- This topic has 70 replies, 9 voices, and was last updated 14 years, 7 months ago by
davelj.
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September 12, 2009 at 10:43 PM #456760September 13, 2009 at 8:03 AM #455999
HLS
ParticipantCont,
As with many others, you think that you know what you are talking about but you don’t.I’m not gloating about mortgage brokers, trust me.
I’m in the in industry and will tell you that most people in the industry including mortgage and real estate are just clueless sales people looking for their commission regardless of what’s best for the client.
Prior to July 30th of this year, a GFE was an ESTIMATE of fees, regardless of what YOU think it was. READ IT, it’s in English. You think that you know more than you do. People like you are dangerous. You need to admit that you don’t know what you don’t know.When I give someone closing costs on a GFE it’s a guarantee of my fees, and that was my choice. When offered the truth, most people would rather go find a liar cuz it looks cheaper.
Most people get taken advantage of when they get a mortgage. They fall for things like no fee and no cost believing that their loan was free. They used a family member, friend or neighbor. It still happens every day.
Most people don’t understand their choices because their “trusted adviser” that quoted them the lowest rate doesn’t know them either.
September 13, 2009 at 8:03 AM #456192ParticipantCont,
As with many others, you think that you know what you are talking about but you don’t.I’m not gloating about mortgage brokers, trust me.
I’m in the in industry and will tell you that most people in the industry including mortgage and real estate are just clueless sales people looking for their commission regardless of what’s best for the client.
Prior to July 30th of this year, a GFE was an ESTIMATE of fees, regardless of what YOU think it was. READ IT, it’s in English. You think that you know more than you do. People like you are dangerous. You need to admit that you don’t know what you don’t know.When I give someone closing costs on a GFE it’s a guarantee of my fees, and that was my choice. When offered the truth, most people would rather go find a liar cuz it looks cheaper.
Most people get taken advantage of when they get a mortgage. They fall for things like no fee and no cost believing that their loan was free. They used a family member, friend or neighbor. It still happens every day.
Most people don’t understand their choices because their “trusted adviser” that quoted them the lowest rate doesn’t know them either.
September 13, 2009 at 8:03 AM #456529ParticipantCont,
As with many others, you think that you know what you are talking about but you don’t.I’m not gloating about mortgage brokers, trust me.
I’m in the in industry and will tell you that most people in the industry including mortgage and real estate are just clueless sales people looking for their commission regardless of what’s best for the client.
Prior to July 30th of this year, a GFE was an ESTIMATE of fees, regardless of what YOU think it was. READ IT, it’s in English. You think that you know more than you do. People like you are dangerous. You need to admit that you don’t know what you don’t know.When I give someone closing costs on a GFE it’s a guarantee of my fees, and that was my choice. When offered the truth, most people would rather go find a liar cuz it looks cheaper.
Most people get taken advantage of when they get a mortgage. They fall for things like no fee and no cost believing that their loan was free. They used a family member, friend or neighbor. It still happens every day.
Most people don’t understand their choices because their “trusted adviser” that quoted them the lowest rate doesn’t know them either.
September 13, 2009 at 8:03 AM #456602ParticipantCont,
As with many others, you think that you know what you are talking about but you don’t.I’m not gloating about mortgage brokers, trust me.
I’m in the in industry and will tell you that most people in the industry including mortgage and real estate are just clueless sales people looking for their commission regardless of what’s best for the client.
Prior to July 30th of this year, a GFE was an ESTIMATE of fees, regardless of what YOU think it was. READ IT, it’s in English. You think that you know more than you do. People like you are dangerous. You need to admit that you don’t know what you don’t know.When I give someone closing costs on a GFE it’s a guarantee of my fees, and that was my choice. When offered the truth, most people would rather go find a liar cuz it looks cheaper.
Most people get taken advantage of when they get a mortgage. They fall for things like no fee and no cost believing that their loan was free. They used a family member, friend or neighbor. It still happens every day.
Most people don’t understand their choices because their “trusted adviser” that quoted them the lowest rate doesn’t know them either.
September 13, 2009 at 8:03 AM #456794ParticipantCont,
As with many others, you think that you know what you are talking about but you don’t.I’m not gloating about mortgage brokers, trust me.
I’m in the in industry and will tell you that most people in the industry including mortgage and real estate are just clueless sales people looking for their commission regardless of what’s best for the client.
Prior to July 30th of this year, a GFE was an ESTIMATE of fees, regardless of what YOU think it was. READ IT, it’s in English. You think that you know more than you do. People like you are dangerous. You need to admit that you don’t know what you don’t know.When I give someone closing costs on a GFE it’s a guarantee of my fees, and that was my choice. When offered the truth, most people would rather go find a liar cuz it looks cheaper.
Most people get taken advantage of when they get a mortgage. They fall for things like no fee and no cost believing that their loan was free. They used a family member, friend or neighbor. It still happens every day.
Most people don’t understand their choices because their “trusted adviser” that quoted them the lowest rate doesn’t know them either.
September 13, 2009 at 10:52 AM #456034davelj
Participant[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.
A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”
[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]
Good to know.
[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”
[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]
I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.
September 13, 2009 at 10:52 AM #456227Participant[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.
A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”
[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]
Good to know.
[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”
[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]
I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.
September 13, 2009 at 10:52 AM #456564Participant[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.
A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”
[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]
Good to know.
[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”
[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]
I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.
September 13, 2009 at 10:52 AM #456637Participant[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.
A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”
[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]
Good to know.
[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”
[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]
I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.
September 13, 2009 at 10:52 AM #456828Participant[quote=HLS]
Dave,,,
I know that you know the industry, how could you be so foolish ?
What makes you think that an desk worker at a credit union has any more responsibility than a bank employee.[/quote]The APR I ultimately received was the lowest available that I could find from any source. Could I have shaved an additional 1/8 of a point somehow, somewhere? Perhaps. The foolish part was in assuming that BofA was going to handle things in a professional manner.
A “desk worker” at a small local credit union is typically one degree of separation away from the president of the institution. That person has CONSIDERABLY more responsibility and authority over getting a mortgage closed than does some nameless, faceless processor at in the BofA behemoth. Also, most credit unions hold a good bit of the paper they originate on their balance sheets, so the underwriting process is more “personal.”
[quote=HLS]Dave, I probably could have completed your loan in 30 days or less at the same price you paid BofA.[/quote]
Good to know.
[quote=HLS]And it means ABSOLUTELY NOTHING that a current loan is being serviced by a bank. Unless the old loan was an ARM, they probably didn’t own the loan and don’t give a crap about you and it doesn’t make an ounce of difference.
A new loan is a new loan and requires a complete new submission. Servicing the payment is not the same as owning your loan.[/quote]This is generically correct. However, in my case, BofA held my previous loan on their balance sheet. They OWNED it. It was not sold after origination. And, in fact, when I first started the re-fi process, the processor actually told me, “Ah, this should be pretty easy since we already hold your current loan.”
[quote=HLS]Shop for the lowest rate and refer to the original post of this thread for what you can expect.[/quote]
I’ll continue to look for the lowest APR next time, but I’m going to a small, local credit union that’s going to hold my loan on their balance sheet.
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