Quote from @Mohammed Rahman:
Hey @Ryan Taylor - based on what you're trying to say, I'm guessing you mean to ask if there's a difference between rates of a loan broker vs. direct lender?
I've never heard of the term CFL before, can you elaborate?
Based on my experience, there won't be that big of a difference in rates unless your broker has access to lenders' new programs that may offer discounted rates for specific borrower backgrounds. For example, one broker my clients have worked with in the past let us know that because they were medical professionals, they could qualify for a niche program at a local bank (with lower rate and down payment).
It just boils down to access to information. Most rate comparisons are pretty similar.
"I've never heard of the term CFL before, can you elaborate?"
Thank you for your insight Mohammed...CFL meaning California Lending Law, based on my research...I guess it's a CA thing...
The Department of Financial Protection and Innovation (DFPI) formerly the Department of Business Oversight (DBO) offers two different types of mortgage company licenses, the
California Financing Law License (CFL) and the California Residential Mortgage Lender License (CRML).Sep 1, 2022...
So I guess my original question is if there was a significant difference in rates between the two...but you provided much clarification...thank you.