The writer is associated with TMG, a group of BC mortgage brokers Vancouver. We source mortgages through mortgage broker Vancouver lenders. BC mortgage lenders depend on TMG to provide them with high quality clients. In return, TMG provides excellent rates and excellent advise.
Mortgage brokers and mortgage bankers have a unique problem. Unlike deposit based mortgage lenders, mortgage brokers and mortgage bankers underwrite a loan knowing that the loan must be sold to a permanent investor. If a poorly processed or poorly underwritten loan is not secondary marketable at a reasonable price, it may result in considerable loss to a mortgage banker or broker. Since a deposit-based mortgage lender has the option of placing a mortgage into its own portfolio (instead of selling it to an investor), its loss potential for a poorly processed/underwritten mortgage is less than that of a mortgage banker.
In any event, the underwriting phase has significant, lasting financial effects. It is imperative that all mortgage lenders adopt prudent guidelines, maintain an objective reporting structure, develop professional underwriting expertise, and review underwriting performance through quality control.
Duncan Seward is a Vancouver mortgage broker. Mortgage BC is the focus of his business. He is an expert in bad credit mortgage refinance applications. Poor credit loans need not be a concern to clients with a damaged credit history.