Problems With My Loan Broker

[HLS]

Seattle & FSBO,

Many thanks for your comments. I’ve talked to a number of people from this site, and I don’t know of any complaints or misunderstandings from anybody. I’m an open book.

If I don’t know something, I’ll tell you that I don’t know, but I can explain a whole lotta things from different perspectives.
I do this to be helpful and I’m not out to fool anybody.

I’ll tell you what I can do for you without any BS, and if you qualify, I’ll get it done fast, and I’m very fair.

When you pay points to buy down a loan, there is no “larger commission” in fact there is no commission at all. It isn’t possible, and it’s illegal.

When you get the PAR rate, the lender doesn’t pay a penny in any form of commission, rebate, kickback, whatever you want to call it. It doesn’t exist…

If you are overcharged in rate, THEN the lender pays a commission. That’s how “no cost/no fee” loans work, you will pay a higher rate and have higher payments for the life of the loan. After 3 or 4 years, it starts to cost a small fortune.

By paying DISCOUNT POINTS, it ALL goes directly to the lender and gets you a lower rate. Discount points are NOT shared. Transactions are highly regulated through escrow and if the lender isn’t aware of how every dollar is accounted for there is a problem.

If you go directly to a bank or “direct lender” they do not and will not disclose that you are being overcharged, because they don’t have to. (Thank the bankers lobby)

When a bank tells you that they don’t charge fees, it is just built into their rates, and it sounds good.

I can do no cost/no fee loans too, but I explain the difference. The banks can’t. Many employees only know their bank limited programs and are told what to say; they work for the bank and get commissions.

It’s really not rocket science. When people charge triple what I charge they are just screwing borrowers, and it does happen.

I can get a loan “approved” in a matter of minutes, but they don’t get processed in one day. A full package requires an appraisal and a title report, takes a few days.

The fastest that I have ever done was a submission on Tuesday and docs to sign by Friday afternoon. It’s rare but it can happen when everything is lined up.

There still seems to be a ton of misinformation about how loans are priced and fees and commissions.

Millions of people have been taken advantage of by dishonest mortgage folks, but there are a few decent ones around.

Still amazes me how some get loans, like this thread proves.

[Raybyrnes]

HLS

The planet I come from is the planet where things can be sent out and not picked up right away, where fax machines break, or are out of paper. So the first presumption is to give the person the benefit of the doubt.

If someone was unresponsive after this I would tend to agree with you that I would go elsehere. But the planet I come from is that there are bad customers out ther aswell. That “customer is always right died a long time ago with the internet.” There is litte or no loyalty anymore for good service. That is why people call you and before you can say your name they are asking what is your rate or your price etc. Why do you repeatedly educate people on this site and on the radio about why it is important to understand the product and the person you are getting it from.

All I am saying is that I have heard one side of a story and I will leave it at that.

There was a couple of idiots who sued a realtor because they bought a house that that went down in value. Facts are the guy had showed this family something like 70 houses. Again I am not rushing to judgement.

[Raybyrnes]

HLS

The planet I come from is the planet where things can be sent out and not picked up right away, where fax machines break, or are out of paper. So the first presumption is to give the person the benefit of the doubt.

If someone was unresponsive after this I would tend to agree with you that I would go elsehere. But the planet I come from is that there are bad customers out ther aswell. That “customer is always right died a long time ago with the internet.” There is litte or no loyalty anymore for good service. That is why people call you and before you can say your name they are asking what is your rate or your price etc. Why do you repeatedly educate people on this site and on the radio about why it is important to understand the product and the person you are getting it from.

All I am saying is that I have heard one side of a story and I will leave it at that.

There was a couple of idiots who sued a realtor because they bought a house that that went down in value. Facts are the guy had showed this family something like 70 houses. Again I am not rushing to judgement.

[Raybyrnes]

HLS

The planet I come from is the planet where things can be sent out and not picked up right away, where fax machines break, or are out of paper. So the first presumption is to give the person the benefit of the doubt.

If someone was unresponsive after this I would tend to agree with you that I would go elsehere. But the planet I come from is that there are bad customers out ther aswell. That “customer is always right died a long time ago with the internet.” There is litte or no loyalty anymore for good service. That is why people call you and before you can say your name they are asking what is your rate or your price etc. Why do you repeatedly educate people on this site and on the radio about why it is important to understand the product and the person you are getting it from.

All I am saying is that I have heard one side of a story and I will leave it at that.

There was a couple of idiots who sued a realtor because they bought a house that that went down in value. Facts are the guy had showed this family something like 70 houses. Again I am not rushing to judgement.

[Raybyrnes]

HLS

The planet I come from is the planet where things can be sent out and not picked up right away, where fax machines break, or are out of paper. So the first presumption is to give the person the benefit of the doubt.

