Do All Mortgage Brokers Have Access To The Same Loan Programs?
The number of loan programs that any particular mortgage broker will have at his disposal will depend entirely on the number of relationships he has with lenders, as well as the quality of his relationships with such institutions. Some brokers only have a few key lenders who they work with on a consistent basis, therefore their access to potentially beneficial borrower programs will most likely be much better than the broker who has acquaintance-level relationships with hundreds of lenders.
Not All Lenders Offer the Same Loan Programs
Although most lenders have numerous loan programs in their mortgage repertoire, they do not always offer these programs to everybody, nor do they make public the details of these programs. There are quite a few lenders who will reserve these loan programs for those brokers who generate a significant number of customers, and profit. This is why a broker with a handful of key relationships may be able to offer his customers better programs, even though at first glance it would appear that more lenders in a broker’s network means better access to multiple scenarios.
Difficult to Determine What Programs a Broker Has Available
There is no right and wrong when pondering this question. What makes things even more difficult is there is no real way to tell whether or not the broker you’re considering is one of the ones within the small circle of privileged producers. Simply asking him won’t do the trick, and will usually result in a standard “salesy” response anyway.
