http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker Thu, 07 Jan 2010 03:44:44 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-1715 Brad G Fri, 28 Aug 2009 13:42:21 +0000 http://thetop10reasons.com/?p=27#comment-1715 @ T Steele This article was written by somebody who worked at Quicken Loans for over 2 years. You described exactly how the process went for me as a mortgage banker there besides the big bucks thing. It may not have been Georgia but I have originated home loans for people with 580 credit scores. The fees are high because the borrower has a low credit score. If you read reason #1 you would understand that I am not bashing mortgage brokers at all. @ T Steele
This article was written by somebody who worked at Quicken Loans for over 2 years. You described exactly how the process went for me as a mortgage banker there besides the big bucks thing.
It may not have been Georgia but I have originated home loans for people with 580 credit scores. The fees are high because the borrower has a low credit score.
If you read reason #1 you would understand that I am not bashing mortgage brokers at all.

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-1714 T. Steele Fri, 28 Aug 2009 05:23:32 +0000 http://thetop10reasons.com/?p=27#comment-1714 This article was written by someone who has never originated a home loan. They speak as if originating a home loan is done with an Easy Button: take an app, talk to the cust for 10 mins., then close & get paid big bucks. lol Ridiculous. The Broker represents the borrower like an attorney, presenting the case to the lender thoroughly to ensure approval. Unlike the bank, there is some flexabilty depending on how the broker presents the case to the lender. Furthermore, there are several factors that are out of the bank's control and the broker's control. The appraisl, re-pulling of the credit report, field review results, change in federal regulations, etc.. A good broker is worth every dime they're paid and the work put into the file can be tremendous. The writer of this article should orignate and process a file with a borrower who's credit score is 580 on a property in Georgia. lol They would then understand why the fees are so high. And finally, the loan originator rarely gets more then 50% of that fee. There are an office full of people (managers, processors, secretarys) who are getting a piece of that fee for doing the work to get the loan closed for the borrower. This article was written by someone who has never originated a home loan. They speak as if originating a home loan is done with an Easy Button: take an app, talk to the cust for 10 mins., then close & get paid big bucks. lol Ridiculous. The Broker represents the borrower like an attorney, presenting the case to the lender thoroughly to ensure approval. Unlike the bank, there is some flexabilty depending on how the broker presents the case to the lender. Furthermore, there are several factors that are out of the bank’s control and the broker’s control. The appraisl, re-pulling of the credit report, field review results, change in federal regulations, etc.. A good broker is worth every dime they’re paid and the work put into the file can be tremendous. The writer of this article should orignate and process a file with a borrower who’s credit score is 580 on a property in Georgia. lol They would then understand why the fees are so high. And finally, the loan originator rarely gets more then 50% of that fee. There are an office full of people (managers, processors, secretarys) who are getting a piece of that fee for doing the work to get the loan closed for the borrower.

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-951 The Top 10 Reasons First Time Home Buyers Should Get A 30 Year Fixed Rate Mortgage | Real Estate - Home Mortgage - Foreclosure Sun, 21 Dec 2008 00:18:08 +0000 http://thetop10reasons.com/?p=27#comment-951 [...] many first time home buyers will never find a home or take a long time to do it. Do not call up a mortgage broker. They charge more fees than do banks or credit unions or major mortgage [...] [...] many first time home buyers will never find a home or take a long time to do it. Do not call up a mortgage broker. They charge more fees than do banks or credit unions or major mortgage [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-893 The Top Ten Reasons Interest Only Mortgages Make Sense | Real Estate - Home Mortgage - Foreclosure Fri, 21 Nov 2008 12:59:53 +0000 http://thetop10reasons.com/?p=27#comment-893 [...] The Top 10 Reasons You Should Never Get A Mortgage With A Mortgage Broker [...] [...] The Top 10 Reasons You Should Never Get A Mortgage With A Mortgage Broker [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-892 The Top 10 Reasons You Should Never Get A Mortgage With A Mortgage Broker | Real Estate - Home Mortgage - Foreclosure Thu, 20 Nov 2008 23:19:03 +0000 http://thetop10reasons.com/?p=27#comment-892 [...] The Top 10 Reasons You Should Never Get A Mortgage With A Mortgage Broker [...] [...] The Top 10 Reasons You Should Never Get A Mortgage With A Mortgage Broker [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-727 The Top 10 Reasons Why You Cant Refinance Your Mortgage After The Home Was Listed For Sale On The Market | The Top 10 Reasons Wed, 22 Oct 2008 04:03:05 +0000 http://thetop10reasons.com/?p=27#comment-727 [...] You will have to wait the time needed to refinance. Its probably not worth your time to call up a mortgage broker. They have to follow the guidelines set forth by the lender who actually funds the loan. 7. No [...] [...] You will have to wait the time needed to refinance. Its probably not worth your time to call up a mortgage broker. They have to follow the guidelines set forth by the lender who actually funds the loan. 7. No [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-532 The Top 10 Reasons Self Employed People Can Not Get Approved On A Mortgage Tue, 09 Sep 2008 16:41:58 +0000 http://thetop10reasons.com/?p=27#comment-532 [...] prove on your income taxes (1040s) that you can qualify for the mortgage. Your mortgage banker or mortgage broker will ask to see those. Let’s assume that you run a landscaping business and the business [...] [...] prove on your income taxes (1040s) that you can qualify for the mortgage. Your mortgage banker or mortgage broker will ask to see those. Let’s assume that you run a landscaping business and the business [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-529 The Top 10 Reasons Self Employed People Can Not Get Approved On A Mortgage | The Top 10 Reasons Tue, 09 Sep 2008 16:29:43 +0000 http://thetop10reasons.com/?p=27#comment-529 [...] prove on your income taxes (1040s) that you can qualify for the mortgage. Your mortgage banker or mortgage broker will ask to see those. Let’s assume that you run a landscaping business and the business [...] [...] prove on your income taxes (1040s) that you can qualify for the mortgage. Your mortgage banker or mortgage broker will ask to see those. Let’s assume that you run a landscaping business and the business [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-446 The Top 10 Reasons More Mortgage Companies Will Go Bankrupt When The FHA Changes Its Guidelines October 2008 | The Top 10 Reasons Tue, 19 Aug 2008 02:09:54 +0000 http://thetop10reasons.com/?p=27#comment-446 [...] gone bankrupt. This does not include the other hundreds or thousands of other people who got their mortgage brokers license hoping to make a quick buck only to fail when the housing bubble burst. What is really [...] [...] gone bankrupt. This does not include the other hundreds or thousands of other people who got their mortgage brokers license hoping to make a quick buck only to fail when the housing bubble burst. What is really [...]

]]> http://thetop10reasons.com/the-top-10-reasons-you-should-never-get-a-mortgage-with-a-mortgage-broker/comment-page-1#comment-233 The Top 10 Reasons First Time Home Buyers Should Get A 30 Year Fixed Rate Mortgage | The Top 10 Reasons Thu, 24 Jul 2008 15:01:03 +0000 http://thetop10reasons.com/?p=27#comment-233 [...] many first time home buyers will never find a home or take a long time to do it. Do not call up a mortgage broker. They charge more fees than do banks or credit unions or major mortgage [...] [...] many first time home buyers will never find a home or take a long time to do it. Do not call up a mortgage broker. They charge more fees than do banks or credit unions or major mortgage [...]

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