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ginih52 · Joined: 16 Nov 2007 Posts: 2 2.06 Dollars($)

We have been approved to refinance our mortgage and have been working with a local broker. My concern...Many mortgage lenders are now being investigated for all kinds of loose practices. How do we know what lender we will end up with when closing with a broker or should we not be concerned about this? Thanks folks! Abbey

sara

Hi Ginih,

Welcome to the forums.

I can very well understand your concerns. It is important to deal with the right lender and if you're getting a loan through a broker, it's a concern as to whether you'll come across the right person to deal with. What I feel is, fix an appointment with some lenders your broker deals with and have a straight talk. Ask questions to choose the best lender and the loan program.

Apart from the above, try to know about the lender's service background and collect some testimonials from his office. Such things will give you an idea as to how they've been servicing loans so far. Also, you may browse through the BBB website and search for a reliability report of the lender's company.

If you have additional queries, please don't hesitate to ask.

Take Care

Posted: Sat Mar 29, 2008 6:07 am Post subject:

Thank you, Sara. I will use your suggestions.

ginih52 · Joined: 16 Nov 2007 Posts: 2 2.06 Dollars($)

Oops, sorry! Wasn't signed in!

adamr6cox2 · Joined: 31 Mar 2008 Posts: 4 1.28 Dollars($)

we are advising customers not to use brokers. There are plenty of lenders out there still vying for business. It shouldnt be such a daunting process, im sure you are very capable of organising your funds.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi adamr6cox,

Welcome to the forum.

You seem knowledgeable and I think you can really help people with your sound knowledge and invaluable suggestions. Why don't you introduce yourself and let the community know about yourself at http://www.mortgagefit.com/introduce-yourself-6.html

Best of luck,
Larry

Guest

But Adam why do you want customers to stay away from brokers? are brokers the only ones committing frauds, i don't think so? after all brokers have the chance to provide a variety of loan programs because they're in contact with lots of nationalized lenders.

chrisburns · Posted: Mon Mar 31, 2008 11:10 am Post subject:

Advisign a client against talking to a broker is bad advice for your clients.

To the original poster I would say to make sure you express your concerns with your broker so that he is aware of them. He can keep you closer in the loop and allow you to do research on the lenders he is considering for your loan. It's your loan and you should have the final say.

Posted: Mon Mar 31, 2008 5:13 pm Post subject:

Thanks Chris--That's what we'll do. I'll talk to the broker tomorrow.

gmakerley · Posted: Mon Apr 07, 2008 12:43 pm Post subject:

from the website, it would appear to me that amccox.au is actually a broker firm itself; marrying up investors with borrowers. isn't that the job a broker performs, after all?

i agree with chris - deal with your broker and see if you can't get the skinny on the lenders with whom he is doing business. you definitely need to be careful out there.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

adamr6cox,

You shouldn't be giving any advice considering you can't even spell. A broker is definately the way to go right now with lenders shutting down without notice. If they are working with a lender directly, they would have to start over somewhere else. If they are working with a broker, they would be able to use all of the same documents and send it to another lender within one to two business days. Most brokers will obtain better financing than going direct to the lender.

gmakerley · Posted: Fri Apr 11, 2008 7:17 am Post subject:

is this "pick on lenders day" with you, lisa?

what is your particular problem with lenders anyway? are there no brokers closing down? let's be realistic and not dump on a whole segment of the lending public.

having read this one after having read another of your diatribes, i can honestly say i find it all offensive.

Guest

i would have to agree with you George. You definitely need to be careful out there, you may run into a broker like Lisa.

Lisa- if you are going to make fun of someone because of inaccurate spelling, you need to make sure your own spelling is correct

JuanHdez · Posted: Wed May 21, 2008 9:18 am Post subject:

Wow

,

I think this post is going back and forth between the lender and brokers of this forum. Gigi, my best suggestion to your concern is to sit down with your LOAN OFFICER, wheather they work for a broker or lender and feel very confortable with them. Being a BBB member, lender, broker, or what ever else they have up their sleave.. the most important aspect, in my opinion, is that you feel confortable that your LOAN OFFICER is looking out for your best interest and will do everything possible to give you a great loan. I believe one of the major reasons for the current mortgage crisis is that many loan officers were looking out for the best interest of their own pockets and placed borrowers on a loans they should have never had in the first place. Again, having a loan officer you can trust and feel confortable with is of UTMOST IMPORTANCE!!!

Best o' Luck

J Smile

gmakerley · Posted: Wed May 21, 2008 10:02 am Post subject:

juan, i like your style so far. i thoroughly concur with your final sentence. if you have faith in your loan officer, it really won't matter who the lender is. loan officers may float from company to company, from lender to broker to lender to broker, etc., but that won't change a person's veracity or willingness to assist a borrower.

to dump on lenders or to dump on brokers is only to reflect back on the dumper in a negative way.

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