What Makes Me Different ?

I consider myself an ethical broker, committed to the principles of the UpFront Mortgage Broker Association, the National Association of Reliable Loan Officers, and similar consumer advocacy groups.

I might not get your business if you read this too late in your search for a broker or mortgage. That's primarily due to the fact that I will not low-ball a rate quote over the phone just to get your business. I will not compete with anyone who does that just to get their foot in the door, only to raise the cost of the loan to you once they have you on the hook.

This is unfortunately prevalent in the mortgage industry, and is done more as a slight of hand, often taking advantage of an uninformed consumer. The following paragraphs summarize what you should look for from any broker you retain to originate your loan for you.



What Exactly is a Mortgage Broker ?

The role of mortgage brokers and loan originators is not as a banker, underwriter or lender. They're basically a salesperson, and a middleman between lenders and the mortgage consumer. They are required to be licensed in Florida for originating/arranging mortgage loans on properties there, but with minimal education, and no experience requirements. If the mortgage loan does not close in their name, you are working with a middleman/Broker. Even companies like LendingTree fall in this category.

LO's/MB's who work for brokers or broker-banks get paid on a percentage basis, usually 50% or more of the origination/broker fee you are quoted. Behind the scenes, or "in the back", LO's/MB's also can get paid what's called YSP, or Yield Spread for selling you a slightly higher APR. The lender is willing to reward the MB for selling you a slightly higher interest rate on your loan. It's all in the numbers. You probably wouldn't even blink to know your loan could have been had at 6.5%, but your broker only offered it at 6.95. They are paid by the Lender for "the spread" because it is costing you more over the life of the loan in interest. The Lender is happy to pay the LO $2,000 for the $12,000 more in interest to be collected from you. It doesn't sound like a lot but it adds up, and it only comes out of your pocket.


The BottomLine

There are many experienced and good loan originators/mortgage brokers. Check out my background at "Meet Your Loan Advisor" on my website at http://www.loanwolf.us/ and let's talk about your funding needs.

Call me at 800-586-9424

Even better, email me at wolf (at) loanwolf.us