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Author: Dwdonhoff Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127660  
Subject: Re: RE: Magically Evaporating Mortgage Date: 11/4/2003 7:35 PM
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Hi cconnell,

How careful should you be in selecting a broker? Are they all pretty much the same? If one can offer you a loan at a great rate, is that all you really need to know?

Heh... you're kidding, right? LOL!
(I really hope you are...)

The finance profession is similar to any other, in general, in the distribution of quality & competence. The best are rare, and the mediocre are the most common... a regular bell curve. You'll also find the thieves & dreck approximately as rare as the excellent professionals... but you want to be just as diligent at avoiding them as you are in seeking the topnotch pros.

In the last 5 years (especially the last 2-3) the industry has been FLOODED with untrained rookies at all levels & stages. The industry employment has grown at approximately 16-fold (that's 1,600 PERCENT GROWTH) in under 3 years. This is not only because the mortgage business has skyrocketed with rate & term refinances... but also due to the overall softness & decline in the rest of the economy overall.

Here's my standard hotkey little ditty;
"Choose your loan provider via preliminary numerical quotes,
and you've just chosen the most succesful Liar.

Choose according to professional character quality, and set
yourself up for both a good experience, AND the best
financial deal."

Dave Donhoff
National Mortgage Broker/Banker
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