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upfront broker questions

We are shopping for a loan now in Georgia to purchase a bank owned property. I have a broker telling me he'll do the loan for nothing. I barely know this person, no loyalty or reason why he should work for free.So I found 3 brokers in my area that were UMBs. The lowest one so far quoted me .5 to do the loan, plus a $500 transaction fee. Is that pretty competitive? I am thinking with a UMB, you look at the fees together and there is no YSP. Is my mortgage broker making money on the spread?Also I need a lender to perform this for us. by kennykrokow from Auburn, Georgia. Sep 28th 2009 Reply


Joshua Crater (Rate1st.com)
#203 ranked lender in California - 47 contributions

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Sep 29th 2009
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Reggie Hayes (rhayes)
#15 ranked lender in New Jersey - 12 contributions

Wow, there are some really sarcastic answers here. But, there is a reason for it. One instance you question when a broker says that he will do the loan for free, which he will not, second you question the fairness of .5 plus 500 app fee. There is work that we do as Loan Officers that we get paid for, just as you do in your profession. My suggestion is for you to go to your local bank that you are comfortable with or get referred to someone by someone that you trust and let the people work with your situation to get your deal done. Also, the Internet, Joe up the street, and "They" have never CLOSED a loan.

Sep 29th 2009
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Eric Anderson (eanderson)
#207 ranked lender in California - 1 contribution

Since OCM Bancorp Is a direct lender. So I can assure you that we can provide you with the best loan program. It doen't matter if you're looking for the lowest rate or cost, even a combination there of. OCM Bancorp is the best. Sincerely,Eric L. Anderson

Sep 29th 2009
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