BEWARE of Mortgage "Brokers"
I just wanted to do a quick blurb about some things we are seeing in the current marketplace. With all the new lending regulations (appraisals, time-frames etc) its VERY important you KNOW who you're dealing with when getting a mortgage.
My opinion is that you should make sure you are dealing with a Mortgage BANKER.. they are able to still do 21 day closings in most cases and as quick as 10 days for rush situations. Also, they are able to make sure the appraiser is from the local area. We've seen a rash of appraisers being done by folks from as far away as Charleston, SC... they have no idea of the different factors effecting our local market and most don't even have access to the local MLS.. they are cheap and the "3rd party" appraisal ordering company makes money by hiring these out the lowest bidder.
These situations are a result of the new Federal Lending rules that are being put in place on a daily basis.
So... KNOW THE FACTS and ask local REALTORS who they use for their personal loans....