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Mortgage Broker News | 16 Apr 2018, 12:46 AM Agree 0
A classic case of buyer beware
  • Paul | 16 Apr 2018, 01:02 PM Agree 0
    To clarify, the "broker" who works for the bank that you refer to in this article isn't actually a licensed mortgage broker. This is often a misconception. Instead this so-called broker is an employee of the bank...typically a unlicensed mortgage professional known as a "mortgage specialist" or "road rep" who only sells that bank's products. That being said, I agree that if a bank employee can hold the rate and an approval for a couple years at a higher rate, it guarantees the buyer an actual approval (unless the project doesn't complete on time and the approval expires). Another good practice for an actual licensed broker is to refer their client to a bank rep so their client is definitely approved. After approval, stay in touch with the client and let them know that once they are within four months of closing you as a broker can look for a competitive offers on their behalf (as long as there wasn't a major increase in rates, the licensed broker may still get the business, when all is said and done).
  • George Christopoulos | 16 Apr 2018, 01:29 PM Agree 0
    If we as principal brokers do not use the correct terminology when describing a "bank rep" how do we expect the public to ever understand the difference and the value we provide as mortgage agents and brokers ?
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