During the housing boom and bust over the past decade it seemed at one time that mortgage companies were everywhere. You couldn't turn on the radio or cruise the internet without seeing or hearing an advertisement from some type of mortgage company. After all, during the housing boom from around 2003 to 2007 there were not only plenty of lenders in the ขายบ้าน market there was no shortage of loan types.
Then the heady days of housing took a U-turn starting in late 2007 and lenders began closing their doors. Mortgage brokers found their bevy of lenders they regularly use began to shrink. Major national mortgage bankers closed their doors, many without warning. There were stories of borrowers showing up at their closing table only to find out the mortgage money never made it. Their lender went out of business.
The mortgage industry is not unique to business cycles. Other industries go through their own boom and bust period given enough time. Banks bought other banks. The Feds closed down still many more and some of the biggest, most recognized names in investment and mortgage banking closed forever.
Fast forward to today. While there are still many of the original stalwarts in the mortgage industry namely the national retail banking institutions there are some new names on the block. While it's not necessary to provide the names of these new mortgage companies or give them any free advertising, what is necessary is what to do when you're considering getting a mortgage from a new firm.
Mortgage companies today are licensed like never before. Mortgage bankers who approve mortgages and provide mortgage loans to the public must adhere to much more stringent lending requirements in order to be a mortgage company than in the past.
If you're wondering if a mortgage company is worth their salt or is just another fly-by-night company that invaded the last decade simply do a little research but know that today just being in the mortgage business requires much more than just hanging a shingle. It's highly likely that the new mortgage company is headed by industry veterans who know the business inside and out. If they were not worth their salt, it's likely they would never have been approved to be a lender in the first place.
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