Buyers…DON’T USE MORTGAGE BROKERS when purchasing a house! If they are friends, friends of friends, FAMILY…Run away! Brokers simply cannot do what they say they can and they certainly can’t do it on time.
Understand what a MORTGAGE Broker does…They take your financial “package” and farm it out to another party to rely on THEM to get YOU what THEY promised or committed to! Doing this puts everyone involved in the purchase of your new home (Seller, seller agent, buyer agent, title company) into bed with someone we will likely never meet…and the ENTIRE deal is now hinged upon THEIR ability to perform!
We all have a copy of the contract, we all know the closing date and we ALL can get Surveys, Inspections, Repairs, Appraisals (Often 2 visits for those), Re-inspect’s, Clear Title, Lien Searches, Title Commitments, etc done on time…So WHY can’t the mortgage broker do the same!!???
You charged the buyer a point on the loan and didn’t disclose it?! It’s gonna show up on the HUD! You have an origination fee that you may not have disclosed?! It’s gonna show up on the HUD! NOW we all face a delay to close so YOU can change (I call it pulling your pants back up because you were trying to screw the buyer…Like people just sign closing documents with no regard for what they say! This isn’t B of A here!) the “package” removing the fluff you tried to pass along…AND this buyer used to work for you!!?? With friends like that…Well, you get the point.
I’m POA for my sellers on this great home that the buyers are SO excited to close on…They even said their kids WILL sleep in their new home TONIGHT! They need to move in and get going with life…Just not on time…Why? Mortgage Brokers!
—The solution is easy-DIRECT Lenders (Mortgage BANKERS) that control your file from the start. Think a mortgage BROKER can get you a better deal since they are “farming” your financial life around (don’t get me started on potential Default issues if we don’t close today)? They can’t and they DON’T! They just hope you need glasses and that closing on time isn’t all that important. NO apologies here to any mortgage broker who may see this. Get out of the business or go work for a direct lender and regain whatever shred of self respect you ever had. Peoples lives are depending on you…Isn’t THAT worth it?
It’s gonna close…Everyone will move on and eventually forget the stress and anger…ALMOST Everyone! I keep a log of names and notes on the people I deal with who broker mortgages…I need another binder for that list…It’s WAY too full!