RTC Mortgage Blog

Survey Says: Mortgage Brokers Best Choice

April 23rd, 2016 1:56 PM by Richard T. Cirelli

Survey: Mortgage Brokers Best Source for Mortgage Advice?

Financial tech is growing in popularity but when it comes to mortgage advice, a traditional approach wins hands down.  A recent poll found that while most people seek information online for recipes (79%) and medical advice (75%), only (32%) trust the internet with their finances.

Having a great website can help attract clients, but when it comes to mortgage advice 70% of respondents said they would talk to an advisor before pursuing financial advice.  That beats financial websites (41%), parents/family (36%) and real estate agents (25%).

What Turns Them Off?
About 50% said the glut of information online puts them off and although 89% feel it is easier to find information they need online rather than seek it out from other sources, an overwhelming 73% say even though the information is helpful, they will still always seek advice from an expert.

In my 40 years of mortgage experience, I can assure anyone that only an "expert" can provide the kind of advice that consumers can depend on to make what is probably the the largest financial decision of their life.  Mortgage Brokers can not only offer the best expert advice but also have the largest array of products and services to meet their borrower's needs.


Wells Fargo to pay $1.2 billion for hiding bad loans

Mortgage Brokers took the unfair rap for the bad mortgage loans that led to the mortgage and financial market meltdown around 2008.  But it's the big banks that beat the system the most.

It was recently announced that Wells Fargo will pay the US government $1.2 billion for hiding bad loans ahead of the housing market crash.  The mortgage lender's certification of thousands of loans which were given FHA insurance led to taxpayers footing the bill when the loans were defaulted.

A statement from Manhattan U. S. Attorney Preet Bharara said:  "Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust.  Wells Fargo, one of the biggest mortgage lenders int he world, has been held responsible for years of reckless underwriting."

Similar settlements have already been reach between the government and Goldman Sachs, Morgan Stanley and JP Morgan Chase.

Posted in:General
Posted by Richard T. Cirelli on April 23rd, 2016 1:56 PM



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