5 Responses to “Tough times for mortgage brokers” »»

1. balor123
   Comment by balor123 | 07/23/10 at 5:53 am

   Hopefully this trend will continue and we’ll finally eliminate the broker cartel. If they become unprofitable enough, then the banks will push to hire their own salesmen and eliminate the middle man, whose mouth is every consumer is forced to feed, bringing down the costs of getting mortgages. In effect, their function will be automated through price comparison tools. And if we’re lucky, this trend will extend to other types of brokers as well.

2. John Ford
   Comment by John Ford | 07/23/10 at 7:07 am

   balor123, Ouch! Only joking. I don’t fear technology, as a mater of fact bring it on – if it wasn’t for technology I would still be paying for $$$ a month on newspaper real estate advertisements.

   As I stated in an earlier real estate blog post – adapt or die. Real estate is a multi-billion dollar industry those who keep up with tech will always find a way to get a slice of the pie. I think up-to date info will always be valuable to buyers and sellers. Time will tell…

3. Jeff Persons
   Comment by Jeff Persons | 07/23/10 at 10:55 am

   I guess Balor123 thinks that there is so little expertise involved in loan origination that he should be able to order up his mortgage like a burger and fries. So what do you do when you want a jumbo loan?
   Super-size me.
   All I can say Balor is you can’t know much about the mortgage business or you wouldn’t say something ignorant like that.

4. Boston Broker
   Comment by Boston Broker | 07/24/10 at 2:02 am

   Jeff, I agree mortgage brokers work hard for their money. In today’s environment it helps to have a mortgage broker on your side,

5. balor123
   Comment by balor123 | 07/24/10 at 5:44 pm

   It’s not so much that they don’t work hard or even provide value but rather that we’re forced to use them. Even today, travel agents, by comparison, still provide value in many cases. There are many cases where they don’t as well. Fortunately, travel has been deregulated enough that for routine travel we’re able to get by without them.

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