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Broker or Lender? are you kidding.....

By
Mortgage and Lending with Apex Home Loans NMLS #369577

Unless you have been hibernating for the past few months, you are aware of the ongoing subprime loan crisis. The ripple has crossed into good credit markets, hitting rates hard, especially jumbo loans - (loans over $417,000). This crisis has almost single handedly eliminated a lot of other "niche" programs (Alt A loans) especially no doc and stated income loans. A question that must be raised is am I safer with a broker or lender?

To answer this question you must understand the differences. I experienced a perfect example last week while shopping for life insurance. My insurance broker input personal information into the computer and in seconds I was supplied with 10 different quotes from major rated companies. Now if I was to call one of the larger companies I probably would have received one quote. I am not sure if this is good or bad but in my opinion the true value of the broker was choice and expert knowledge of different programs available.

Open Mortgage as well as other mortgage brokers offer similar choices while acting as a mortgage broker. Utilizing relationships with most, if not all of the top rated investors in the industry, we have become experts at where to place loans. We know the real ins and out of the secondary market and this proves to be a value added for our clients. The last thing anyone wants is a deal to die at the table because the investor pulled the plug.

Sure, we can act like a lender and offer one line of products, but why? In these tough financial times, when every deal counts, partnering with mortgage bankers that can offer high quality advice is essential........

 

Lewis Poretz                                                                                                    

President

Open Mortgage

lewis@openmortgage.com  

www.openmortgage.com                      877-345-OPEN

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 NMLS ID - 369577

MORTGAGE ADVICE - PROBLEM SOLVER 

High Quality Advice - Proven Results

             

contact me directly - 301-332-9540

email me directly - lewisporetz@gmail.com 

"I am not in the mortgage business - I am a highly skilled mortgage banker who is in the customer service business."

 

Comments (3)

Jon Sigler
Coldwell Banker Realty - South Windsor, CT
Sigler Sold Another! 860-306-8029

Great post.

Work with a bank/lender and you get the one line of products they offer.  Maybe they are or maybe they are not strong in the loan you are getting.

Work with a broker and we will go to the company that is best to get your mortgage from, where they understand, focus on that specific product and offer a great price on your loan. 

Your choice, get what you get, or get what you want. 

Sep 10, 2007 02:40 AM
Anonymous
Anonymous

Thanks for your comment Jon   

Everyone needs to keep in mind more than ever before that rate alone should not drive choosing a mortgage banker. Find out who the investor is and do your research and avoid last second nightmares!

Sep 10, 2007 02:45 AM
#2
Anonymous
Greg Darlin of Choice Finance

Lewis,

I liked your article and agree with the content.  I work for Choice Finance.  We are both a Lender and Broker.  They are advantages to both as I constantly explain to Realtors on a daily basis.

As a Lender, for many banks, we can get a loan done extremely fast because of In-House underwriting, depending upon the contract with the bank, which cuts down on time: especially when time counts.  I can explain a loan in more detail and have the underwriter be in front of me.  This can help a borrower who is borderline if I, or the underwriter believes in him or her as compared to sending it to the particular bank or underwriting company.  The rate may be better, maybe not.  This depends on the programs that we have as Lenders.  Sometimes Lenders can get better rates.  Now, as a Broker . . .

As a Mortgage Broker, we have dozens upon dozens of different banks to go through with more loan programs than I dare to count.  This is a distinct advantage to a borrower because no one bank will give great rates in all their programs.  So, I can pick and choose for my clients and give them more choices: always an advantage. 

As a Mortgage Lender/Broker, I like both worlds because my clients will get a matched program for their needs and a really competitive rate.

In the end, I design, as I am sure you do, programs for my clients the way I would want them if I were in their positions.

Truly,

Greg Darlin

www.gregdarlin.net 

Dec 27, 2007 07:25 AM
#3