Mortgage Broker is "broker"

Little Fish, That's a very revealing "look what I did post". On the one hand you trash brokers, then you use the hell out of one on an I/O investment property transaction to mitigate your closing costs. A banker would have kicked you out the front door on the whole deal with no disclosure of their own institutional yield. That you would blind side your broker to participate in his/hers renumeration shows your the kind of guy who deserves a few curb marks. Assume the position please.

I wouldn't waste my time Bob. Little Fish only can sneak around the reef for so long before they either get put in a tank or get swallowed whole by the Big Fish.

Little Fish I read your explanation and frankly I can not believe that you did not understand the portion of the Good faith Estimate that clearly says "Compensation to Broker"-Not paid out of Loan Proceeds" and that you were ignorant enough to not ask your Broker. You're addressing one of the top producing Brokers in the NE in loan volume, and I have never had a client not ask me what YSP is who didn't understand. :roll:

We ended up disecting my personal experience partly because the only way to discuss the matter is by using a real example. Additionally, I thought it expedient as a teaching method to benefit those who never realized how the system worked and how they could secure better terms in the future.

Good stuff LF. Going forward I think (I hope) folks will start doing more research before shelling out their hard-earned money to commissioned salespeople.

Just like when info was revealed about how stockbrokers, insurance salesmen and car dealers applied their financial engineering techniques in dealing with their customers...we are just starting to see more information coming out <too late for many, I might add> to assist homebuyers in dealing with brokers and banks.

Mango:

It appears you are unable to quit. I can only assume the reason why you are so defensive is because you do not want consumers to understand the system, so you can go about playing them for suckers. Business as usual...

Have a great day!

Little Fish

LF, you are very, welcome! No need for my contribution here, you do enough, for ALL of us!Carry on.....

Diane:

I just want to take the time to Thank You for all of your invaluable contributions to this board.

Little Fish

Mango:

It appears you are unable to quit. I can only assume the reason why you are so defensive is because you do not want consumers to understand the system, so you can go about playing them for suckers. Business as usual...

Have a great day!

Little Fish

Little Fish, you deserve neighbors, friends, business colleagues,and family who exhibit the same behavior as you.

Bob:

Thanks for the kind words. In fact, I am lucky to be surrounded by highly intelligent, ethical, kind, and friendly people.

Little Fish

In the spirit of full disclosure...

Coincidentally, after the deal was finalized, I went back to my friend who made the referral and asked him about YSP. He said he had never heard of it and then went on to say that he worked with this broker on three separate occassions in the past. I guess the broker never disclosed this to him either.

Three transactions, three times on a Broker Fee Agreement, three times on a GFE, and three times it's disclosed on the final HUD-1 at closing.
You expect us to believe he didn't notice it or question it all three whole times and at least 9 disclosures later?

You've flip flopped back and forth on YSP being beneficial to the buyer (see above) then proceed to say YSP should be eliminated and added to line 802 of GFE which, BTW, is Loan Discount and paid to the Bank directly by the consumer, not to the Broker.

You've hardly made an argument here to remove YSP and addressed my question about shopping and investigation with a lame excuse of not having time when you are making one of the largest purchases one can make. (but somehow had time to call a Broker friend to ask how to work the system)
I was hoping to engage you in intelligent discord regarding the subject, but you just proved to me that you and your ilk will be the first to feign ignorance about their ARM loans too at the first sign of trouble, which is partially responsible for our current housing crisis.

Bob, my new hero! Next.....;-)

Little Fish, you deserve neighbors, friends, business colleagues,and family who exhibit the same behavior as you.

Mango:

Is that desperation I sense in your tone? You've never argued for YSP, nor proven why it's a good system; rather, have sought to discount my personal experience. And what's this about "intelligent discord"? I've never witnessed intelligent discord from you. But then again... like all things, intelligence is relative...

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

Little Fish, I directed you to the Mortgage Reform thread where I clearly stated my position, however, you chose to not read that either. I recall you wanting to see what others had to say about the issue instead of forming your own opinion which is a sign of intelligence.

Someone, throw the man a raft! Or.... maybe not!

Mango:

Is that desperation I sense in your tone? You've never argued for YSP, nor proven why it's a good system; rather, have sought to discount my personal experience. And what's this about "intelligent discord"? I've never witnessed intelligent discord from you. But then again... like all things, intelligence is relative...

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

Mango:

Is that desperation I sense in your tone? You've never argued for YSP, nor proven why it's a good system; rather, have sought to discount my personal experience. And what's this about "intelligent discord"? I've never witnessed intelligent discord from you. But then again... like all things, intelligence is relative...

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

Call the neighbors and wake the kids! I smell fish sticks a-cookin'! Little ones...

Someone, throw the man a raft! Or.... maybe not!

NOT!!!!!:nono1: some people need to sink ;-)

Call the neighbors and wake the kids! I smell fish sticks a-cookin'! Little ones...

not very palatable

Call the neighbors and wake the kids! I smell fish sticks a-cookin'! Little ones...

Possibly burning.

I can say that there are very few realtors on this forum I would consider even buying a dog house from, considering the behavior shared here.

