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BlueFalconPunch t1_iyaa547 wrote

In my experience it doesn't matter one of the big 3 will snatch it up a few months after closing

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Sivla-Alegna OP t1_iyadcp5 wrote

That's a good point. I'd rather do business with someone who acknowledges my existence and contribution to the transaction, especially since I am the primary earner and the one that handles the majority of the family finances.

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FightingQuaker17 t1_iybjft8 wrote

The big three will snatch it up after sure, but the right lender absolutely does matter a whole lot in terms of the rate and relationship and you are asking the right question. We went to three lenders, one of them had a rate much lower than the others, and also offered much lower terms on mortgage insurance. They also were local, knew our realtor and their way around things. We were ready to close in no-time.

The other people we went to were rude, gave much worse rates (think 10% higher), and also accidentally emailed sensitive documents to randos they used to work with (these people were with FirstHome, which I see is getting a lot of positive reviews below...so the individual really does matter).

Anyway, my wife and I can recommend this guy: https://www.primeres.com/chadpiunti

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gothaggis t1_iyd3oty wrote

try checking out a credit union - like State Employees Credit Union. One thing though, it seems some seller agents didn't want to work with them and since I didn't really know what I was doing, I just said ok, and worked with someone else. I assume this is because there are certain lenders that will approve anything and they were afraid of pushback from SECU. i encountered 2 sellers agents like this. I also tried using M&T, which a another sellers agent wouldn't use as they said they weren't local (?!?!). This was at the height of the housing market boom though, so things may be different now. I ended up using the lender the sellers agent wanted me to use and my loan was sold about a month later...and then again a month after that - which is exactly what I was trying to avoid.

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muddyhands78 t1_iyag926 wrote

This is definitely true. Maybe just a quirk of my own experience but my sellers wouldn’t consider my offer unless I had a local lending officer. I was coming from another state so initially presented with one of the big National lenders.

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Willothwisp2303 t1_iybsdqo wrote

I wish we had some control over who gets our mortgage. Mine went to SunTrust, now Truist, and they repeatedly shorted me the cents on my payments. They were totally unsympathetic on the phone, told me I needed to mail or fax them proof, then never did anything when I did fax them proof. I figured out if I wrote out the cents on the amount line and not just the box they would credit it, but I'm STILL angry about it.

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zeppelin5555 t1_iydoobt wrote

How did they short you cents? Btw Suntrust is Truist! It was a merger between suntrust and BB&T. Suntrust mortgage overtook BB&T and they run the show.

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Willothwisp2303 t1_iydpr9z wrote

Say the mortgage payment was $2,000.51. They would always enter it as $2,000.00. I always overpay my mortgage too, trying to get debt free asap, so I think they thought I was ridiculous overpaying by $xxx and dickering about $0.xx.

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Autumn_Sweater t1_iyduasi wrote

with a credit union they might intend to service the loan themselves instead of transferring it after closing.

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sxswnxnw t1_iyacbh8 wrote

Lmao I wish this was not the case... But it is. Mine was sold in that time period, although the lender I originally selected still manages it from the front end.

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zeppelin5555 t1_iybdw70 wrote

Not sure who the big 3 are. The largest services for today's loans are Rocket, UWM, and Pennymac and Pennymac is the only one that buys loans from others. I could go on, but some local companies service loans, most do not. You have to be approved and setup to retain the servicing on the loan. Most lenders have no intention of servicing the loan, and it is setup to be transferred well before a few months, and even sometimes they transfer the loan to a company that doesn't intend to service the loan long term.

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PoopsExcellence t1_iybeqtv wrote

I think two of them have to be Wells Fargo and Fannie Mae

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zeppelin5555 t1_iybh4sy wrote

FNMA isn't a servicer, they are the 'guarantor' of MBS. Basically they take about 0.5% interest of every loan in the country in exchange for guaranteeing the end investor will be made whole up to 80% loan to value. They are the most profitable entity in the country, and basically enable a stealth tax. There is value in what they provide but they produce profits that are just crazy. Wells Fargo is still probably about the tops, but they service loans for FNMA, and aren't producing like they used to. Given their book though, they still service probably as many or more loans than anyone. Wells has been reducing its market share as of late, and has the asset cap I think. Not a big deal. Still huge.

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RevRagnarok t1_iyelxrg wrote

Check the paperwork. My Credit Union keeps like 98%.

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