🚀 go-pugleaf

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 suspect that
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"!

[sigh]  Well, this is one post that someone will cancel.  Quickly save it
somewhere before it disappears.