As a Correspondent Lender, we work with just about ever bank and some lenders you may not have heard from. Every so often, I’ll have a client request a specific bank. The conversation may go something along the lines of:
Client: Can you please lock my loan at Wells Fargo (or Washington Mutual, Countrywide, etc.)?
Me: We work with many banks. However, I usually select by who is offering the best rate or best product for your scenario.
Usually the client is fine with getting the best rate or product. Sometimes, they may request to not be locked with a certain lender due to a bad previous experience. I’ll advise the client that I won’t lock them at that specific bank; however, I cannot guarantee they won’t wind up at that bank since mortgages are often transfered. The request to be with a specific bank has really dwindled lately. I’m assuming clients are happy to have qualified for a mortgage with today’s tightened guidelines and to have secured a low rate.
I have been wondering…does a potential borrower care if they found out their mortgage was locked in (brokered) with a specific lender?
Would it matter to you if I lock your mortgage with Countrywide, WaMU, IndyMac, Wells Fargo, Chase, Flagstar, Wachovia or DiTech? (Note: these banks are mentioned in no specific order and does not represent a complete list of lenders we work with). How about a bank you’ve never heard of before? Or if the bank was a "subprime lender" yet they offered a lower rate than a prime lender?
Voila, we have our first poll at Mortgage Porter on the right side of this page. Please vote!
Update: I will keep this poll available until March 8, 2008.
- Yes. There are banks I don’t want to support. (8)
- No. I don’t care. I just want the lowest rate. (8)
- It doesn’t matter (4)