What behavior? I dont think a Realtor has even posted on this thread???? until now....

Many brokers are concerned primarily for their own paycheck and their goal is to ensure the client makes it through a successful closing to secure their own pay. Am I to assume (as a consumer) that every broker is looking out for my benefit? I don't believe so. Hopefully, nobody else does.

Little fish, I am not sure what you do for a living but most people do work to make pay. :roll:
Yes, there are some bad people out there that are out for number one but remember that there are some good people as well.
As a Realtor, I have read many posts made by Shelly that have personally hurt and insulted me and she/he does not even know me. But I know in MY heart that I have never tried to scam, screw, or be unethical to a client. Shelly just has a "thing" with Realtors and I try to take the comments with a grain of salt. And he/she can be pretty funny sometimes.
I think that Mango feels the same as me, taking it personally as I did with SHelly. When you work hard to be the best you can and you do care about the job and the people that you work with and then someone comes along and puts down your profession it does strike a nerve.

If you were trying to educate us then maybe the first post was not the best way to go about it??? I dont think anything is funny about anyone losing their house or going bankrupt period.

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

Now this is just down right rude. :angry: A true "southerner" would not act that way if their daddy taught them right. ;-) From what I see you are from Atlanta and dont even live here on "our" southern beaches, but you are welcome.
As far as I am concerned Mango is welcome here as well. Since she owns several places here on the beach I dont think she will get on I 95 ;-)



This is too much bullsheep for a Friday night....

IBD, in Minnie's defense she did say forum, not thread. As to little fish you just keep on

IBD, in Minnie's defense she did say forum, not thread. As to little fish you just keep on

OH, ok, sorry Minnie.

Personally, I avoid fish sticks! Aside from being '"full of crap", there is NO nutritional value, in the stuff!:roll: I'm just saying....

Call the neighbors and wake the kids! I smell fish sticks a-cookin'! Little ones...

Mango:

Is that desperation I sense in your tone? You've never argued for YSP, nor proven why it's a good system; rather, have sought to discount my personal experience. And what's this about "intelligent discord"? I've never witnessed intelligent discord from you. But then again... like all things, intelligence is relative...

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

Actually dahlin', Mango has been around here quite awhile, many of us know her and her intelligence, and you have come to the wrong place to try and pick a fight and insult a "local". You have swallowed the bitter pill at some point, so come back when it is digested please. You have been distasteful and nasty from the get go.

Sorry, only Shelly is entertaining in the criticism area.

I nevuh get involved in these issues, but don't go messin' with my Mango.:nono1:

Look Guppie, we are all friends and family on here and a good chunk of us are real estate agents/brokers/multiple homeowners/whatever.

This isn't MySpace, this is OurSpace. We don't bully each other around here. Play nice or take a time out. That might not be a bad idea. Take time to get a feel for what kind of website this is.

We are a great bunch of people and have formed life long friendships through here.

When your posts number in the thousands you may feel that you can be ugly, but trust me, by the time you get that far, if you last that long, you will realize you won't even want to, need to or care to.

We are here to have a good time, share some laughs and positive thoughts.

Be cool, take a breather. Go read some of the funnier threads. Lighten up. Life at the beach is about taking it easy. Leave the stress in Atlanta.

One day you may become part of the family. Till then, know your place.

dka

What I lack in posts I make up for with 23 years residency on these beaches.

...and any New Yorker that has a passion for Cheese Grits the way my Mango does
is OK by me!:funn: dka:leaving:

The only thing you've proven is that you are one of those rare, rude New Yorker's that we don't care to see on our Southern beaches. Next time you head south, please be sure to get on I-95.

Good luck shafting your clients.

Little Fish

:nono1::nono1::nono1:....thin ice buddy...you are talking about our Mangy

...and any New Yorker that has a passion for Cheese Grits the way my Mango does
is OK by me!:funn: dka:leaving:

:nono1::nono1::nono1:....thin ice buddy...you are talking about our Mangy

My heros!

Well said DKA.

Little Fish,

I don't understand why you did not do your research before you did your loan, after all is is usually the largest purchase a person ever makes. I'm sorry you feel like you had a bad experience....but it was disclosed to you on many occasions in the process. You did not have to sign the documents or close the loan.

Brokers make money just like realtors, insurance brokers, stock brokers, and anyone else that works on a commission (a form of payment to an agent for services rendered) bases. Do your research and find a good one.

I can say from being in the business myself for 20+years... I put together many loans for clients that they could have never touched our rates anywhere else. Just like in EVERY business there ethical and unethical people. Do your research... find that person.

As for Mango and all our northern friends....they are welcome here anytime. As is anyone that wants to journey to our beautiful beaches. I really don't think you "get" what SoWal is all about.

Hmmmmmm....I can see it now on our property in Grayton Beach

MANGO & BB MORTGAGE "We will highlight the YSP for you!" (my highlighter is pink)

Hmmmmmm....I can see it now on our property in Grayton Beach

MANGO & BB MORTGAGE "We will highlight the YSP for you!" (my highlighter is pink)

I love it!!!!