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Fantastic Real Estate Mortgage Experience in Trumbull CT!!

Where have all the honest brokers gone??? This is why I stick to dealing with the banks directly. Rather than telling my client that they are approved for any amount they want, Nima Rezvan of Countrywide Home Loans told my client the honest truth. Instead of me driving these people around for a month, wasting my gas, my miles and, most important, my time, they will now wait a few months and clean up their credit as Nima suggested. I know if your still reading this your probably thinking Nima paid me to write this but that couldn't be farther from the truth. The fact is, I am tired of dealing with brokers who rob my clients blind. Buyers should know exactly how much their closing cost should be. Also, when brokers start advising my clients to add in the closing cost to the offer, you can almost forget about getting the deal. That's for me and my clients to decide. Not the broker who figures he can now add points and jack the closing cost through the roof to line his own pockets. My suggestion, call Nima Rezvan. You can find his link directly on my web site, http://www.kennethjbanks.com/

Sincerely,

Ken Banks

Posted by Ken Banks on 10/11/2006 04:26 PM

Comments (8)

real estate, mortgage, ken banks, wwwkennethjbankscom, nima rezvan, country wide, trumbull ct, century21 premier homes, shelton, monroe

8 Comments on Fantastic Real Estate Mortgage Experience in Trumbull CT!!

OCT

2006

Ken,

Congratulations on your first blog. So you didn't know what to write about or blog about and I gave you some ideas and look at your first blog. Blog included me in it, I feel special. Thanks for the compliments and kind words.

It is a pleasure to be working with you here in Fairfield County as a Realtor & Loan Officer combo!

Your Mortgage Man,

Nima

203.913.6016

http://www.MyNima.com

Ken,

Nima is a great person and a great lender. He has always been there for me. He also invited me to Active Rain. I am happy to see more positive comments about Nima.

I agree completely with the advice about working with mortgage lenders or banks and NOT brokers.

Over the many years I've been selling real estate, I've seen cases where the broker can approve but if they can sell the loan, they can't close.

I've also seen too many buyer come to us "pre-approved" by a mortgage broker who, one or two days prior to settlement suddenly advise the buyer that they need another $4,000-$6,000 to settle, which, of course can be added to the closing costs as points with enough credited back to permit the buyer to close.

I'm sure there are some good mortgage brokers, but I haven't seen too many.

Lenn,

I do have to add that even Bankers could be bad as well. I wouldn't want to give any mortgage broker a bad name. I am sure Ken was not trying to state that all mortgage brokers are bad at all. So you are from Maryland? I used to live in Annapolis, MD for about 8-10 months years ago!

Thank you, Nima for advising Lenn about honest brokers and dishonest bankers. I started as a mortgage broker, became a mortgage banker, and am back to broking loans again.

Lenn, look on Active Rain and you'll find good, ethical brokers. We originate 80% of the loan volume in the US today.

Ken, I like your first blog. I will point out that the closing costs are disclosed ona good-faith estimate for a reason. Predicting EXACTLT what your closing costs will be prior to a final loan approval is like trying to bet that the Yankees will make the post-season;.you get it right 80% of the time. Deals change in ecrow; for bankers and brokers

Most of my buyers dealt with the banks directly. Most of my investors dealt with brokers.

I am a former Countrywide FSL(sub-prime) Account Exec.

This is how you can tell a former employee: ring, ring

"Hello, thank you for calling Countrywide Full Spectrum Lending Div. my name is Peter, how may I help you today?"

Ken.... welcome aboard.

Brian....thanks for beating me to the topic and answering.....and I would like to add to that. I am a banker/broker. We have over 35 million dollars in warehouse lines. We underwrite the majority of our loans. And this is not a knock against, Nima. But because I can broker loans, I can also do some things that Nima can't do. We don't have a one set mind. And like Brian Brady....I have been doing this for over 14 yrs...and I have worked for Norwest (now Wells fargo) and some mid sized and smaller companies.

Ken....in regards to the loan officer advising the buyer to get seller help...or adding the costs into the offer....Brian should know my answer here....I am blunt... but you can't hold that against some loan officers.... we DON'T always advise this to pad our pockets. EVERY client and deal is different. Some people just don't have any money to work with and it's MY job to be very creative and to pull every string possible to get them their American Dream. Just word to the wise...just because I have the client get seller help, doesn't mean I am making more money.

And not to Bring Nima into this.... but I would have to say, every loan officer at least once in their life time has advised a client to do this....and I am making this statement in regards to those loan officers with 3 or more experiences ...basically for the reason that sometimes it could be a year or two later before this might happen to a loan officer.... again, every client's situation is different,

But again....welcome aboard. And Nima does seem to be a good guy....and how much did he pay you? lol Hey Nima.... where is that call back? lol

Ken,

If anything, you'll get a great education here about networking and financing here on Active Rain. Keep your ears and mind open. We learn things from Nima and he does from us...EVERY day.

I know you'll have a lot to teach us, also.

Interview an experienced mortgage broker sometime. Maybe a broker who is also a correspondent lender who sells to Countrywide (as Jeff and I are). You'll find that we are knowledgeable, intuitive, and best of all creative.

I look forward to your constructive participation on these fora and welcome you to a great educational tool

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