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Brokers seek greater transparency in lender guidelines

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Mortgage Broker News | 20 Aug 2012, 09:00 AM Agree 0
It's one issue likely to crop up again and again in the 2012 CMP Brokers on Lenders survey, but lenders should move now to correct it, say brokers calling for more specific guidelines and restrictions.
  • The Lender | 22 Aug 2012, 06:25 AM Agree 0
    The Problem is not the lender but Stupid Brokers! You make 110-125 Basis point on a deal and expect us to teach you to do your job? what is wrong with this Picture?

    Lender's dont like small towns becuas sometimes it would take 1-2 years to sell those properties! But if the Broker was smart enough and had done their homework, they would have known that Scotia or TD bank would do that deal!

    I am tired of reading brokers want this and brokers want that! Brokers are lucky that mortgage lender's doing buisness with them and helping them make a great living! We have lost 10+ lenders in last 36 months! Brokers need to stop being greedy and try to work with lenders instead of Bitching and complaining!
  • MP | 22 Aug 2012, 08:52 AM Agree 0
    If brokers deal in their own area they would know who lends there and who doesn't. The problem is these brokers that do business all over the place. Stick to your own city/town--I do. And if I do have a deal out of my area. I'll email the BDM to check if they lend there.
  • JP | 22 Aug 2012, 09:25 AM Agree 0
    Somewhat agree with the comment. Send email bdm or underwriter first instead of waiting for two days to find out your deal is dead.
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