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

 
 

Answers (405)

Why do you think it was a bank or correspondent that is posing as Rosey?

The Disclosure of YSP is not up to the loan officer correspondent or broker and choosing a lender or broker based on that means you are focusing in the wrong things...since it has no bearing on the rate and fee combination the consumer gets at the end of the day!

I have said it a zillion times no difference in what the consumer can get at the end of the day from a lender or a broker.  It comes down to service and what the loan officer is willing to work for. 

I also believe there is a trade off between service and what someone is willing to work for.  The only thing that limits a loan officers potential income is time.  There are only 24 hours in a day and at some point you run out of it.  Even a loan officer whose business plan is low margin to attract business will eventually increase the margin they are willing to work for when they run out of time!
  • March 24 2010
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Oh Rosie you such a charmer... and YES I did smoke weed as a teenager AND I inhaled too. I'd be smoking today if I still enjoyed it. Hey if someone wants to sit around and bake life away, go for it.

Rosie Palmer and her 5 Sisters.  LMAO  sounds like something "Larry Mondelo" would say. What no Cowboy pic for your profile this time or perhaps your concerned about getting "cyber squashed"?

Heck I'm not even going to flag your stuff... It as it ONLY serves to show just how bitter Bank and Correspondent Lenders get on topic of NOT DISCLOSING Yield Spread Premium to their clients.

@ Nic... I think Pasa has a new hobby... Comparing Lender Claims to What they ACTUALLY do in the open market. 

Rosie... are you sure you not really a bitter bank lender trapped in a womans body... You should probably do some research on what an IP address is and its function... Pasa, would you care to elaborate on IP address for the tech challenged?
  • March 24 2010
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Profile picture for blue screen exile
"he kept sending text messages while talking to us too" -

And there were no supervisors or managers in the branch??

Even if it was a new hire; they know it is against company policy.  There must have been a manager or supervisor somewhere in the branch.  You should have spoken to the manager as they won't fix something if it is not visible to them and not brought to their attention.

"had big hole ear rings"
"had a tattoo of a pot leaf on his hand"-

Don't know where you live, but most bank branches have fairly conservative dress codes; about what you would expect in a high end conservative clothing store or nice restaurant.  Not what you would expect at a discount tool store or punk rock clothing store, or guitar store.  So I'm wondering how such a person could actually have been hired and whether the person is a licensed loan officer.  There is nothing in "equal opportunity employer"  that states punk fashions are a protected status.

Is my city just "old fashion" and I need to learn to adapt to the dress code of today's youth?
  • March 24 2010
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Profile picture for blue screen exile
"Get. A. Hobby" -

Which one?  You mean like determining when a loan officer is trying to deceive the public?

Or do you mean like writing references to show people contradicting themselves?

Or do you mean like providing internet CIC cost statistics and page view statistics?

Or do you mean like bicycling 90 miles in a day, increasing elevation 6000 feet?

Or do you mean like jacking up a house manually, knocking the foundation out from underneath with a sledge hammer, and pouring a new foundation and bolting the house down?
  • March 23 2010
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Seriously Pasa,  Get. A. Hobby.


  • March 23 2010
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I have 5 sisters Sherri, Virginia is the oldest and I'm the youngest, we all do what Virgy says ... most of the time (she went with the broker and the others did after)
you sure are a pretty one Sherri...love your hair and pretty eyes and smile...

I thought all brokers were fat and bald like Jame Wornast
  • March 23 2010
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rose, how many sisters do you have?? :)  And YES, the ZMM does get quite active at times...
  • March 23 2010
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Profile picture for rosepalmer
Just my good friends and family call me Rosey

Wow alot going on with this website, that mortgage broker James Wornast from Seattle is a real big fool by what I can tell
*oh ya the guy at the bank had a tattoo of a pot leaf on his hand, must be doing the same thing that like smoking pot or something like James Wornast does now and did growing up... how else can anyone mix up what city they grew up in?

Do banks and brokers do drug testing? That seems kind of important with all the big numbers and stuff.
  • March 23 2010
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Rose, or is it Rosie?

  • March 23 2010
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gosh, one bank has an unprofessional representative in one of its many branches, so ALL banks must be bad, no point in taking a left out the door and walking to the next bank down the block.
 
What will you do when you talk with an unprofessional broker?
  • March 23 2010
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Profile picture for rosepalmer
I was just on google trying to figure this out...should I go with a broker or my bank Chase. I went into Chase with my husband to get a quote on a refinuisance, the boy behind the desk had big hole ear rings in his ears, and kept saying 'right on' to everything...he kept sending text messages while talking to us too... he said we could get a 30 yr fixed for 5% with closing cost around $11K...seems hi for a $300,00 loan.. my hubby says go bank but my five sisters all went with brokers... let me read this input here I guess
  • March 23 2010
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Profile picture for blue screen exile
I do see that Nic did quote against the Well's Fargo direct lender
quote request

but that he offered a 15 year loan instead of the 30 year loan offered by Wells Fargo.