If someone was unresponsive after this I would tend to agree with you that I would go elsehere. But the planet I come from is that there are bad customers out ther aswell. That “customer is always right died a long time ago with the internet.” There is litte or no loyalty anymore for good service. That is why people call you and before you can say your name they are asking what is your rate or your price etc. Why do you repeatedly educate people on this site and on the radio about why it is important to understand the product and the person you are getting it from.

All I am saying is that I have heard one side of a story and I will leave it at that.

There was a couple of idiots who sued a realtor because they bought a house that that went down in value. Facts are the guy had showed this family something like 70 houses. Again I am not rushing to judgement.

[Raybyrnes]

HLS

The planet I come from is the planet where things can be sent out and not picked up right away, where fax machines break, or are out of paper. So the first presumption is to give the person the benefit of the doubt.

If someone was unresponsive after this I would tend to agree with you that I would go elsehere. But the planet I come from is that there are bad customers out ther aswell. That “customer is always right died a long time ago with the internet.” There is litte or no loyalty anymore for good service. That is why people call you and before you can say your name they are asking what is your rate or your price etc. Why do you repeatedly educate people on this site and on the radio about why it is important to understand the product and the person you are getting it from.

All I am saying is that I have heard one side of a story and I will leave it at that.

There was a couple of idiots who sued a realtor because they bought a house that that went down in value. Facts are the guy had showed this family something like 70 houses. Again I am not rushing to judgement.

[Ex-SD]

You are too emotionally connected to buying this house. You’re making a huge mistake by buying this house right now and you know it.
Having said that:
1. Send your phone number to HLS, NOW. Talk to HLS. It will cost you nothing to find out what he can tell you and chances are, you will wind up going with him for your mortgage.
2. Your present loan broker is jacking you around. Why in the world would you consider giving her another chance? If she hasn’t provided you with the documents and answers to your questions that she should have by now, you should run the other way as fast as you can. SHE IS NOT GOING TO CLOSE YOUR LOAN WITHIN A WEEK, If she was on track to do so, you would have seen more documentation and she wouldn’t be acting like she is.
3. Frankly, by your posts, you have been rather naive and too trusting with this broker and unfortunately, the woods are full of predators who will jerk you around like this.
TALK TO HLS……..NOW!

Good luck

[Ex-SD]

You are too emotionally connected to buying this house. You’re making a huge mistake by buying this house right now and you know it.
Having said that:
1. Send your phone number to HLS, NOW. Talk to HLS. It will cost you nothing to find out what he can tell you and chances are, you will wind up going with him for your mortgage.
2. Your present loan broker is jacking you around. Why in the world would you consider giving her another chance? If she hasn’t provided you with the documents and answers to your questions that she should have by now, you should run the other way as fast as you can. SHE IS NOT GOING TO CLOSE YOUR LOAN WITHIN A WEEK, If she was on track to do so, you would have seen more documentation and she wouldn’t be acting like she is.
3. Frankly, by your posts, you have been rather naive and too trusting with this broker and unfortunately, the woods are full of predators who will jerk you around like this.
TALK TO HLS……..NOW!

Good luck

[Ex-SD]

You are too emotionally connected to buying this house. You’re making a huge mistake by buying this house right now and you know it.
Having said that:
1. Send your phone number to HLS, NOW. Talk to HLS. It will cost you nothing to find out what he can tell you and chances are, you will wind up going with him for your mortgage.
2. Your present loan broker is jacking you around. Why in the world would you consider giving her another chance? If she hasn’t provided you with the documents and answers to your questions that she should have by now, you should run the other way as fast as you can. SHE IS NOT GOING TO CLOSE YOUR LOAN WITHIN A WEEK, If she was on track to do so, you would have seen more documentation and she wouldn’t be acting like she is.
3. Frankly, by your posts, you have been rather naive and too trusting with this broker and unfortunately, the woods are full of predators who will jerk you around like this.
TALK TO HLS……..NOW!

Good luck

[Ex-SD]

You are too emotionally connected to buying this house. You’re making a huge mistake by buying this house right now and you know it.
Having said that:
1. Send your phone number to HLS, NOW. Talk to HLS. It will cost you nothing to find out what he can tell you and chances are, you will wind up going with him for your mortgage.
2. Your present loan broker is jacking you around. Why in the world would you consider giving her another chance? If she hasn’t provided you with the documents and answers to your questions that she should have by now, you should run the other way as fast as you can. SHE IS NOT GOING TO CLOSE YOUR LOAN WITHIN A WEEK, If she was on track to do so, you would have seen more documentation and she wouldn’t be acting like she is.
3. Frankly, by your posts, you have been rather naive and too trusting with this broker and unfortunately, the woods are full of predators who will jerk you around like this.
TALK TO HLS……..NOW!

