There were many informative facts and issues discussed in your “Basic Training” cover story in Your Place (Sept. 26).
Most of the people who read this article carefully are probably thinking of purchasing a new home with a mortgage or refinancing an existing one. Many of the issues that were addressed are essential to understanding the loan process, but this article, like so many others, makes the mortgage broker out to be unscrupulous.
I operate a small, successful mortgage brokerage on Chicago’s North Side and have always treated my customers honestly and fairly. In return, they have provided me with a steady referral business that has helped sustain my business. While I am sure that there are brokers who do not consider their clients’ best interests, we, as well as many other independent brokers in the Chicago area, have good reputations for providing a valuable service.
Your article suggests that when a broker earns a fee for providing mortgages to future homeowners, he or she doesn’t deserve more than a crumb. When you suggest borrowers are at risk when they work with brokers at small businesses, you do not realize that many people enjoy working with small companies that pay attention to the details of their transactions. Some of them are even honest.
It is always a good idea when purchasing a product of any kind that you know what you are buying. If the broker is not able to meet your needs, you should not work with him. Most brokers are able to shop for the best rates for the programs their clients want. When we do this we are often able to save our clients a lot of money over the life of their loan. As a result, the small fee that the client is paying should be worth it to them.
Please continue providing your readers with the kind of valuable information provided in this article. The bias against brokers and lenders would not be necessary if the consumer has the relevant facts necessary to make an educated decision.
