Jason Marsh

Mortgage Brokers, RIP

As one of the top 25 mortgage lending institutions in the state of Wi. (brokers and banks alike), I am outraged at what is happining in this business. I started in this business in 1998 as a sub prime lender, did sub prime for less than a year & hated it. It seemed like everyone everyone was a bottom feeder from the brokers to the account reps. for the investors, to the title companies and not to mention the customers themselves. It was a gut wrenching experience. In 1999 I found something different, "A" lending where the ethics lived up to the ethics I was brought up on. What people need to understand is there are good and bad in any business, lets let the good people do there thing, and have stiffer penalties for those that dont.

If your lucky enough to hook up w/ a "Good Broker" that was not entrenched in the sub-prime business you can expect a much higher level of service and until recently less fees and better rates (thank you to the banks that have misused the TARP money and greedy servicers). As a "Good Broker" I have relationships w/ many "bankers" that work as mortgage professionals, & I have forgotten more in my sleep about underwriting , closing, originating , and title than they will ever even know. Usually when you deal w/ a banker for your mortgage your only talking to an order taker all of the real work is done by other people, and thats why banks are less efficient than a good broker will ever be.
As one of what we feel the good and honest brokers are out there, we have delegated underwriting authority (we underwrite on behalf of our investor) we do all of our own docs , and close all of our loans ....... How much more efficient than that can it get??? We did'nt get this authority from our investors and title companies because we were crooks that dont know what were doing, we got it because we are honest and know what were doing.

The "Sub-Prime" business as a whole and greed is what got us in trouble and lead us into the problems that we now have. NOT the mortgage broker in general. Theres bad people in every business, unfortunately "the" mortgage broker has the finger pointed @ them right now for something that not all mortgage brokers participated in.

Jason Marsh
Complete Mortgage Inc.
Sussex Wi