I also see that another direct lender offered the same interest rate for 30 years, but lower fees...

So, since Nic says he can beat these direct lenders, how come he didn't offer a 30 year quote that was more competitive than these direct lenders?


  • March 23 2010
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Profile picture for blue screen exile
Look at that, Nic is offering a Refi that will cost the borrower Look at that, Nic is offering a Refi that will cost the borrower $17.6k more in 30 years than the present loan...




http://images2.zillow.com/is/image/i0/i2/i3752/ISrabqv19uyi77.jpg
  • March 23 2010
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No Nic, not your VA quotes; I made sure it didn't say "VA"...

30 year fixed

But I see it does say FHA in your "notes"; even though it didn't say it in the summary.

So, looking at another of your
30 year fixed quotes,
in the $300k magnitude, I see the interest rate is identical to what Well's Fargo Direct quoted,
but your fees are $4184
which is $3170 more than the direct lender.

Thus you are still not offering the best rates that that "wholesale rate" should have allowed.
  • March 23 2010
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I just priced the quote out ..same request as Jim and it priced at 99.756...I try and generate between 1.25 and 1.75% in gross Revenue on FHA loans so If I quoted in WA I could offer that rate with 1.5% in origination and discount.  Plus aboout $900 in lender fees for appraisal, tax service, flood, and processing.  Add in the UFMIP and the total fees are about $12,000. 

Point being we all offer the same thing..it comes down to how much you are willing to work for.

  • March 23 2010
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Now you're comparing my VA quotes to WF conventional quotes. 




And no I'm not overcharging chief.
  • March 23 2010
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Profile picture for blue screen exile
OK, comparing Nic's recent 30 year fixed rate quote in the $300k range...
1/8% more than Well's Fargo direct quoted
Fees of $1285; no mention of FHA.
So, fees $271 more than the Wells Fargo direct quote, thus Nic is purposely over charging his customers since he says the wholesale rates he gets are better than anything a Well's Fargo direct lender can offer.
  • March 23 2010
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"Apples and car tires." -

Yea, but that was all I could find for Jim's recent quotes, and for the Wells Fargo direct lender's recent quotes, and Jim doesn't offer to fund through Wells Fargo.
  • March 23 2010
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A wells fargo retail loan officer can NEVER beat a broker's wholesale deal.  It sounds like you're comparing a conventional offer to an FHA offer.  Apples and car tires.

  • March 23 2010
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Profile picture for blue screen exile
Interesting; a comparison of a 30 year fixed rate loan in the $300k magnitude from a Wells Fargo direct lender, and an in-direct loan officer that has been posting on this thread.

Total Fees for the loan from the direct lender are $1014.  Total fees from the indirect lender $14,088 including the $5565 FHA fees.

$14k fee loan quote

Sure, for some of that fee the rate is bought down... and apparently the borrower doesn't have as much to put down...

So, if both were $300k loans, when would the "break even" point be, if we just assume the fees are financed at the same rates?

Well, if they were paid for the full 360 months, the one with the higher fees would save $8,925, with the monthly payments being $24.80 less..

But break even is at 12.6 years if one made the higher payments for both loans.

I would go with the direct lender rather than the indirect.
  • March 23 2010
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Hamp -

That sounds like a good use for an HP12c, but it still sounds like you are missing some hardware for the wireless cell service.  Would like further instructions...

What was opaque?
(if you are wondering how an 8.5x11 driver can process 11x17 paper, it was an HP-III driver that is now being used on an HP-5000 printer; it only required one additional line of code, and Word Perfect provides a Printer Driver editor for such things.  I only needed to look up the PCL code for the paper size on the HP website.  Neither HP nor Word Perfect offered the HP-5000 printer driver for Word Perfect 5.1, and I wanted the modified printer functions I had already added to the driver years ago anyway).
  • March 23 2010
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I converted my HP12c into a Blackberry, with a piece of aluminized chewing gum wrapper, 3 parts from a 14k Gold Cross Mechanical pencil, and some flubber. This afternoon. All while being opaque
  • March 23 2010
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"what a HP 12c is or can even think in RPN" -

I miss my HP-28S, and wish that HP hadn't discontinued that.  I mostly use HP-48GX, and have translated the majority of the programs I wrote for the HP-28S to the 48GX; but the keyboard for functions and text was more user friendly on the 28S (though a bit harder to hold).

Many of the programs I've re-written for WP-5.1 macros; and that is much more efficient for document production, and they won't translate to windows based word processors no matter how much they say that they have macro conversion abilities.  The documents produced mostly translate, except for the "over" function that I modified the printer driver to produce.  (No easy way to modify the window's printer drivers).  I recently modified an 8.5 x 11 printer driver to also handle 11 x 17 paper.

I've also re-written many of the HPGX programs for Excel, but Excel can't do math with complex numbers anywhere as easily as the HP calculators can.  But Excel is much better for graphics and printing.

