Big Bank vs. Mortgage Banker

There are a few reasons that consumers go directly to their bank these days to get a mortgage. Most of it has to do with familiarity and convenience. Some people even believe that by having an account with a bank, they will get a better deal on the rates and fees. Here is my opinion on why you would use a mortgage bank such as United Northern instead of the loan officer at the branch of your local bank.

1. Licensing- Brick and mortar banks do not require their mortgage specialists to be licensed. Mortgage banks do. I know this doesn’t sound like a big deal, but it is. While sitting through classes and passing a couple of tests doesn’t strike me as particularly difficult, you would be amazed at the number of people who couldn’t pass the test in three attempts. These people didn’t all just leave the mortgage business: quite a few marched straight to the local bank and got jobs working for Bank of America, Chase and Wells Fargo.

2. Mortgage Bankers work on referral only. My business is derived 100% from people who know me and aren’t afraid to send their clients, friends and acquaintances to me. If I mess up, I lose that referral source. At a bank, there is walk in traffic. If the lender messes up a few deals it doesn’t help anything but it doesn’t hurt his or her checkbook. There will be another prospect walking through the door at the bank.

3. Mortgage Bankers take the loan from start to finish. Borrowers have one point of contact. We return calls after hours and on the weekends. We give out the number to our cell phones so you can reach us. At a bank, you start with a loan officer who passes you off to processing which is commonly out of town. Try getting some help on Saturday afternoon when you have a question that just can’t wait.

4. Underwriting is here. Our people work locally. Not in Minneapolis or Phoenix or Los Angeles. They know the market, the neighborhoods, the employers.

5. Mortgage Banks success is based solely on mortgage lending. We don’t take deposits or offer car loans. We do one thing-Home Loans. Our reputation is staked entirely on this. The big banks are not too concerned about the quality of the service, otherwise, they would figure out how to close a deal in 30 days or respond in a reasonable amount of time on a short sale request or offer.

6. Multiple sources: We have every loan product that is available on the market. While most banks won’t lend to folks with a credit score below 700, we can. For borrowers with bad credit we help them improve their credit so they are eligible to purchase.

Just some food for thought…

www.MarkFisherNYC.com

www.BronxHomeBuyer.com