Zillow Advice: Lenders - Are there significant advantages to dealing with a local bank when taking out a home loan? http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ Zillow Advice | Zillow Real Estate I've done business in CA ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ I've done business in CA from Eureka to San Diego. That's at least a 11 hours drive, if you are exceeding the speed limit, Andrew. <br/><br/>Currently two of my <a href="http://www.zillow.com/mortgage/">loans</a> are in neighboring towns. Everything is done the same.&nbsp;The advantage is we are only dealing with one state's <a href="http://www.zillow.com">real estate</a> laws, besides the federal laws we all are required to abide to. Along with one state's lender's rate sheets. <br/><br/>For me, to keep up with the laws and rate sheets in all the states some of the folks here on Zillow work in, would be more than I wish to keep track of. But, if their doing a great job, I admire them..... Happy funding, Rudi Tue, 09 Feb 2010 23:42:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T23:42:00Z I don't care what Allen says, ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ I don't care what Allen says, or anybody else for that matter, being able to look the person you are borrowing money from, in the eye, if and when needed, or simply desired, is an advantage. How could that be a disadvantage? Case closed.<br/><br/>The same should be said from a Lender's point of view. If big Al was lending his own money, he might want to eyeball a few of these <a href="http://www.zillow.com/mortgage-glossary/Borrower/">borrower</a> characters. I've been there, and done that.<br/><br/>I would further argue, as I have before, that multi-state, non "high touch" lending, caused at least 33% of the mess we are currently in. I have personally straightened out at least 40 deals, that were nearly muffed by out of state <a href="http://www.zillow.com/directory/lenders/">Lenders</a>, in the past four years. It has become somewhat of a niche for me.Come to think of it I'm going to miss DiTech. Tue, 09 Feb 2010 22:32:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T22:32:00Z Well I think some products ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ Well I think some products are better locally. I would never do a 203k <a href="http://www.zillow.com/mortgage/">loan</a> for example more than 10 miles away....<br/><br/><br/>Like I said that is what makes this business interesting there is no right way to find clients (with honest quotes) there is only a right way to treat clients. Tue, 09 Feb 2010 21:52:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T21:52:00Z Alan,I worked for Wells for ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ Alan,<br/><br/>I worked for Wells for 13 years and still did the bulk of my business with in 10 miles of my office.&nbsp; I just don't get why one would need to go 100 miles away form where they live to make a living.&nbsp; I know it happens I just don't get it....We had a guy we nicknamed international Paul because he wrote <a href="http://www.zillow.com/mortgage/">loans</a> in every state but MA...I just don't get it.&nbsp; <br/><br/>I also do high touch renovation and construction loans so the local network is a huge part of making the loans go smoothly.&nbsp; I didn't say anything was wrong with it..I just don't get it!<br/><br/>A local <a href="http://www.zillow.com/directory/lenders/">lender</a> can offer exactly what you are offering and I have no doubt your service is excellent but I have to bet that a <a href="http://www.zillow.com/mortgage/">loan</a> officer that is a little closer may be able to offer a comparable service level.<br/><br/>Just my .02 Tue, 09 Feb 2010 21:46:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T21:46:00Z Drew,I hate to make you go ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ <p>Drew,<br/>I hate to make you go back to this thread again, but I think you summarized my point exactly it all comes down to working with&nbsp;quality people.<br/><br/>I think we are on the same page we both want the easiest possible transaction for our clients.<br/>&nbsp;<br/>If the argument is&nbsp;simply face to face communication is more effective ( not saying that is your contention just that&nbsp;seems to be the jist of some of the&nbsp;coments) &nbsp;than I would say that the bulk of the commincation that expidites a loan&nbsp;is internal. So the client would be better served by the majority of the communication being face to face.<br/><br/>If the argument is that you can trust someone who is local more... than you are correct where the underwriter is doesn't matter, but I don't think that is what you are saying either, and the Zillow rating system and th ability for future clients to review these threads for past advice is a invaluable tool for finding out if a <a href="http://www.zillow.com/directory/lenders/">lender</a> knows what they are talking about.<br/><br/>What we are both saying is that a good <a href="http://www.zillow.com/mortgage/">loan</a> officer provides more value to the client.<br/><br/>As for way we choose to do business. To borrow your phrasing why would my client need to be next to me?