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- James Schultz, "FairwayJim"
- Contributions:5
It depends. Questions you should be asking are how long is the rate lock good for if they are offering a rate? Is underwriting in house, or does the file need to be sent to someone else? When dealing with a lender that has to send files elsewhere for underwriting approval, suddenly time commitments are outside of their control. Promises being made ultimately will depend on what is in control the lender has over the process, be it a big bank or a local community lender.
I would not pick a REALTOR or listen to any advice from one I have never heard of, especially one that looks 70 yet only has 1 post on Zillow. I need some references immediately.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Oh Boy Sharon....and how does asking a local realtor do one any good?
Just because one is a realtor it does not guarantee they know their back side from their front side and I have on more than one occassion spoke with realtors that talk more out their back side than their front!
- Sharon Bachmann, "Sharon Bachmann"
- Contributions:1
When looking for a reliable mortgage lender, the best person to ask is your local realtor. She can tell you her experience with a number of lenders. I have found the best lenders are mortgage companies that strictly deal with mortgage loans. I have also found that some small lending companies are very difficult to deal with. Don't pick a company you have never heard of. I wouldn't pick a company unless I had a reliable reference for that company.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3420
I am a confirmed lender, and I approve this thread.
- shapiroamg
- Contributions:3058
us non confirmed drown you out mr bigshot confirmed. Its by design. :D
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
...and some of the confirmed lenders just don't mention it in their profile.
- Andrew Adams, "203K Specialist"
- Contributions:9349
"I do not see the 'Confirmed Lender' designation on any of the other respondents."
Am I invisible?
- shapiroamg
- Contributions:3058
well if you cant baffle them with brilliance, dazzle them with...
Right from his profile: St. Casimir's offers fair, competitive mortgage products and will not tolerate higher costs, prepayment penalties, "exotic mortgage programs," and unfair adjustable loan programs.
(say it in that low wisper you hear in a coffee commercial: what people dont realize is that while St Casimirs will not tollerate those programs those programs are no longer around so why worry about not tollerating them??)
Right from his profile: St. Casimir's offers fair, competitive mortgage products and will not tolerate higher costs, prepayment penalties, "exotic mortgage programs," and unfair adjustable loan programs.
(say it in that low wisper you hear in a coffee commercial: what people dont realize is that while St Casimirs will not tollerate those programs those programs are no longer around so why worry about not tollerating them??)
"I do not see the 'Confirmed Lender' designation on any of the other respondents."
Wow! Now that's reaching deep, deep, deep into the BS bag.
Wow! Now that's reaching deep, deep, deep into the BS bag.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Nelson,
The only thing that separates a "Confirmed Lender" from a "Lender" is confirmed lenders pay for responses to their loan quotes. Lenders don't quote. Very few confirmed lenders assist folks with mortgage advice as can be seen in the amount of their "Contributions."
"Compare lenders before you choose." So who is better? Someone that is trying to attract borrowers with their low ball quotes or someone that is consistently responding to borrower's questions. You can't tell a person's knowledge by their quotes. But you can tell by their responses to the questions being asked.
Happy funding, Rudi
The only thing that separates a "Confirmed Lender" from a "Lender" is confirmed lenders pay for responses to their loan quotes. Lenders don't quote. Very few confirmed lenders assist folks with mortgage advice as can be seen in the amount of their "Contributions."
"Compare lenders before you choose." So who is better? Someone that is trying to attract borrowers with their low ball quotes or someone that is consistently responding to borrower's questions. You can't tell a person's knowledge by their quotes. But you can tell by their responses to the questions being asked.
Happy funding, Rudi
- shapiroamg
- Contributions:3058
Oh heaven help me. Im not confirmed!!
I am licensed by the NMLS. How about Nelson? What's your license number?
I am licensed by the NMLS. How about Nelson? What's your license number?
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
Hi Carbon1973 - defending again -
Please note: I am a 'Confirmed Lender' by Zillow and I am proud that our bank celebrated our 100th anniversay on August 22 this year - There are newspaper articles to confirm - but I am not self promoting my bank - Just community banking -
I do not see the 'Confirmed Lender' designation on any of the other respondents. Compare, compare, compare lenders before your choose - but keep a community lender as one of your lending partners.
Please note: I am a 'Confirmed Lender' by Zillow and I am proud that our bank celebrated our 100th anniversay on August 22 this year - There are newspaper articles to confirm - but I am not self promoting my bank - Just community banking -
I do not see the 'Confirmed Lender' designation on any of the other respondents. Compare, compare, compare lenders before your choose - but keep a community lender as one of your lending partners.
- Pasadenan
- Contributions:21432
By the way, for how "reliable" Nelson is as a loan officer; he claims 100 years of personal experience writing loans as an CRA officer.
And though he has been a "confirmed lender" on Zillow since 10/4/11, he has only provided ONE quote on ZMM.
Why even bother maintaining the confirmed lender status if one is not going to bother to quote?
