When you contact an “independent” mortgage loan broker, they usually explain they shop many lenders for you, to find the best deal.
BUT, DO THEY ACTUALLY SHOP ENOUGH LENDERS AND TRULY PUT YOUR NEEDS AHEAD OF THEIR PROFITS?
Possibly, maybe not, due to research by Hunterbrook Media, who alleges a specific lender “incentivizes and compels mortgage brokers to send pretty much all of their customers to the wholesaler.” In addition, a companion lawsuit has been filed. Per media HousingWire, “If a broker says they’re independent and shops around, but sends 99% of their pipe to one lender, does that create a trust issue with the consumer?
Over my 36 years’ experience, some brokers direct borrowers to lenders that earn the broker more money. It is a sad part of our industry, borrower beware.
Solution: Always call Dan the Man for Mortgages to shop rates from ALL TYPES of lenders to find the best loan programs and rates, call 714-310-4162.
Rave client review:
“I want to thank Dan Stone for the amazing placement and follow through he provided in helping us refi our home. Finding the right fit is crucial and after the first 24 hours it became apparent that Dan was not going to disappear after finding us the perfect loan officer and lender. We were stunned at the constant communication that Dan offered to make sure everything was moving along to our satisfaction. We highly recommend Dan!” -Donna Marie A.