Contact a FHR Residential Mortgage LLC representative today to find out more about the products and services we can provide.

THE ROLE OF A MORTGAGE BROKER - (Tucson Citizen Guest Opinion/Tom Heath, 3.14.09)

As a mortgage broker we offer the products of many lending institutions.  We do not establish the guidelines nor do we underwrite the file.  Our role is to match the situation of the borrower with the criteria of the lender, providing an opportunity for both.  As a mortgage broker, we work with the lenders wholesale departments and can offer rates below what those same lenders are offering directly to consumers.  With reduced overhead and a commission only pay structure, we have more flexibility in pricing.

Lenders offer this opportunity because they only have to pay the broker if the loan closes.  They do not have any operational costs associated with our office or business, so if we do not produce closed loans, they do not pay.  In their own branches, they have to adjust to pricing to account for a myriad of expenses like office space, utilities, payroll, supplies, insurance and marketing.  As a mortgage broker, we keep the market competitive.  If the wholesale channel ceases to exist, banks would only compete against other businesses with similar rigid structures.  There would be less incentive for lenders to offer aggressive pricing, because there would no longer be a smaller, leaner business with which to contend.

Certainly mortgage brokers are under more scrunity than ever; wholesale channels are decreasing, federal regulations threaten to disadvantage mortgage brokers; agency agreements seek to limit the brokers partcipation in the lending proces; and agency pricing strategies give the false impression that mortgage brokers charge more for their product. The wholesale business remains vibrant, however.  Participation is down, but that is a necessary good that has come from the current challenges.

The days of mortgage salespeople are quickly coming to an end, but the return of the mortgage professional is underway.  Involved mortgage brokers, members of professional organizations, leaders in the community, educators of borrowers and providers of reasonal products for reasonable costs will survive.

Everyone here at FHR Residential Mortgage Lending, is a mortgage professional.  As a not for profit residential mortage broker...Our 'vision' is to build brighter financial futures through homeownership.  Our 'mission'.. to enable low to middle income families fulfill the American dream of homeownership by offering innovative downpayment assistance programs, closing cost assistance and the lowest interest rates available, while providing the highest level of customer service.  Come in and see us today, to see how we can help you!