🚀 go-pugleaf

[I TOLD you someone would cancel this post!  Save it before it disappears
again!]

Ask the loan officer this question:  "Are you licensed by the California
Department of Real Estate?"

99% chance s/he will say something like, "Of course WE are licensed by the
DRE!"  --to which I would respond, "Of course there's a broker affiliated
with your outfit, but I am asking if *you personally* are licensed because
anybody who re-fi's my house better be!"

Anybody can easily verify this information online at
http://www.dre.ca.gov/licstats.htm
You can do it live while the fast talker is on the phone. It's EASY!

A DRE license is not necessary for all loan origination, but I most of the
people doing it don't know when it is or isn't.  There's a LOT of loan fraud
going on!  Check 'em out BEFORE GIVING YOUR SOCIAL SECURITY NUMBER because
once they lock in your interest rate with a particular lender, you're stuck
with that broker unless you go with another lender.  Resist pressure until
you check them out.

------------------------------------------------------------
If you are the type who really likes to make people squirm, say, "I
understand that your fee is $1000 [or whatever it is] and that you charge no
points on the front, but how many points do you make on the back, i.e., what
is your rebate from the lender?  I won't sign 'docs' until you fax me a copy
of the interest rate lock-in confirmation."   OOOoooOOoOOooOoOoh!     Feel
the tension!  Wow!    That's ONE place you won't be hearing from again!
Hee-heeee-HEE.   :-)

They make their money two ways:

1)  Fixed fee (and possibly points "on the front," i.e., that you know
about); and

2)  Rebate from the lender (i.e. points "on the back" that they have no
intention of telling you about but always show up on the interest-rate
lock-in confirmation).  About one (1) point here is fair; they have to make
their money somehow --but no more than that!

If you are already in the process, demand a copy of that lock-in
confirmation or else refuse to sign "docs"!