Problems With My Loan Broker

[rbeast]

At the risk of sounding rude – are you certain anything was ever on the table?

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[CA renter]

I’ll preface this question/comment by saying that I mean no disrespect or offense to anyone, and I **really** mean that.

As HLS stated, most people are willing to spend money on attorneys and CPAs, but not necessarily mortgage brokers.

Here’s my take. Attorneys and CPAs have at least a B.A. and post-graduate courses/degrees, and are licensed and highly regulated. Mortgage brokers are not required to have college degrees nor pass the kinds of tests CPAs and attorneys are required to pass.

Mortgage brokers/officers are **supposed to be** highly regulated, but the past few years show us that they are not regulated nearly enough. Some might argue that the damage mortgage brokers can do to society is much greater than the damage done by CPAs or attorneys (as representatives of individuals), so they should be even more tightly regulated.

I pay our (RE) attorney $250/hr and our CPA anywhere from $250-$400 per return (and she often works “for free” when I call her with odd questions or she handles some paperwork on our behalf — her choice, as I always offer to pay). Both of these people are courteous, proficient and professional…always.

Would mortgage brokers be willing to earn $250-$350 an hour? I think most people would be more than willing to pay them for their services, but most borrowers would naturally balk at paying MBs more than their attorneys or CPAs.

Personally, I know what I want in a loan (15 or 30-yr FRM, fully amortized with no PPP or balloon payment, etc.). It’s **expected** that a MB is capable of handling the paperwork, faxes, etc. in a timely, accurate and professional manner, otherwise, they should have their licenses yanked or be thrown in jail (if they try to trick borrowers with different terms at the closing table — not uncommon in past years). As a borrower, the only thing that SHOULD matter is price and rate — the bottom line in the short and long-term to the borrower.

Am I wrong about to think this way?

Not trying to pick on MBs, as I feel the same way about Realtors, etc.

BTW, I really appreciate everyone sharing their perspectives, as that’s how we learn. Please don’t think I’m trying to pick on anyone here! 🙂

[HLS]

CA, Good comments.

Lots of politicians are lawyers too, and there are plenty of scams by people with lots of degrees and letters after their names.

In any skill or profession, it seems to have a lot to do with one’s parents and how a child is brought up. Having good role models and an ethical upbringing is what matters.

Gotta hope that the baby sitters, nannies and day care providers of today do a good job bringing up other people’s kids these days.
We are breeding a society that doesn’t want to see right from wrong. It’s what is easy and who can they scam for easy money.

It’s hard to teach ethics, morals, honesty and integrity.
It’s a lot easier to teach someone to be dishonest and the lure of easy money has its own temptation.
Boiler room scams and dishonest sales people brag about how much they ripped someone off (in many products)

A tiny difference on a loan can cost the borrower a bunch. Pushing the rate just a quarter of a point on a $400K loan will cost the borrower about $800 a year or $24,000 over 30 years just so the loan originator could get a $3000 commission from the lender. It isn’t right.

My most favorite quote ever:
“It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.”
— Henry Mencken

[HLS]

CA, Good comments.

Lots of politicians are lawyers too, and there are plenty of scams by people with lots of degrees and letters after their names.

In any skill or profession, it seems to have a lot to do with one’s parents and how a child is brought up. Having good role models and an ethical upbringing is what matters.

Gotta hope that the baby sitters, nannies and day care providers of today do a good job bringing up other people’s kids these days.
We are breeding a society that doesn’t want to see right from wrong. It’s what is easy and who can they scam for easy money.

It’s hard to teach ethics, morals, honesty and integrity.
It’s a lot easier to teach someone to be dishonest and the lure of easy money has its own temptation.
Boiler room scams and dishonest sales people brag about how much they ripped someone off (in many products)

A tiny difference on a loan can cost the borrower a bunch. Pushing the rate just a quarter of a point on a $400K loan will cost the borrower about $800 a year or $24,000 over 30 years just so the loan originator could get a $3000 commission from the lender. It isn’t right.

My most favorite quote ever:
“It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.”
— Henry Mencken

[HLS]

CA, Good comments.

Lots of politicians are lawyers too, and there are plenty of scams by people with lots of degrees and letters after their names.

In any skill or profession, it seems to have a lot to do with one’s parents and how a child is brought up. Having good role models and an ethical upbringing is what matters.

Gotta hope that the baby sitters, nannies and day care providers of today do a good job bringing up other people’s kids these days.
We are breeding a society that doesn’t want to see right from wrong. It’s what is easy and who can they scam for easy money.

It’s hard to teach ethics, morals, honesty and integrity.
It’s a lot easier to teach someone to be dishonest and the lure of easy money has its own temptation.
Boiler room scams and dishonest sales people brag about how much they ripped someone off (in many products)

A tiny difference on a loan can cost the borrower a bunch. Pushing the rate just a quarter of a point on a $400K loan will cost the borrower about $800 a year or $24,000 over 30 years just so the loan originator could get a $3000 commission from the lender. It isn’t right.

My most favorite quote ever:
“It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.”
— Henry Mencken

[HLS]

CA, Good comments.

Lots of politicians are lawyers too, and there are plenty of scams by people with lots of degrees and letters after their names.

In any skill or profession, it seems to have a lot to do with one’s parents and how a child is brought up. Having good role models and an ethical upbringing is what matters.

Gotta hope that the baby sitters, nannies and day care providers of today do a good job bringing up other people’s kids these days.
We are breeding a society that doesn’t want to see right from wrong. It’s what is easy and who can they scam for easy money.

It’s hard to teach ethics, morals, honesty and integrity.
It’s a lot easier to teach someone to be dishonest and the lure of easy money has its own temptation.
Boiler room scams and dishonest sales people brag about how much they ripped someone off (in many products)

A tiny difference on a loan can cost the borrower a bunch. Pushing the rate just a quarter of a point on a $400K loan will cost the borrower about $800 a year or $24,000 over 30 years just so the loan originator could get a $3000 commission from the lender. It isn’t right.

My most favorite quote ever:
“It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.”
— Henry Mencken

[HLS]

CA, Good comments.

Lots of politicians are lawyers too, and there are plenty of scams by people with lots of degrees and letters after their names.

In any skill or profession, it seems to have a lot to do with one’s parents and how a child is brought up. Having good role models and an ethical upbringing is what matters.

Gotta hope that the baby sitters, nannies and day care providers of today do a good job bringing up other people’s kids these days.
We are breeding a society that doesn’t want to see right from wrong. It’s what is easy and who can they scam for easy money.

It’s hard to teach ethics, morals, honesty and integrity.
It’s a lot easier to teach someone to be dishonest and the lure of easy money has its own temptation.
Boiler room scams and dishonest sales people brag about how much they ripped someone off (in many products)

A tiny difference on a loan can cost the borrower a bunch. Pushing the rate just a quarter of a point on a $400K loan will cost the borrower about $800 a year or $24,000 over 30 years just so the loan originator could get a $3000 commission from the lender. It isn’t right.

My most favorite quote ever:
“It is hard to believe that a man is telling the truth when you know that you would lie if you were in his place.”
— Henry Mencken

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[CA renter]

HLS, thank you for your comments & especially for not being offended by my post! 😉

We agree about all the above.

Will be contacting you when/if(??) we ever decide to buy a house. Hoping the govt steps back and lets the market run its course so we don’t end up even worse-off.

Take care!

[Author]

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