Denver CO Mortgage Tip: Confession from a Big Bank – Relies on Mortgage Brokers!

In today’s Denver Colorado Mortgage Tip, I want to share what a Bank Representative confessed on about their business operations.   This will reinforce why it better for you to get your next Denver mortgage or Colorado home loan from Colorado Mortgage Brokers.

On Friday, a Bank Representative from Wells Fargo told our company that they are committed to their “Wholesale” business.   Wholesale means that the Bank does not bring in the business, but it comes from outside sources such as Colorado Mortgage Brokers.   He went on to say that 60% of their business is from Wholesale.   This Wells Fargo Representative confessed that their Wholesale business is More Profitable and there is Less Fraud than their Retail business!   Since Banks do NOT pay for any of the costs associated with getting that mortgage Denver or that Colorado home loan, they make more money.  To understand why this is the case, please go back to the previous posts about the differences between Banks and Colorado Mortgage Brokers such as compensation, loan programs, interest rates, and qualifications. 

There is also Less Fraud!   This confirms the fact that you should consider getting your next Denver mortgage or Colorado home loan from Colorado Mortgage Brokers instead from the Bank.   Banks depend on mortgage brokers to make money!  They will not tell you this but it is the truth.  That is why Banks give Colorado Mortgage Brokers better rates and special pricing incentives to bring your mortgage Denver or Colorado home loan to them.  

The next Denver CO Mortgage Tip will address things you should ask Colorado Mortgage Brokers when you shop for your next mortgage Denver or Colorado home loan.