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Mortgage brokers took a hit following the 2008 financial crisis.

They came under greater regulation by the Consumer Financial Protection Bureau, some major bankers stopped working with them and their ranks dwindled, according to Mortgage Professional America.

Banks, on the other hand, have had their own issues with regulators and the public.

According to National Mortgage News, in June six banks were criticized for ignoring requests for loan modifications or failing to make good-faith efforts to avoid foreclosures, while the Justice Department continues to investigate regional banks for poor FHA underwriting.

Whom would you approach for a mortgage if you needed one? Who would discover the right mortgage and the greatest rate for you? And, who could minimize the hassle of getting your mortgage approved?

Mortgage brokers and mortgage bankers push their case for your confidence — and business — by referring to various records, studies, statistics, and reports.

Mortgage brokers are trained residential mortgage experts with access to a wide range of loan choices for folks looking to purchase or refinance a house. They assist customers by leveraging connections and obtaining the most advantageous loan alternatives available. Brokers can help clients save thousands of dollars on what is often the biggest financial decision in their lives.

Larger lending institutions, on the other hand, do not specialize in residential mortgage services exclusively. They concentrate on things like automobile loans, pleasure craft loans, and personal loans to just name a few. They aren't concentrating on one area of expertise: mortgages. The loan products that big retail lending institutions can offer are limited, and due to overhead costs incurred by bigger banks and organizations, pricing is more often than not greater.

Brokers, especially local banks and credit unions, are usually smaller and more nimble; they adapt to change swiftly and have lower overhead to be more competitive in the mortgage market. Furthermore, broker originators get the same compensation on all loans, no matter what type of loan or loan amount.

Brokers simplify the loan-shopping procedure by rapidly placing numerous alternatives before borrowers in order to let them select the finest option. They are also able to close loans faster than major lenders. Brokers work with national high-quality lending partners to guarantee their referral and new business prospects flourish by utilizing the lending partners' services, resources, and overall support.

Many customers believe that large commercial lending firms and banks offer the best mortgage rates. In fact, brokers are not beholden to a retail bank's overhead expenses and frequently obtain a lower interest rate through the same big financial institution's wholesale division. Consumers who apply for a loan directly with a major retail lending firm or bank believe they are avoiding the middleman, but in fact, may put themselves at a disadvantage by not hiring a broker.

Another disadvantage of working directly with a bank is that its loan personnel are not always mortgage experts. In reality, federally insured lending institutions do not need their loan officers to be qualified. While loan officers must be registered with the Nationwide Mortgage Licensing System and possess an NMLS number, they are not subjected to the same levels of testing and continuous training on mortgage standards and modifications as brokers are.

Brokers, on the other hand, must undergo continued training, submit to background checks and pass rigorous examinations in order to keep their professional accreditations.

Consider that you're a professional tennis player who sustains an injury to your knee. The proper treatment is critical for your career, as well as your future ability to compete and make money. Who would you trust? An orthopedic specialist with a track record of hundreds of specialized operations or a doctor who doesn't specialize in one area but does many procedures on everything from the head to the toes?

With their money in danger, individuals want and need a professional to assist them through the mortgage-shopping process. I propose using a qualified mortgage broker as your advisor

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