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Home Mortgage Preparation :: Wholesale Mortgage Lenders
Wholesale Mortgage Lenders:
When it Comes to Wholesale, You Have to Take the Good Mortgage Lenders With the Bad
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Wholesale mortgage lenders may be able to offer more lenient lending policies or slightly lower rates, but can they offer the security and personalized customer service that a local bank does?
During the housing boom, local banks and loan companies struggled to compete with massive wholesalers and aggressive brokers, but today they're seeing a major comeback.
So, what's the difference? Why are people returning to local lenders? What's the appeal? For the answers to these questions and more, keep reading.
People not Computers
Many local loan companies and banks rely on mortgage committees or individual loan officers to make judgment calls on borrowers. Instead of inputting your basic information into a computer and blindly accepting the results, they take into consideration your stability, interview and overall person.
Salaried Staff
Typically, local bank staff are salaried and don't earn commission, though many may see an annual bonus depending on the number of mortgages and loans they are able to sell.
That said, the advantage of dealing with a mostly salaried staff is that you're not going up an aggressive salesperson or someone who is willing to cut corners simply to make a deal and see their share.
Personalized Customer Service
Probably the biggest advantage that local lenders have over wholesale mortgage lenders are their in-town locations. Instead of navigating a complicated phone service system trying to find the right person, customers can simply walk into their local bank and ask to speak with someone.
That kind of personalized and simple customer service is a feature that many home buyers are willing to pay extra for. If you've ever spent an hour on hold only to be served by someone who lives halfway across the world and has never even held a mortgage, you can understand the appeal of hands-on, local customer service.
Admittedly, wholesale mortgage lenders can often offer lower initial rates, but is it worth it?
See also:
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Home-Mortgage-Preparation.com :: Wholesale Mortgage Lenders