I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.
As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.
Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.
Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.
I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.
Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.
Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.
Am I wrong about to think this way?
Not trying to pick on MBs, as I feel the same way about Realtors, etc.
BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂
