TOP TEN THINGS YOU MAY
NOT HAVE KNOWN ABOUT MORTGAGE BROKERS & MORTGAGES
- Mortgage
Brokers originate and close over one half of all residential mortgage
loans.
- Mortgage
Brokers, like THE MORTGAGE INSTITUTE, are the low cost producers in
the mortgage industry. That is, across the board (and across the country)
they provide their customers with the lowest rates and fees, the best
deals around. Furthermore, the research that yielded this information was
paid for by large banks and conducted by Tom LaMalfa (www.wholesaleaccess.com) – not
exactly what the banks wanted to hear which is probably why most people haven’t
heard it.
- Mortgage
Brokers, unlike banks and lenders, have to disclose every cent they make
on a loan. Yes, it’s unfair because banks receive much larger yields on
their mortgages than brokers. But, we don’t make the rules, we just play
by them.
- Most
Mortgage Brokers offer their customers (and the public) an array of loan
choices. Since they usually “broker” for many different lenders, they are
not confined to one company’s programs. In other words, if it is possible
to get a deal done, THE MORTGAGE INSTITUTE can do it.
- Mortgage
Brokers cannot act as middle men (or women.)
Each mortgage broker operates in a legal and contractual relationship as
an “agent of the lender.” Furthermore,
- Per
federal law, Mortgage Brokers cannot receive unearned or middle-man
fees. So, if they could operate as a “middle-person” they couldn’t be paid
for it. There just is no such a thing as a middle-man in residential
mortgage lending.
- Mortgage
Brokers and the Loan Originators who work with them must be trained,
tested and licensed by the state (in Texas and
most states). Banks are not
required to have their loan officers trained, tested or licensed, which is
why you might want to think twice about the advice you get from a bank
about mortgages.
- You
can usually get a loan through a national, name-brand lender through your
independent Mortgage Broker for a lower rate and lower fees than you can
by going directly through that name-brand lender. Yes, we can “buy
wholesale and sell retail” for less than the retailers can sell. Just work
with a competitive, trustworthy broker like THE MORTGAGE INSTITUTE,
your “go to” mortgage company.
- Mortgage
Brokers and lenders cannot entice a potential borrower to refinance. The
proposed mortgage loan must yield a “benefit to the borrower.” Often
times, brokers are asked to demonstrate to the underwriter exactly what
the benefit to the borrower is. This applies to almost no other business.
Imagine if McDonalds was required to demonstrate a “benefit to the eater.”
- Nobody
takes care of you like THE MORTGAGE INSTITUTE. We know you’re
thinking, “They’re just trying to come up with 10 things like David Letterman.”
You’re right! But it’s true. Our experience in mortgages has been with
many lending solutions to a variety of borrowing challenges. So many
people simply repeat the same job over and over again. They don’t really have “25 years of experience.” They have 1 year of
experience repeated 25 times. We haven’t merely gone through the motions
doing the same types of applications, closing the same types of loans. We
have crammed many years of experience into a short amount of time.
Noel Cookman
and The Mortgage Institute, Inc.
1000 S.
Main Street, Suite 100 Grapevine, TX 76051
817-912-0900