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Related: Culture Forums, Support ForumsMortgage 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?
democratisphere
(17,235 posts)fleur-de-lisa
(14,624 posts)mahatmakanejeeves
(57,425 posts)fleur-de-lisa
(14,624 posts)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!
Fla Dem
(23,656 posts)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.
Hassin Bin Sober
(26,326 posts)Your local bank or your credit union doesnt 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 dont 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.
SeattleVet
(5,477 posts)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
Sedona
(3,769 posts)They know who the lenders are who close on time without drama
(If you need a Realtor referral I can help with that)
Turbineguy
(37,324 posts)does not sell their mortgages. Very nice to work with.
bluecollar2
(3,622 posts)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.
cemaphonic
(4,138 posts)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.