Las Vegas, Nv
Below is an excerpt from a letter to President Obama. This letter was sent to him by the National Association of Mortgage Professionals (NAMB) of which, we are a proud member.
" The Georgetown University study stated that Mortgage Brokers saved borrowers thousands of dollars when it came to their mortgage needs. And the obvious differences on using a broker for your mortgage is that Mortgage Brokers are licensed by their state and the NMLS, take continuing education, take a national and state to be able to be licensed, have a criminal background check with fingerprints, and have their redit checked. Mortgage Originators that work for these banks failed to pass some of these items, test, background checks, etc., and that really sets Mortgage Brokers apart from those depository institutions.
There are thousands of good honest Mortgage Brokers in America that have never participated in sub prime loans or have used any of the exotic products that Wall Street or the Mega Banks created. And most of these companies that did these loans were not mortgage brokers.You consistently use the term Mortgage Broker to relay information having to do with the Housing industry and that is not fair. Let me give you an example. When a drug creates a problem in the medical industry, the FDA goes and contacts the maker of the drug and deals with the company. They don't go to Walgreens or CVS and shut them down, making them the scapegoat for selling the drug. The same is with the Mortgage business. We only sell what is out there from the banks and wholesale lenders. We have never developed or created any of these products. We do not underwrite them or approve them. Yet it seems that every time something comes out about the mortgage industry, it is a Mortgage Broker that did it."
In short, Mortgage Brokers provide a valuable service and save their clients' money over going to a Mortgage Bank or Depository Bank. Let's put this in plain english. We sell the Ice Cream. Not make it.