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Wed Apr 11, 2018, 11:55 AM

Mortgage lending referral in WA?

I'm not sure if this is the right place but, I'm getting ready, finally, to buy another house after giving my last one to my ex hub.
I'll qualify as a first time home buyer again, which is helpful, credit is good, income is good...

I want to actually choose a lender that aligns with my progressive values, that is ethical, that is customer-centric....someone who wont bait and switch me at the last minute....

is there such a thing?

12 replies, 1164 views

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Arrow 12 replies Author Time Post
Reply Mortgage lending referral in WA? (Original post)
TalenaGor Apr 2018 OP
democratisphere Apr 2018 #1
fleur-de-lisa Apr 2018 #4
mahatmakanejeeves Apr 2018 #2
fleur-de-lisa Apr 2018 #3
Fla Dem Apr 2018 #6
Hassin Bin Sober Apr 2018 #12
SeattleVet Apr 2018 #5
Sedona Apr 2018 #7
Turbineguy Apr 2018 #8
bluecollar2 Apr 2018 #9
cemaphonic Apr 2018 #10
TalenaGor Apr 2018 #11

Response to TalenaGor (Original post)

Wed Apr 11, 2018, 12:09 PM

1. Quicken Loans is extremely reputable.

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Response to democratisphere (Reply #1)

Wed Apr 11, 2018, 12:19 PM

4. I had a great experience with them - see post #3.

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Response to TalenaGor (Original post)

Wed Apr 11, 2018, 12:14 PM

2. Are you a member of a credit union? NT

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Response to TalenaGor (Original post)

Wed Apr 11, 2018, 12:19 PM

3. I don't know anything about WA lenders, TalenaGor

but no matter which company you go with, they can (and probably will) sell your mortgage to another lender.

I bought my house on my own in Louisiana in 2010 using a local lender. Great credit rating, great income. Two months later they sold it to Wells Fargo. I hate them with a passion.

In 2013, I refinanced with Quicken to take advantage of lower rates. It was a really good experience and was super easy.

Guess what? A few months later they sold it to, can you guess? Fucking Wells Fargo!

Recently, my credit union sent an email flier about refinancing. I am not really interested in refinancing, but out of curiosity, I responded and asked if there was any way to guarantee that they wouldn't sell my mortgage. The agent told me that they cannot guarantee that it wouldn't be transferred again to those fucking criminals at WF.

Several people that I know have had the same experience of having their mortgages sold without their consent. Hell, they don't even tell you about it until it's a done deal.

Bottom line: It seems that we as consumers have no control over who ultimately ends up holding our mortgages. I blame republicans!

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Response to fleur-de-lisa (Reply #3)

Wed Apr 11, 2018, 12:29 PM

6. This is true.

Always went to local banks for mortgages. Within months they are always sold off, yes to Wells Fargo. This has been going on forever. Particular after the bank consolidations of the 80's and 90's.

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Response to Fla Dem (Reply #6)

Thu Apr 12, 2018, 02:51 PM

12. The problem is your best deal is going to come from a saleable (to Fannie/freddie) loan.

Your local bank or your credit union doesn’t have enough money laying around to loan to you and all your neighbors for 30 years.

They sell everything to Fannie/Freddie or FHA or Va

The part you see is the servicing. That gets sold to the big banks because the big banks can operate more efficiently (economies of scale)

Most small originators don’t want open envelopes and pay tax bills and monitor insurance for the few bucks a month they get in servicing kick back. They sell the servicing piece for an upfront “servicing release premium” paid by the big bank who can earn a profit treating millions of customers like shit.

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Response to TalenaGor (Original post)

Wed Apr 11, 2018, 12:28 PM

5. BECU all the way.

Been a member since 1995 (at the time you had to either be a Boeing employee, or be part of the family...I married my engineer wife in 1995, and immediately joined).

When we had our house redone several years ago we shopped around, and even a VA loan came out to be a lot more than what we were charged with BECU.

They are pretty available throughout the state now, and open to all WA residents.

See if they can help you out...www.becu.org

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Response to TalenaGor (Original post)

Wed Apr 11, 2018, 12:30 PM

7. Check with a Realtor

They know who the lenders are who close on time without drama



(If you need a Realtor referral I can help with that)

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Response to TalenaGor (Original post)

Wed Apr 11, 2018, 01:22 PM

8. Washington Federal

does not sell their mortgages. Very nice to work with.

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Response to TalenaGor (Original post)

Thu Apr 12, 2018, 11:57 AM

9. Credit Unions usually warehouse their own loans

Join one that does. Just ask them and they'll tell you.

It's usually in the loan document disclosure as well.

Banks are almost as bad as payday lenders as the worst places to go for a loan. I gave up on banks thirty years ago and have used credit unions exclusively since.

Banks hate credit unions so they must be meeting your requirements that they be ethical and customer centric.

Good luck.

BTW...I was a loan broker in a previous life and credit unions always had higher standards than banks when it came to lending...usually because they warehoused their own loans.

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Response to TalenaGor (Original post)

Thu Apr 12, 2018, 02:18 PM

10. For Seattle, we went with Salmon Bay Lending, and they were great.

And this was in 2006, when there were tons of slapdash lenders everywhere. Very ethical and responsible about explaining the pros and cons of the different ways you can structure a mortgate.


But as other have said, ultimately it's going to end up at some huge bank like Wells Fargo anyway.

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Response to TalenaGor (Original post)

Thu Apr 12, 2018, 02:34 PM

11. thank you all!!

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