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Are mortgage brokers an endangered species?

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Mortgage Professional America | 16 Dec 2014, 08:39 AM Agree 0
We asked three industry leaders if they thought that regulatory changes and public perception were endangering the mortgage brokering profession. Here’s what they had to say.
  • Keith Wilcox, 1st American Home Loans | | 16 Dec 2014, 10:21 AM Agree 0
    Being a broker is the way to go as banks, credit unions and direct endorsed lenders have many overlays and one set of eyes looking at the files. I've been in the business for over 23 years, working for a lender for 12 years and a broker for the last 11.
    Brokers should join Namb as I have for years, we need a huge voice in this regulatory environment, like the banks do.
  • | | 16 Dec 2014, 10:46 AM Agree 0
    I find these articles someone comedic. They continue to interview non-producing, non-connected parties that hold a sole responsibility in recruiting. Now is the best time in history to be an exclusive Mortgage Broker. It is also the most compliant way if run properly and only transparent channel and non-steering on the consumer to credit lines and margin. Having wholesale lenders execute quickly and compete on pricing is simply priceless for consumers and Mortgage Brokers. As this person stated, they don't know of any Broker competitor because Bankers cannot compete with Brokers. Debating facts and math is the new definition of insanity. Wholesale may be bashed by ignorance and special interests, but math and facts will never fail.
  • | | 16 Dec 2014, 10:48 AM Agree 0
    "somewhat" comedic. :)
  • | | 16 Dec 2014, 10:59 AM Agree 0
    Having been a self employed broker for 23 years and am 100% confident that we are here to stay. The wholesalers are many and this still provides options for the borrowers that a majority of bankers simply can NOT provide.

    Why go on the payroll of a banker ... I am not sure why..?
  • | | 16 Dec 2014, 11:19 AM Agree 0
    I've been thriving for the past 3 years, and I beleive that's when most of the regulation was coming through.
    I AM a member of NAMB, proud of it.

    Serenity Mortgage, LLC.

    John M Glath Broker/Owner

    I'm in Butler, PA. You can spread my name around now that you
    know I am a Mortgage Broker.
  • Nancy V | | 16 Dec 2014, 03:01 PM Agree 0
    My business as a Mortgage Broker has never been better. And I totally agree, being a member of NAMB and my local state association, FAMP, is worth its weight in gold. Originators listen up. It makes no difference whether you work for a broker, lender, or bank. You need to be involved in the associations. I have been since 1995 when I first got my license. It is invaluable and puts my reputation ahead of the rest because of the education.
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