Profile picture for hmbv20

lender or broker

for mortgage which one is better,lender or broker, I mean is there any advantage for any of them and do the brokers charg extra fee?
thanks
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March 11 2010 - US
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Answers (405)

"Brokers do charge extra usually a point or half-point (point equals 1% of the loan amount)."

Pleae point out where that statement was disclaimed as "in my experience".

You should be very careful what you say because some people look to you for guidance and take your words as law. You should not be giving your "opinion" as if it were fact. 
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June 12 2011
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The study is unfortunately releveant as the FED based their last set of pay rules for lenders on parts of that study. Fakakta indeed.
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June 12 2011
@BKJH

No need to be so abrasive. Some do and some dont - that's fine. I'm only sharing my experience - and that is what has happened. If you don't charge it - then don't be so offended - just tell your clients that unlike the brokers I ran into - you don't charge. That doesn't mean that what is said is "Absoulte lies", because I obviously didn't say this without a personal experience. As simple as that.


@shaprioamg

You're right, not sure why I answered a 2010 post, but somehow it showed up as new and I just answer from my phone without looking at the date. But what I find even more funny is that "someone" sent me an email late last night called 'Study Shows Loan Brokers' Better Side" (i'm assuming to prove that loan brokers are better). The funny part is that the article is written April 16, 2005. How in the world is that relevant in today's economy and real estate market?
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June 12 2011
"Brokers do charge extra usually a point or half-point (point equals 1% of the loan amount)"

Absolute lies! I think every time an agent spouts ridiculous nonsense like this they should be forced to take a real estate finance class so they have a clue what they are talking about! In lieu of the RE finance class I would suggest public flogging!
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June 12 2011
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Does anyone else find it funny about offering an opinion on a 1+ year old thread?
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June 12 2011

These days most sellers will only accept a pre-approval from a direct lender. So you will have to start working with one from the start. Brokers do charge extra usually a point or half-point (point equals 1% of the loan amount). Most of my clients prefer working directly with a lender, however some consult with a broker to shop around for rates and programs with different banks.

I wish you the best of luck!

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June 12 2011
It must have been deleted the same day Tim Sutherland's 1/5 review was....
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March 26 2010
Profile picture for Pasadenan
A better question is why the Mortgage Broker for TriStar Financial all of a sudden is "copy/pasting" the same post for 49 threads this morning for "Straight forward lending", and why he is all of a sudden quoting for Straight Forward Lending this morning...
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March 26 2010
Any idea who it was and have they been removed from zillow?
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March 26 2010
The false Pasedenan has been deleted, as have the posts.

-Geoff-
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March 26 2010
Profile picture for Pasadenan
An image of current trends, verse an image of a prominent famous Pasadena house; all the same to me...

After the fake impostor copied the avatar for his, I thought about putting it back to a blank image; but "white picture" changed his user name and changed his avatar to that after I stopped using it.

Zillow has deleted the Pasedenan user now, so I could go back to the previous avatar, but I don't like to change it too often.  I was thinking about using the image of the prior Imelda Marcos property in Pasadena.  It has been for sale for over $50 million for several years now.  Of course the house that she had when she owned it burned down after she was forced to sell it in the 1980's due to her assets being frozen in the Philippines.
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March 26 2010

Pasa,

Good choice! A much more appropriate Avatar! .... Happy funding, Rudi

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March 26 2010
Profile picture for Pasadenan
Though Zillow deleted the one post; the poster posted the same link on two other threads... and Zillow has done nothing (so far).

I didn't flag the posts, but I did flag the new user, requesting Zillow leave the posts but remove the offensive links... but the links are still there
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March 26 2010
I didn't catch that, it got me!
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March 26 2010
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Clay -

You will notice that someone created a new profile, as they have done several times on this thread, just to try to heat up the discussion.  I had nothing to do with that link...
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March 26 2010
Oh sh........... Pasa, how do I get any trace I went to your link out of my computer?
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March 26 2010
What?

This isn't a great time to buy?

I have been seriously misled!
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March 26 2010
Profile picture for Pasadenan
"drop the personal vendetta here" -

No personal vendetta; just curious about the information I couldn't find on the company website...
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March 25 2010
David,

Hi there! Glad to see you're making the rounds. .... Happy funding, Rudi
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March 25 2010
David,

If borrowers could care less they wouldn't ask the question.  Avoiding questions that you have a strong opinion about doesn't seem to be a very logical thing to do either...

Just my .02
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March 25 2010
Lenders - 

I can't believe you guys are getting into the whole banker vs. broker argument publicly – it honestly just reflects poorly on everyone involved. Borrowers could care less; they just want a fair deal from an honest lender. In future, I recommend that you avoid this question just like Realtors should avoid answering "Is now a great time to buy?"

hmbv20 - 

As you can see this is quite a hot topic but just like Zillow Mortgage Marketplace doesn't choose sides, I recommend that you shop your loan around to both brokers and bankers and select the best deal.
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March 25 2010
Pasadenan - 

Please immediately drop the personal vendetta here. If you have genuine concerns about any lenders' credentials the appropriate response is to contact Zillow about it. You are abusing this forum to damage lenders reputations purely because they disagree with you and it won't be tolerated.  
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March 25 2010
The managers that opened this branch a couple years back, came from a company that closed down. While they were in the process of finding a new company, they parked the phone numbers with another company until they had this branch up and running. All phone numbers should lead back to us. We are a real brick and mortar location, we are a branch of MD's largest privately held mortgage company. 
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March 25 2010
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"Did I pass the background check?" -

Still doesn't address why the phone number for your business is listed for a different loan business and different person.
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March 25 2010
Profile picture for SoCal Engr
For what it's worth, this thread feels "old school". Start with a broad question, get a few opinions, a few flames. Hijack the topic and flame a little more, see how many pages it gets to before a new, more interesting thread pops.
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March 25 2010
Josh,

The fact that you gave a candid answer goes a long way in earning "Zillow Cred" in my book...for what it's worth...which ain't much!
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March 25 2010
Your right, I just came to the same conclusion. I logged into ENOM, all my contact info with them is correct. Nothing more I can do. I appreciate the dilligence you do on new zillowers. Pasadenan, Did I pass the background check?
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March 25 2010

[comment has been removed from zillow, please refer to our Good Neighbor Policy]

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March 25 2010
I bought the domain about a year ago through google. I never used it, I was focusing on  my blog and helping enhance my employers site. I was not on zillow, because a colleague on my office was a big hitter on zillow and the company did not want us quoting against each other. My former company closed,  last week and signed up for zillow. As to why they are registered where they are, I do not know. It could be because they are through google, I have no clue. I've been in Maryland my entire life
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March 25 2010
Profile picture for Pasadenan
Did corporate create your Website for you?  Do they have a branch in Bellevue Washington?  Your website seems to have only your name on it, and whoever registered your domain name last year used the Washington State address and phone numbers, and those phone numbers are not listed phone numbers for your company.

If it is not correct, you should go to whoever helped you create your website last year and update your Domain Name registration contact information.

How long have you been at the present branch?  Of course business do go out of business, but phone books get updated every year.
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March 25 2010
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