The original question was: “So, anyway, my theory is why have all these middlemen sucking fees out of someone's finances?”
No, I’m not relating to the trading of mortgages or any other commodities. I’m attempting to point out what brokers do and why they’re there in the processes. To begin with brokers DO NOT have products. They may buy and sell but if they do they’re wearing two hats, one of a broker and one as a trader. Just speaking on the subject of mortgage, lenders have money and people have property. Most people don't want the trouble of advertising and showing their property so they hire a real estate broker. The broker brings a buyer together with a seller, writes a contract and they’re off to the heartburn trail. That’s broker #1 who had neither a property nor the desire to buy one. Next the buyer needs to borrow (or barrow himself) money. The real estate broker connects the buyer with a mortgage broker. The mortgage broker takes a loan application and proceeds to contact lenders that HE THINKS will consider the buyer for credit. This is broker #2 who has no money to lend. We will assume that at this point the transaction completes and all is well. The brokers are paid a fee for their services. For Broker #1 it’s called a commission and for Broker #2 it’s buried in the service and lenders fees on the closing costs. Now, to put it bluntly rather than simply. The brokers do the work the average buyer or seller doesn’t have the time to spend or the know how to wade through the processes. For that service they hire a so-called expert to do the work for them and they pay for the service. I hope this clears up my intentions. Paul, by the way, You're correct about the bundling of mortgages and I suppose you can refer to those people as 'mortgage brokers' but it's not the usual use of the term.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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