Mortgage brokers jump ship

From The Real Deal

NEW YORK — Richard Bouchner, who co-founded real estate and mortgage brokerage Commodore Property Group in 2003, thought last month that business was returning after a tough year for mortgage brokers.

He’d gotten a referral for a borrower he described as a well-qualified, financially savvy New Yorker buying her first apartment. He’d arranged a 30-year fixed mortgage of around $480,000, at 5.125 percent with no points.

Then his client read the fine print, saw that he’d make $4,800 on the deal, and opted to get her loan from the bank instead.