Mortgage Brokers Are the Best Loan Originators
April 10th, 2013
April 10th, 2013
Are you looking for a mortgage loan? You should consider working with a mortgage broker.
A mortgage broker is a real estate professional who brings the borrower and the lender together. Unlike a bank or another mortgage lender, a broker doesn’t close, fund or underwrite the loan. Instead the broker reviews the borrower’s needs and personal financial information, checks the characteristics of the property and considers all of the lending programs available to find mortgage loan solutions for you. When you work with a bank or another mortgage lender, your loan options are more limited.
Reasons why you may want to work with a mortgage broker include:
Additionally, a review of the Consumer Financial Protection Bureau’s release of the Consumer Complaint Database shows that mortgage brokers receive the least amount of negative feedback compared to other loan originators. The Consumer Complaint Database contains over 90,000 individual complaints regarding financial products and services. However, a closer examination of the database reveals only 22 of the 50,457 “Application, Originator and Mortgage Brokers” complaints filed are actually against mortgage brokers. The majority of the grievances belong to banks and mortgage servicers regarding payment issues.
Part of the issue why mortgage brokers have been wrongly perceived as having higher complaints is that mortgage brokers have been incorrectly categorized on the Consumer Complaint Database. For the last three years, the term “mortgage broker” has been used to classify both depository and non-depository institutions. But, in actuality, a broker is a non-depository institution since they don’t close, fund or underwrite loans. However, a mortgage lender or bank is a depository institution. Therefore, mortgage brokers need to be separated into a different category on the database.
So, when reviewing the complaints on database, it can be deduced that mortgage brokers really are the best loan originators since they receive so few complaints.
Finding a mortgage loan for your home can be a confusing experience since there are so many options to choose from. But by working with a reputable mortgage broker, like Grandview Lending, we can guide you smoothly through the process. So contact one of our mortgage specialists today.
We provide our clients with exceptional service and integrity which has become our hallmark.