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My answer is YES since I am a Mortgage Banker. Latest statistics say we have at least 50% fewer brokers than we had a year ago. That should be telling. The sad thing is they made their money from questionable loans & ran. Thanks for the question, Jackson. Cheryl -- Please explain why a broker is safer. They have higher fees than a Mtg Banker because they are a middle man. I close with my companies own money. We fund at the table, there is no middle man to pay with YSP & added points. My closing costs are low and so are my rates. washington -- Mortgage Banker does NOT mean backed by a bank. It means we are direct Fannie, Freddie, FHA, VA, as well as having our own programs. I have the ability to broker if need be but I can usually fit a client in one of my programs.
Probably safer, but as long as you read EVERYTHING you will still get a better deal from a mortgage broker. Just know what you want - ie Fixed Rate/30 year - and don't let him talk you into something else like an interest only or variable rate. The biggest problem is still the consumers themselves getting greedy and wanting an obscene amount of home for their money. I mean, who really NEEDS a 4600 square foot home. They set themselves up and the brokers just give them what they want.
There are some wonderful mortgage brokers who work hard for their money, care about customer service and don't jam people into a loan that makes them the most money. Then there are the rest of them.
Because it's an easy job to get with very little training.... I am sure there are some very smart wonderful brokers out there but their are a lot of scum in it to make a fast dollar. A girl I went to school with failed out of typing school, hair dressing school, county college and cooking school- became a mortgage broker. She told me it was the best job because she could do it hung over because it's all computer paper work. And let me tell you- she wasn't very bright.... she got fired from Burger King because she couldn't count change out. LOL The people who bought my last home had a bad one and the girl did all the paper work wrong and I got 1,000 more then I should have! LOL but they kept harassing me, like I was going to give it back. HELLO, that's why I paid for title insurance!! Took months to get rid of them and the head broker was a piece of shi*T and he even cursed me out- told me I was a little skank and all kinds of stuff! I told him I tape recorded it and they never called me back again.
It really doesnt matter if you are using a broker or banker in my opinion. The broker can at least shop your loan around but the banker will only shop your loan in-house. But the banker is actually backed up by cash in their system. But, I hear ya!
Mortgage Brokers are basically back alley thieves.