Prefer to talk in person? Find a mortgage specialist on Zillow
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
  • March 11 2010 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (405)

the * * means their not activated to quote. 

Once again: 

How do you know what the average "consumer" wants?

How many prospective borrowers do you personally speak with each day?

How many people do think are involved in each and every home loan aside from the Borrowers and Loan Officer? 

Just because you can do some kewl tech stuff doesn't mean you everything about mortgage lending... OMG his lender list is not alphabetical... It must be a totally "bogus"... Dude listen to yourself.

Are you willing answer my questions???

 
  • March 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
"we" is certainly not "you", as "you" only want to hide data and keep people from doing comparisons.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
"re: ClearPoint... we've never funded with them" -

That is why they are at the top of your lenders list that is not alphabetical; Your entire list is "bogus" since you don't Fund through most of them "ever"!
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Pasa, 

How do you know what the average "consumer" wants?

How many prospective borrowers do you personally speak with each day?

While I applaud you for your contributions and desire to help others but being a successful Loan Officer is MUCH more than crunching a few numbers every morning.

How many people do think are involved in each and every home loan aside from the Borrowers and Loan Officer? 


re: ClearPoint... we've never funded with them. Their Rates are way to high. And who is we?
 
  • March 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
The only loan officers that disclose YSP are the ones required to disclose it by law.  It may be important to HUD, and possibly to the IRS, but not to the average consumer.

The end borrower doesn't care about YSP.

It is the final terms including rate and all fees that matter to the borrower, and whether the loan is funded on time, and whether the rates and terms stay below what was quoted.

And the disclosures that the borrower may want, are what the loan officers continue to try to hide, which is what I posted before.

If you are funding most loans through ClearPoint Financial, we want to compare ClearPoint's direct rates and terms with what you are offering.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Pasa I agreeeeee, 

Nic is better at at not disclosing Yield Spread Premium and as you uncovered, excessively charging. 
  • March 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No,  he's not better than sailing

I knew nic would come out and play again!
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
As far as loan officers are concerned, it is pretty clear from this thread that Nic is a better and more qualified loan officer than Jim, and I'm not even in the running as that is not my profession.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Nic is better
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No he's not.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
Better than what?  Ice Cream?  Sailing?  Mother Teresa?

What measurement standard?

Did Andrew go home for the day already?  It is only quarter to 6 PM his time...
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Jim is better

  • March 24 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Pasa is better
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
Andrew -

I don't see your E-mail contact on your website, and of course as a "confirmed lender" Zillow won't provide it.  And E-mail through Zillow does not allow attachments...

I'll E-mail you a note so that you don't have to "copy and paste" to create the Excel template.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Phyllis  is better 
  • March 24 2010
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
I do have some 2 headed quarters, and some 2 tailed quarters for those that like biased results...

I didn't say either were better; I stated you will find problems with most of either, and that there was no easy way to tell up front how honest a loan officer is, and whether they are efficient and effective.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

broker is better
  • March 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Pasadenan I changed my mind because of your excellent analysis
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

lender is better 
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
Phyllis said broker 2 days ago, now says direct lender..

Might as well flip a coin...

Or better yet, just do comparison shopping, and do some kind of analysis on truthfulness.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

stay on topic and follow the zillow good nieghbor rules....

lender  is better, in my humble opinion,

  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
So, for row one, my titles: (turned vertical to conserve space, with wrap)
A1  Principal Value
BI   Final Value
C1  Payment Amount
D1  Annual Interest
E1  Number of Payments
F1  Payments per year
G1  Total Paid
H1  Total Interest Paid
I1    Principal value      (yes, repeated; A-F is input data, rest are calculated)
J1   Final Value
K1  Payment Amount
L1  Annual Interest
M1 Number of Payments
N1  Payments per year
O1  Total Paid
P1  Total Interest paid

And row 2:
A2  (data)
B2 (usually 0)
C2 (data)
D2 (data)
E2 (usually 360)
F2 (usually 12)
G2  =C3*E3
H2  =G2-A3+B3
I2   =PV(D2/F2,E2,-C2,-B2)
J2  =-FV(D2/F2,E2,-C2,A2)
K2 =-PMT(D2/F2,E2,A2,-B2)
L2 =RATE(E2,-C2,A2,-B2)*F2
M2 =NPER(D2/F2,-C2,A2,-B2)
N2 =D2/RATE(E2,-C2,A2,-B2)
02 =K2*M2
P2 =O2-I2+J2

