The Difference Between a California Mortgage Broker & an Institutional Bank
Meet Logan Landers, president. Yes, you
can reach him by phone.
“How do you know that Wells Fargo or Washington Mutual or an Internet bank, or 30 other lenders don't have a better rate that would apply to you? What if there's a loan out there that's a half point lower? Ours is a really important function.”
What is the difference in the level of personal service between a bank and a mortgage broker?
This the only reason brokers survive. We are a distribution arm for banks. If the borrower goes to a bank, he is truly relegated to the loans offered by that bank only. We can be much more hands-on with the borrower. We take our time to explain the process to you. We make sure that every document that comes across our desk is understood. We make sure that the appraisal is set up in a timely manner, and that the doc signing is set up in a timely manner. All these personal touches are absolutely offered by our company, and should be offered by any broker.
Here is the main focus of the mortgage broker. If you walk into a Bank of America branch, they lay the whole thing out for you, and that's it. You may actually qualify for the loan. You put 50% down on a million-dollar house. You hand them $500,000 in cash, and you have a 740 FICO score, and it's a no-brainer loan. But you're only looking at Bank of America's loans. How do you know (thumps desk) that Wells Fargo or Washington Mutual or an Internet bank, or 30 other lenders don't have a better rate that would apply to you? What if there's a loan out there that's a half point lower? Ours is a really important function. And I guarantee you that if this obligation was not met by mortgage brokers across the United States, we would cease to exist. That's the bottom line.
Within that structure, there are a lot of brokers out there who will take your money and run. The vast majority of our business is referral business because we don't do that. But we don't go broke, either.
Interviewer Michael McKown, on the phone to a customer.
Since you have long-term business relationships with so many banks, are you able to get them to do things for a customer that the same bank would not do for that person if they just walked in the door and applied?
Yes, we can. We can get them to look the other way on items that may be required to get a loan by a consumer. Absolutely.
Senior Loan Consultant Dennis Anderson: It's called an "exception" on things that are not extremely important to the loan. Whereas the bank's loan officer will otherwise say, "See you later."
Logan: Relationship building does help. Yes, we can get exceptions and we can get things that your typical walk-in-the-door institutional lender can't get done.
Dennis: Mortgage banks, by the way, do think outside of the box, as compared to the guys in the lobbies of the big banks we all know.
What's your experience in the mortgage business? What's your background?
As a mortgage banker: I was president of a company called Approved Funding, which was a mortgage bank in Woodland Hills. Subsequently, I was president of Cypress Point Funding, which was a sub-prime mortgage banker in Woodland Hills.
There are two hot spots for mortgage banks in Southern California. One is Woodland Hills and the other is Irvine. For whatever rhyme or reason. Probably because of the employment pools in these areas.
For how long have you been in the mortgage business, in one capacity or another?
I've been in the real estate business since 1989, and in the mortgage business for about nine years.
California Mortgage Home Loan Brokers,
a Los Angeles mortgage company
Attn: Michael McKown
16027 Ventura Blvd. Suite #500
Encino, CA 91436
818-841-0051 Local
888-632-9939 Toll Free
E-mail to Michael