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GM,
If I were to "flag" a quote... and I have not yet... as there are better eyes for that then mine, I would make sure the deal is underwater.. Personally,, I do not pass on any JUNK Fees,,, I do the appraisal... BUT,, I bid for a specific criteria and my SRP (although not fat) absorbs the damage (Only bid 720+ 20mile from my home). After all.. money is money... If you feel the quotes simply can't be delivered...ala Hook-n-Crook.com at the time they are posted,, stick to your guns,, call them out and let's get the tar-n-feathers... I have no problems with getting "price beat".. however I don't like getting "price cheat"... Keep rockin' and throw up a name or quote.. We'll dissect it like Quincy.
MW
Please go check this out ZR-FJKDPSR and look at my quote to see if this is fair. Look at others and laugh while you plan for action.
Lender rating
GM,
I have reviewed the quote. It appears the Loan Officer has explained upfront to the borrower how he is obtaining the lower fees. It appears he will be issuing a lender credit to discount the processing fee. He is a retail mortgage bank, so they probably have competitive pricing also. He is giving up part of his income to cover the fee. Not unheard of or wrong.
Unfortunately, Zillow Quotes are not advanced enough yet to allow the LO to submit a quote with a 80% 1st and a possible 2nd FIXED OR HELOC option. This can be a bit confusing to the borrower, but the LO still has the opportunity to spell out the quote being provided, which eliminates any upfront confusion. This LO appears to have done so...
Just my thoughts.
GM,
A couple things I noticed... 1) I think your quote is straight up and is correct.. I saw the one eiht minimal fees and I look at a price quote from a consistently low-priced wholesaler and it "could be done", not that I would quote that, but to each his own. When Lora mentioned about piggys and HELOC's (CHASE R.I.P) We will see that they will begin to fade from the realm of possibility. You did yours right,,, that's what is important and if you do it right, day in and day out... you will be justly rewarded... I will say, I;m not a fan of a $327,000 loan with company gorss of very possibly less than $2,000, but this is the Net, so never say never... Keep rockin's and I'll keep lookin's too.. Wanted to answer earlier, but had a response from one of my quotes so that was a very nice email popped up.. Keep rockin' guys.
The ..dpsr quote looked fine to me.I do the same thing when a client asks for a "no closing cost" loan.
Tom O'Leary
That is crazy. If someone wants a quote with no closing costs the rate should significantly higher plus he is taking cash out.
Lender rating
This can easily be avoided by working with a reputible mortgage bank. While mortgage broker's often have attractive rates- they tend to make up for it with fees.
My advice would be to go straight to the source, start with the bank.
Where are our nice brokers to respond to Wells Fargo! It has been my experience that I will always advice my client to take my GFE/TIL to Wells Fargo retail and guess what they sure come back to me and let me know that the rate is much better and they have the exact same fees.
We can argue this point I am sure. I will leave it to the boyz.
Let's count whats wrong with this quote.
1) 5.875 with a 97% LTV with no discount points
2) 15 day rate lock? If a bank had rates this low their turn time certainly would be more then 15 days.
3) No appraisal fee but $10 credit report fee? Funny
4) I dont believe they are only charging a $595 processing fee although could be possible.
5) They say they are a mortgage broker out of rockland county yet do not have required tag on profile or anywhere else stating "A Registered NY State Mortgage Broker" per NY State Banking Department guidelines.
6) Missing additional tag "Loans Are Arranged Through Third Parties" also required by NY State Banking Department.
Other then that..... looks ok.
Lender rating
Since January 2009
Lender rating
Since January 2009
AA - I didnt even notice Jonathan's post.
As AA mentioned there are good and bad people in every industry. That blanket statement you made says more about you then it does the brokers. Put the Wells Kool-Aid down! It is affecting your thinking.
Lender rating
Since January 2009
Good Job my fellow L/O's/Broker's. My brother works for Wells and he is surprised that I am able to provide the consumer a better rate with lower closing costs.