I rather just call one of the discussion board contributing loan officers that doesn't bother to maintain a confirmed lender status and have them assist me with any loan I might need. The reliable ones have no need to exaggerate, and provide much more helpful verifiable information.
And though he has been a "confirmed lender" on Zillow since 10/4/11, he has only provided ONE quote on ZMM.
Why even bother maintaining the confirmed lender status if one is not going to bother to quote?
I rather just call one of the discussion board contributing loan officers that doesn't bother to maintain a confirmed lender status and have them assist me with any loan I might need. The reliable ones have no need to exaggerate, and provide much more helpful verifiable information.
- Pasadenan
- Contributions:21432
"We do not do risk based pricing - you either qualify for the loan and guidelines or you do not" -
Yes, you already posted that you only do loans for those that need credit repair and have lousy credit ratings...
No body I know needs those kinds of loans. As already stated, you are not qualified to represent me nor anyone else I know. And certainly, if the original posted was "pressed for time", he should have already locked in his loan rate by now... Preferably at at 3.75% for 30 year fixed, as that was what the majority were quoting a week or so ago. Some were even quoting that rate with no fees.
Yes, you already posted that you only do loans for those that need credit repair and have lousy credit ratings...
No body I know needs those kinds of loans. As already stated, you are not qualified to represent me nor anyone else I know. And certainly, if the original posted was "pressed for time", he should have already locked in his loan rate by now... Preferably at at 3.75% for 30 year fixed, as that was what the majority were quoting a week or so ago. Some were even quoting that rate with no fees.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
in your words...
es, the interest rate was impacted - because the client did not need to utilize a VA loan but could take advantage of standard conventional lending.
you cant have it both ways.
es, the interest rate was impacted - because the client did not need to utilize a VA loan but could take advantage of standard conventional lending.
you cant have it both ways.
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
Guys - We do not do risk based pricing - you either qualify for the loan and guidelines or you do not. I am sorry you are so shackeled by the secondary market. Look into a community bank - 'manual' underwriting - the term I use - refreshing. Again - Carbon - I apologize for discussing lending with the responders - they seem to be having fun discounting our lending policies to bolster their restrictive guidelines.
If you issue GFEs without a credit check, you are either not bright or lazy. The GFE is binding. If the person says they have a 740 and they really have a 640 and you issue the GFE with no pull, when you do pull the 640 it's not a change of circumstance. RESPA clearly states that if you issue a GFE it is"assumed" that you have pulled the score, therefore, there is no COC. The only reason you would have a COC for a score is if you pulled it and then it changed.
Issuing a GFE prior to a credit report is frankly a load of crap because all it does is allow you to provide a bait and switch quote because you were either too lazy, or too stupid to get all the information required to provide a real quote that means something. You may think you are doing the borrower a favor by not pulling their credit, but all you are really doing is wasting everyone's time as Andrew stated; Similarly to what you have been doing with the majority of your Rah, Rah small community bank posts over the last week.
Issuing a GFE prior to a credit report is frankly a load of crap because all it does is allow you to provide a bait and switch quote because you were either too lazy, or too stupid to get all the information required to provide a real quote that means something. You may think you are doing the borrower a favor by not pulling their credit, but all you are really doing is wasting everyone's time as Andrew stated; Similarly to what you have been doing with the majority of your Rah, Rah small community bank posts over the last week.
- Pasadenan
- Contributions:21432
Thank you Nelson for posting I should NEVER ask you for a "good faith estimate"..... it would be a complete waste of my time, as the only way you could give one without knowing my FICO score and my debt to income ratio is to quote lousy rates.
It is must plain not worth my time. And anyone that has every borrowed any money would already know that.
Besides, as seen from the ZMM loan quotes; the lowest GFE are just plain fictitious in spite of Federal laws intended to prevent such things. If the loan officer hasn't "proved" themselves trustworthy and diligent and experienced and efficient and knowledgeable, the Good Faith Estimate is worth less than one sheet of toilet paper.
(By the way, the "professor" is a licensed loan officer in spite of not having a loan officer tag, and I would be 1000 times more likely to get a loan through him than through Nelson).
It is must plain not worth my time. And anyone that has every borrowed any money would already know that.
Besides, as seen from the ZMM loan quotes; the lowest GFE are just plain fictitious in spite of Federal laws intended to prevent such things. If the loan officer hasn't "proved" themselves trustworthy and diligent and experienced and efficient and knowledgeable, the Good Faith Estimate is worth less than one sheet of toilet paper.
(By the way, the "professor" is a licensed loan officer in spite of not having a loan officer tag, and I would be 1000 times more likely to get a loan through him than through Nelson).
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
now I'm curious since you said "or". You give a worksheet or you give a GFE?
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
A "good faith estimate" is the lenders ability to provide to the consumer the costs for a possible loan request. I issue "good faith estimates" or classic worksheets upon request to ANY client. I work closely with non-profit - HUD counselors as they work with correcting a customers credit score. One success - did take approximately 18 months - but working with a client we elevated a credit score from 545 to 705 - Yes, the interest rate was impacted - because the client did not need to utilize a VA loan but could take advantage of standard conventional lending.
