gregorygarver.com

LaxLaxStfu · Joined: 11 May 2005 Posts: 4

I am a Realtor. To aid me in providing better service to my clients. What are the pros and cons of suggesting a MortgageBroker (who will "shop" various Lenders for a particular Buyer) vs suggesting (say) Bank of America ... or any entity that lends their own money.

BeverlyC · Joined: 16 Oct 2003 Posts: 4

The biggest issue with a branch bank is that they are not too flexible on what they do. If your client does not fit their loan profile, no deal. With a broker, they can evaluate the clients needs, and find a program that works for them, and often at a better rate. I had a friend who had a mortgage at SunTrust for 14 years, never paid late, and had a good credit rating. Got a quote on refinance from Sun, then I took them to suntrust for 1.250 lower rate. Sometimes wholesale side can do things retail cannot do.. in fact that is OFTEN the case. And I did make some money on the deal, and still saved them a ton of money.

rljakff · Joined: 20 Feb 2006 Posts: 4

Your best bet is going to be with a broker or a mortgage banker. The mortgage bankers, have all of the flexbility of choosing lenders that brokers do but lend their own money. Therefore they will have lower rates then brokers and have access to the same lenders and guidelines. They control the whole loan process and do the closing documents, brokers have to wait for the lender to prepare the closing docs from the lenders.

Matrixcm · Joined: 03 Jan 2007 Posts: 5

If you want to give the best possible service to your clientele you should be suggesting that they shop for the best loan and terms for their situation. No single source -- lender or broker -- will always be the best fit for all clients. Anyone who says otherwise has an ulterior motive, usually not to the benefit of the borrower.

floyd_n_dana2001 · Joined: 04 Mar 2006 Posts: 7

It's better to go with a Broker. We are a Broker and a Lender. We work with almost 200 other banks and lendersabrock@fcmdirect.comwww.fcmdirect.com