Your bank offers a small set of options and rates. We have all the lenders, directly or indirectly including both ones you know about and a whole bunch you might not have ever heard of. But just because you have not heard of them doesn’t mean they are risky. In fact most of the major ‘monoline’ lenders you have never heard of hold hundreds of thousands of mortgages worth hundreds of millions of dollars.
On top of that you have their money. In the meltdown of 2008/09 we had one lender leave the business. They were a major bank in another country which is what caused them problems. The end result was their book of mortgages was sold to another lender and it was in effect seamless for our customers.
Monoline lenders don’t have expensive branches to keep costs down. You can do everything you need over the phone, by fax and/or through their web portal. Pretty much just as you do with your bank now. No need to change daily banking like the banks do yet the benefits of the best rates and mortgage options.
Only a broker can offer the best options from all lenders!