Loans are still available, says mortgage veteran

Re: 'Homeowners with little equity struggle to pay off debt' (May 8)

Dear Editor:

As a mortgage professional, there have been dozens of times that I was able to obtain a really good loan for people who had been turned down by their local banks.

As a 40-year senior-level veteran of big New York City banks, my experience is that the "mortgage specialists" in the retail banks don't have a clue about mortgages. An experienced mortgage broker can look at a situation and choose from among many banks -- each one of which has unique niche products -- and find an appropriate loan.

A bank mortgage person can only sell that bank's "mortgage du jour" and if the borrower does not fit, they get a turn-down.

You are doing these people a disservice by counseling them to stop looking. I know mortgage brokers have taken a real pounding over the past year, but there are many, many of us who are hardworking, scrupulously honest and know our stuff. A broker is always a better choice for borrowers -- especially if their situation is not absolutely perfect.

Eleanor Simmons
Blue Mountain Commercial Corp.
Lynbrook, N.Y.

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