Mortgage Broker vs. The Bank – Why the Mortgage Broker is winning in 2023
Mortgage broker, or bank? It’s the great debate. While we share a bias, there are stats to confirm that 55%-64% of respondents from different surveys agreed that they would be using a Mortgage Broker for their next mortgage transaction.
With growing popularity, the Mortgage Broker (or mortgage agent) delivers a level of service unmatched by the banks in the post-pandemic world. And why post-pandemic? What’s the correlation? While we can’t say for certain, we believe the big banks are focused merely on pushing volume while running low on workers. Perhaps good talent has moved on, or employee retention is low due to unrealistic work capacity.
Either way, Mortgage Brokers have risen to the occasion, and we are carrying out our duty to mortgage seekers as we always have in the past.
In the post-pandemic world, where processes are very different and more convenient, here is how we as mortgage brokers are beating the banks:
- Apply online, from the comforts of home
- Unbiased solutions (as we don’t work for the banks)
- Options (we work with over 20 banks)
- Multiple solutions presented
- A dedicated mortgage professional – around the clock
- We do this full time – this isn’t a side hustle or just one line of business. It’s our bread and butter!
Obviously, as Mortgage Brokers, we work with big banks to arrange to finance for clients. Rather than you go from bank to bank, we act on your behalf so you can take it easy. Well, we recently funded a mortgage where our conditions were ‘broker complete’ 5.5 weeks before closing (that’s well ahead of schedule in case that wasn’t clear). Well, this major Bank (let’s call them ABC) did not sign off on conditions until 6 days before closing. This caused huge delays between the funding department and the lawyer receiving funds in a timely manner. Even with persistent follow-ups, this bank’s representatives were nonresponsive and unavailable.
Thankfully, with our representation, we took on the responsibility of communicating with all parties, reaching out to hire-ups, escalating between departments, etc. The purchase closed on time! Now, imagine having to do that by yourself without the representation of a mortgage broker. Sadly, many people are facing these nightmares with some of the big banks, which is a problem that is getting seemingly worse as time passes.
So why would you ever choose to work with the bank, over a mortgage broker, when mortgage brokers are available, responsive, and timely? For good representation, call us today (905) 455-5005.