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How do i know if a broker is going to treat me right? With an FHA can I trust any lender?

  • May 20 2009 - Lehi
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Answers (31)

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Profile picture for mikegast
[inappropriate comment, removed by moderator]
  • May 21 2009
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interview a few before you make a decision who to run with
  • November 26 2009
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What is your relationship to your broker.  Most go by referral.
  • November 26 2009
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Kevin,

If you are looking to buy....How do you know better than the professionals?
  • November 25 2009
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Profile picture for abrasive
Some pretty bad answers and misinfo here.

There are some great brokers who really go to bat for you, and some that are mediocre.  One clue is to see whether they are being up front about your fees. 

The comment about banks is hilarious.  Every bank around here has much higher rates than the mortgage brokers (even after subtracting points).  Either the banks are paying their loan officers well (doubtful) or they are reaping huge profits.  Your call.
  • November 25 2009
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Too funny. When do you all originate? Or are you all really that bored so you have to talking to ghost threads. Come back to the present time. Or did they already start charging for the leads? So no one is giving quotes.
  • October 27 2009
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I can't argue with your feelings...but the facts are that it is about the individual and not who they work for or if they are a broker or lender.  I am technically a lender although I have as many outlets as any broker I know.
  • October 27 2009
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I didn't notice that this was months old... As far as Lender vs. Broker, I feel that I'm better educated as a broker so I can offer more choices and explain more options to borrowers.  It really comes down to the person and what they want to get out of this business.  Let me know where this Lender "Jeapordy" (I think you mean Jeopardy) is and I'm in!  Again sorry for posting to an old thread
  • October 27 2009
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Profile picture for The Mortgage Mark
Ryan,


Why are you responding to threads that are months old and that have already been answered?

  • October 27 2009
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They should just check your reviews here.  Nice job....
  • October 27 2009
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Word of mouth is my advise. Realtors and Mortgage Professionals work hard at building good reputations and relationships. Ask a few co workers or friends. Ask them how there experience was
  • October 27 2009
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Ryan,

I am a lender...that can correspond loans...as well as broker loans...I would love to challenge you to a game of lender jeapordy...I have no doubt that I could hold my own in regards to my knowledge about lenders...with the added bonus of being a direct lender and having the ability to write loans direct without lender overlays.  No real difference between a lender and a broker...arguing for either is nothing more than SPIN!

One more thing this thread is from May...5 months old!
  • October 27 2009
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I could go work from a Lender but I choose to be a Mortgage Broker.  I'm more educated on many programs and not just what one bank will offer.  I see the rates sheets of many lenders and there are differences.  Mortgage Brokers know what lenders offer the best terms to certain times of borrowers.  Just do your homework on the person doing you loan regardless of bank or broker!  In Utah, check out realestate.utah.gov of the licensee database.
  • October 27 2009
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Stardar is off the radar. The OP could be "client of the year"! Those two should get together. I think I did his last loan,
His own answer was removed as inappropriate. That has to be a first.
Did he tell himself to GFH?
  • May 21 2009
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What a crappy thread!
Andrew: right on the money again.
ACi: you are getting better and your pic shows it.
Star: you are so out there that it is why Pluto is no longer consideredd a planet in our solar system . . .
  • May 21 2009
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That is a threat....

You actually think that I would call anyone about you and this thread...please.

Anyone that reads the thread can form their own opinion of both me and you.  I have no worries about what folks will think of me after reading this or any other thread I have participated on.  It is what it is..
  • May 21 2009
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Profile picture for mikegast
""I could simply refer you to M Sizemore and you would likely get what you deserve!""
-  Andrew

Where you want to admit it or not you do get offended. Offended enough to talk about it to your friends and have them post on here. Sad really. That is ok. I am glad that you continue to show what type of "lender" you are. So they can see your "style"
  • May 21 2009
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Mike,

What exactly did you think was a threat?

You clearly do not like my style and that is OK.  I do not get offended when someone doesn't like or agree with my opinion or how I present myself.  Every one is entitled to an opinion.

I am not real sure what you consider an attack.  But I gave you a straight forward answer and your response was "that is the worst answer I have ever heard.... Thanks for nothing. Didnt realize Captain obvious was posting on this site. " Your response was much more of an attack on me, than my initial response of "No...The only person you can trust 100% is yourself!" (which I do not see as any kind of an attack)
  • May 21 2009
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Profile picture for mikegast
Andrew are you threatening me?

