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Old 07-24-2012, 12:49 PM
 
68 posts, read 110,948 times
Reputation: 31

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Looking for a local outfit, not a big bank.
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Old 07-24-2012, 02:54 PM
 
Location: Washington, DC
2,010 posts, read 3,254,642 times
Reputation: 1372
I know local outfits, but I don't know of a local outfit that won't sell your mortgage to a big bank within 24 hours of settlement.

Potomac Mortgage did a good job approving my mortgage in a very short period of time, but it belonged to Wells Fargo before the ink dried.
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Old 07-24-2012, 06:43 PM
 
Location: NoVA
160 posts, read 257,825 times
Reputation: 106
Same thing here. We used Intercoastal last year who then sold our primary George Mason who then sold to USBank right after settlement. At least, I'm pretty sure that is how it went. Anyway, USBank has it now.

I will say that the person I worked with at Intercoastal was great, she answered all of our first timer questions, took calls on weekends, ran a bunch of scenarios for us, and got us a lower rate than one we had locked into. Also, we have had no issues with USBank.

Last edited by Jenjen391; 07-24-2012 at 06:51 PM..
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Old 07-25-2012, 06:45 AM
 
837 posts, read 1,717,100 times
Reputation: 666
Chad - Gave me solid rates (no one matched) negotiated on fees, did everything electronically and offered me a zero cost refi 6 months after I closed when rates dropped heavily. Also, and perhaps this is random luck but my loans servicing stayed with first place.

Chad Loube
First Place Bank
Sr. Vice President / Regional Manager
(301) 279-5125
cloube@fpfc.net
ChadMortgage.com
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Old 07-25-2012, 07:47 AM
 
9,089 posts, read 11,894,372 times
Reputation: 18317
Quote:
Originally Posted by chicagotodc View Post
Also, and perhaps this is random luck but my loans servicing stayed with first place.
Probably not random luck, because you received your mortgage through a bank, which typically services the loans. The others mentioned they received their lending through mortgage brokers, which never service the loans (unless they have difficulty selling them). And while your bank is still servicing, there is more than a 80% chance that your loan has now been sold to Fannie or Freddie.

Last edited by spencgr; 07-25-2012 at 08:55 AM..
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Old 07-25-2012, 08:07 AM
 
837 posts, read 1,717,100 times
Reputation: 666
Quote:
Originally Posted by spencgr View Post
Probably not random luck, because you received your mortgage through a bank, which typically services the loans. The others mentioned they received their lending through mortgage brokers, which never service the loans (unless they have difficulty selling them). And while your bank is still servicing, there is mroe than a 80% chance that your loan has now been sold to Fannie or Freddie.
Indeed, I suspect it was sold servicing retained, but never checked. It wouldn't surprise me though to discover that both servicing released and servicing retained portfolios exist. I could see a scenario where the bank only wants to service certain accounts.
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Old 07-25-2012, 08:39 AM
 
66 posts, read 164,279 times
Reputation: 58
I don't have a good recommendation, but please do NOT use Noel Shepherd at PNC Bank, or PNC Bank in general. I'm not gonna go into it, but needless to say I had a horrible experience with them.
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Old 07-28-2012, 11:45 PM
 
34 posts, read 101,044 times
Reputation: 24
I had a great experience with First Home Mortgage in terms of mortgage qualification and settlement. But, as some other posters noted, since they are a brokerage not a bank, the loan will get sold. Mine now belongs to Wells Fargo.

Regardless of who you get your loan with, there is the possibility of it getting sold to a new bank. There's not a whole lot you can do about that.
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Old 07-29-2012, 02:09 PM
 
Location: 16th St Heights
230 posts, read 816,606 times
Reputation: 84
I used Industrial Bank and it was a nightmare. Avoid them at all costs.

Are you a first time homebuyer using HPAP? If so, make sure the loan officer and processor at whatever bank you choose to work with is familiar with the program.
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Old 07-30-2012, 10:21 AM
 
231 posts, read 419,940 times
Reputation: 114
Most mortgage companies will immediately resell your mortgage. They say so in their corporate disclosures to you.

I've used www.borrow123.com (Fortune Mortgage) three times. All three times worked great.
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