| Study Shows Mortgage Brokers Can Be More Cost Effective than Banks |
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Mortgage brokers are more cost effective then banks for many borrowers according to a joint study done by economists at George Washington and Oklahoma State Universities. The study analyzed loans closed By brokers and “traditional lenders” (banks) between 1995 and 2003. It focused on the “sub-prime borrowers” which are those who have any situation which is considered less than ideal. These situations can include matters of employment, self employment, divorce, credit history, bankruptcy and much more.
The study indicates that brokers close more then 1/2 of all the loans in the U.S. because they offer a better deal for consumers than banks do. “Brokers are small business men and women who have to remain competitive to remain in business.” say’s Harry Dinham who is president of the National Association of Mortgage Brokers. He say’s that “Unlike many of the largest lending institutions, most brokers are members of their community”. He explains that “reputation is the heart of their business and it only makes sense that we would do everything in our power to make sure our customers are treated fairly." Original publication, 12/06 Information source: 10/27/06 FAMB Focus, published by the Florida Association Of Mortgage Brokers.
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Study Shows Mortgage Brokers Can Be More Cost Effective than Banks Mortgage brokers are more cost effective then banks for many borrowers according to a joint study done by economists at George Washington and... © 2010 - Kazwell.com Powered by QuoteThis © 2008
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