Quote:
Originally Posted by Biggd
I'm sorry I can't give you statistical proof. I get my information from my best friends son who is one of the top 50 residential mortgage brokers in the country, he works through Leader Bank in Needham Ma. He made almost 3 million dollars writing mortgages in 2020. He tells me where the money is going and I believe him.
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If I were paying cash for something, my broker might know, but I would have no reason to be in contact with a mortgage banker. If I'm using a HELOC for any purpose, I don't have to specify intended use when I open up the line of credit. When I bought a property this spring, I was (almost) able to do a wire transfer from Fidelity to the title company's escrow account. (The transaction was over the online limit, so I had to confirm with "the next representative" who happened to be in Dallas. 2 minutes. No mortgage officer would have any way of knowing about this transaction. He could get anecdotal, second hand information from a title company.
Leader Bank, only founded in 2002, lists three MA locations on their website and no reference to being licensed in other locales. That makes your young friend immeasurably impressive to be one of the top 50 in the country.