How Mortgage Brokers Save Thousands Over Retail
Mortgage Brokers Save Thousands Over Retail: 2023 Home Mortgage Disclosure Data (HMDA) reveals that consumers save an average of $10,662 over the life of their loan when working with an independent mortgage broker compared to a nonbank retail lender.
According to an article by Business Wire, borrowers also see significant upfront cost savings. In 2023, home purchase consumers in the wholesale channel paid 115 basis points upfront for a 6.58% interest rate, versus 148 basis points for a 6.60% rate in the retail channel.
Additionally, VA loan borrowers save an average of $13,432 per loan with independent brokers. The wholesale channel also offers better terms for minority borrowers, with higher approval rates in Minority Majority Census Tracts (MMCT).
"This study further illustrates that independent mortgage brokers, with local presence and access to a wider range of loan products, are often better equipped than retail loan officers to understand and address the unique financial needs of minority borrowers, providing personalized guidance and support throughout the homebuying process.”
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