Home Buying in California>Question Details

Chris Carter, Other/Just Looking in Folsom, CA

This one is for the realtors...

Asked by Chris Carter, Folsom, CA Thu May 7, 2009

Would you choose to do business with a loan officer who works for a broker, or a loan officer who works for a retail bank like B of A...assuming both LO's were equal in skill and experience?

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I provide my buying clients with the contact information for at least 3 mortgage originators. I build my business by referral and prefer to recommend mortgage originators who have proven that they too are more interested in taking excellent care of the people, vs. the quantity of transactions they do, and thus are striving for excellent customer service and the resultant referrals. Buyers need to work with the person with whom they feel most comfortable because it is a long, stressful process. Banks and mortgage brokers usually have different products. I usually include only mortgage brokers on my referral list, knowing that the mortgage brokers to whom I would refer business will refer business out to a bank if they feel a bank can provide a better product for the customer.
0 votes Thank Flag Link Fri May 8, 2009
I am loyal to my loan officers. Two at local banks, one with a broker. I don't really care who they work for as long as my buyer's get great customer service and the best deal possible. I started with a major bank loan officer years ago until I realized all of the junk fees they charge. I stick with the local banks - their underwriting seems to be less involved.
0 votes Thank Flag Link Fri May 8, 2009
I prefer broker's if I know them and their work. Here's why:
Most people think that banks are the best for buyers in terms of rates and fees. While that may be true in some instances, it certainly isn't the case in most. If you ever walk into a BofA for instance and read their mortgage rates, few people ever go below the line with the interest rate on it. If they did they would see what that interest rate is costing them and more often than not it is MUCH higher than a broker can do for the same rate. Brokers can find the best rate and terms for the client whereas with the bank you are stuck with their product offering only. Agood broker is worth his/her weight in gold!
0 votes Thank Flag Link Fri May 8, 2009
A direct lender....................
0 votes Thank Flag Link Fri May 8, 2009
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