Brokerage Companies: Size Does Matter!
Working with a mortgage broker at a large brokerage can be a great thing. Take a look at these big brokerage perks.
Most mortgage brokers work under the auspices of a brokerage company, with which they share their commissions in exchange for access to lenders, office space, etc. If your mortgage broker works for a very large and very reputable company, you might get some perks in terms of (1) the competitiveness of your offer (listing agents know which pre-approval letters mean what they say, and which ones mean nothing, in part by the letterhead on the paper) and (2) the responsiveness of the lender (my favorite mortgage broker’s company does more loans with one blue-chip bank than any other brokerage -- so when she calls the lender, they listen and respond quickly). These perks can translate into getting your purchase DONE, and done on time, so working with a broker at a large brokerage can be a great thing.