Smile when you read this: If I hear another Real Estate Professional (or talk show host for that matter) complain that their client couldn't get a loan while at the same time protesting they 'don't trust mortgage brokers' I will scream! (that felt good!) I love how you speak about them like you get to decide where they go for their money. You realize of course that steering a client to a particular bank is, well...illegal, don't you!? But if you do feel it's your call, perhaps then you will take full legal responsibility a few years later if they can't afford their new rate adjustment or get into financial trouble for buying too much house? (thought not)

Your Bank is Not God: Our local bankers, bless their hearts, operate under the thumb and watchful eye of their investors first and the FDIC, federal, then state regulators oversight. Which means they can't always fund your client or their property due to their own overexposure, or other risk factors. And while I'm sure they don't wish to turn your client down, it's really not the loan officer's or bank manager's call.

How DARE they? If this is your particular bank we are talking about...the one you always send your buyers to...are you now reeling in disbelief? Think about it...you don't want them lending out your money 16 to 30 times do you? Do you think that number on your bank statement indicates they actually have your money sitting in a vault somewhere in case you need it? Of course not. Recently, many very solid banks are telling their clients they can't lend the money for various reasons. They are downgrading appraisal values, loaning less, being conservative. Why? It's just highly likely they have over-lent to a few people who are in trouble and not performing on their obligations. Builders, developers, investors, decent folks who lost their jobs, maybe a few speculators in the crowd...sound familiar? Let's say a group of people start choosing gas and food over mortgage payments: naturally their financial institutions have to make some tough choices. Now the flip side of this coin is that unless they keep your money (and mine) moving and performing i.e., being paid interest on it's use --then they are all our of jobs.

The amount of money your bank can borrower to shore up their own balance books is also legally limited. If you doubt this, just go to www.bankrate.com Search your local bank and look at their ratings, then dive a little deeper into their quarterly reports. The numbers may surprise you!

So, just imagine you have eaten your words and screwed up your courage: How do you find a good Mortgage Broker? Just ask around! Check the yellow pages! Read these blogs! I'll bet there are a few trustworthy souls still doing business in the light of day--the good old fashioned reliable way by taking care of your clients. We don't lurk in dark alleys. We don't hang out around school yards seeking innocent prey. If a mortgage broker has has lasted this long --chances they know who has the money, and how to get it. I have over 130 banks on my list (yes even now) and not ONE has told me they have no money. They all have their strengths, their niches and their idiosyncrasies. Not every bank wants to lend 95% to a first timer with marginal job history. However, all our wholesale underwriters, processors and funders  will work their systems to the breaking point to help your buyer get into a home. In fact, I've had lenders tell me which bank to take my loan to if they couldn't do it...imagine that!

After all, if we don't perform, we don't get paid. Nobody is paying for my hairdo (guess you could tell I do it myself)! Befriend a Mortgage Professional today!

Thanks for listening!