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Since January 2009
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If that was not what you were asking...
"As far as "identifing two organisations that are listed on the MtgProf's website which I understand have their share of critics."
Please let us know where your understaning is based upon."
What exactly was your question to socal?
Lender rating
Since January 2009
SoCal, you forgot more than one thing that I asked. But, I never asked you that! You are a "selective reader." Pick out the few words you want to run with and forget everything else! .... But, it doesn't matter!
Where did I go? Nothing has changed. My email address, phone numbers are all the same. I'm easy to get a hold of!
Since you mentioned you never read beyond the first few lines in my quote, I now understand how some folks are very quick to judge. Now I don't depend on the requestor to view ALL my Daily Posted Rates for ALL Products on my website.
I thank you for that. Now, I first quote product(s) most (not only) interested and then a 3/1 I/O or 5/1 when stating plans on living here less than 10 years; 5 years; Lower my Payments; Lower my Rate.
Also, I have only responed to a few Advice Requests when I'm available since they have already been adequaately answered and the remainer are mostly about loan mods which I have limited knowledge.
Thank you, Rudi
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Since January 2009
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Since September 2009
"Since you asked", cont...
5. As for your ARM quote, I did state that I wanted a lower rate. I also stated that I was only interested in a 30yr fixed. ARMs are not meant for situations like mine (i.e., I also indicated that I intend to stay in the house for more than 10 years). Since your ARM quote was non-responsive to my request, I dismissed you as a serious contender. Since your first act in our business transaction was to ignore my input, I had no reason to expect anything different from you in further transactions. And, since I know that an ARM is not the best vehicle for a person with my objectives, this put you into the category of bait-and-switch lenders that I steer clear of (i.e., you quote the ARM just to provide a "better rate"). I prefer to hear a lender say that "what you are asking for is not possible" than "here's something with a low rate...even though it's not what you asked for and it's not the appropriate loan type for your objectives".
6. I have no idea what was in the rest of your quote response - you eliminated yourself by being non-responsive to my request and by offering up a product I had no interest in.
7. Every quote I received did their best to insure me that they were the "best deal". You're not special. Fortunately, with 25 quotes to review, it's not hard to identify where the "sweet spot" is and then to toss out the outlyers.
8. I have no idea how many of the quotes I received would actually be able to deliver, and I really don't care. The only quote I care about is the one I choose to go with. In the spirit of full disclosure, Gregorio was not able to deliver on his quote. My final rate was .25 below his original quote - but I let it go (but just this once).
Hopefully, this adequately addresses the questions you asked of me.
And now, back to the original thread topic...
Since you asked...
1. The reason I only focused on part of your response was to narrow the scope of the post to the OP's original question, and not to the expanded scope that you introduced when you dragged in "the other 99.9999999% content on his site"? Also, a decent response would have taken too much space for one post (as you will see).
2. "SoCal" is not an alias for a "Loan Origniator that sees an Upfront Mortgage Broker as a Threat". I'm a software guy in SoCal, who lurks on this forum because it's interesting to hear about the business from the pro's side. If you distrust this, you can always check up on me with Gregorio Denny, who handled my recent refi and did a great job.
3. I have been to the MtgProf's site and found a lot of the information to be useful - just not the list of lenders. Since the OP's question was specific to lenders, I didn't feel a need to drag in the rest of the site...it was not relevant to the discussion. There is quite a bit of useful information. But, like everything else, a consumer needs to compare it to information from other sources and then make their own decisions.
4. Since I just refi'd with the benefit of the signed Contract you reference, I believe that means I did not feel it was necessary. I talked to mulitiple lenders to get a feel for how well they knew my market and how up-front they were with information. I also used this time to determine the honesty/competance of the lenders by cross-checking the information provided by each potential lender with what the others said, as well as what I have been able to learn off of this and other sites. Between the GFE, my own research, and the selection process I used - I had no need for a contract.
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Since January 2009
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LOL
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Since January 2009
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Since January 2009
Rudi,
Allow me to refocus this thread.
1. The OP asked how to pick a legit/honest broker on the internet.
2. Someone responded with a link to the MtgProf's website.
3. Andrew's response indicated he did not trust a "pay to be listed site" as a good source for finding legit/honest brokers on the internet.
4. You flamed Andrew for the response, and for some reason decided to drag the rest of the website's content into the discussion...and took some personal shots at Andrew.
5. I attempted to re-establish the focus of this thread, pointing out that Andrew's comments were relative to the idea of the MtgProf's website as a source for brokers, and then identifying two organizations that are listed on the MtgProf's website which I understand have had their share of critics.
Your responses to Andrew's post, my post, and my quote request speak for themselves.
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Since January 2009
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Since January 2009
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Since January 2009
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Please advice homeowners on how to pick a legitimate and honest mortgage broker on the internet?
ibahta
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