I have a mortgage broker who helped when I bought my house a year ago. I had no issues with them and now rates are lower I asked if they could help find a better rate. The mortgage broker came back with their recommended rate (which is 0.3% higher than some major banks’ APR) and the loan officer for this new mortgage offer seems to be related to the mortgage broker. They both have a relatively uncommon surname and online searches show that they both live in the same area of the same state. Is this allowed (legally or ethically)?
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Why would that be an issue?
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Because they’re paid to find the best rate and they not only didn’t (by distance) and funnelled business to a family member without disclosing any relationship.
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Have you looked at the rates your local credit unions have?
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Just decline and go with the big bank. Ask to match if not bye byee
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Why would a mortgage broker be referring you to a different loan officer? Doesn’t make sense. The mortgage broker is the loan officer.
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