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Old 08-22-2013, 09:20 PM
160 posts, read 418,497 times
Reputation: 49


The past few days I've been dealing with lenders for a mortgage & the process @ very best has been exasperating.

For example, I'm not a sub-prime borrower and I've excellent credit score. When I ask the lenders for a quote with as accurate a # on other lender fees most of the time all I get is an email response. Some lenders send me a worksheet which clearly states that the information provided is for 'informational purpose only'.How did you filter the scrupulous vs unscrupulous lenders?

How's that lenders expect borrowers to keep their end of the bargain when borrowers 've to make decision on such a big purchase with nothing more than a 'informational document'. The biggest joke was when the LO from Chase asked me for a GFE, when she in the first place was silently avoiding my emails when I repeatedly asked for one.

Is this normal practice for the lending industry or am I getting the unscrupulous ones? How can I get quotes which the lenders can be held responsible for without having each one of them pull my credit? Pls chime in.

Also, I've read in multiple consumer rights-based website that multiple queries for loans like mortgage/auto within a 14-day period counts as a single query. Is this true?
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Old 08-22-2013, 09:58 PM
28,383 posts, read 67,903,744 times
Reputation: 18189
First, yes the credit bureaus will not count multiple hits in a two week window against you.

Second, the relative degree that ALL lenders are forced to use the "weasel words" is something that is the result of lawsuits and government intervention. Fact is there is no other way to do this -- anything that they deliver to you by email or any printed correspondence is subject to regulation as being "deceptive enticement" unless it has the "informational purpose" disclaimer.

Lenders CANNOT give binding commitment until the process is nearing the conclusion -- they need the actual propety you are making an offer is needed so that the lender can plug in the appraisal and know what local fees are for closing. While technicality the town-to-town variablity is rarely large there are legitimate reasons for even the most honest lender to "leave themselves an out" as laws / fees do change and it is not fair to claim otherwise.

SO what should you do?

I have also recommended that folks TALK to several different lenders. It ought to be clear after a brief conversation which folks are well trained / professional and RESPONSIVE to your questions -- I strongly recommend getting a referrals from friends / coworkers / family that has had a good experience. It is often the case that the mortgage broker that has survived the ups & downs of the business of the th past years is going to be straight with you -- if they take to time explain WHY there are regulations instead of giving you the dumb smile and "well that's just how things are" you are way ahead of the folks stuck with some crazy call center...
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Old 08-23-2013, 05:20 PM
Location: Scottsdale, AZ
1,987 posts, read 3,785,721 times
Reputation: 2888
These lenders are not being "unscrupulous", but they may be proving lousy service. Lenders are licensed and are highly regulated so they will not "cheat" you. But each lender has their own little idiosyncrasies and their own way of making money. Some do it via higher rate, some via higher fees, some discount one thing and inflate the other. In the end you will find that most major lenders have the same programs and costs will be close.

This means then that service becomes the great differentiator. I personally recommend to my clients to use a lender with local offices that do a lot of loans in your area and are familiar with what is customary to get a home closed with a minimum amount of problems. I also like the idea of having a Loan Officer that will take the time to sit down with the client and discuss their needs and explain what they are signing and why.

It does not matter if it is a national lender, a regional bank or a broker. Find one that communicates with you on your level and gives you the feeling they are working for you.
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Old 08-23-2013, 05:39 PM
Location: OK
2,717 posts, read 6,289,617 times
Reputation: 1844
My advise is to go to a local bank or credit union.
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