Who gets more complaints? Banks vs. Brokers

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Mortgage and Lending with Dan Dowling - United Mortgage Capital Corp.

This will wake a few people up.

I'm a broker. Half my family is in lending. Most as "bankers". I choose to be a broker despite some very nice offers.

Fact: about 65% of all loans originated in the U.S. are done by mortgage brokers.

Wouldn't you expect them to also have the most complaints? Now I can't speak for the rest of the country, but in Florida here are the numbers of complaints.

So now we know where the problems are. I hope this helps bring some clarity.

All the best,

Dan

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Rainmaker
1,332,578
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate
Interesting post Dan. Thanks for sharing the data. Probably different than many were expecting.
Sep 26, 2007 06:07 AM #1
Rainmaker
571,868
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Good post dan.  I would have thought otherwise.  Thanks again.
Sep 26, 2007 06:09 AM #2
Rainer
71,885
Larry Wright
nwRealty.Com - Tacoma, WA
Dan ... properly educated consumers know where to go with their problems and complaints.  Brokers can rarely help out after the closing.
Sep 26, 2007 06:22 AM #3
Rainer
22,190
Dan Dowling
Dan Dowling - United Mortgage Capital Corp. - Altamonte Springs, FL

Larry:

In my experience, the real problems don't happen after closing...unless you don't pay your mortgage. The real problems occur BEFORE closing. In fact most lenders don't service their own loans, but farm it out to servicing companies. (this is often times obscured from the client's knowledge)

In any event, thanks for your opinion.

Sep 26, 2007 06:53 AM #4
Rainer
4,634
Kory Benken
Keller Williams Realty - Lake Mary, FL
REALTOR, G.R.I.

Dan,

Thanks for the stats. WOW, didn't see this coming! It makes sense when you think about it. Bankers earn a salary, brokers get paid when the job is done.  I'm paid the same way and it totaly changes the landscape when dealing with people.  My money is always with the broker and that's because of too much personal experience.

 

Oct 08, 2007 10:41 AM #5
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Rainer
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Dan Dowling

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