I don't even think this way I suppose - cramming a borrower into a certain type of loan just to make more commission from the deal. I've heard the stories from current employees who previously worked with major national lenders where the loan officer made more money by putting borrowers in a different loan even when they qualified for one at a lower cost. Seriously, when people say, "brokers make more money by putting borrowers into adjustable rate mortgages or pay option ARMs" I initially say, "That's not true!" Of course then it goes back and forth and then I realize ... I'm not everyone.

Since we opened in 2001 we have set the limits of how much we charge "on the front" and "on the back" which may not have lined our pockets with gold but certainly allowed us to stay open. Then in 2002 along came the Georgia Fair Lending Act which limited that amount to everyone except federally chartered banks (watch my blood pressure rise!) who are not subject to state law. So if you obtained a loan from a federally chartered bank such as the ones who advertise heavily on cable and satellite, they could put the screws to you and the state couldn't do a darn thing about it. Coming to that realization I now understand how this could happen right here in my own back yard.

So for every time I have said, "loan officers don't make more by putting borrowers into a payment option ARM or other types of mortgages" I apologize. I am also sorry you didn't come to us for your loan since our fees are pretty much equal across the board whether it's a conforming loan, subprime loan or commercial loan. There are no 6 points on the back here like I've heard horror stories from other lenders. 

IMPORTANT MORTGAGE SHOPPING INFORMATION 

PLEASE PEOPLE! Work with different sources! Don't fall for the totally false belief that the bank or a national lender will be better for you than working with a broker. Don't fall for the false safety that working with just one mortgage broker is a good idea. SUBMIT THE LOAN at two different places. PAY THE APPRAISER DIRECTLY AND GET A COPY FROM THE APPRAISER to use to shop. If the lender/broker pays for your appraisal they do not have to directly send it to you until you have requested it in writing and they can legally drag their feet for a while. Also, be careful when just shopping via the phone - believe it or not that information is totally worthless until the LENDER has looked at the application and the property. YOU CAN CANCEL A LOAN ANYTIME PRIOR TO CLOSING. DO NOT SIGN A PURCHASE AGREEMENT WITH A FINANCING CONTINGENCY THAT PUTS A TIME LIMIT ON WHEN YOU LOSE YOUR EARNEST MONEY! THAT WOULD FORCE YOU INTO ACCEPTING A LOAN JUST TO KEEP FROM LOSING YOUR EARNEST!!!  Do not use a lender or broker who charge an application or withdrawal fee. SUBMIT YOUR APPLICATION TO TWO LENDERS/BANKS OR LET TWO BROKERS SUBMIT YOUR LOAN EVEN IF THEY DON'T LIKE IT. YOU are in charge - get the HUD1 and then choose your source. Believe me, I've been a loan officer, a broker and a lender. I don't like working for free but I want my clients to get the best deal for their self. BUT MAKE SURE YOU KNOW WHAT YOU ARE LOOKING AT ON LOAN DOCUMENTATION! If you do not know what you are looking at and you want to be sure you are comparing apples to apples I will look at it for you and give you my opinion. Rates and points and closing costs and terms of the loan ALL matter not just one over the other. CALL ME 678-946-0101 and I will review your loan with you even if I'm not doing the loan. I care about my industry that much.