</p><p>I have been in the <a href="http://www.zillow.com/mortgage/">mortgage</a> busienss for nearly 14 years and have always done mulitstate lending. 90% of my clients are more than 100 miles from my office.&nbsp;My clients&nbsp;appreciate my service and the value I provide.<br/><br/>There is no one right way to get business in the mortgage industy, and that is the beauty of it.<br/><br/>There is a right way to deal with every client and you are correct that is what is important.</p> Tue, 09 Feb 2010 21:40:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T21:40:00Z I have to Kick Again!Why ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ I have to Kick Again!<br/><br/>Why would my underwriter need to be next to me?&nbsp; As long as they will take your calls and do what needs to be done...they could be in Timbucktwo!<br/><br/>It comes down to the individual you work with and that's it!<br/><br/>What I don't understand is the need to market and sell <a href="http://www.zillow.com/mortgage/">loans</a> over multiple states...I am in New England and can drive though 4 states in a little over 2 hours and don't see the need or the benefit to try and cover that large an area...90% of my business is done with 10 miles of my home office. Tue, 09 Feb 2010 21:07:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T21:07:00Z Well my opinion is biased ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ Well my opinion is biased since I do <a href="http://www.zillow.com/mortgage/">loans</a> in multiple states, and I am sure many others are biased because they don't. The difference in service is the <a href="http://www.zillow.com/mortgage/">loan</a> officer the difference in value is often times based on the institution. Some places just have access to better rates. It is often that simple when it comes to value. <br/><br/>I dont' think most people care to stop in. So I don't think taht is a reason to work local. I helped a client about 500 miles from me who sat face to face with their credit union loan who in turn brokered the loan and had horrible service because while they were local not one other thing was.<br/><br/>The things to ask the loan officer are "how far do you sit from your underwriter and closer" not how far are you from me.<br/><br/>If I need a answer or something to get done ASAP I walk across a my office. If the guy in your local branch of a big bank needs the same answer he has to go through a phone tree.<br/><br/>With HVCC local and not local matters even less because so few <a href="http://www.zillow.com/directory/lenders/">lenders</a> will order a appraisal other than through a AMC. So you don't even get a loan officer being able to select a appraiser they know to be good ( or then again know to be bad).<br/><br/>So if it is a .125% with the same lower fees ( and if you found the other lender through Zillow actually have feedback on their service) why not work with them? Tue, 09 Feb 2010 20:51:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T20:51:00Z Kick it one more time 'Drew!I ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ Kick it one more time 'Drew!<br/><br/>I love it when pasadenan rambles about stuff he knows. I love it when he rambles about stuff he doesn't know. <br/><br/>But, anybody who wanders up the teller line at a Bank, looking for a HELOC, is begging for disappointment. Can you imagine trying to sell that SOB something. I'd rather die.<br/><br/>Yours truly,<br/>The Dead Horse Whisperer Tue, 09 Feb 2010 15:32:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T15:32:00Z P...Your right...you know ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ <br/><br/>P...Your right...you know much more about the banking and <a href="http://www.zillow.com/mortgage/">mortgage</a> industry than I and my 16+ years experience.&nbsp; Please forgive me...<br/><br/>You can get a great <a href="http://www.zillow.com/mortgage/">loan</a> officer at a less than stellar institution or company that can insulate you form the shortcomings.<br/><br/>You can get a horrible loan officer at a stellar institution and it would make you think that the institution or company is horrible.<br/><br/>Ideal situation is you get a great loan officer at a great institution or company...but one is no guarantee of the other!<br/><br/>P---respond or don't...This horse is dead and I am done beating it! Tue, 09 Feb 2010 15:23:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T15:23:00Z This topic could be debated ... http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ This topic could be debated endlessly. I stand by my belief that a local expert is better than a far flung one. A local idiot is better than a far flung idiot. A far flung expert is only better than a local idiot, if they are committed to "your" cause. And, that depository institutions are not the best place to find <a href="http://www.zillow.com/mortgage/">Mortgage</a> expertise, or advantageous pricing.<br/><br/>I also still believe, that Mortgage Lending is a people business. It is conducted best by those interested in quality of outcome, not quantity of outcomes. Tue, 09 Feb 2010 14:18:00 GMT http://www.zillow.com/advice-thread/Are-there-significant-advantages-to-dealing-with-a-local-bank-when-taking-out-a-home-loan/322602/ 2010-02-09T14:18:00Z