Mortgage Broker Expectations?

[aus10]

Originally Posted by clongirl

I've just read recently that it's far less expensive in the long run to go with a bank- far less shady and in the end, less costly too. I don't know where the truth lies though.

Run..don't walk to your nearest bank, if you are in doubt at all!! I will never, ever, again, ever deal with a Mortgage Broker.

Having just been through the worst 6 1/2 weeks of my life trying to close a 20% down, FICO score over 790, conventional loan. I thought, I'd be smart, and go with the best rate. LOLOL... Little did I know that I'd be royally jerked around until it was to late. While the first 3 errors were beyond her control (appraisal and appraiser problems), the other 7... yes I said 7, errors were mortgage broker and lending problems. It ended up costing us a fantastic locked rate, which I believe may have been done on purpose, although I can't prove it. And when they starting sending HUD statements that were wrong, and I refused to sign, they had the audacity to try to tell me that I would have to pay to have them re-done. LOL... Wrong!!!

And while we're speaking of unscrupulous lending. This IRS form 4506-T. The IRS tells you right on the form... Do NOT sign if this is blank. What did they do... they ask me to sign a blank form. Idiots...

[Pfhtex]

The collusive relationship between brokers and realtors is a primary contributor to the collapse of the world economy.

In working for a major bank, I managed about 40 Joint Venture relationships wherein about 40 realty companies across the country would work with our company on the mortgage end. Without fail, every single time, every single transaction, the realtor would threaten to take the loan to "her broker friend" if we did not reduce the rate. Additionally, realty companies would threaten to pull the relationship if we did not approve borderline borrowers. My company was guilty of giving in.

But you see where this is going. Realtors are in it for themselves, IMO. They glom on to your shopping process and support whatever closes a sale the fastest. I have never, in THOUSANDS of transactions, seen a realtor tell a borrower a)"That rate is fair," b)"This is too much house/you should not buy this one, or c) why don't you take a few days and think about this.

Brokers, same deal. Not held to any real standards. But their day is coming. I would advise you to seek out a local Regional Bank, a medium sized one with branches that you can walk into and touch.