Not all lenders are created equal

Through the many years I've been in mortgage lending, I've seen my share of up and down markets in real estate. I have never seen, though, as much generalization about mortgage brokers and how all brokers are crooks. I work for a broker and have done so for many years now. I have also worked for direct lenders, the big banks of the world, and for other retail banks. I know from experience that not all brokers are created equal. There is a misconception that the big mortgage lending banks won't take advantage of the borrower where as brokers will. When the "exotic mortgages" were popular, I was approached by at least 3 of the largest mortgage banks soliciting me to sell their "exotic loans." From the time that these mortgages were offered, I saw that there was a great risk to the client. I saw my competitors getting rich by offering payments instead of a mortgage plan suited for the borrower. These loan originators included employees of big banks, bankers, correspondents, realtor/lenders (the ones who try to do it all), and yes even brokers. However, in the midst of all these originators, there were the few who adhered to a higher code of ethics. These loan originators worked at any one of the lender institutions mentioned, including brokers. They knew they had to like the person that looked back at them in the mirror. They knew they would not live in fear from bumping into their old clients, even in today's times. To those of you looking for a mortgage lender, if you get a mortgage quote where it is considerably lower than the rest of the quotes, investigate further and ask a lot of questions. A good loan originator is not afraid of the competition. However, bear in mind that the cheapest is not always the best. When you are financing hundreds of thousands, you want the best experience, best advice, and confidence that you loan will close your loan. You may pay a little more, not much, but you will get your loan.