Comments on: Banker, Broker, Consumer Lender or Credit Union? Part 2 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: A Mortgage Broker is not a Lender | Rain City Guide http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-333174 A Mortgage Broker is not a Lender | Rain City Guide Fri, 30 Jan 2009 00:36:23 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-333174 [...] Banker, Broker, Consumer Lender or Credit Union? Part 2 [...] [...] Banker, Broker, Consumer Lender or Credit Union? Part 2 [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328315 Rhonda Porter Mon, 10 Nov 2008 14:33:27 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328315 Sandra, glad we could help! It would certainly be easier for buyers if all mortgage originators had the same rules. :) Thanks for reading RCG and finding Jillayne's post...I enjoyed reading it again. Sandra, glad we could help! It would certainly be easier for buyers if all mortgage originators had the same rules. :)

Thanks for reading RCG and finding Jillayne’s post…I enjoyed reading it again.

]]> By: Sandra http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328276 Sandra Sun, 09 Nov 2008 22:34:45 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328276 Thank you SO MUCH for your quick response. I am really impressed. Thanks to the information you provided you have helped us understand and continue with our loan process. I have also asked for the written guarantee of the closing costs as you suggested. Thanks again. Thank you SO MUCH for your quick response. I am really impressed.
Thanks to the information you provided you have helped us understand and continue with our loan process. I have also asked for the written guarantee of the closing costs as you suggested.
Thanks again.

]]> By: Rhonda Porter http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328260 Rhonda Porter Sun, 09 Nov 2008 07:19:08 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328260 Sandra, I work for a correspondent lender and what they are telling you is true. On some loans they are paid by the lender/bank once the loan is sold. Correspondent lenders take the responsibility/risk for the loan as they sell it after funding which is different than a broker. If your loan is locked and they have provided you with a lock confirmation along with a good faith estimate that corresponds with the lock you should be fine. I encourage you to have your lender provide you with a written guarantee of your closing costs as shown in Section 800 of the GFE. Good luck! Sandra, I work for a correspondent lender and what they are telling you is true. On some loans they are paid by the lender/bank once the loan is sold. Correspondent lenders take the responsibility/risk for the loan as they sell it after funding which is different than a broker. If your loan is locked and they have provided you with a lock confirmation along with a good faith estimate that corresponds with the lock you should be fine. I encourage you to have your lender provide you with a written guarantee of your closing costs as shown in Section 800 of the GFE.

Good luck!

]]> By: Sandra http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328251 Sandra Sun, 09 Nov 2008 04:55:16 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-328251 Hi, I am presently mortgage shopping. This is an excellent article to help people in my situation. I do have a question about my case: I have a rate locked with a correspondent lender which is lower than most other places I have called(about 1/8th less). On the lock confirmation which appears to be from a bank, it shows a prefeature/postfeature price of 99.8 and 99.9. We were told by someone that I am getting this rate as the lender is being dishonest with me. I was told that a value under 100 reflects he is paying for the loan and that means he will put in surprise fees by the time of closing to prevent being at a loss. Their 800 series fees are also very low, only including a processing$400 and underwriting fee 305$. (no other junk fees). When I did ask the lender this question, they said that they will make money off the loan once they sell it. As I am not well versed in all of this, I am left confused as to whether what they are saying is true. I just want to know if a correspondent lender has to be truthful legally or whether they can be dishonest and add in surprise undisclosed fees towards to the end. Thank you, Hi,
I am presently mortgage shopping. This is an excellent article to help people in my situation. I do have a question about my case:
I have a rate locked with a correspondent lender which is lower than most other places I have called(about 1/8th less). On the lock confirmation which appears to be from a bank, it shows a prefeature/postfeature price of 99.8 and 99.9. We were told by someone that I am getting this rate as the lender is being dishonest with me. I was told that a value under 100 reflects he is paying for the loan and that means he will put in surprise fees by the time of closing to prevent being at a loss. Their 800 series fees are also very low, only including a processing$400 and underwriting fee 305$. (no other junk fees). When I did ask the lender this question, they said that they will make money off the loan once they sell it. As I am not well versed in all of this, I am left confused as to whether what they are saying is true. I just want to know if a correspondent lender has to be truthful legally or whether they can be dishonest and add in surprise undisclosed fees towards to the end.
Thank you,

]]> By: Update on the May 7 Mortgage Broker Commission Meeting and SB 6471 : National Association of Mortgage Fiduciaries http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-319828 Update on the May 7 Mortgage Broker Commission Meeting and SB 6471 : National Association of Mortgage Fiduciaries Wed, 18 Jun 2008 05:12:10 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-319828 [...] one small problem.  As I addressed in my four part series on the differences between a banker, broker, consumer finance company, and a credit union within the realm of licensed mortgage brokers we [...] [...] one small problem.  As I addressed in my four part series on the differences between a banker, broker, consumer finance company, and a credit union within the realm of licensed mortgage brokers we [...]

]]> By: Jillayne Schlicke http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-168742 Jillayne Schlicke Fri, 10 Aug 2007 01:19:16 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-168742 Hi Claire, Thanks for stopping by RCG! Send me an email and let me know how you're doing! Hi Claire,

Thanks for stopping by RCG! Send me an email and let me know how you’re doing!

]]> By: Claire Harris http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-168640 Claire Harris Thu, 09 Aug 2007 16:06:36 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-168640 Hi Jillayne! This is Claire Harris. I am thrilled to find you again and the terrific work you're doing! Great job! C Hi Jillayne!
This is Claire Harris. I am thrilled to find you again and the terrific work you’re doing! Great job!
C

]]> By: Banker, Broker, Consumer Lender or Credit Union? Part 4 | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-164284 Banker, Broker, Consumer Lender or Credit Union? Part 4 | Rain City Guide | A Seattle Real Estate Blog... Fri, 27 Jul 2007 05:12:24 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-164284 [...] If you enjoyed part four of this four part series on different types of mortgage lending institutions, here are links back to the other three: Part 1 Banks and Mortgage Banks Part 2 Mortgage Brokers and Correspondent Lenders Part 3 Consumer Loan Lenders [...] [...] If you enjoyed part four of this four part series on different types of mortgage lending institutions, here are links back to the other three: Part 1 Banks and Mortgage Banks Part 2 Mortgage Brokers and Correspondent Lenders Part 3 Consumer Loan Lenders [...]

]]> By: Banker, Broker, Consumer Lender or Credit Union? | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-160799 Banker, Broker, Consumer Lender or Credit Union? | Rain City Guide | A Seattle Real Estate Blog... Mon, 16 Jul 2007 20:48:01 +0000 http://raincityguide.com/2007/07/05/banker-broker-consumer-lender-or-credit-union-part-2/#comment-160799 [...] For part one of this series, I will provide reasons for and reasons against choosing a bank as your lending institution. Part two will cover brokers and correspondent lenders, part three will delve into consumer finance companies and in part four we’ll look at credit unions. [...] [...] For part one of this series, I will provide reasons for and reasons against choosing a bank as your lending institution. Part two will cover brokers and correspondent lenders, part three will delve into consumer finance companies and in part four we’ll look at credit unions. [...]

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