Row 3:
A3 =IF(ISBLANK(A2),I2,A2)
B3 =IF(ISBLANK(B2),J2,B2)
C3 =IF(ISBLANK(C2),K2,C2)
D3 =IF(ISBLANK(D2),L2,D2)
E3 =IF(ISBLANK(E2),M2,E2)
F3 =IF(ISBLANK(F2),N2,F2)

Conditional formatting is used to color-code the data.

Rows 2 and 3 are repeated (copied down) to Rows 5 and 6 for the comparison.  #of payments though is set to =E2 so that it is only input once

Row 8 is just subtraction to see the difference.

Obviously, just like the HP calculators, what ever data is left out is shown calculated.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You don't know.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

lender is better
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Blue Nile
Andrew -

I'd be happy to provide the interest comparison Excel Template I wrote and use, but then I'd have to give you my contact info...

But the chart I posted showing that the Refi Nic offered would cost $17.6 k more than existing in 30 years was provided by Zillow on the quote.  But Zillow's definition of "break even" is different than mine.  I consider outstanding loan balance, and Zillow doesn't.  I also set the payment amount the same when figuring "break even".

It doesn't take that long to write it yourself...
the functions are:
principal value = PV(monthly interest, # payments, -payment amount, -final value)
Final value = FV(monthly interest, # payments, -payment amount, principal value)
payment amount = -PMT(monthly interest, # payments, principal value, -final value)
Annual interest = RATE(# payments, -payment amount, principal value, -final value)*payments per year
Number of payments = NPER(monthly interest, -payment amount, principal value, -final value)
Payments per year = Annual interest/RATE(# payments, -payment amount, principal value, -final value)
Total Paid = payment amount * number of payments
Total interest paid = Total Paid - Principal Value + Final Value

  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

@ Andrew. I wish I kept stats back then. The brokerage did mega advertising. I just answered the phone and put deals together. 

Here's what it evolved to. We used to hang at the fax machine to get the rate sheets. Then I'd shuffle through like 30 of them to find the lowest Rate/Fee combination.I used to have so many transactions going at once that I couldn't keep track who I quoted what and at what fee.... at the end of day the senior broker used to say... "I've told enough lies for one day I'm going home".. I didn't really feel good about what I was doing and it was unbridled mayhem everyday.

About 6 months in I said "screw this" I'm doing things my way or I'm bailing... Management said OK. and I went 1099 @ 100%.  

I went with a Flat Fee of 1% and Capped the closing costs w/o pre-paids of $2,650 and if it went over I covered the overage.. Interest rates & YSP didn't matter to me or my income anymore... Low rates Low Costs, Great Service and High efficiency became MY business model. We built a spreadsheet we called the "Loan Daddy" where you plugged rates into, enter scenario specs and Wah La...  you could compare 6 loan terms in seconds...

Long story short... The Effective Par Rate thing and my Flat Fee & Capped Closing Cost Guarantee is nothing new... been doing it for 9 1/2 years. 

  • March 24 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Steve,

What about a correspondent lender that has access to the same lenders as a broker would?

Did you even read the thread?

More often than not there is no difference between a lender or broker other than who underwrites and initially funds the loan.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Pasa, right now it's off again. I'll come back later to see if it does change. .... Happy funding, Rudi
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

@Jim,

Might be the 1st time I have agreed with you and was the reason I started posting on the threrads to begin with...I didn't start actually getting a good amount of business from zillow until I had been active for over a year.

I doubt you would want Pasa to run those 1st 2 years of refi's through his spreadsheet...

Pasa,

If you are in a giving mood I would love to get a hold of that spreadsheet...I doubt I could punch any holes in it and would be curious to see how it works.
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Jim, how about $110,885.25 in YSP and $37,500 one point origination fee on a $3.75M loan? In 2006. I'll never forget it!

Not sub-prime. Alt-A. One of my accounts with ABC. The largest broker check I ever saw on one loan. Almost $150K. .... Happy funding, Rudi
  • March 24 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. ...
  7. 14