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Applying for 1 home loan with 2 lenders concurrently

By Automan Empire follow Automan Empire   2018 Nov 27, 4:03pm 1,394 views   6 comments   watch   nsfw   quote   share    


There's a mortgage company called HMS Capital that does heavy radio advertising in the LA market. Their USP is "Even if you're already in process with another lender, you should apply with HMS capital. Having 2 mortgage lenders working toward the finish line is GOOD for you the buyer!"

To me, it sounds like a way to royally PISS OFF your legit mainstream lender, and to ensure your application a place at the BOTTOM of their priority list.

Anyone familiar with this company and the effect of this practice on normal mortgage companies? If you were in the mortgage business and a client dropped this on you mid-application, how would you respond?
1   theoakman   ignore (0)   2018 Nov 27, 4:44pm     ↓ dislike (0)   quote   flag      

I didn't do it concurrently but I had to threaten Chase by going to PNC and getting the approval. The idiot was procrastinating and incorrectly calculated what I qualified for.
2   covid_shmovid   ignore (5)   2018 Nov 27, 5:31pm     ↓ dislike (0)   quote   flag      

Automan Empire says
There's a mortgage company called HMS Capital that does heavy radio advertising in the LA market. Their USP is "Even if you're already in process with another lender, you should apply with HMS capital. Having 2 mortgage lenders working toward the finish line is GOOD for you the buyer!"

To me, it sounds like a way to royally PISS OFF your legit mainstream lender, and to ensure your application a place at the BOTTOM of their priority list.

Anyone familiar with this company and the effect of this practice on normal mortgage companies? If you were in the mortgage business and a client dropped this on you mid-application, how would you respond?


Dropped what? If they got approved faster by the other guy - it's a legitimate loss of business. Competition is a beautiful thing.
3   APOCALYPSEFUCKisShostakovitch   ignore (53)   2018 Nov 27, 5:37pm     ↓ dislike (0)   quote   flag      

The subordination protocol must be bigger than the Encyclopedia Brittanica.
4   Sunnyvale94087   ignore (0)   2018 Nov 27, 7:40pm     ↓ dislike (0)   quote   flag      

I'd suggest zillow.com . I refinanced 6 years ago (and 11 years ago) by going there. It was great: put in your specs and anonymously and immediately get a bunch of lender offers on the zillow website. Pick the best one and contact them. If that doesn't look legit or the offer deteriorates "after further examination" then go with the next one.

If this is a refinancing (not initial purchase) you probably don't care too much if you have to try a few times or wait for better offers. You don't have a time limit.

My last refinancing was most of the way done and the lender pulled out. I just went right back to zillow and contacted the next. The whole thing was done through fax/email with an out-of-state lender. In the end, I managed a 5/1 ARM with NEGATIVE fees (to cover various expenses like the customer-paid inspection) and got an unbelievable interest rate of 1.875%. (Good to refinance 6 years ago!) . At the end of the ARM period (last year) I paid off the entire thing on the month before the rate would have adjusted.
5   covid_shmovid   ignore (5)   2018 Nov 27, 7:52pm     ↓ dislike (0)   quote   flag      

Sunnyvale94087 says
I'd suggest zillow.com . I refinanced 6 years ago (and 11 years ago) by going there. It was great: put in your specs and anonymously and immediately get a bunch of lender offers on the zillow website.


They now ask your name and contact info and promise to call/write back.
6   Strategist   ignore (2)   2018 Nov 27, 8:12pm     ↓ dislike (0)   quote   flag      

Automan Empire says
To me, it sounds like a way to royally PISS OFF your legit mainstream lender, and to ensure your application a place at the BOTTOM of their priority list.

Anyone familiar with this company and the effect of this practice on normal mortgage companies? If you were in the mortgage business and a client dropped this on you mid-application, how would you respond?


You are not dropping your lender, you are only ensuring the best rates and terms by creating competition. If the original lender drops you, it's only because he knows he can't compete or rip you off at the last moment.
Real Estate and Mortgages are not the most honest businesses in the country.

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