I am in Irvine, California today attending the first mortgage workshop for AIME, the Association of Independent Mortgage Experts. This is a group of mortgage brokers from across the country who believe the mortgage broker provides the best value and options for the customer. There are over 600 attendees at the conference.
I’ve met brokers from across the nation. We all firmly believe in the mortgage broker model and are sharing ideas as to how to get the word out to the public that they should consider a mortgage broker when purchasing a home. Our compensation is fixed and we are paid a set percentage of the loan amount on each transaction. Thus, we are focused on finding the best deal for our customers. On the other hand, mortgage bankers are incentivized to use their warehouse lines to fund loans as they are paid more on these transactions.
I have had many loan officers who work for mortgage bankers reach out to me to compare rates. We often beat them by 0.25% – 0.375%. Thus, many loan officers are considering switching and working for mortgage brokers so they can close more deals.
Counsel Mortgage has always been a mortgage broker and finds itself at the forefront of the movement back to brokerage. You will see more mortgage broker shops open and loan officers switching to work for brokers in the upcoming days.
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