As a Wells Fargo Alumni I really want them to do well. I have a lot of my retirement invested in that company. But I am really liking the big banks recently. It seems to me that I get plent of business from their turn downs. Here's how big banks cause problems for the consumer.
-
They don't know what they're doing. We closed over 20 loans last year from big banks who couldn't do the mortgage. In truth, they could do the deal, but they didn't know that they could do the deal. For example, one lender said that the borrower didn't have any money for a down payment. We were able to restructure the deal and it closed.....in less than two weeks. Oh yeah...it was a purchase. If the loan officer was trained proplerly he could have done the deal, but in truth, he just didn't know what he was doing.
- The loan officers don't need to be licensed in the big box bank. They're registered under the NMLS, but they are not licensed. Anyone who is going to work on the biggest transaction of the consumer's life probably should be licensed. At least that's my opinion.
- Mortgage Bankers and Mortgage Brokers ONLY DO MORTGAGES. My friends at the credit unions and the big banks are paid based upon checking accounts and savings accounts opened, as well as credit cards issued, etc. If it's your transaction, wouldn't you want someone who is licensed and told to focus ONLY ON MORTGAGES?
- Big Banks only offer their products. As a top 40 lender, it's our money at the table. We service our loans, but we can underwrite for a lot of different lenders or keep the loan ourselves. The point is....we have options for you. Big Banks only have what they have.
IF IT'S YOUR FAMILY
SELECT SOMEONE WHO IS
COMMITTED TO YOUR GOALS!
Comments(29)