DANIEL QUINLAN FROM PALM DESERT, CA

May 20, 2018

I have been self employed as a real estate appraiser and broker for the past 20+ years. I work for lenders on a day to day basis. I have financed several residential as well as commercial properties in the past.
Before I tell my story there is something I must explain. There are 3 kinds of loan people.
The loan officer – These people usually work for the big lenders and are mostly inexperienced (that means incompetent) for the simple reason that big banks don’t pay for talent so most of the time they don’t have any. If you try and get a loan with these people be prepared for a long process that most likely ends in disappointment.
The crooked mortgage broker – This is a person who is shopping around for a lender who will pay him the most to buy your loan. Brokers sell loans to lenders and the worst the terms are for you the more money they make. If you end up with a CMB be prepared for what could be a financially crippling experience.
The honest mortgage broker – This is a person who is shopping around for the best loan for you the borrower. These are people who have integrity and there business is built on referrals from satisfied clients.
My story
Just recently I bought a property that was a good deal and put it into a 30 day escrow. A young man that works for my company said he does loans so I thought I would let him make some extra money. It was a small loan and I have excellent credit and money in the bank so how hard could it be. He kept telling me that it was no problem to get the loan at current market rates and terms. 10 days go by and still no good faith estimate. (That is a proposal by your lender for the interest rate and terms of the loan so they can’t change the terms at the last minute). Then he tells me that since I am self employed the best loan he can get me is 8% loan from some lender who I have never heard of. Remember the current rate is below 5%. I’m not sure whether he was an idiot or a crook. Either way I fired him right on the spot.
I knew Gina since she used to have an office in my building. I called her and asked her if she could get me $150,000 in 20 days. She said no problem. The next day I had a good faith estimate for current market terms with a reputable lender. The loan closes tomorrow.
There are a few times in everyone’s life when they are going to need the services of a professional person. (Lawyer, Doctor, Lender). It is really important that you get someone who is competent and trustworthy. If you end up with someone who doesn’t know what they’re doing or is dishonest they can put you in a hole that may take years to dig out of.
I almost got burned by a bad loan broker and Gina bailed me out. Don’t make the mistake I made just call her first.