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Organization Affiliation
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Upfront Mortgage Broker with Clarion Mortgage Capital. My office is in San Jose, CA. I serve all of California.
Executive Director of the California Home Buyers Assistance Foundation.
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Contract With Client
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Mutual Trust.
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Technology Employed
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I can fill out necessary forms for you over the phone. Also, I use advanced technology for you to access all forms on a secure website for you to apply digital signatures. I then retrieve the forms, so you no longer have to print, fax, or e-mail, unless of course you want to. I can also very quickly qualify someone over the phone using Excel spreadsheets.
I also use advanced technology which allows me to scan in real time all my approved lenders to find which lender has the best interest rate for your specific scenario. This is critically important as lenders make frequent price changes throughout the day.
I have developed a proprietary spreadsheet that I can send to you which shows the exact prices for each applicable interest rate taken directly off the rate sheets. This is my practice of "transparent lending."
I am an expert in Excel and can pre-qualify you in minutes over the phone. I am constantly in touch with my clients via e-mail with my iPhone.
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Locking Procedures
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We discuss when the appropriate time is to lock your rate, and that is done in a variety of ways specific to each lender. A confirmation of the rate is always available to you. Visit this page on my website to learn about locking rates. http://www.upfrontmortgageplanner.com/LockingtheRate
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Third Party Fees
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Lenders charge Underwriting Fees, Tax Service Fees, and Flood Certification Fees. These are always disclosed to you upfront and listed on the Good Faith Estimate. They typically average $800-$950. Title Companies also charge various fees including Title Insurance, Escrow fees, Recording fees, etc., and these are also always disclosed upfront and are listed on the Good Faith Estimate. My practice is to disclose all fees as best I can at the very outset - even before an application is ever taken.
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Broker Fees
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Broker Fees: The Processing Fee is $550 and the Credit report is $20.00. A loan origination fee is always optional.
Origination Fee:
I list my Loan Origination Fee schedule on my website.
If I am referring a home buyer to a Realtor, there is no loan origination fee, as long as minimum levels are met, in terms of sales price and commission amount to the Realtor.
For a refinance, my clients always have a choice whether to accept a higher rate and have the lender provide my fee, or pay an origination fee and receive the Wholesale Rate. If the client wishes to pay an origination fee, I have published my fee schedule on my website.
Processing Fee: $550. This includes both a first and a second with the same lender. This is paid to an outside 3rd party.
Lender Fees: Lenders charge underwriting fees, tax service fees, and flood certification fees. These are always disclosed to you upfront and listed on the Good Faith Estimate. They range from $800 to $950, depending on the lender.
Appraisal Fee: Typically $350 - $375.
Yield Spread Premium: The Yield Spread Premium is compensation given to the Mortgage Broker when a Mortgage Broker delivers a "Retail Rate." There is no YSP on a purchase when I refer the buyer to a Realtor. I am able to pass on a Wholesale Rate.
For a refinance, my clients always have a choice whether to accept a higher rate and have the lender provide my fee, or pay an origination fee and receive the wholesale rate.
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Bio
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Rick Pelleriti grew up in the San Francisco Bay Area, and received both his Bachelor's Degree and his M.B.A. in Finance from the University of Santa Clara. After an extensive managerial career in Financial Planning and Analysis in Silicon Valley, Rick felt he could use his considerable analytical and creative problem-solving skills helping individuals obtain mortgage financing. Besides being an Upfront Mortgage Broker with Clarion Mortgage Capital, he prides himself with the further distinction of being an Upfront Mortgage Planner. www.upfrontmortgageplanner.com
Rick specializes in a unique and powerful program whereby if Rick refers you to your Buyer's Agent, you will receive the wholesale interest rate and your Realtor will pay for it. So, if you're looking to buy a home, anywhere in California, and allow Rick to refer you to a Realtor, you will receive the wholesale interest rate and you will NOT have to pay for it. This unique technique alone can save the home buyer thousands of dollars. As long as the minimum home value is achieved, you will pay no money to receive the wholesale interest rate.
Rick lives in the Gold Country with his wife, enjoys golf, travel, and investing, but most of all helping his clients save thousands per year with intelligent financing techniques.
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