When a buyer asks for referrals to mortgage lenders, I try to provide three names. I do that because everyone’s needs and expectations are different, personality clashes sometimes occur, and of course to ensure that clients rely on their own research and not my say-so.
I always provide my brother’s name, because he is a mortgage broker who is reputable, reliable, and (as I always tell my clients when making full disclosure) I know where he lives! But I also would offer the contact information for a credit union and a bank mortgage representative (neither of whom I was related to, or even friendly with) so my client could call and compare.
Yesterday I found out that each of these women was laid off through no fault of their own-- they were just small players on the field where dwindling mortgage applications and higher unemployment meet. I am personally sad for them, and mad for me, as I now have to do some research to find dependable, decent lender reps that deserve my clients’ business.
My latest Huffington Post entry on one woman’s perception of how the housing downturn has affected her:
Even the Losers Get Lucky Sometimes