Keep in mind the mortgage industry is a very heavily regulated industry if your company is a direct lender. If you are a mortgage broker, you pretty much fly under the radar and anything goes and most of the time does. They can flatout lie to you regarding rate terms and conditions and if your not wise enough to catch it or have someone else look over the paperwork 1st your at their mercy. Also keep in mind that the only time a broker makes any money is when you put ink to paper. So most of them try to maximize profits, keeping in mind that once you sign those forms they will never see you again. So what do they have to lose if they shove you into a bad product.
Direct lenders are always the best bet. There are direct lenders in the form of banks, credit unions, finance companies and mortgage companies. These companies are bound by law to provide you with all the information prior to signing any papers. You should always receive a good faith estimate disclosing fees and terms of the loan and those companies will go through the terms with you so you both are comfortable with the product you are getting.
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