Profile picture for fbgben

Can I trust all the Lenders and Quotes received ?

Since the Feds took over Fannie and Freddie, I have received 20 great quotes for my conforming jumbo.  Finally decided to lock with one of the lenders.  How can I be sure that the lender is not fradulant and just going to steal my identity when I give him my social and tax forms?

  • September 11 2008 - US
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (172)

Fbgben....You did not ask any questions about the company before commiting to this loan?

  • September 11 2008
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I looked at the company online and asked who they finance the loan through, what else should I be asking?  Does Zillow require that quotes be given by lenders that have a license, etc?

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Zillow does a check on every Zillow lender that includes license and identity check with Social Security Number.

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WhitmanMet....It sounds then like I am in good hands with any lender through Zillow,   at least with my identity staying in tact.

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Post your Loan Request quote here, let us know which lender you chose and we will tell you what we know, if anything.

  • September 11 2008
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not sure if that is very professional...

  • September 11 2008
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I would focus on the loan officer's ability to get the loan closed in a timely manner.  Here would be some suggestions

 

1. How long in the business.  Get an idea how experienced the LO is.  You do not want some person who is just "answering" the phone

2. Underwriting.  Typically how long does that take.  Is it done on site in your office

 

 I would hope by this point that you have a good faith estimate in your hand detailing all the costs.  Ask how much of a variance will I see between the GFE and final settlement statement (answer should be not much at all).  There are probably a dozen others that I am not thinking of.  I am sure others will chime in.  Best of luck with your new loan.

 

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thanks again for all the answers, good stuff!!!

  • September 11 2008
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fbgben -- I saw your post and it caught my interest.  I am from Ohio and I have had issues with a number of Lenders that offer quotes to borrowers in Ohio and they do not have a License to do business here.  Zillow does a general check on any lender that signs up, however they expect the lender to only quote in places where they hold a License.   I believe the lenders you find here answering your questions do obey those rules, however there are others that quote everywhere and anywhere.  My advise is to ask for license numbers if you have any doubts.   And any lender should be willing to let you know where you can verify that license number.   Tammy's request for a little more information is good.   The experienced professionals here will give you their opinions on the lender and the details of the transcation.  

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Actually fbgben, it's not only professional, it's smart.  We have all been here for quite some time and have seen some pretty bad deals come through the pipeline.  We have helped out many a consumer from getting in with a bad deal or shady lender.  It's entirely up to you,  I respect the fact that you want anononymity on your quote.  Follow what jcaf said above and you should be able to determine from that, if you can trust them or not. 

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FB,

 

The truth is that the validity o fthe quotes vary greatly.  Rates between lenders should not vary by more than .125% in either direction, for the most part there are always exceptions.  The deal is more than just rate, as Jcaf pointed out a good faith estimate is a good place to start.  You need to get an understanding of how much Cash you will be expected to pay in order to close on your loan.  If you ask the lender to disclose all your expenses in closing a loan and not just the lender fees, they should be able to get pretty close.  What you should find is the lowest rates have higher fees.  The higher rates will have lower fees.  The key is to figure out the what is best for you and a good loan officer can offer you all your options.

 

Find a Loan officer and lender you trust and you will be taken care off.  Choosing a lender by throwing a dart is not a great move.  Ask questions and figure out which Loan officer you are most comfortable with.  Watch out for the Loan Officer that tells you everything you want to hear.

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Thing to ask is for a Lock Confirmation.

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Salem, nicely said.     Tammy asked for info and you explained the reason for the question.  Both meant to assist.    

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Regardless if the quotes are legitimate always, I think it is safe to say that no one on here is interested in stealing any identities.

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Whitman - First thanks for the note you sent.   Did you get my reply? 

 

Second - What are you referring to???  Stealing any Identities??

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Hi Bradford - I don't think I got a reply?

 

Stealing identities refers to the original poster's question :)

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fbgben,

The absolute best thing you can do to help ensure that consumers are dealing with reputable lenders through this site is to provide a review.  Whether you actually close the loan or simply receive advice from any lender offering quotes is to offer reviews of that lender. 

