Yesterday I read that a huge internet lender is hiring thousands of loan originators to prepare for the volumes of business they're anticipating in two weeks once expanded guidelines of the Home Affordable Refi Program (aka HARP 2) are released by Fannie and Freddie over St. Patty's weekend.
I'm also hearing that some of the big banks are planning on using these internet companies to handle their volumes of mortgages they currently service.
You do not have to return to who you make your mortgage payment to for your HARP 2 refinance. If your home is located in Renton, Woodinville, Seattle, Samammish or anywhere in Washington state, I can probably help you with your HARP refinance.
Mortgage rates and closing cost are not the only things you should be considering when you select your lender for your HARP refinance. I highly recommend that you research your mortgage originator. Thanks to the NMLS, you can quickly enter your mortgage originators name, company name or license number and get a snapshot of their employment history. Many of the LO's being hired by the online mortgage companies are inexperienced and may have closed few (if any) mortgage transactions before. They just know how to pass the LO exam to be licensed and how to fill in the blanks on a loan application. "Filling in the blanks" is vastly different than completing a loan application and knowing which questions to ask from your client in order to assure a smooth closing.
Was your mortgage originator flipping burgers last month or closing loans? Click here to learn more about your mortgage originator: NMLS Consumer Access. In addition to verifying your mortgage originator on NMLS, you can also try "googling" their name to learn more about them. A slightly lower rate quote (or any lower rate quote) doesn't mean anything if that mortgage originator is not capable of closing your loan.
Regardless of where home owners go for their refinance, they'll need to be a little more patient. It's my understanding that some banks are informing their clients they are taking up to 90 days to close refinances.
We are expecting increased volumes at Mortgage Master Service Corporation too. Every mortgage company and bank should be. Our office is family owned and operated with our main office located in Kent, Washington. A majority (I'm guessing 90% or more) of our transactions are processed and underwritten at our main office. We also prepare your loan documents and fund your loan from our credit lines. Many of large banks or lenders don't have local processing or underwriting; they're often located outside of Washington. I have been working with my team at Mortgage Master Service Corporation for just shy of 12 years.
I would love to be your mortgage originator for your refinance (or purchase!) for home located in Washington.