Lenders Drop Mortgage Brokers

Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers.

NEW YORK (CNNMoney.com) — Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.

That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates. Read more at CNNMoney

Editor: Maybe not… if the Brokers wake up to themselves and see what a golden opportunity they have on their plates. Some will realise that the banks are gifting them an opportunity to develop relationships and do what the banks continuously fail to do: provide personal service.