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At the end of the day, "bait and switch" tactics no longer exist in the mortgage industry due to 2010 Federal RESPA law revisions. Once your rate is locked, a mortgage lender cannot deviate from the agreed terms unless your appraisal comes in low or your credit score drops. Any negative Yelp review comes from a client that personally delayed the process and faced an extension fee which all lenders have.
FFSi is a direct wholesale lender that offers the most competitive rates with some of the most experienced loan officers in the industry. If a prospective borrower chooses to go local or to a large retail lender (i.e. Quicken), they can expect to pay thousands more in closing costs or in the form of a higher rate. In my experiences, local brokers are less knowledgeable and use scare tactics with prospective borrowers to keep them away from more competitive Zillow-type lenders.
If you are a well-qualified borrower the choice is simple. Zillow lenders will get you the best deal and the customer service experience is the exact same.
Bait and Switch legally cannot exist - if you have been in the industry since the 2008 collapse you know this. Once you lock a rate nowadays it cannot change barring a low appraisal or credit score change during the processing period. If you are referring to someone just receiving quotes, sure rates change daily until they decide to lock. Being a local broker/lender is fine but they consistently have higher rates than a Zillow-type lender. There is no denying this fact. I have worked for both - a local broker will make several thousand in commission on a file whereas a wholesale lender is likely closing more loans per month with less margin. It's a different business model, but as far as consumers are concerned they can typically get a better deal online. If everyone could get the best rate going locally then websites like Lending Tree and Zillow would not exist.
I can only speak on my experiences which are nine years in the industry. Yes, I am generalizing and there could be always be occurrences where a local bank or lender is in fact competitive. However, in my experiences this is rarely the case. There is no need to nitpick my retort Sunnyview. There are good lenders and perhaps some not so great but you will have to agree that the bad apples in this industry are no longer after reform. The whole reason the government implemented new regulations was to prevent bait and switch tactics and ultimately protect the consumer. It sounds like to me you have a problem with the large wholesale lenders on Zillow because you cannot compete with them. At the end of the day it boils down to this - If everyone could get the best rate going locally then websites like Lending Tree and Zillow would not exist. Americans in 2014 are increasingly tech savvy and shop online for a plethora of services with home mortgages being one of them. I know in the future when I need a mortgage where I will be shopping and it will not be the local broker or Quicken Loans.
To be licensed with NMLS and be able to perform mortgage loans in the United States you now must: * Complete 20 hours of Pre-licensing education and additional further education for specific states.* Pass a nationwide licensing exam as well as a state licensing exam for every state you operate in. * Maintain financial well-being and submit to annual credit report checks. If you have a history of financial mishaps and low credit scores you will not be granted licensure. * Submit to a criminal background check which negates convicted felons or misdemeanors involving financial crimes.
* Complete the required continuing education requirements each year.* Many states require surety bonds.
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