VISION – Educate and be available to serve all mortgage consumers in our service area so lenders authentically compete for their business
BROKER VS. BANKER
Bankrate published an article in 2015 around the topic of Mortgage Broker versus Banker and which one is better for the consumer. After hearing from both sides, readers were asked to choose which they would prefer if they were in the market to buy or refinance a home.
The reader poll results were heavily in favor of the Mortgage Broker. Over 90% of readers said they would choose a Mortgage Broker over a Mortgage Banker.
What makes this study interesting is that approximately 10% of providers in Oregon and Washington are “True” Mortgage Brokers, leaving the other 90% Mortgage Bankers. This means that consumers must carefully research and ensure that they are talking also with a Mortgage Broker when shopping for a new mortgage and seeking pre-approval. Chances are they might be talking with a Mortgage Banker inaccurately using the broker term.
At Vantage, we are your “True” Mortgage Brokers. We support lender competition and see the industry from a macro view versus a micro view Mortgage Bankers are required to comply with inside their company. We believe the restricted view provided by the banker, such as in this article, are disconnected and false from industry fact.
We will continue to support the wholesale lending channel and ensure consumers are educated rather than being sold by lenders employees.