I wrote a post about whether it was best to go direct to the bank for a loan, or through a mortgage broker back in March. Here's that article.
Well, I got to see it first hand with a recent transaction where the Buyer went through a Mortgage Broker, who ended up going with one of my two favorite lenders, and sure enough it took weeks longer to get the loan done and approved then my direct experience at just about the same over lapping time when a client of mine went direct to that lender.
I have mad love for really, really good mortgage brokers, but right now they are all taking their loans to just a couple of banks, so why not go direct? If a Broker is reading this feel free to chime in with a rebuttal by using the "comments", but for now I'll do my best to convince my Buyer clients that going direct is in their best interest.
Keep in mind that any type of kick back is illegal - so there is nothing in it for me with whoever you go with - this really is a "peace of mind" and speed recommendation. Eventually, when liquidity in the mortgage market really eases up, I'm sure I'll go back to my favorite Brokers, but not just yet.