I love that you are attacking a user for asking questions. Lol this is great. I love it. Thanks for this threat it will come in handy.
  • May 21 2009
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Profile picture for ACI Broker
mikegast,

I think your knowledge on lending is minimal at best and thus you are in no position to take shots at lenders with far more knowledge and experience then you have. Me and Andrew have had our tiff's as well but I will tell you that he is a strait shooter and he always tries to give the best advice he can given the information provided by the person asking the question. I think that if you knew so much about lending that you wouldnt have posted here because you wouldnt need the advice of experts like us, Obviously you dont know enough so you came here and you asked and everyone is telling you the same thing, just because you dont like it dosnt make it wrong and to 1. attack Andre and 2. Quote yourself as the best answer really shows your level of maturity and compentency (or lack thereof). I've had clients like you in the past i'm sure most of us have... Guys you know them, the one that comes in your office telling you how to do your job because they read one idiots guide on loans and so they think they are experts, LOOOL I usually send thoes guys away because I dont have time (most come back ready to listen though), Mike if your to silly to listen your gonna get taken advantage of simple as that!

Stardar, 

I dont think you are qualified to be giving any advice in this area (you have proven that with your "explination"). I think you ought to leave the advice to the experts!
 
  • May 21 2009
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This best answer stuff slays me.....

Just because you do not like my style or my answers it does not mean the advice is not good.  I could simply refer you to M Sizemore and you would likely get what you deserve!

  • May 21 2009
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mikegast, your decision making is already going downhill. Andrew is 1 of the lenders you WOULD WANT to use. I know I would, and I know way more than you about loans and lenders.
  • May 21 2009
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stardar, FYI the poster is asking about FHA loans, ING only has a 5 or 7 year portfolio Arms to offer and no FHA. You are also way off on your bank/broker/points advice. Zillow's lender reviews are designed to HELP you in this area so you could start with posting a quote request here, then comparing the quotes AND the profile of the quoter. You can also get a local quote from a bank and compare everything. The key is to get a competative quote ( not necessarily the lowest ), then once you commit to someone, hold them to their offer, period.
  • May 21 2009
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Mike,
The mortgage crisis is not a result of poorly educated brokers!  It is the result of greed.... on the part of just about everyone.... including consumers that wanted to live in houses they really couldn't afford to live in!

My original answer stands NO.  (Just because you do not like someone's answer it does not mean it is not a good or accurate answer!)

As far as never trusting a broker add or lender to that...at least not 100%.  Keep in mind the person you are working with to obtain your loan is a sales person plain and simple.  That is not to say that you will not find a loan officer that will be honest and tell you exactly what the costs associated with the loan will be.  No magic lenders, No magic loans and no magic pricing!  If a quote is well below other quotes you are receiving odds are they are not being honest with you.

You may not like my style and that is fine, but I won't try and sell you or spin anything.  I call it like I see it!

Stardar,

None of what you wrote is accurate.  Origination and Discount fees are just as likely to actually be used to buy down the rate.  The most important thing you can do when looking for a loan is make sure you are working with a good loan officer.

Don't shop for a loan, shop for a loan officer.



  • May 21 2009
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beware aware of a broker that has more than  1 point, they charge points because they are considered resellers .... always use a bank for loan nevr brokers... a good one is M&T bank i was refered to them by huntingdon valley bank,  for my FHA who is also a good bank..... 1st m&T bank for FHA second choice huningdon valley bank they offer good rates aswell..... i also like ING Bank rates
ALSO beware aware of adminstrative fees, thats the fee the broker charges the realtor not you and brokers also chrges adminstrative fee soo please dont use brokers too many fee most banks dont chrge fee
  • May 21 2009
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Profile picture for mikegast
The mortgage crisis may be the result of poorly educated brokers trying to make a quick buck at their customer's expense. I am glad I have been quickly made aware of that. So the answer I am given by two brokers is, "Never trust a broker they will do anything they can to decieve you, if possible try to do everything with the loan yourself." This is good to know and I will make sure all my friends buying their first home know this.

It has come to my attention that some people lack deductive reasoning or problem solving skills to answer certain questions so I will be as specific as possible so that I do not sound funny to the uneducated people that may attempt to answer questions on here.

Are there protections in place on FHA loans to make sure I am not being scamed?


* I would ask that if you have already made a smart allec remark to not continue to waste my time by building stacking more crap ontop.
  • May 21 2009
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Profile picture for ACI Broker
You cant know if a broker is going to do you right unless you try them out. You can however try to deal with a broker that is reputable in your area and known for treating people fairly and getting the job done right. If you are unsure ask them for references from previous clients etc... You can go to your local board of mortgage brokers and have them refer someone to you, or you can post a request here on zillow and check the feedback you get and from thoes lenders check their reputation on zillow and view what others who have worked with them in the past have to say about their services. You can never fully trust anyone so I think your second question is pretty silly!
  • May 20 2009
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Mike,

What did you expect for an answer?The questions themselves rank up there as the worst questions ever...The first question cannot be answered and the 2nd question was answered!"How do I know if a broker is going to treat me right?" You will only know the answer to this question after you have dealt with them and figure out if they treated you right!"With an FHA loan can I trust any lender?" 

The answer to that is a BIG NO! 
  • May 20 2009
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that is the worst answer I have ever heard.... Thanks for nothing. Didnt realize Captain obvious was posting on this site.
  • May 20 2009
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No...The only person you can trust 100% is yourself!
  • May 20 2009
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