AgentIndustry News

FindAMortgageBroker.com, an online mortgage broker database, launched

Site connects borrowers to local mortgage brokers with the goal of saving them thousands in traditional bank fees

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Takeaways:

  • FindAMortgageBroker.com connects borrowers with licensed residential mortgage professionals locally.
  • Borrowers go to FindAMortgageBroker.com to enter their ZIP codes or desired location, and a list of nearby brokers is generated.
  • Search results include the broker’s company affiliation, contact information, NMLS number and any special areas of expertise.

Potential homebuyers or homeowners considering refinancing their loans have a new online resource in FindAMortgageBroker.com, a website that connects borrowers with licensed residential mortgage professionals in their local areas.

To locate a broker in their area, borrowers go to FindAMortgageBroker.com to enter their ZIP codes or desired location, and a list of nearby brokers is generated. Search results include the broker’s company affiliation, contact information, Nationwide Mortgage Licensing System & Registry (NMLS) number and any special areas of expertise.

A screencap from findamortgagebroker.com's website.

A screencap from findamortgagebroker.com’s website.

Created by Woodward Loop Properties LLC, a Michigan corporation, FindAMortgageBroker.com can help borrowers “save thousands of dollars securing mortgage loans,” according to a news release announcing the company’s launch.

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“Many borrowers wrongly assume that large retail lending institutions and banks offer the best mortgage deals. In fact, mortgage brokers are not subject to a retail bank’s overhead costs and can often secure a lower interest rate through the same large institution’s wholesale division,” the company said in a statement.

“Consumers who apply for a loan directly with a large retail lending institution or bank believe they are cutting out the middleman, but in fact, may be putting themselves at a disadvantage by not using a broker.”

According to the company’s website, local brokers usually make a 1.5 percent commission, compared with a bank or mortgage lender’s 3 percent commission. Average loan rate for a broker-generated loan is about 3.625 percent, compared with a bank or lender’s 3.99 percent.

Using a mortgage broker can save a borrower $51.97 a month, or $18,711 over the life of the loan, the company said.

These numbers are based on 30-year fixed mortgage for a house with a $250,000 purchase price, and include a borrower FICO score of 760 with 80 percent loan to value, the company said.

Email Amy Swinderman.