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Originally Posted by blackcherry20 What does a “brokerage” look like? Give me an example…interesting details in your posts. I'm dually licensed as a real estate agent and a mortgage loan
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07-14-2023, 11:23 PM
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#481 (permalink) | |
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Think of when you go finance a car. Some people get "pre-approved" by their bank and walk into the dealership with that. That "pre-approval" they have is specifically by THEIR bank and THEIR terms/rates/pricing/etc. The dealer financing team has access to a variety of lenders, in which they could look for a lender that offers better terms/rates/pricing/etc. than what the buyer had originally been offered by their bank. So in this example, the dealer financing team could be considered a brokerage. Let's say you went to your bank to inquire about a mortgage loan. Chances are, the bank will give you THEIR best rates and pricing internally, whereas a brokerage should have access to different pricing platforms and should be able to shop across the market for the best rates and pricing, whether looking in-house or at other lenders. I would always advise clients to weigh out their options and shop around, as there are pro's and con's to both a bank and a brokerage. But the biggest piece of advice I always offered was to research the person that is working on their loan. Loan officers that work at a bank may or may NOT be individually licensed since they could be covered under the bank's charter license, and may only have the knowledge/experience for only the products their bank offers, whereas loan officers that work for a brokerage typically have to be individually licensed, and offers a variety of loan products. On the other hand, being individually licensed does not equate to knowledge/experience. For example, there are many licensed drivers in FL, but half of them don't know how to drive and shouldn't be. Same principle could be said about loan officers/originators.
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07-14-2023, 11:31 PM
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#482 (permalink) |
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07-15-2023, 01:26 AM
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#483 (permalink) |
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07-15-2023, 08:08 AM
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#486 (permalink) | |
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Caveat emptor. Thanks for the explanation. I’m always up for learning something new
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07-15-2023, 08:49 AM
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#489 (permalink) | |
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 When I bought my house, it apparently was a conflict of interest if I were to originate my own loan. I didn't want anyone else at my office knowing my personal information, so I went to an external lender. I vetted out close to 10 different loan officers before finally choosing a lender, and I would test/ask them intentional stupid questions to see if they knew what they were talking about. Some of the questions I asked was to the likes and equivalent of asking a mechanic about muffler bearings, alternator fluid, starter acid, etc.
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07-15-2023, 09:31 AM
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07-15-2023, 11:26 AM
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#491 (permalink) |
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07-15-2023, 08:52 PM
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#493 (permalink) | |
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07-15-2023, 09:03 PM
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#495 (permalink) | |
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What?! Lol It was red. My husband was watching for my reaction. He said he saw my smile.
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