I'm dually licensed as a real estate agent and a mortgage loan originator, and worked as both up until recently, and the following is my opinion.

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.

https://www.cnn.com/2023/07/14/us/ca...ity/index.html

"A new outbreak of Canadian wildfires is sending a plume of unhealthy smoke into the US yet again."

Canada, get yo sh!t together :gtfo2:

Reps have been delivered. :tiphat:

Enjoy your day everyone but EW :tiphat:

Morning!

Caveat emptor.

Thanks for the explanation. I’m always up for learning something new :tiphat:

:hello::hello:

LMAO!!!! :icon18::icon18:

As with anything in life :tup:

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.

:rofl2:

:hello:

Saw a red Z on 71 north just south of Columbus Ohio.
God. What a beautiful car.

Now you did it… :stirthepot: :rofl2: :iagree:

:hello::hello:

What?! Lol
It was red. My husband was watching for my reaction.
He said he saw my smile.