Washington Mortgage Planner-straight up mortgage advice and commentary

I write this evening a little perturbed with my borrower who is shopping me.  I understand this is all part of our job but have to admit I'm not crazy about it.  Especially since this particular borrower not only got my business in the first place but also the business of a friend of mine.  I'm a believer in giving first but would prefer reciprocity in return if at all possible. I also did not shop my customer's services.  I just trusted they would do a great job and they did.

With the above being said, borrowers make sure you're comparing apples to apples.  I'm up against a bank on the above mentioned loan and, of course, they quoted no points, fees, etc.  Plus, I needed to charge MI as the loan was at 95%.  The bank indicated their rate would be higher but there would be no MI (mortgage insurance) and the borrower's accountant mentioned it would be better for them to have a higher payment for tax purposes.  I asked the borrower to send the Good Faith Estimate and had a phone conversation with them telling them the realities of no points, fees loans. I also indicated that I would get their loan done to their satisfaction and would keep my word throughout.

I may not be able to salvage this one but sure plan on trying.  I probably won't make a lot of money on this although that's never been the motivation.  Consumers:  Don't fall for what sounds good.  Do your research but be careful.  Everyone can promise the same thing or more but go with someone you trust and can get the job done.  We don't always make a bunch of money on every loan.  But the good hearted people doing your loan don't care.  They are more interested in getting it done to your complete satisfaction. I welcome any and all comments.  Have a great day!

Paul