Refinance Mortgage

I have an excellent credit. I am looking for a very competitive rate and minimal closing costs. (who isnt) Let me know if you need anymore info.

Are you looking to purchase or refinance? There are a lot of questions a lender will need to ask you to give you a quote.

Now, more than ever, it’s important to investigate who you choose as a mortgage company. You should shop with a few national, direct lenders and ask them for a complete quote with a good faith estimate. Find out which one makes the most sense and move forward from there.

With lenders closing their wholesale departments, what do you think the future holds for all the mortgage brokers out there? Do you think that wholesale will disappear, and there will only be retail or warehouse lending? Please let me know your thoughts, or if you have heard any rumblings!

The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I’m afraid this might be the classic example of "too little too late." I’m sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn’t care whether their clients could actually make the payments or not or whether the latest loan product was right for them.

Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you’re not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they’re doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it.

Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company.

I’m sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing).

Thanks!

Can mortgage brokers give us a lower rate on 30 yr fixed(zero points) today at 4.87% by lowering there commission from the bank/lender where they are locking the rate ?

Are you talking 4.875% on a 30 year conventional loan? To give you that rate with no points, no origination, today would cost the broker a few points to do your loan. That’s not going to happen. Why is it everyone thinks professional should work for nothing? Do you work for nothing?

Do I ever give up .25% to make a deal work? If it is a high loan amount I will. But I don’t even have to do that often. Most people appreciate my professionalism & help & understand I do this for an income & want me to be paid. I am good at what I do & I expect to be paid for a job well done just like everyone else.