The New “What did you do with your Z today” (with off topic replies)

vtec to vvel · 07-14-2023, 11:23 PM

Quote:

Originally Posted by blackcherry20

What does a “brokerage” look like? Give me an example…interesting details in your posts.

I'm dually licensed as a real estate agent and a mortgage loan originator, and worked as both up until recently, and the following is my opinion.

Think of when you go finance a car. Some people get "pre-approved" by their bank and walk into the dealership with that. That "pre-approval" they have is specifically by THEIR bank and THEIR terms/rates/pricing/etc. The dealer financing team has access to a variety of lenders, in which they could look for a lender that offers better terms/rates/pricing/etc. than what the buyer had originally been offered by their bank. So in this example, the dealer financing team could be considered a brokerage.

Let's say you went to your bank to inquire about a mortgage loan. Chances are, the bank will give you THEIR best rates and pricing internally, whereas a brokerage should have access to different pricing platforms and should be able to shop across the market for the best rates and pricing, whether looking in-house or at other lenders.

I would always advise clients to weigh out their options and shop around, as there are pro's and con's to both a bank and a brokerage. But the biggest piece of advice I always offered was to research the person that is working on their loan. Loan officers that work at a bank may or may NOT be individually licensed since they could be covered under the bank's charter license, and may only have the knowledge/experience for only the products their bank offers, whereas loan officers that work for a brokerage typically have to be individually licensed, and offers a variety of loan products.

On the other hand, being individually licensed does not equate to knowledge/experience. For example, there are many licensed drivers in FL, but half of them don't know how to drive and shouldn't be. Same principle could be said about loan officers/originators.

vtec to vvel · 07-14-2023, 11:31 PM

https://www.cnn.com/2023/07/14/us/ca...ity/index.html

"A new outbreak of Canadian wildfires is sending a plume of unhealthy smoke into the US yet again."

Canada, get yo sh!t together

Rusty · 07-15-2023, 01:26 AM

Reps have been delivered.

JNews86 · 07-15-2023, 07:47 AM

Enjoy your day everyone but EW

blackcherry20 · 07-15-2023, 08:07 AM

Morning!

blackcherry20 · 07-15-2023, 08:08 AM

Quote:

Originally Posted by vtec to vvel

I'm dually licensed as a real estate agent and a mortgage loan originator, and worked as both up until recently, and the following is my opinion.

Think of when you go finance a car. Some people get "pre-approved" by their bank and walk into the dealership with that. That "pre-approval" they have is specifically by THEIR bank and THEIR terms/rates/pricing/etc. The dealer financing team has access to a variety of lenders, in which they could look for a lender that offers better terms/rates/pricing/etc. than what the buyer had originally been offered by their bank. So in this example, the dealer financing team could be considered a brokerage.

Let's say you went to your bank to inquire about a mortgage loan. Chances are, the bank will give you THEIR best rates and pricing internally, whereas a brokerage should have access to different pricing platforms and should be able to shop across the market for the best rates and pricing, whether looking in-house or at other lenders.

I would always advise clients to weigh out their options and shop around, as there are pro's and con's to both a bank and a brokerage. But the biggest piece of advice I always offered was to research the person that is working on their loan. Loan officers that work at a bank may or may NOT be individually licensed since they could be covered under the bank's charter license, and may only have the knowledge/experience for only the products their bank offers, whereas loan officers that work for a brokerage typically have to be individually licensed, and offers a variety of loan products.

On the other hand, being individually licensed does not equate to knowledge/experience. For example, there are many licensed drivers in FL, but half of them don't know how to drive and shouldn't be. Same principle could be said about loan officers/originators.

Caveat emptor.

Thanks for the explanation. I’m always up for learning something new

eastwest2300 · 07-15-2023, 08:15 AM

Quote:

Originally Posted by blackcherry20

Morning!

vtec to vvel · 07-15-2023, 08:39 AM

Quote:

Originally Posted by JNews86

Enjoy your day everyone but EW

LMAO!!!!

vtec to vvel · 07-15-2023, 08:49 AM

Quote:

Originally Posted by blackcherry20

Caveat emptor.

