portfolio are able to make "nonstandard" underwriting decisions or take risks that lenders who sell all their loans on the secondary market might not take.
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