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I work with and refer clients to both and do understand the difference. I personally have no preference, seems to be it has more to do with the loan officer than the place they work. Get to the client the same day, return calls and emails, and get us the pre-qual when we need it to write an offer. I do like working with local lenders, if things go sideways I can stop by their office for a little visit. A little chat, get things straighten out. Can't do that with a rep from out of state, if you can even get them to return your call(S).
Walnut Creek, CA
Hi John -- I vote for the person who is knowledgeable, honest, responsive.
The title on their card doesn't make a difference to me.
Both, I have been finding non-conforming conventional loans out there including foreign national financing or above 10 mortgages, and it is not hard money.
I work with both. I give buyers names of 3 or 4 lenders .
I work with both and usually they are good , what i don't like working with is bank LOs they are either new and don't know what they are doing or LOs that cant cut it outside of a bank giving them the leads that come in. bank turn around are slow , mortgage bankers and brokers usually close on time banks never do.
I don't care that much. It's the person and their service.
We know both and let the Buyer make the choice
Easy Mortgage Broker! Bankers here can not close a home!!!
John Meussner I've worked with mortgage brokers who offered programs a mortgage banker couldn't touch. I've also worked with good mortgage bankers.
Good morning John. I have two mortgage banker referral partners. They do some things we don't, so I refer them, they don't do many thing that we can get done.
I would rather it be a Mortgage Broker. Many of the Mortgage Bankers have trouble getting loans approved, because of their own rules don't allow for flexibility.
John Meussner I have been working with both - and found more flexibility for my clients when they go with Mortgage Broker.
And I also know, one of the lender (bank) had unique product for first time home buyers with virtually no closing cost - and rates were unbeatable! So in such cases, I had connected my buyers with that lender.
It's about them - our clients - isn't it?
Broker has many options of where to place a loan,,,, a banker does not
Here is the simple Answer: Both, please let me explain. There are companies such as the one that I am afffliated with that have banked lines of credit with the big name deposity institutions that you all know. However, we are also allowed to broker which is great because it gives me the freedom to find the best fit for my clients needs. The advantage with keeping it in house on our banked lines of credit are of coarse the in-house underwriting and more direct control through out the process. However if the borrower's loan does not fit the tight little box that the big name mortgage banks are looking for...if you work for a mortgage bank you have one shot and if it doesn't fit so sad to bad your done. Being able to broker allows me to save the day and put the loan with a lender that thinks the loan looks just fine to them. I am happy to say that the Brokers are making a come back along with the alternative financing they offer. We are even once again doing stated income loans, bank statements only, and as the investors that buy these loans grow more confident the loan to values will be relaxed.
I like mortgage brokers because they usually can do more different types of loans.