 

IMHO, any lender that is contacted regarding a quote they provide should receive some sort of review regarding the service they provide and the professionalism they've conveyed.  Contrary to what other checks and balances people have offered for the site, that is the way Zillow has structured the site, so we should encourage everyone to use the system. 

  • September 11 2008
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Whitman/Kat ,   Just resent.   For some reason it keeps bouncing back to me.    There was a question in the mail.  

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JP,

 

I agree to some extent.  It is all that we have but to give someone a rave review for simply having a plesant conversation and giving the consumer what may or may not be good advice.  The consumer doesn't know if the advice is good when they hang up the phone.  they won't know until they get through the transaction and even then they may think it was good advice.  Personally I don't think a review should be given until the process is complete.  We are in sales, most of us sound great at the initial conversation the rubber doesn't meet the road until the consumer is signing the HUD-1 and the lender has delivered on the promises.

 

Might be part of the reason I don't seem to get reviews, My contact to close ratio is great, in my opinion.  I only have 130 quotes so my # of reviews shouldn't be through the roof.

 

Just my .02

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SF,

Understood, but the reviewer always has the option of changing their review if things don't go the way they intended (at least, I think they do...Nida would have to clarify this).  Either way, the review is the best way to gauge the lender.  Sure, they can see if they've participated on the boards and such, but that takes more time and effort, which I would recommend they do as well, but really, the reviews are more consumer friendly. 

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When you say to post your loan request here...now do you do that and what should a consumer expect when they do it?

  • September 11 2008
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now=how...how do you do that

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There's a mortgage link at the top of this page.  I think for a consumer it takes you to an entry screen where you put in a bunch of data regarding your mortgage request.  I haven't done and our link is different since we're lenders, but I think that's the gist of it. 

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Yes that is where I get the quotes from, but how and why do I post the quotes I get here

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Shell,

 

If you post the quote the lenders that participate will let you know which quotes they feel are realistic.  As many have said before the difference between lenders pricing should be within .125%, the decision on who to work with should come down to who you are most comfortable working with.

 

JP,

 

It is all we have but the fact that the reviews can be given after a conversation rather than a real experience water down the value, combine that with the fact that reviews can be faked very easily.  Consumers using those can be misled.  As you have said it's all we got....I would take them with a grain of salt.

  • September 11 2008
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ShelinBreeze -   You should see a link or ad to submit a quote on this page.    Right side of the page. 

 

You submit the details of what you are looking for in a loan.    The lenders that participate here will then offer their services to you.   

 

I have to agree in general with the comments of both Salme and John, the reviews by prior clients might infulence which lender you choose to use.  I have read many times here that none of the professional lenders here believe they are any better than the rest of the professional lenders here.   Some talk has been to remove the Leader Board that you might see.    If you also read some of the discussions here you will also find that some lenders have found ways to puff up their reviews.   Merely becasue someone does not have any reviews, is not a reason not to use them.   I always suggest that you work with a local professional with all other things being equal.   

 

As Salem says,  Just my .02. 

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shell, to post to the page, it's best if you just post your request id, then we can run down the whole list of quotes, instead of having you cut and paste details.

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oh geez, sorry about that.  I didn't quite get the request.  Yeah, if you post the ID, we'll be able to take a look at it. 

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Thanks :) I will do that shortly.

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OK here it is. ZR-TBQHBHV I would greatly appriciate any feed back. I really got hammered when I got my loan that I'm trying to refinance. I didn't know much about mortgages at the time. For example, I informed the guy who was working with us that my ID had been stolen (in 2000 the year I got the loan) not knowing that many inquiries on my credit report had been made because of the thief.  He didn't bother to mention to me that those inquireies where bringing down my FICO. I was not FICO savy like I am now and didn't know the loan was based on a messed up credit report because of the theft. Also, I wasn't told about options like FHA, 80-20 and now I'm paying PMI. Also didn't know I qualified for the first time home buyers. This guy worked for a company that has many different lenders they can use and I believe his cut was all he cared about.

  • September 11 2008
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