Don brokers “steer” consumers to the lenders who pay the highest fees to the broker?
While isolated instances of adverse steering can occur, the mortgage brokerage industry has predominantly armed consumers with a free-market economy weapon: open and vigorous competition. Any consumer exercising his or her basic right to shop and compare, will ultimately find the loan options that are in his best interests. The combination of government-mandated disclosures and vigorous competition has presented today’s consumer with unprecedented levels of choice. While price is an important consideration in advocating a specific wholesale lender, brokers also make their professional recommendations based on a number of other factors which include the lender’s: 1)..reputation for service 2)..underwriting criteria 3)..ability to close the loan on time 4)..
Related Questions
- It sounds like a lot of trades are made, what brokers do you use, what are the broker fees and what about tax implications?
- Don brokers "steer" consumers to the wholesale lender who pays the highest fees to the broker?
- Don brokers "steer" consumers to the lenders who pay the highest fees to the broker?
