Builders' Mortgage Companiesgreenspun.com : LUSENET : Fair Lending : One Thread
It seems that the majority of builders either have their own or have a "preferred list" of mortgage companies. I understand their interest in doing so but it seems to be a real unjust or unfair to the uneducated first time home buyer. We are a correspondent lender and not a fly by night mortgage broker. I have written word from builder stating that the customers "only can use" their lender.
My question is, how can a builder "strong arm" a customer in using their finance company with paying 3-4% concessions for buyer but none if they use an outside mortgage company.
-- John E. Williams (firstname.lastname@example.org), February 20, 2001