Direct Lending taking an edge over brokering loans
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca. When buying or selling an REO property, it is much better to go with a direct lender; especially, here is Southern California in that there's quite a bit of doubt about the viability and truthfulness for the pre-qualifications offered by mortgage brokers at the receiving end of a sales contract. In addition, CNN is reporting more large banks are cutting ties to mortgage brokers, insisting that direct contact with an internal mortgage officer who can explain various products and help borrowers choose one that best meets their needs is essential. Brokers counter that they help consumers by monitoring products and costs of various lenders and that lenders --not brokers-- have the final say when it comes to writing the loan. Perhaps that is why we are seeing a number of fo...