Conclusion - Yes - a client can request a good faith estimate - which our lending group - we would provide the good faith to assist the customer PRIOR TO ordering a credit report. I will discuss credit with the consumer.
Carbon I apologize for having to defend my lending process through your question. I do believe smaller community banks offer programs and processes which sometimes are better than the mortgage broker. There are many qualified mortgage lenders which care about their customer base - but I believe you need to discuss lending options with 3 lenders prior to partnering with one.
Conclusion - Yes - a client can request a good faith estimate - which our lending group - we would provide the good faith to assist the customer PRIOR TO ordering a credit report. I will discuss credit with the consumer.
Carbon I apologize for having to defend my lending process through your question. I do believe smaller community banks offer programs and processes which sometimes are better than the mortgage broker. There are many qualified mortgage lenders which care about their customer base - but I believe you need to discuss lending options with 3 lenders prior to partnering with one.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Some lenders require add ons for credit scores - I do not
really?
a reference from Nelson's web site:
really?
a reference from Nelson's web site:
" A higher credit score may help you get a lower interest rate on your mortgage."
-----------------------------------------
Though I will agree, technically you do not have to have a score to issue a GFE though it'd be prudent to only do so if you have not locked in the rate.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nelson,
"subject to the parameters of the application."
I would bet credit score is one of the parameters. Otherwise anyone with a sub 620 credit score should ask you for a quote! quoting someone without a real credit score is a waste of everyone's time!
"subject to the parameters of the application."
I would bet credit score is one of the parameters. Otherwise anyone with a sub 620 credit score should ask you for a quote! quoting someone without a real credit score is a waste of everyone's time!
- Nelson Bayne, "StCasimirsSavingsBan"
- Contributions:39
excuse me Carbon1973 -
It seems the Professer questioned: Do I issue Good Faith Estimates without checking credit?
Of Course! Credit is NOT a function of the Good Faith Estimate! Some lenders require add ons for credit scores - I do not - Our quote is our quote!
If a customer applies for a mortgage - my bank will issue a good faith estimate subject to the parameters of the application.
It seems the Professer questioned: Do I issue Good Faith Estimates without checking credit?
Of Course! Credit is NOT a function of the Good Faith Estimate! Some lenders require add ons for credit scores - I do not - Our quote is our quote!
If a customer applies for a mortgage - my bank will issue a good faith estimate subject to the parameters of the application.
- Chris Corica, "Chris Corica"
- Contributions:1075
If in MA the this is the person you want to work with;
http://www.zillow.com/profile/shapiroamg/
They give sound advice in the boards and are well respected among the zillow community. Best of luck.
http://www.zillow.com/profile/shapiroamg/
They give sound advice in the boards and are well respected among the zillow community. Best of luck.
- Evan Shenkman, "EShenkman"
- Contributions:5
Good luck! I worked for 10 years for two of the largest lenders in the country and I can tell you without a doubt they are more difficult for buyers and realtors to deal with than the small community banks and credit unions. The big banks are scared to death to sign off on mortgages, their operations teams are typically unexperienced youngsters with no banking career aspirations. You are more likely to close on time with a competent small bank. You are more likely to have a stress free mortgage experience with a smaller bank. I have spent the last three months working for a small community bank and I have never experienced a more efficient, professional system. I only wish I would have moved to a small bank earlier in my career.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
they value their customer relationships simply because they rely on my future referrals.
I don't rely on your referrals. I find it incredibly narcissistic of agents to come on here and say "this lender will do well because he relies on me". BS. Many loan officers will do well because they like what they do and they like their clients. And the clients are comfortable knowing I'm working for them and am not in the pocket of their RE agent.
I don't rely on your referrals. I find it incredibly narcissistic of agents to come on here and say "this lender will do well because he relies on me". BS. Many loan officers will do well because they like what they do and they like their clients. And the clients are comfortable knowing I'm working for them and am not in the pocket of their RE agent.
- Pasadenan
- Contributions:21432
Everyone knows that multiple credit pulls within 30 days only count as one pull.
As for whether you can trust them? You get good and bad loan officers in almost any institution. You need a way to screen them that is more reliable than just a quote. This discussion board provides one such means.
As for whether you can trust them? You get good and bad loan officers in almost any institution. You need a way to screen them that is more reliable than just a quote. This discussion board provides one such means.
"Compare, compare, compare - but try not ot have lenders check your credit during the comparison process. You need to look at the imfamous "good faith estimate." This document will assist you in the timing and costs of comparing lenders."
So how are they supposed to get a GFE without someone checking their credit? Are you issuing GFEs without credit checks?
So how are they supposed to get a GFE without someone checking their credit? Are you issuing GFEs without credit checks?
How reliable are the mortgage lenders?
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