Criminal mortgage brokers upset w/ fee disclosures

[urbanrealtor]

HLS,
I apparently was unclear in my response.
Or perhaps I am confused in my terminology.

I was trying to say that all lending retailers, be they BofA or Crazy Sheldon’s House of Paper (that’s copyrighted and you need to pay me a royalty by the way), should have a clear par rate and all lending employees (at least those dealing with borrowers) should know it and it should be stated clearly along with anything on the front or back.

Its not that I think they deserve a break from disclosure but that I think banks should have the same requirements. In that specific regard, they have a point.

[HLS]

Rust,

I have multiple sources to check. There are huge spreads every day between lenders.

Rates change constantly. If you want to check my rates then contact me. If you aren’t comparing rates at the same moment, then you may not be comparing apples to apples.

I have had online rates change while on the phone with borrowers.
Different lenders have different rates all day long.

It also depends on the rest of the closing costs that you are charged.

My wholesale + 1 point could easily be less than Wells + 1/2 point.

[HLS]

Rust,

I have multiple sources to check. There are huge spreads every day between lenders.

Rates change constantly. If you want to check my rates then contact me. If you aren’t comparing rates at the same moment, then you may not be comparing apples to apples.

I have had online rates change while on the phone with borrowers.
Different lenders have different rates all day long.

It also depends on the rest of the closing costs that you are charged.

My wholesale + 1 point could easily be less than Wells + 1/2 point.

[HLS]

Rust,

I have multiple sources to check. There are huge spreads every day between lenders.

Rates change constantly. If you want to check my rates then contact me. If you aren’t comparing rates at the same moment, then you may not be comparing apples to apples.

I have had online rates change while on the phone with borrowers.
Different lenders have different rates all day long.

It also depends on the rest of the closing costs that you are charged.

My wholesale + 1 point could easily be less than Wells + 1/2 point.

[HLS]

Rust,

I have multiple sources to check. There are huge spreads every day between lenders.

Rates change constantly. If you want to check my rates then contact me. If you aren’t comparing rates at the same moment, then you may not be comparing apples to apples.

I have had online rates change while on the phone with borrowers.
Different lenders have different rates all day long.

It also depends on the rest of the closing costs that you are charged.

My wholesale + 1 point could easily be less than Wells + 1/2 point.

[HLS]

Rust,

I have multiple sources to check. There are huge spreads every day between lenders.

Rates change constantly. If you want to check my rates then contact me. If you aren’t comparing rates at the same moment, then you may not be comparing apples to apples.

I have had online rates change while on the phone with borrowers.
Different lenders have different rates all day long.

It also depends on the rest of the closing costs that you are charged.

My wholesale + 1 point could easily be less than Wells + 1/2 point.

[HLS]

DP

[HLS]

DP

[HLS]

DP

[HLS]

DP

[HLS]

DP

[HLS]

Urban,,,
I understood your original comment.

My understanding of the disclosure bit was that a few years back, mortgage brokers were cutting into banks mortgage lending business. Banks were overcharging and getting away with it, kinda like AT&T overcharging for phone service until they had competition.

The johns in govt (called lobbyists) for the banking industry paid the whores (known as congress people) to “protect” consumers via influence.

It was decided that mortgage brokerage industry would have to disclose their backdoor compensation through escrow on the closing statement marked “poc” BUT banks didn’t have to disclose their internal manipulation, thus protecting consumers.
It gave the illusion that banks didn’t charge fees, but brokers did. It was a lie.

Nobody wanted to admit that bank rates were higher because of this.

In reality it was the johns paying the whores to get their way and protect profits, it had nothing to do with consumer protection, it had to do with bank profits.

The mortgage broker industry was designed to offer consumers an alternate from being overcharged by banks and it worked for awhile. Then many mortgage brokers got carried away charging ridiculous fees to cluless, uneducated consumers and they got away with it.

Retail banks didn’t do subprime loans, but brokers did. It became a multi ring circus and a free for all without any govt intervention.

Brokers made banks become more competitive, and then brokers got greedy.

It is still possible to get better loans from a reasonable broker. From an average broker you will get overcharged. (Banks aren’t losing money by doing loans)

Many people are on the edge of getting a great loan, but don’t get help from a bank employee OR most brokers. They just get shoved into an FHA loan because it’s easy, not because it’s the best thing for the borrower.

I don’t care if banks show a higher rate with no fees and I disclose a lower rate with a fee.

So much more can be said….. HLS

[HLS]

Urban,,,
I understood your original comment.

My understanding of the disclosure bit was that a few years back, mortgage brokers were cutting into banks mortgage lending business. Banks were overcharging and getting away with it, kinda like AT&T overcharging for phone service until they had competition.

