please answer my mortgage broker or lender question.

andrewclarkrealty · Joined: 24 Jul 2008 Posts: 1 1.39 Dollars($)

Hello! For my homework I have to get a direct lender and a broker to answer these questions. I would greatly appreciate your answers. Thank you : )

1. How do you explain origination fees, points, discount points and closing/loan costs to your clients?

2. How do you disclose and explain a prepayment penalty to your clients?

3. What type of service do you offer clients which sets you apart from the competition particularly in this current market?

4. What's the hardest thing about your job?

5. How have the recent market changes affected your business?

Guest 0.10 Dollars($)

Wow this is such a elaborate question. I feel a lender can answer your question better Smile

janvijikla · Joined: 25 Jul 2008 Posts: 8 6.00 Dollars($)

Hi
You have done a good question, it’s really interesting. If you get any good reply, so please let me know. So I’ll also get some good idea.
Thanks for your future help.

[Link deleted as per the forum rules]

ckalvesmaki · Posted: Fri Jul 25, 2008 1:50 pm Post subject:

Hello! For my homework I have to get a direct lender and a broker to answer these questions. I would greatly appreciate your answers. Thank you : )

1. How do you explain origination fees, points, discount points and closing/loan costs to your clients? I give them side by side comparisons..it is pretty easy to do and the spread sheet is built into the software I use..
2. How do you disclose and explain a prepayment penalty to your clients? A pre-pay penalty is disclosed on the TIL(Truth in lending) and depending on the state there may be other disclosure required.
3. What type of service do you offer clients which sets you apart from the competition particularly in this current market? There isn't any way to answer this question other than to say....make yourself more available at night or on the weekends.
4. What's the hardest thing about your job?
Keeping up with all the changes....
5. How have the recent market changes affected your business?
Most people are running lower numbers

sweeney · Posted: Fri Jul 25, 2008 2:59 pm Post subject:

Hello! For my homework I have to get a direct lender and a broker to answer these questions. I would greatly appreciate your answers. Thank you : )

1. How do you explain origination fees, points, discount points and closing/loan costs to your clients?

They're all listed on the gfe. Origination fee (or ysp) is how we make money. Discount points buy the interest rate down to a lower amount. The other closing costs are the hard costs you are spending to obtain this loan. Some may be to the lender, others to third parties such as the appriaser, credit bureau, title company, county clerk and recorder, etc..

2. How do you disclose and explain a prepayment penalty to your clients?

We just do FHA and FNMA, so there are no prepayment penalties, per se.

3. What type of service do you offer clients which sets you apart from the competition particularly in this current market?

We do something very unique. We focus on debt consolidation and our site gives a free, personalized analysis while the user remains anonymous.

4. What's the hardest thing about your job?

I have to echo Cedric, keeping up with the changes, both legal and with the loan programs. Lotta work.

5. How have the recent market changes affected your business?

I'd say the consumer seems to have a greater distrust of our industry, which I didn't see in previous years. I'm sure this is due to the media coverage of foreclosures and the bad apples who tainted the biz. The industry will need to rebuild that trust, this will take some time.

Hope that helps, good luck with your homework!

All times are GMT - 7 Hours

Page 1 of 1