Why You Should Choose a Mortgage Broker: Part II
At ABBA First Mortgage we’ve been hearing a lot of mortgage bankers disparaging mortgage brokers lately. Just yesterday I heard I heard a couple of mortgage bankers on a local radio show spouting the same old tired arguments that we’ve heard before- bankers can get it done and brokers can’t. Bankers are more qualified than brokers. Etc., etc., etc.
The strange thing is that this is more than just trying to sell yourself or your institution… it is simply untrue. Mortgage brokers are without question the most educated, qualified mortgage providers in the country. Don’t just take my word for it though.
One of our very favorite “Tweeps” had this to say on her blog:
If a non-licensed mortgage originator (registered mortgage originator/banker) tries to tell you that mortgage brokers are licensed because they are the cause of the mortgage crisis, please remind them that it was the mortgage banks that created and underwrote the mortgage programs AND it is the mortgage banks who hired their reps to call on mortgage brokers to push their programs.
If Congress truly wanted to serve the people, they would have created the same standards for all mortgage originators regardless of campaign contributions, lobbyist, the type of institution they’re employed by. Consumers should not have to sort out the differences between a Licensed or Registered mortgage originator. ALL MORTGAGE ORIGINATORS SHOULD BE LICENSED.
Couldn’t have said it better myself! At ABBA First Mortgage we often jokingly say, “Why would you work for a bank?” “Because you can’t cut it as a licensed mortgage broker.” Yes, its funny. But its also true.
Give one of our mortgage experts a call to discuss how we may be able to save you money today.
©2007 ABBA First Mortgage, Inc.
June 17th, 2010 at 5:34 pm
The SAFE Act has created two classes of mortgage originators, Licensed and Registered (un-licensed). It’s too bad that Congress did not make the same rules for all.
When I hear a mortgage banker say they don’t need to be licensed because they all ready have more in-house training and have been regulated by various government entities, I have to chuckle and point out the failure of Washington Mutual and those who were suppose to regulated that bank…and sadly they’re not the only bank we can point to.
June 22nd, 2010 at 1:23 pm
Hey Rhonda- thank you for your comment! Having separate rules for brokers and bankers is a sure fire way to ensure that many of the same abuses will continue on in to the future.
As is usually the case, it seems like the banking lobby is able to scream a bit louder and consequently they get their way. Kind of like a spoiled child, huh?