Direct lender, limited options, business is directed by bank tellers and direct mail.
Pro: Retail banks lend directly to you and you likely have a branch nearby.
Con: The mortgage department is usually in another part of the country and/or time zone. There is often little flexibility because regulators limit what big banks can offer.
Con: Because of legacy (old) technology, the process can be slow, repetitive, and inconvenient. Banks are aware of these shortcomings, and the clients challenging experience, but their systems are so big they are difficult to upgrade.
Call Center Mortgage Bankers
Direct lender, transactional, very limited options.
Pro: If you exactly fit their ‘perfect borrower’ box, they usually execute quickly.
Con: Advertising is sometimes seen as deceptive (low teaser rates) and the expense for radio/television ads has to be covered somehow.
Con: The loan experience is very transactional. There is no ongoing relationship and little financial education. The average mortgage experience of sales people is under two years and many have never owned a home.
Multiple Options, low rates, advisory relationship.
Pro: Because they rely on repeat and referral business, the loan officers approach is more about educating and guiding, rather than selling.
Pro: Hybrid brokers are able to clear conditions and prepare loan documents locally; further accelerating the process.
Con: They do not have offices on every corner and you cannot call 24×7.
Emery has been 100% referral based since 2001, so it is our goal to earn your business and referrals for life. Choosing the right lender means more than simply finding the lowest quote on a 30 year fixed. As your needs change, we will stay in contact and monitor your most important asset in order to provide you with the products that best suit your needs which may warrant reviewing many other types of loans. We opened our business in May 1993 and have been in the same location in Newport Beach ever since. We have grown to be the largest dollar volume broker in the United States since 2010. Emery has closed over 61,000 loans, totaling more than 21.3 billion dollars in “A” paper mortgages. We have 3 offices (Newport Beach, San Ramon and San Diego) covering the entire state of California. Our powerful team, has included fourteen of the top-producing 200 (and six of the top-producing 50) loan officers in the country. Our uniquely talented sales and experienced operations team, along with our size, reputation and technology, have allowed the firm to leverage its lender relationships to secure the lowest rates and most competitive products in the industry. Emery’s primary focus has always been on financial education and delivering the best client experience in the industry. Our customers and referral partners have always come first which is why we’ve averaged 989 million per year for 22 years. Additionally, we’ve always had a remarkable relationship with our community and our “first responder” hero’s. We’ve done over 6,000 loans for California fire fighters and over 2,000 loans for California law enforcement. Finally, we are a sponsor of the for Susan G. Komen, Stand Up for the cure here in Newport Beach.