This is Part 1 of a two-part series. In the on 10 years, I have written 50 articles on strange mortgage-broker topics, but none of them addressed the most fundamental issue of all: What makes a attractive broker? Perhaps it took 10 years before I was set to confront this question, along with its visible corollary: How do you be familiar with a serious stockjobber when you help one? Loan officers who are employed by a singular lender direct very much in the manner of brokers exclude they provide the programs of only one lender. Most of what I power below applies as much to them as to brokers.
To employee me on this, I enlisted underpinning from five brokers who I identify are good: Catherine Coy (California); Christopher Cruise (Maryland); Jeff Jaye (California); Kevin Iverson (Colorado); and Don Romano (New York). They agreed on most, but not all, issues, and they may not admit with all the views expressed below. Good brokers are selected by borrowers, rather than the reverse: Poor brokers must constantly solicit, whereas moral brokers from referrals from quondam customers, Realtors and others, including me. It is not the specimen that wholesome brokers never solicit, but the edge are in the borrower's favor if the borrower does the selection.
One acid analysis of a special-occasion go-between is whether the stockbroker will forecast a patron that a contemplated refinance is not in his interest. The dealer who has a steadfast informant of referrals is much more tenable to do this than one who purchased your distinction and location from a leads broker. A groovy rule: Do not answer to solicitations.
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