Plain and simple, the mortgage banking market is saturated with brokers, all vying for the attention of Realtors and buyers alike. With the power of free will and the absence of major monopolies, buyers are clear to adopt whomever they please as the person to finance their home. What must first take place in the decision process is what values are most crucial to the home buyers, whether that be pricing, friendliness, experience, or work ethic, etc. A brief history of the industry has shown borrowers to favor experience in a mortgage broker as well as a canned, bank experience over much else. However; more thought could easily be put toward what is truly important at the individual level.
Do buyers sincerely enjoy working with a broker who will arrive at the office no earlier that 9am and who will leave no later than 5pm? Not surprisingly, no, they often end up regretting the decision and detesting banks halfway through their application process; repeatedly due to their inability to reach their bankers.
That being said, determinations of what is desired in a person's mortgage broker decision should go beyond what is a generally accepted practice. With all the options available to buyers today, the common rule could be more advantageous to the buyer if it included personal values at the forefront, instead of what has historically been chosen.
Good luck and happy broker hunting,
Rachel
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