Mortgage brokers took a great hit to their reputations during the mortgage implosion that started in 2007. Selfish and self-perpetuating loan officers who had their own financial gain in mind became the unfortunate representation of brokers not having the best interest of their clients in mind during the lending process
Mortgage brokers took a great hit to their reputations during the mortgage implosion that started in 2007. Selfish and self-perpetuating loan officers who had their own financial gain in mind became the unfortunate representation of brokers not having the best interest of their clients in mind during the lending process
The truth, of course, is that mortgage brokers took a lot of the blame that should reasonably have been shared between all players in the real estate industry as a whole, including unethical bankers, realtors, appraisers, title agents and some mortgage originators.
Mortgage brokers have a very important role to play in the home financing marketplace by keeping lenders honest and by having them compete for the broker’s business, therefore giving smaller lenders access to the whole marketplace without having to invest in a sales force.