Lender rating
Since January 2009
Unless I have been in some kind of time warp, Wells fargo is one of the least competitive banks for A paper conforming.
You also have to keep in mind that this is the internet, and everyone and their dog will say THEIR company has the lowest rate and lowest closing costs.
I have a solution to all the controversy.
I offer 0% interest fixed for 30 years and ZERO closing costs. I will even mow your lawn for you once a week free of charge.
Game over.
AA,
Only you and you alone can say what you want. Let me breathe brother. Reps at major banks work on a different pay structure than we do so they have to bring in volume to make a buck or two. So, that is why us brokers are able to provide a great loan for that consumer.
Tom,
Great job. I will even trim your trees along with that and I am able to doggy sit all day long.
Lender rating
Since January 2009
Lender rating
Since January 2009
Isn't that the Jonathan guy that was making up his own reviews?
AA,
Whatever the case may be and how you argue it, it is my experience that I will be able to provide that customer a better deal. I know U/W at chase who are retail and they will not budge for a customer and again I have a brother who is a manager for Retail and he will even attest that they hardly ever do that for a customer. Unless, that customer has a lot of assets will they look at it. The branch that you must have worked for must of not brought in a ton of business for them to do that all the time.
PerioD ....
Geoff
I know I am raining on some folks parade, but i care about the consumer. I also dont think I have the BEST pricing. If a lender wants to work for FREE, then I cant beat that. I can however match the best deals , and I have no overhead or banking margin to meet so I can survive on less loans.
Salem
There is nobody who can get better deals than anyone. You are right brother. I applaud how you made your bank 50k. The best month I ever had was 30k profit.
But those daze are gone. If I make 3k profit a month right now , I rule. But then again , Florida is upside down in terms of business.
Down here, the spring and summer work the opposite. Everyone goes up north back to where they originally come from. Its too hot for construction down here and it RAINS like crazy in the summer.
our peak seasons are from Late september to the end of March.
Im thinking of going to work at wallmart as a greeter until september. LOL.
I will probably fund 3 loans over the entire summer.
CL- Yes, indeed it is. Maybe we should ask him to spell 'reccomend'???? :)
Lender rating
Since January 2009
Wouldn't want to confuse him.....
Jonathan - You have been called out. Whats up with the fake reviews?
GM,
No Need for "puffing feathers out". If you have good relationships with your "team", then you can get the job done for your clients with service like no other.. Everyone tries to "assemble" a team that makes them shine to clients. we all "drink" from the same pools... Some are "cheaper" and some aren't.. It's like cars... YUGOS and Benz's are both automobiles... One is more costly than the other, but what goes with it and what is it worth for it?? Not sure, but the process of the mortgage is not a commodity.. Nor for Andrew, you, me and certainly not for Chris and his clients or he would not get the props he gets (KUDOS again ACE).. Unfortunately, the net will "commoditize" us all initially, but if you can get a foothold in the Net world and parlayed with the real world (when the client commits) then you will strike gold and then press the accelerator to the floor.. Keep doing what you do and help those in need and open a can on the offenders... Keep rockin'.
I dont know about that . It depends. 1500 in leads to nail 4 loans is ok but it depends how much he is making and the loan amounts.
If he makes 5k in profit off those loans for himself, then its 3500 bucks for him. But if he has some kind of funky split with a broker or has other overhead, then the loan balances have to be high.
I use direct mail. At one point I was cranking out 20k direct mailers a month and soaking down 20k to 30k in fees for myself. I have no split.
but in todays market , I have no idea if he is working a purchase REO shortie market. Or refi's.
what I found toward the end of 2007 is that the BUSINESS is just no longer there. Again, I dont know the area he is in, if he is telling you the truth, or what the loan amounts are etc......
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Mortgage Quote
Geofrey Merino, "dmoises"
Mortgage Lender
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4.5/5.0
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I need some help MW & GD with L/O or Broker's quoting low rate quotes with no fees. I have flagged their quotes for the last week and no help. They continue and continue.
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