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Home > Search UMB's > Stephen Wheeler, CPA/Mortgage
Stephen Wheeler
Contact Information

Stephen Wheeler, CPA/Mortgage
1105 Chapala St., Suite 1
Santa Barbara, California 93101

805-963-3368 [phone]
steve@santabarbaracpaloans.com
http://www.santabarbaracpaloans.com

  
Organization Affiliation

UMBA, CACPA Society, Estate Planning Council 
Contract With Client

My fees, third party costs and lender rebates and charges are disclosed on my website.  I provide a very comprehensive, accurate and detailed quote.  My fees are a percentage of the loan amount and they don't change from the original quote unless the loan amount changes. This is why I've closed over 98% of the loans that I originated, an unprecedented record in the loan industry.  In addition, if in my opinion assisting you with a loan is not a win/win situation, I won't do it, period. 


Technology Employed

Most of my out of town loans are coordinated through the internet, or by fax.  The loan application is submitted to the borrower via email through a secured website or encrypted file.  I do not use online applications at this time.  I prepare the application for the borrower based on the information that they submit.  
Locking Procedures

This really depends on the borrower.  I do my best to inform the borrower of how the market can fluctuate with regards to rates and the benchmarks to follow i.e. 10 year treasury bond, but the lock decision is up to them.  I usually suggest a 30 day lock initially but lately due to low rates and lender turn times, I am locking at 45 or 60 days.  It can be a bit more costly if the market improves by locking quicker, but it's a great hedge against an upturn, and I don't like to gamble. 


Third Party Fees
Under the new law, the broker is responsible for more than a 10% variation in third party fees which affords the borrower more protection. Title insurance is regulated by the State of California, so it's fairly competitive.  Escrow fees are as well.  I get these fees from the books provided by the various companies.  The fees are based on the loan amount.  Appraisal fees vary with the value and sometimes complexitiy of the type of property being appraised.  My borrowers pay the AMC that orders the appraisal when the appraisal is ordered.  I usually take care of this by getting the borrowers credit card information and then order the apraisal online.  The lender often charges underwriting fees and document fees as well.   See my website for more info on closing costs and how you can cover them by the interest rate that you select.  Please be advised that if a loan amount changes, some third party fees will move up or down with the loan increase or decrease.  Here's a summary of what to expect:

Title escrow:  will vary with the loan amount
Underwriting: $750-$900
Tax service fee: $85 (but can increase by $100 with higher loans)
Wire fee: $30-$50
Appraisal:  From $200 to $800, depending on the value of the home, type of loan and the complexity of the appraisal i.e. comps available.  Most appraisals for properties under 1.5 million are $500 or less.
Credit report: Three bureau report $22
Junk fees:  All junk fees are disclosed separately and will vary from escrow/title company and lender. They usually range from $200-$500. 

Broker Fees

My fees vary with the loan amount and are on a sliding scale i.e. as the loan amount goes up, the percentage decreases.   I also charge a processing fee of $395 to process the loan application and other documentation.  This fee is covered either by the loan amount or through the lender rebate. 


Bio
Steve was a founding member of UMBA when it was formed in 2001.  Steve was nationally recognized in 2001 by Jack Guttentag in one of his syndicated columns for his suggestion regarding the elimination of broker abuse of lender rebates that HUD tried to adopt in 2002.  The suggestion was made by Steve as part of his assistance to Jack on policy recommendations that Jack made to HUD at that time.  The suggestion was opposed by the NAMB and other lender special interests and not adopted.  However, it was made law in January 2010, something of which Steve is very proud.  The suggestion was quite simple.  It would have required that all lender rebates be credited directly to borrowers in escrow which would have required brokers to then disclose their fees separately.  According to Steve, the new law does require that rebates be credited to the borrower, but Congress has unfortunately made the disclsoures more confusing and less easy to follow.  Steve has a degree in economics from UCSB and is also a CPA.  He lives and works in Santa Barbara but has assisted borrowers with loans in 17 counties throughout California.  For a more complete bio on Steve, key into his website at http://www.santabarbaracpaloans.com
 


Stephen Wheeler, CPA/Mortgage
1105 Chapala St., Suite 1
Santa Barbara, California 93101

805-963-3368 [phone]
805-886-8245 [phone2]
steve@santabarbaracpaloans.com
http://www.santabarbaracpaloans.com