Elissa Fesyk is back to test Jason in our third episode of the mortgage myths series. This time, the myth is that the mortgage broker is on the lenders side.
From Jason’s perspective, he’s in it for the clients, not the lender. His job is to save you money and guide you through the process. Lender relationships are incredibly important, and size matters in the real estate world. There needs to be trust on both sides.
Sometimes the lender and broker are the same, making the client relationship a little different. While it isn’t a whole lot different, there isn’t the same number of fiduciary duties. It may conjure the image of hustling, but that isn’t a bad thing.
Occasionally, lenders will offer incentives to mortgage brokers. Promotional compensation is possible if they are looking for a greater market share, but for Jason, the client relationship is king.