Good luck

[Ex-SD]

You are too emotionally connected to buying this house. You’re making a huge mistake by buying this house right now and you know it.
Having said that:
1. Send your phone number to HLS, NOW. Talk to HLS. It will cost you nothing to find out what he can tell you and chances are, you will wind up going with him for your mortgage.
2. Your present loan broker is jacking you around. Why in the world would you consider giving her another chance? If she hasn’t provided you with the documents and answers to your questions that she should have by now, you should run the other way as fast as you can. SHE IS NOT GOING TO CLOSE YOUR LOAN WITHIN A WEEK, If she was on track to do so, you would have seen more documentation and she wouldn’t be acting like she is.
3. Frankly, by your posts, you have been rather naive and too trusting with this broker and unfortunately, the woods are full of predators who will jerk you around like this.
TALK TO HLS……..NOW!

Good luck

[NotCranky]

Ray, I appreciate what you are saying. I tend to think the woman went nuts because the borrower wants to see what the numbers are and she knows she was trying to pull a fast one, but there could just be abig mis-understanding. It is very odd for the broker to blow up given that the she should be sensitive to the potential for overwhelm a buyer faces. Maybe the buyer is getting “buyer’s remorse” but even if he is, a lender has to take that in stride. Not every deal makes it.Buyers flip out pretty often. A point on the loans that do close is a lot of money considering in most cases all the broker does is sell the loan and then the processor handles the rest. That should make up for the deals that don’t work out.

To OP. I wouldn’t worry too much about going beyond the closing date. This happened to me on the first house I bought many moons ago. I fired the mortgage woman and got a new one 9 days before close. We got it done four days late but I got a great loan. If you do this just get let escrow know and inform all parties. You should probably get an an escrow extension signed but even if you don’t I doubt this deal has problem going a few days or even a few weeks over if needed.Maybe there is a small penalty to the seller. I’d pay it if you can’t get this on track immediately.Chalk it up to experience.

HLS, How much do you charge?

[NotCranky]

Ray, I appreciate what you are saying. I tend to think the woman went nuts because the borrower wants to see what the numbers are and she knows she was trying to pull a fast one, but there could just be abig mis-understanding. It is very odd for the broker to blow up given that the she should be sensitive to the potential for overwhelm a buyer faces. Maybe the buyer is getting “buyer’s remorse” but even if he is, a lender has to take that in stride. Not every deal makes it.Buyers flip out pretty often. A point on the loans that do close is a lot of money considering in most cases all the broker does is sell the loan and then the processor handles the rest. That should make up for the deals that don’t work out.

To OP. I wouldn’t worry too much about going beyond the closing date. This happened to me on the first house I bought many moons ago. I fired the mortgage woman and got a new one 9 days before close. We got it done four days late but I got a great loan. If you do this just get let escrow know and inform all parties. You should probably get an an escrow extension signed but even if you don’t I doubt this deal has problem going a few days or even a few weeks over if needed.Maybe there is a small penalty to the seller. I’d pay it if you can’t get this on track immediately.Chalk it up to experience.

HLS, How much do you charge?

[NotCranky]

Ray, I appreciate what you are saying. I tend to think the woman went nuts because the borrower wants to see what the numbers are and she knows she was trying to pull a fast one, but there could just be abig mis-understanding. It is very odd for the broker to blow up given that the she should be sensitive to the potential for overwhelm a buyer faces. Maybe the buyer is getting “buyer’s remorse” but even if he is, a lender has to take that in stride. Not every deal makes it.Buyers flip out pretty often. A point on the loans that do close is a lot of money considering in most cases all the broker does is sell the loan and then the processor handles the rest. That should make up for the deals that don’t work out.

To OP. I wouldn’t worry too much about going beyond the closing date. This happened to me on the first house I bought many moons ago. I fired the mortgage woman and got a new one 9 days before close. We got it done four days late but I got a great loan. If you do this just get let escrow know and inform all parties. You should probably get an an escrow extension signed but even if you don’t I doubt this deal has problem going a few days or even a few weeks over if needed.Maybe there is a small penalty to the seller. I’d pay it if you can’t get this on track immediately.Chalk it up to experience.

HLS, How much do you charge?

[NotCranky]

Ray, I appreciate what you are saying. I tend to think the woman went nuts because the borrower wants to see what the numbers are and she knows she was trying to pull a fast one, but there could just be abig mis-understanding. It is very odd for the broker to blow up given that the she should be sensitive to the potential for overwhelm a buyer faces. Maybe the buyer is getting “buyer’s remorse” but even if he is, a lender has to take that in stride. Not every deal makes it.Buyers flip out pretty often. A point on the loans that do close is a lot of money considering in most cases all the broker does is sell the loan and then the processor handles the rest. That should make up for the deals that don’t work out.

To OP. I wouldn’t worry too much about going beyond the closing date. This happened to me on the first house I bought many moons ago. I fired the mortgage woman and got a new one 9 days before close. We got it done four days late but I got a great loan. If you do this just get let escrow know and inform all parties. You should probably get an an escrow extension signed but even if you don’t I doubt this deal has problem going a few days or even a few weeks over if needed.Maybe there is a small penalty to the seller. I’d pay it if you can’t get this on track immediately.Chalk it up to experience.

HLS, How much do you charge?

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