Thanks for the explanation. I’m always up for learning something new

As with anything in life

When I bought my house, it apparently was a conflict of interest if I were to originate my own loan. I didn't want anyone else at my office knowing my personal information, so I went to an external lender. I vetted out close to 10 different loan officers before finally choosing a lender, and I would test/ask them intentional stupid questions to see if they knew what they were talking about. Some of the questions I asked was to the likes and equivalent of asking a mechanic about muffler bearings, alternator fluid, starter acid, etc.

blackcherry20 · 07-15-2023, 09:31 AM

Quote:

Originally Posted by vtec to vvel

As with anything in life

When I bought my house, it apparently was a conflict of interest if I were to originate my own loan. I didn't want anyone else at my office knowing my personal information, so I went to an external lender. I vetted out close to 10 different loan officers before finally choosing a lender, and I would test/ask them intentional stupid questions to see if they knew what they were talking about. Some of the questions I asked was to the likes and equivalent of asking a mechanic about muffler bearings, alternator fluid, starter acid, etc.

Rusty · 07-15-2023, 11:26 AM

blackcherry20 · 07-15-2023, 08:03 PM

Saw a red Z on 71 north just south of Columbus Ohio.
God. What a beautiful car.

MZ DAIZY · 07-15-2023, 08:52 PM

Quote:

Originally Posted by blackcherry20

Saw a red Z on 71 north just south of Columbus Ohio.
God. What a beautiful car.

Now you did it…

vtec to vvel · 07-15-2023, 09:02 PM

Quote:

Originally Posted by Rusty

blackcherry20 · 07-15-2023, 09:03 PM

Quote:

Originally Posted by MZ DAIZY

Now you did it…

What?! Lol
It was red. My husband was watching for my reaction.
He said he saw my smile.

07-14-2023, 11:31 PM	#482 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,915 Drives: 13 Z Rep Power: 502909	https://www.cnn.com/2023/07/14/us/ca...ity/index.html "A new outbreak of Canadian wildfires is sending a plume of unhealthy smoke into the US yet again." Canada, get yo sh!t together Rusty and MZ DAIZY like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

07-15-2023, 01:26 AM	#483 (permalink)
Rusty Ronin Samurai - Assassin Join Date: Dec 2011 Location: Fayettenam,Pennsyltucky Age: 68 Posts: 35,221 Drives: 2011 Nismo GM 6M Rep Power: 2684438	Reps have been delivered. blackcherry20, vtec to vvel and MZ DAIZY like this. __________________ 浪人 - 殺し屋 "The Difficult Anytime, The Impossible By Appointment Only" http://www.the370z.com/members-370z-...o-journal.html

07-15-2023, 07:47 AM	#484 (permalink)
JNews86 A True Z Fanatic Join Date: Jan 2013 Location: East Coast Age: 38 Posts: 1,453 Drives: 2021 STI Rep Power: 282896	Enjoy your day everyone but EW Rusty, vtec to vvel, MZ DAIZY and 1 others like this.

07-15-2023, 08:07 AM	#485 (permalink)
blackcherry20 A True Z Fanatic Join Date: May 2012 Location: Southern Ohio Posts: 22,749 Drives: ‘17 badazz Z51 Rep Power: 240459	Morning! Rusty and vtec to vvel like this. __________________ Grand Sport Corvette Arctic White

07-15-2023, 11:26 AM	#491 (permalink)
Rusty Ronin Samurai - Assassin Join Date: Dec 2011 Location: Fayettenam,Pennsyltucky Age: 68 Posts: 35,221 Drives: 2011 Nismo GM 6M Rep Power: 2684438	blackcherry20, vtec to vvel and MZ DAIZY like this. __________________ 浪人 - 殺し屋 "The Difficult Anytime, The Impossible By Appointment Only" http://www.the370z.com/members-370z-...o-journal.html

07-15-2023, 08:03 PM	#492 (permalink)
blackcherry20 A True Z Fanatic Join Date: May 2012 Location: Southern Ohio Posts: 22,749 Drives: ‘17 badazz Z51 Rep Power: 240459	Saw a red Z on 71 north just south of Columbus Ohio. God. What a beautiful car. vtec to vvel and MZ DAIZY like this. __________________ Grand Sport Corvette Arctic White

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