I still intend to re-write several of the programs for LISP, but it is always a question of priorities and deciding to start.  LISP isn't good at complex numbers either, thus I'll have to write several functions to get the complex math needed.  I may even write the needed functions as external routines in C++.

For least squares curve fits, I've written those programs in DEC-PDP11 Basic+, HP3000 basic, Commodore Basic, HP28S, HP48GX, MathCad..., but find it much easier in Excel and very rarely run a curve fit in anything but Excel now.

I have no use for an HP-12C calculator as any of the other machines and programs can do what the HP-12C does, and the HP-12C is missing too many functions and features.  My preference now for financial calculations is Excel.
  • March 23 2010
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Profile picture for blue screen exile
You can look them up; they haven't been deleted, but they have been "closed" to further posts.

They are quite humorous.  Mostly on the "buyers" section, mostly regarding Huntington Beach, Irvine and parts of Orange county.  The really heated ones were about a year ago.

  • March 23 2010
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Pasa wish I was around to see the Agent Bob exchanges... I actually laugh at the thought of LO's sitting at their  desks all P.O.'d 

  • March 23 2010
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"I still have no idea how it's possible without your friend having signed over the deed or given them the authority to foreclose on her" -

The only issue is that at the time I asked the question when there still may have been some chance of undoing what happened, the answer provided was "impossible, you are making it up, you must be lying"...  (Well, not exactly those words, but close).  If I didn't also think it was impossible, I wouldn't have been asking how it could have happened.  And I definitely was not lying nor making it up.  But it is too late to do anything about it now, especially as the lawyer fees and drop in value of her other house caused her to lose that one too.

At the introduction to PSI that I went to at her other house, there was someone "marketing" the PSI seminars that stated he recently got into real-estate, and that he was making substantial money at it, but the presentation tactics he was using was the same techniques used by the Moonies on the college campuses that was explained in the literature provided by Campus Crusade for Christ or one of those other groups...
And anyone that read a body language reference book would know that the presenter was over-compensating on the techniques he had learned.

I'm still convinced that part of the "get rich quick" scheme that PSI was marketing was this sharing of a small interest in property on the title, to leverage more property, but in some kind of pyramid scheme (like in chain letters...) that would have to collapse sometime, with some that got in early having a good return, but most of the others having major loses.  Not much different than what Bernard Madoff was doing.

Of course they wanted something like $1500 for the initial seminar, and the more advanced seminars are more like $25k.  And the presenter stated he would "guarantee" that what was learned would be worth the investment from his own pocket, personally returning the money for the seminar if a person wasn't completely satisfied.  (I only went to the introduction because my friend asked me to).

When he asked who was interested, I simply politely stated I was not in a position to take such a seminar at that time.  When pressed, I simply referred to family and business obligations and that I was not available.
(Most high pressure sales people are not affective with me).

Later, both my friend and her friend that she was renting space to for his business both asked me how I knew it was a sham.  I replied that I had E-mailed them both that night, and I forwarded the E-mail again...  but that primarily it was something I learned from CARP (the Moonies) in college.

  • March 23 2010
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Andrew, 

The ONLY reason I didn't just post them is: I am posting them in each and every quote... if anyone wants to know what they are all's they need do is look... and the definition of Effective Par Rate Pricing is right the home page of our website... no biggy.

The answer to you second question is propriety.  

I agree 100% with you on:
"That in and of itself is a business plan I don't get.  And that doesn't mean there is anything wrong with the plan..just different than what I do."

We have our pricing model, and you have yours. The ultimate goal is to provide the market (borrowers) what they want. :-)
  • March 23 2010
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"As I can"  is the key on that...I still have no idea how it's possible without your friend having signed over the deed or given them the authority to foreclose on her ...I am genuinely interested in what really happened with that.  One of the stranger things I have seen or heard about.

Jim,

I know exactly what your charging in a broker fee..which makes your refusal to answer the question even more puzzling.

What I don't get is why you would quote 3.875%, 3.99% and 4% all on a 15 year fixed rate mortgage with fees within .5% of one another.  Other than to attempt to take over the quote board.  Which is fine...I really don't quote on zillow and have never actually paid for a lead...That in and of itself is a business plan I don't get.  And that doesn't mean there is anything wrong with the plan..just different than what I do.

  • March 23 2010
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Profile picture for blue screen exile
"I'd be gone but every time I leave some Bank/Correspondent starts..." -

Yeh, same thing agent Bob was known for saying...  Zillow asked me not to post on threads where agent Bob posted as I would get him so upset that it would take Zillow staff hours to calm him down.
  • March 23 2010
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"what I do do is answer questions as accurately and as honestly as I can."-

Except when the question is how could a house possibly be sold out from under someone without foreclosure proceedings, and by a party that is not on the title, or has less than 10% interest in the property, and how could a lender grant a 10% interest on a title to a 3rd party?  And why would they sell the property for only 1/3 of present market value?

I don't think I'll ever get a reasonable accurate answer to that question...  And I'll just continue to think it had something to do with illegal deceptive manipulations by people involved with PSI seminars.
  • March 23 2010
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