Are Mortgage Brokers Evil?

In the 1990's everyone was crying about how evil lawyers and
contractors are. Lawyer jokes were common tales told around cocktail
tables and functions. At the turn of the decade, mortgage brokers were
added to the list and they too are under a lot of scrutiny and the pun
of many jokes.

Are mortgage brokers evil? The answer is simple no. Are there shady
mortgage brokers that will try to con you out of your hard earned
money? Off course! Every profession has bad apples! Are these bad
apples the majority? No, let’s discuss why.

1) Mortgage brokers want your business - Most mortgage brokers work on
commission and rely heavily on word of mouth advertising to generate
clients. Furthermore, 50% of a good mortgage brokers business is
repeat customers; mortgage brokers have an incentive to service their
customers properly and keep them in the long haul.

2) The competition keeps them honest - Given the influx of many new
mortgage brokers in the last couple of years, the mortgage business is
a very competitive field. There are a large number of brokers
competing for a small base of customers. Brokers will almost always
give you their best rate in order not to loose your business.
Remember, brokers don’t get paid until they fund the loan. This is
also a good reason to speak to at least four different brokers from
different companies, let them compete for your loan and you will
almost always shine at the end.

3) The law is there to protect you – God bless America! We have many
laws in this country that govern mortgage brokers and let me tell you
that the lending laws are not very forgiving in this country. Mortgage
brokers will take a lot of heat when they do shady deals and

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