Primary Loan Source

Mortgage bankers should have been part of Robert J. Bruss’ response when he listed the “three primary sources of home loans” in “Shop Carefully to Find Best Mortgage,” (April 4).

Although the three sources he does cite--banks, S&Ls; and mortgage brokers--all play important roles in securing certain types of mortgages, none is as “primary” a source as the nation’s mortgage bankers.

In fact, according to the Mortgage Bankers Assn. of America, close to 50% of home loans in the United States are provided by mortgage bankers, through either the direct lending efforts of our own offices, our correspondent lending programs with community banks and savings institutions and our wholesale relationships with mortgage brokers.

Even when mortgage brokers are involved, they, too, must place their clients’ loans with a lending institution, which in a majority of cases is either a mortgage bank or a traditional bank or thrift with a correspondent relationship with a mortgage bank.

Our position within the nation’s mortgage industry also equates to more knowledge for consumers, especially those who do not fit neatly into the traditional borrower profile sought by most of the “primary” sources Bruss lists.

When Bruss responds next time about “primary” sources of mortgage lending, we do hope he’ll take a closer look at the who, what, where and how of mortgage lending.

HOWARD J. LEVINE, President/Chief Executive Officer, ARCS Mortgage Inc., Calabasas