Unregulated, non-bank mortgage lenders have played fast and loose with their underwriting standards — their guidelines for making loans — and have given the entire financial industry a black eye.

Rep. Barney Frank (D-Mass.) — the nation’s top banking lawmaker in the House of Representatives — recently wrote: “Reasonable regulation of mortgages by the bank and credit union regulators allowed the market to function in an efficient and constructive way, while mortgages made and sold in the unregulated sector led to the [subprime] crisis.”

The best place to start your search for a mortgage loan is your local bank. We are chartered to serve the community and are eager to help borrowers find solutions to their needs. We can advise you on the best options for your situation and we are interested in developing a customer relationship with you that will last. This isn't necessarily true of non-bank mortgage lenders and brokers, who may be here today and gone tomorrow.

You don't need perfect credit to borrow from a bank, but a loan that's beyond your ability to repay or that subjects the customer or the bank to undue risk isn't in anyone's best interest. Banks and savings institutions have maintained their prudent lending practices throughout the real estate boom of the past few years, and that means we will be able to keep mortgage dollars flowing to communities large and small.