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Home > Search UMB's > Golden State Home Loans
STEVE COHN
Contact Information

Golden State Home Loans
304 Dolphin Isle
Foster City, California 94404

650-349-7257 [phone]
650-204-6799 [fax]
[email protected]
http://www.gshl.net

  
Organization Affiliation
Steve Cohn, M.A. is the Owner/Broker and sole proprietor of Golden State Home Loans. He has been a real estate investor for almost 30 years, from condos to townhouses to single family homes. He is the Broker of Record, Loan Officer, Loan Processor, Receptionist, (and occasional handyman). His only allegiance is to his borrowers. They are the heart of his company. If personalized service and knowledgeable consultation is what you seek, you have found it. Steve is a founding member of the UMBA.
Contract With Client
Steve currently does not employ a written contract with clients, but plans to adopt the standard UMBA contract when it becomes available. Ethical verbal commitments seem to work well with ethical borrowers. A loan origination fee agreement is signed once a fee is negotiated.
Technology Employed
Golden State Home Loans uses an online application process where clients can use fax, email, or the postal system to receive their application at their convenience. The status of applications is available at any time by phone from 8AM to 8PM, seven days a week. Clients who have completed their application and elect to “float” the rate are kept informed continuously on changes in the market. We use Internet rate comparisons between approved lenders and the Calyx's Point mortgage qualification and processing system.
Locking Procedures
Steve locks loans to refinance upon 1) receipt of the completed application, plus other items that have been requested from the borrower and 2) only with the borrower's permission. Purchase loans are locked on the day the purchase contract is signed, assuming the client has already provided the information required for a pre-approval used to support the purchase.  Written confirmation of the locked rate is always available and provided by request.
Third Party Fees
Golden State Home Loans guarantees lender, broker and third-party closing costs on the day that the rate is locked. If any of these costs at closing are higher than those shown on the good faith estimate given to the borrower at the time the rate lock is confirmed, Golden State Home Loans will pay the difference.
Broker Fees
Broker Fees: Golden State Home Loans negotiates only one flat fee on a case by case basis. Some of the criteria that go into the determination of our fees are: loan amount, credit history, documentation type, borrower participation, and closing time frame. typical fees are as follows:

Origination Fee: While typically 1% of the loan amount, larger loans will be charged less and smaller loans will be charged more. This fee is always negotiated on a case-by-case basis. Your satisfaction with our service is what is most important.

Processing Fee: The fee is $595. Steve manages and oversees the processing of all loans which guarantees direct access to the lender at all times. This eliminates costly and time-delaying mistakes that can hold up closing the loan as soon as possible.

Lender Fees: Wholesale lenders charge fees to underwrite the file, prepare the loan docs and fund the loan. These typically include the tax service fee and the flood certification fee. This fees varies from lender to lender, but rarely exceeds $995.

Appraisal Fee:  Golden State Home Loans always credits you for the appraisal up to $350. after close of escrow.  Golden State Home Loans contracts with a local (San Francisco Bay Area) Appraiser who provides timely and professional appraisals for below market fees. Ranges between $300-$600 depending on the purchase price of the home. Customers are free to shop for their own appraiser. If out of the area, or out-of-state, we can recommend a company if the customer wishes.

Yield Spread Premium: YSP, or the "rebate" that the bank pays brokers and loan officers to increase the wholesale rate to the borrower. While Golden State Home Loans always recommends paying the origination fee upfront to receive the LOWEST COST of borrowing, the customer has the option to use the Yield Spread Premium to pay for the origination fee to keep upfront costs lower. This is worked out on a case-by-case basis with the customer to determine if it makes more sense to pay the origination fee, use the Yield Spread Premium, or a combination of the two.

Bio
Steve is a native San Franciscan and life-long resident of San Mateo County.  A real estate investor since 1988, Steve chose to take his passion for real estate and, in 2003, applied it to a successful business model.  As Broker/Owner, Steve takes great pride that he has educated and pleased many happy clients with open, honest and ethical mortgage planning and consultation. 

A veteran of the United States Air Force (1977-1987), and a life-long S.F. Giants fan, Steve enjoys taking his two sons to the ballpark for a little bonding time.  He is as dedicated to serving his clients needs as he is to being an integral part of his family.



Golden State Home Loans
304 Dolphin Isle
Foster City, California 94404

650-349-7257 [phone]
650-204-6799 [fax]
[email protected]
http://www.gshl.net