No. of Recommendations: 1
I agree that purchasing mortgage money is a commodity. Yet I've continued to state that the experience of the buyer of that money; from first consultation and review of loan options, to processing and delivery, to loan closing and funding, and concluding with the ongoing servicing of that commodity (literally for years) is a value added service. Hence, obtaining a mortgage is not really buying a commodity.

Yes and no. It depends on the situation. If you need a mortgage broker to provide loan options, help a client with some negatives in their credit history, help a self-employed client or one with a short credit history or one that just needs hand-hold, then the broker with valued added service may be needed. Now if someone knows what loan they want, have stellar work and credit history and don't need consultation services, then it's just sack of money you are buying.

As for ongoing servicing, I bet Catherine doesn't service one of her loan on an ongoing basis. I know my loan will be sold and I can't control who buys it.

PSU
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