Home Buying in Glenside>Question Details

B.edmondson, Home Buyer in Feasterville-Trevose,

Should you go to someone like Wells Fargo to be prequalified or should I see a mortgage broker to see about moving and buying another house?

Asked by B.edmondson, Feasterville-Trevose, PA Tue Oct 22, 2013

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Big banks can sometime be slow and limited in the loan options. Mortgage bankers like myself can have more to offer and will make sure you get what you need on time. I have heard complaints from people that big banks can take too long for loans and can deny people often. Mortgage bankers are able to spend all their time on their clients to make sure they are satisfied. If you are seeking a loan, I would be glad to assist you. Please feel free to contact me if you have any further questions or if you would like a loan. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes Thank Flag Link Fri Feb 14, 2014
Mortgage brokers took a lot of undeserved heat for the housing meltdown, but consumers need to know that using a broker is still one of the best ways to shop for a mortgage, according to the Washington Post’s real estate columnist.

“In the wake of the global financial crisis, a number of regulators and a number of congressmen really identified brokers as the bad guys in that whole equation,” Washington Post writer Kenneth Harney said. “...I remember sitting down with (former Massachusetts Rep.) Barney Frank on more than one occasion and him saying to me, ‘Community bankers -- good guys. Brokers -- bad guys.’ Yes, there were a number of brokers involved, but they’re not in the industry anymore as far as I can tell. ... Continuing to punish brokers for the perceived sins of the past is just unfair in my point of view.”

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Speaking last weekend at the National Association of Mortgage Professionals (NAMB) national conference in Las Vegas, Harney said the much-maligned mortgage broker is still the best option for many borrowers searching for a loan.

“I have found as a consumer I get a lot more out of a good broker than I’m ever going to get out of a retail loan officer at a big bank,” he said. “The brokers I deal with are basically small businessmen. They survive on their reputation, on word of mouth. ... The broker model allows consumers to ‘shop’ without themselves having to shop.”

One issue facing brokers, according to Harney, is that most borrowers simply don’t know the difference between a broker and the loan officer at their local bank.

“There's no question that brokers bring a whole lot to the table. There's no question that the model is important,” Harney said. “But the responses I've gotten from recent columns make it clear to me that the borrowers out there really don't know how to find you. ... There's just a huge lack of understanding about brokers.

“What that says is that there's a huge need for branding here,” he said. “I think people, when they see the facts of your model, the facts of your business, really like it. It would be a whole lot better if people actually knew how to find brokers. ... Somehow, the word has to get out that brokers are different than bankers.

In addition to traditional advertising, Harney suggested that brokers harness the power of social media outlets such as Facebook and Twitter.

“My view is that brokers tend to be problem solvers, and here's a problem -- getting the word out: ‘Here's who we are,’” he said. “If you solve the branding problem, I think it will help to solve other problems.”

NAMB President Don Frommeyer said that the most important part of branding was defining the differences between brokers and mortgage bankers and loan officers.

“I think for the most part, most mortgage brokers are branding themselves,” Frommeyer told MPA. “The tough part about it is trying to differentiate between a broker and a banker, and the fact that they have different rules. … You and I both know that most times, the broker’s going to give a better deal than the bank. But it is a competitive market, and branding is very important.”

Frommeyer stressed that brokers should explain clearly exactly what they offer that a bank can’t. “As a broker, I’m licensed. I do continuing education – whereas a bank officer isn’t that way,” he said. “(Customers) might say, ‘Well, a bank can give me this, a bank can give me that.’ Well, I can give you service. They have one program; I have 23 different programs. You have to educate the consumer.”

http://www.mpamag.com/mortgage-originator/punishing-brokers-…
0 votes Thank Flag Link Wed Oct 23, 2013
I would go to a local mortgage BANKER, not necessarily a broker and there is a difference. I don't care for big banks. The smaller firms specialize in writing mortgages, that is their only business. Big banks have depositors, etc. to worry about and those interests can sometimes conflict. Local bankers are most familiar with all the programs out there for various segments of the population such as veterans, public servants and union members. They know about FHA 203K renovation loans and USDA zero money down loans. And they are willing to work with people with less than stellar credit. No brainer if you ask me.
0 votes Thank Flag Link Tue Oct 22, 2013
Hello Suzanne,
Since Dodd Frank, mortgage banks have sprouted up all over the place and most of them have hired former loan officer who worked as or for mortgage brokers. Does that now make them more informed? They know about 203k loans and USDA loans? WOW! That's amazing!
Sheesh, rather than use spell check I think people should actually READ what they are saying.
Flag Tue Oct 22, 2013
Either. It doesn't matter if you go with a small broker or a banker like Wells Fargo. What matters is the person.

If you want, I have some good people you can get quotes from to see if you like them.

Eric Axelson
856.617.1212
axelson@kurfiss.com
0 votes Thank Flag Link Tue Oct 22, 2013
Getting pre-approved will put you in a better position to make an informed decision....

Obtaining a mortgage is a lot like buying a car.....By limiting your choices you are likely not going to identify your best product and value. Our recommendation is to always "kick some tires" before making a decision......remembering it isn't always the "big names" that offer the best product. Make yourself informed.

Bill
0 votes Thank Flag Link Tue Oct 22, 2013
Hello B Edmonsen,

If you want someone who is local, reputable and can guide you through the mortgage process from start to finish give me a call. Read my profile and that's all you need to know.
I will not badmouth Wells Fargo on a public website, nor will I suggest that using a mortgage broker means paying higher rates and fees. That is complete hogwash. I do know that I do many things that some other lenders do not.
I am available by cell any time and always quick to respond.
I have taken in home applications.
I keep my clients informed throughout the process and I manage their expectations. If you know what to expect, there are no surprises.
I have several sources for my loans which sometimes means more flexible underwriting
I have knowledge and experience to make sure my clients don't make dumb mistakes and get their loan denied.
I attend my settlements so that I can go over the numbers and make sure there are no errors.


Feel free to go elsewhere if you don't think these qualities are important.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Tue Oct 22, 2013
Unless you have a special situation I see no reason to pay a mortgage broker. BTW - the best mortgage deals are from credit unions.
0 votes Thank Flag Link Tue Oct 22, 2013
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