What’s the Difference Between a Mortgage Lender and Servicer?

 






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Introduction and Overview
What are the differences between a mortgage lender and a servicer? A mortgage lender is an originator. They're the ones that take the loan application and all your W twos and bank statements on all that stuff, and presents you with the.

options that you have to purchase the loan. The lender will help you understand, coach you through. Credit issues debt to income and present you with the cost, your monthly PITI principal, interest tax and insurance, and the closing costs, he works with the lender, The lender is the actual person who funds the loan. Think of it in three different steps: You work with me, I put you in touch with my loan broker. He goes to different lenders, shops them around and decides, the best option for you.

You get to choose, rocket or wells, or chase or whoever. But then he goes, Mr. Cooper, I think there's one out there right now. And then he goes and says, here's the best options for you. And then the lender, the loan guy, has all the money. He funds that loan, and then he sells it off to a third market, the tertiary market, which is a servicer.

And it could be, it goes from cChaseto Wells Fargo. Wells Fargo buys that loan, not just your loan, but a package of loans. They take care of sending you your invoice every month. That's the difference. 





Role of Loan Brokers and Loan Officers
Now, a loan broker and a loan officer at a bank, let's say you go to Wells Fargo and you talk to them about, Hey, I wanna buy a house.

Great. They do the loan for you. They do all the options. They get the loan application, your credit report, and all the paperwork from you, and then they present that to you. They're gonna give you just the Wells Fargo option. A loan broker has the option to go to Wells Fargo, to chase, to Mr.

Cooper, to rocket to all these different places that he has relationships with, he or she say, Hey, What are the best options? for me today, right now, for this loan? they come back with the best pricing. And a list of different options for you.

Potential home sellers who wait more than a year share a common culprit. High prices. we've been suffering with 7% interest rates for the last four years, and That's keeping people from buying or selling their house they might have a house, worth say, a million dollars or $2 million, but they're not gonna sell it because their interest rate is two and a half, three half percent, where they're gonna go back and sell that house and buy something a little bit better at 7%.

Their mortgage payment just went up, doubled, basically. Maybe even got close to tripled. So financially, it's keeping people from moving, which is, like I said, and my title is Keeping Home, Supply Low. So we're artificially holding the market down. But the demand is still there. So if we have demand that's higher than supply, prices will go up. And that's what we're seeing. Even though we're talking about price reductions today. 

And when it gets busy, prices go up. Like supply and demand, home price productions in Santa Clara County these are all single family homes. We have 195 of 'em that have been reduced in price because sellers think they can distract the market instead of attracting the market. Guys, I'm telling you, if your house is worth what the agent is saying, it's worth it, understand that's what your house is worth. Don't come back to me and say my exact same floor plan sold for $300,000 more than what you're talking about six months ago.

Six months ago is ancient history we're talking about today, right? And by the way, that house might've had a brand new kitchen, where your kitchen might've been updated back in 1996, and your house smells like dog pee. So I'm gonna give you a little bit of realism. Expectations when it comes to that if your house smells like dogs, my house smells like dogs. I know I'm not gonna attract a lot of people with my dog smells. 



Los Gatos House of the Week
So, Los Gatos House of the Week, and the reason why I picked this is 'cause it's a cute little ranch house, but it's $2.1 million and only twobedroomsm, two baths Loma Ulta Avenue, not my listing.
1,183. Square feet built in 1956. If you want to live in luxurious Los Gatos, you're not even close to downtown. You still have to get in the car or maybe walk, but by the time you get b,ack you're cold and tired. Not a whole lot to this house. And guys, I'm Ooh, look at that. There's a option for you to do some serious work. I don't know. $2 million for a fixer upper. No thanks.

 




Highs and Lows of the Week
This is the highs and lows of the week. We have some crazy things going on. This is Hilltop Drive in Los Altos. This is the most expensive home sold in Santa Clara County this week, not my listing.
Four bedroom, six baths, four full, and two half baths, six 300 square feet, and 1.2 acres built in 2015. This seems gorgeous. And if Los Altos, it's right off the 80. It's a beautiful house. Minor. Minor, $2 million. Let's go and take a look inside real quick. Ah, this thing's gorgeous. Whoever bought this is going to be happy until the first mortgage payment comes due.
They probably pay cash for this. That's the way things go.

Okay, so the lowest is, whoa.

There we go. Miami Drive, not my listing. 700, $10,000. 4% over list price. Took three days to sell. Three bedroom, two bath, a thousand square feet.

Let's take a look inside here. Wow. Guys, if you're gonna do some,yeahh, I get it for this house. Totally makes sense. This house I wanted to talk about though, 174% of this price. When you. Attract the market, bring the market to you.

You're going to get what the home value is. if you told me my house is worth $2.5 million in this case, You can do comps on this, and I'll tell you it'd be worth about two to 2.2. If you tell me, let's list it at 2.5 and wait, you're gonna be on market for a hundred days, 150 days, and be frustrated.

When you list it low, you're gonna attract the market. They probably got 20 offers and that was the highest offer. They probably negotiated it up a bit Like this one. Agate Drive in Santa Clara County took 72 days to sell. This is normal, right?

So this is a standard three bedroom, two bath, 1500 square feet. Listing the seller is house is worth $1.9 million. No. It's worth what the buyers are willing to pay. 72 days later, you drop the price and then you get a low ball offer because that's the only one you're going to, and now you're desperate and pissed off at your agent because you didn't listen to 'em.

And wow, this is a flip gone bad. Look at this.

Yeah, this is a flip gone. They started with a kitchen, they ran outta money,y and then didn't even do the backyard. They did a bathroom. They didn't do the other bathroom. Or maybe they did. I don't know. This is confusing. There you go. 72 days on market and sold 34%thee list price. That's not right.

Conclusion and Final Thoughts

That's it for now. Thanks for watching. We'll see you out there. 



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When the matrix and bad contractors collide.
Thanks Jim Graham






Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the wworld- Let me know! I know a LOT of AMAZING Agents!


🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg



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