More and more real estate offices have over the years expanded into “in-house” homeowner’s insurance, mortgage lending, and other services as a way to earn more money on each transaction. Many will now also, for a fee, assist you in renting a home if you cannot afford to buy a home. Marketing alliances, advertising coops, and in some cases lenders/vendors directly paying real estate brokers and home builders kickbacks for steering their clients toward a particular lender/vendor disguised as one stop shopping. Almost like going to the mall to buy a home. But you must go to OUR mall if you want the stainless steel kitchen appliances or $10,000 of the price of your home.
This unequivocally harms the consumer. Lenders, along with other vendors must recover their cost in additional overhead when they choose this long slippery slope. It comes in the form of higher rates and higher fees and cost consumers tens of thousands of dollars in additional interest over the life of their loan. Since the crisis began there have been many changes in the mortgage lending industry instituted by state and federal authorities and legislation to eliminate fraud, coercion and collusion in banking and finance. So how do such practices continue? Well, busting up a real estate office or a local lender in a small to moderate size town won’t ensure a Wall Street Journal cover story or necessarily aid your gubernatorial campaign. Also, many state and federal banking authorities turn a blind eye, claim no jurisdiction, or simply don’t have the resources to pursue many of the larger real estate firms and banks involved. Consequently, there are no longer any large lenders but their legacy continues. They were purchased by banks for pennies on the dollar a while back.
If you require or prefer the convenience of one stop shopping, then expect to pay a super premium for their services, but according to our phone surveys don’t expect premium customer service or a quick and uneventful closing.
ADR Mortgage and The David M. Damare’ Team remain independently owned and operated, accepting nor requiring any government assistance. We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you. David. 919.851.0999.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.
