In our conversation, she was under the impression that working with a Licensed Mortgage Broker would be more expensive than going directly to a bank... As I explained to her how the broker accesses "Wholesale" money from the same banks as their own retail branches, and that brokers are paid by the parent "Bank" just as they would pay their retail branch - it seemed to be an "Aahhaa moment" for her.
(See graphic explaining Broker vs. Banker)
The landscape of the financial markets has changed drastically over the past 12 months. An unprecedented volume of foreclosures and recent mortgage fraud have caused banks to reengineer the way they lend money. As a result lending guidelines have tightened dramatically and government regulations have radically changed the appraisal process. At times underwriting has become more of an ‘investigation’ rather than a ‘verification’ of information. As a result the advantages of working with a mortgage broker are paramount in this challenging lending environment. The consumer wants and needs choices today more than ever. As a broker we have the ability to fund loans through numerous banks. We shop rates, programs and guidelines for the consumer so they get the best financing for their needs.
Banks adjust their rates every day based on market conditions and their application volume. A client working with a single bank versus a mortgage broker can easily get CAUGHT when a bank changes their strategy or is forced to raise rates to slow volume.
As a broker, our job is to find the best program and rate for each client’s personal situation. Each bank has their niche areas of strengths and specialties. No one Bank can offer it ALL. As a broker we offer the most variety and choice!
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LoanCentral LLC 10900 NE 8th Street Suite # 110 Bellevue, Washington 98004Washington Mortgage Broker Loan Central National NMLS License - Main Office in Bellevue, WA # MB-70191Kirkland, WA Branch NMLS # MB-106504Phone: 425-709-7900
NMLS Consumer Access link for more info: www.nmlsconsumeraccess.org
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