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The most important factor when buying a house is closing the loan and not getting the lowest possible rate. As your loan originators, we should be viewed as professional who rendered services for a fee. We should be judged by how effectively we can provide services, the fee we charge for our  services and guarantees or other assurances and not necessarily who provides the lowest rates.


1. Since Dodd-Frank Act in July 2010 - we are required to pass state and federal test, criminal background check and yearly continuing education. We must comply with the
Real Estate Settlement Procedures Act, the Truth in Lending Act, the Home Ownership & Equity Protection Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Gramm-Leach-Bliley Act, the Federal Trade Commission Act, and the Fair Lending and Fair Housing Laws (amongst others). Loan Originators with national banks are not required to comply. Who would you choose to be your Loan Originator?

 

2. Pacific Coast Financial LLC is locally owned and operated in Seattle, WA. Files are underwritten and we table fund our own files giving the speed to close on or before the closing date. We can close in 30 days or less unlike national banks. Never work with an internet lender that you will never meet since any problem is easier to resolve when you can see someone face to face.

3. Our Pre-Approval is bullet proof. We internally Pre-Underwrite our own files ensuring quick conditional loan approval with minimum conditions. We will only issue a Pre-Approval upon reviewing client's credit, employment, assets, and property type. In a seller's market in Seattle, our Pre-Approval will inspire confident in the seller and the listing agent. 

4. We strongly believe that our loan process should be transparent to all parties involved. We will inform you and your clients every step of the loan process with email broadcast of Loan Status Update.

5. Unlike national banks - we offer the best product from a variety of lenders that best fit you. While national banks match products to you. Here are some of our approved investors - Flagstar bank, Plaza Home Mortgage, Carrington Mortgage, United Wholesale MortgagePRMG, Provident Funding and others.

6. We  negotiate and coordinate with insurers, appraisers, and realtors, saving you time and money. We will do whatever it takes so that everyone and every organization will do so promptly and timely without error.  

7. Most realtors and home buyers work at night and weekends. Try calling your bank LO on Saturday or Sunday or after 5:00 PM on weekdays. Don't even attempt to go with online lenders. Problems will arise and working with an experienced mortgage broker, I will focus on solutions expeditiously.  

8. We guarantee that the broker's fee will not exceed as agreed upon and that lender's fee shown on Loan Estimate (LE) will not be changed as long as the transaction is not changed, and all third-party charges will be passed along with no indirect markup. We will provide rate-lock commitment upon locking.

9. Personal loan service as unique as you. We listen carefully and extract information early during the process to formulate applicable and sound advise. We know what our lenders are looking for loan approval and we will act on your best interest in dealing with the lender and third parties. 

10. We will attend signing if feasible for source of comfort on novice borrowers.

In summary - because big banks are exempt from the licensing provisions, their loan originators make about 30 - 60% less of what non-bank loan originators make. This creates a brain drain leaving banks with rookies and under-achievers. Would you like their loan originators handle your files and after 2 months in process just to be told that your clients Debt-To-Income ratio is too high or your clients have un-reimbursed employee expenses that was previously disclosed?

Our goal is getting all parties to the closing table on time with minimal issues and surprises. The best place for a borrower to get a mortgage is at a mortgage broker.  You demand the best and we deliver! 

Posted by Sam Kader on November 12th, 2011 5:11 PM

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