The johns in govt (called lobbyists) for the banking industry paid the whores (known as congress people) to “protect” consumers via influence.

It was decided that mortgage brokerage industry would have to disclose their backdoor compensation through escrow on the closing statement marked “poc” BUT banks didn’t have to disclose their internal manipulation, thus protecting consumers.
It gave the illusion that banks didn’t charge fees, but brokers did. It was a lie.

Nobody wanted to admit that bank rates were higher because of this.

In reality it was the johns paying the whores to get their way and protect profits, it had nothing to do with consumer protection, it had to do with bank profits.

The mortgage broker industry was designed to offer consumers an alternate from being overcharged by banks and it worked for awhile. Then many mortgage brokers got carried away charging ridiculous fees to cluless, uneducated consumers and they got away with it.

Retail banks didn’t do subprime loans, but brokers did. It became a multi ring circus and a free for all without any govt intervention.

Brokers made banks become more competitive, and then brokers got greedy.

It is still possible to get better loans from a reasonable broker. From an average broker you will get overcharged. (Banks aren’t losing money by doing loans)

Many people are on the edge of getting a great loan, but don’t get help from a bank employee OR most brokers. They just get shoved into an FHA loan because it’s easy, not because it’s the best thing for the borrower.

I don’t care if banks show a higher rate with no fees and I disclose a lower rate with a fee.

So much more can be said….. HLS

[HLS]

Urban,,,
I understood your original comment.

My understanding of the disclosure bit was that a few years back, mortgage brokers were cutting into banks mortgage lending business. Banks were overcharging and getting away with it, kinda like AT&T overcharging for phone service until they had competition.

The johns in govt (called lobbyists) for the banking industry paid the whores (known as congress people) to “protect” consumers via influence.

It was decided that mortgage brokerage industry would have to disclose their backdoor compensation through escrow on the closing statement marked “poc” BUT banks didn’t have to disclose their internal manipulation, thus protecting consumers.
It gave the illusion that banks didn’t charge fees, but brokers did. It was a lie.

Nobody wanted to admit that bank rates were higher because of this.

In reality it was the johns paying the whores to get their way and protect profits, it had nothing to do with consumer protection, it had to do with bank profits.

The mortgage broker industry was designed to offer consumers an alternate from being overcharged by banks and it worked for awhile. Then many mortgage brokers got carried away charging ridiculous fees to cluless, uneducated consumers and they got away with it.

Retail banks didn’t do subprime loans, but brokers did. It became a multi ring circus and a free for all without any govt intervention.

Brokers made banks become more competitive, and then brokers got greedy.

It is still possible to get better loans from a reasonable broker. From an average broker you will get overcharged. (Banks aren’t losing money by doing loans)

Many people are on the edge of getting a great loan, but don’t get help from a bank employee OR most brokers. They just get shoved into an FHA loan because it’s easy, not because it’s the best thing for the borrower.

I don’t care if banks show a higher rate with no fees and I disclose a lower rate with a fee.

So much more can be said….. HLS

[HLS]

Urban,,,
I understood your original comment.

My understanding of the disclosure bit was that a few years back, mortgage brokers were cutting into banks mortgage lending business. Banks were overcharging and getting away with it, kinda like AT&T overcharging for phone service until they had competition.

The johns in govt (called lobbyists) for the banking industry paid the whores (known as congress people) to “protect” consumers via influence.

It was decided that mortgage brokerage industry would have to disclose their backdoor compensation through escrow on the closing statement marked “poc” BUT banks didn’t have to disclose their internal manipulation, thus protecting consumers.
It gave the illusion that banks didn’t charge fees, but brokers did. It was a lie.

Nobody wanted to admit that bank rates were higher because of this.

In reality it was the johns paying the whores to get their way and protect profits, it had nothing to do with consumer protection, it had to do with bank profits.

The mortgage broker industry was designed to offer consumers an alternate from being overcharged by banks and it worked for awhile. Then many mortgage brokers got carried away charging ridiculous fees to cluless, uneducated consumers and they got away with it.

Retail banks didn’t do subprime loans, but brokers did. It became a multi ring circus and a free for all without any govt intervention.

Brokers made banks become more competitive, and then brokers got greedy.

It is still possible to get better loans from a reasonable broker. From an average broker you will get overcharged. (Banks aren’t losing money by doing loans)

Many people are on the edge of getting a great loan, but don’t get help from a bank employee OR most brokers. They just get shoved into an FHA loan because it’s easy, not because it’s the best thing for the borrower.

I don’t care if banks show a higher rate with no fees and I disclose a lower rate with a fee.

So much more can be said….. HLS

[Author]

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