As a mortgage broker, I take exception to the points you quoted for mortgage companies (May 25). With today's highly educated public I would not be able to sell a qualified homeowner a conforming loan at four to five points. Our rates and fees must be competitive to that of banks and S&Ls.
And while it's true that we shop for the best loan, this is done as a service to our clients for which there is no additional charge. The verifying of employment and deposits and packaging gives us the flexibility to submit our clients' completed loan requests to the appropriate lender with the best rate, considering the information in the package and the right to have that same package returned to us if the loan is rejected so that we can submit it to another lender. Again, without any additional charge to our client.
Mortgage brokers' fees are only earned upon the close of a loan. Give us a fair shake next time around.
BONNIE R. JOHNSTON