Source Mortgage Joins Mortgage Network

As a result of challenges brought on by new regulations and restrictions that are making it increasingly difficult for independent mortgage bankers and brokers to offer loans with competitive rates, Mortgage Network Inc., Lancaster, Pa., has merged with Source Mortgage, Wyomissing, Pa. Keith Alan Zielaskowski, president of Source Mortgage Corp. has been named branch manager for the Mortgage Network Wyomissing retail location. Mr. Zielaskowski, along with his entire team, will continue to operate in the same location but with the support of the Pittsburgh and Lancaster MNET locations. "Most large lenders are capitalizing on the increased demand for loans by raising rates, putting brokers in a position where they cannot compete," said Bob Johnson, senior regional vice president of Mortgage Network. "Brokers used to play a valuable role in the lending ecosystem, offering expertise and personalized service to their customers." He said brokers today are forced with either leaving the industry or joining a big institution, which typically compromises their customer service values. "It is not uncommon for large companies to charge higher rates with long processing delays of over 60 days," said Mr. Johnson.