Earlier articles in this series described how certified lender networks will assure borrowers of competitive pricing on mortgage loans and required accessory services, and provide the decision supports that help borrowers make sound judgments. But an effective network cannot be based on the assumption that one size fits all.
Borrowers range very widely in their general intelligence, financial knowledge, computer skills and self-confidence. Having fielded approximately 40,000 letters from borrowers over the last 12 years, I am perhaps uniquely positioned to appreciate just how wide the disparities are from one borrower to another. Why would anyone ever believe that one channel can properly meets the needs of all potential mortgage borrowers?
The networks under development will be geared to deal with three groups of borrowers: professionals, independents, and the challenged.