I really have to agree with HLS here.
Banks are not governed as tightly as brokers.
I have seen drama on virtually every loan handled by a bank.
I have also seen a crapload (technical term) of dishonest brokers.
Best example, there is a firm offering a “no closing cost” mortgage. The rate is about half a point above market. This is not what gets quoted when you walk into the branch. The loan officer is a salaried employee who handles dozens of loans a week. While this is good because he definitely knows his lending products, it also means he does not really care if a particular loan lives or dies. I recently had a conversation where one such employee complained that the loan he was handling was the smallest one he had handled that month and he implied he would sabotage the loan if my client needed too much hand-holding. Real nice. I have only ever dealt with one loan officer who has never given me issues ever. His name is Dave Espinosa. He is certified mortgage planner. (dave (at) sailwithdave (dot) com. He is not always the cheapest or the most salesy. However, he is consistently the most skilled and honest. And yes, he occasionally does interest only when the dollar amounts financial planning make sense.
