Need Velocity Mortgage broker

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  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 690 posts · 236 votes
    1y

    Hey man, yes we do work with Velocity though is your loan already sent to them? You generally wouldn't be able to dual submit the same file with the same lender but happy to check for you.

    [email protected]734-645-7722
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    1y

    As mentioned you are stuck with them. What type of terms they providing might be able to get better terms elsewhere 

    7e investments53 Reviews
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  • Dario Mar
    Member since 2025 · 1 post · 0 votes
    1y

    I can see if fees can be lowered for you. Let's connect asap,

    0Reply
  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    Wish you luck in making it to the finish line.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y
    Quote from @Mike D.:

    I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.


     Hey Mike, 

    There are some posters on here saying that you are stuck with your broker... 

    This is far from the truth. There are many instances where I personally have submitted to the same lender (including velocity) that fell out from another broker. This really comes down to the story. 

    Were you fully informed of the broker's fee? Velocity typically sends out a conditional term sheet you Docusign prior to paying for the appraisal. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
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    • Mike D.
      OP
      Investor · Indianapolis, IN · Member since 2014 · 208 posts · 137 votes
      1y
      Quote from @Erik Estrada:
      Quote from @Mike D.:

      I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.


       Hey Mike, 

      There are some posters on here saying that you are stuck with your broker... 

      This is far from the truth. There are many instances where I personally have submitted to the same lender (including velocity) that fell out from another broker. This really comes down to the story. 

      Were you fully informed of the broker's fee? Velocity typically sends out a conditional term sheet you Docusign prior to paying for the appraisal. 


      Yeah, we are not at that point yet. I called the lender myself, found they can do the loan, then started looking for a broker. We are one phone call in right now. They have been fair and up front and let me know what their fee is.

      0Reply
    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Mike D.:
      Quote from @Erik Estrada:
      Quote from @Mike D.:

      I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.


       Hey Mike, 

      There are some posters on here saying that you are stuck with your broker... 

      This is far from the truth. There are many instances where I personally have submitted to the same lender (including velocity) that fell out from another broker. This really comes down to the story. 

      Were you fully informed of the broker's fee? Velocity typically sends out a conditional term sheet you Docusign prior to paying for the appraisal. 


      Yeah, we are not at that point yet. I called the lender myself, found they can do the loan, then started looking for a broker. We are one phone call in right now. They have been fair and up front and let me know what their fee is.


       Oh okay that makes sense. So essentially you called Velocity directly and since velocity does not do direct to consumer, you are looking for a broker that will do it at an agreed upon price? 

      I guess it really comes down to what exactly you expect from the broker relationship. Typically velocity account executives leave all the communications regarding the loan inquiry broker to client. But if you already structured the file, have all the needed documents in place and merely just need a transaction broker, I would imagine just about anyone would do this for no more than $1500. 

      But if you expect the broker to structure the loan, review documents to ensure it meets their guidelines, go back and forth with title and insurance to make sure they are providing what velocity needs to close the loan and keep following up with the lender to ensure a timely closing, I'd imagine the fee would be higher depending on how much volume the broker does in a given month. 

      [email protected]818-269-7983
      LuxePrivate Investments LLC 570 Reviews
      WebsiteView Page
      0Reply
    • Mike D.
      OP
      Investor · Indianapolis, IN · Member since 2014 · 208 posts · 137 votes
      1y
      Quote from @Erik Estrada:
      Quote from @Mike D.:
      Quote from @Erik Estrada:
      Quote from @Mike D.:

      I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.


       Hey Mike, 

      There are some posters on here saying that you are stuck with your broker... 

      This is far from the truth. There are many instances where I personally have submitted to the same lender (including velocity) that fell out from another broker. This really comes down to the story. 

      Were you fully informed of the broker's fee? Velocity typically sends out a conditional term sheet you Docusign prior to paying for the appraisal. 


      Yeah, we are not at that point yet. I called the lender myself, found they can do the loan, then started looking for a broker. We are one phone call in right now. They have been fair and up front and let me know what their fee is.


       Oh okay that makes sense. So essentially you called Velocity directly and since velocity does not do direct to consumer, you are looking for a broker that will do it at an agreed upon price? 

      I guess it really comes down to what exactly you expect from the broker relationship. Typically velocity account executives leave all the communications regarding the loan inquiry broker to client. But if you already structured the file, have all the needed documents in place and merely just need a transaction broker, I would imagine just about anyone would do this for no more than $1500. 

      But if you expect the broker to structure the loan, review documents to ensure it meets their guidelines, go back and forth with title and insurance to make sure they are providing what velocity needs to close the loan and keep following up with the lender to ensure a timely closing, I'd imagine the fee would be higher depending on how much volume the broker does in a given month. 


       Yes, that's pretty much the situation. Okay, thanks, makes sense!

      0Reply
  • Andrew Zamboroski
    Lender · Member since 2021 · 498 posts · 131 votes
    1y
    Quote from @Mike D.:

    I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.

    What’s the story on this one? Velocity is known for flexibility in credit and other items. Do you fall within one of those niches or is there a specific reason why they are the best?
    0Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    1y
    Quote from @Mike D.:

    I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.

    Sounds like you engaged a broker who has done all the work and now you’d like to “squeeze” the agreed upon fee down and shop around for the lowest price from a broker who can provide a low price because all the heavy lifting has been done by someone else.  And apparently more than a future vultures willing to provide the means to screw another broker.  
    As a lender I automatically reject an applicant who does this.  My best brokers bring many deals over each year. No way I’d partake in screwing them.  

    Private Mortgage Financing Partners, LLC
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    • Mike D.
      OP
      Investor · Indianapolis, IN · Member since 2014 · 208 posts · 137 votes
      1y
      Quote from @Don Konipol:
      Quote from @Mike D.:

      I am looking for a broker who deals with Velocity Mortgage. I am preapproved for a purchase through a broker who's very expensive and looking to beat their quote. Please contact me if you are one or know one.

      Sounds like you engaged a broker who has done all the work and now you’d like to “squeeze” the agreed upon fee down and shop around for the lowest price from a broker who can provide a low price because all the heavy lifting has been done by someone else.  And apparently more than a future vultures willing to provide the means to screw another broker.  
      As a lender I automatically reject an applicant who does this.  My best brokers bring many deals over each year. No way I’d partake in screwing them.  

      Not so. I found the lender myself, so I am doing this in reverse: looking for a broker who will deal with my lender. What you have assumed is not the case. Also, I'm not sure what you mean by "all the work." We are talking a phone call and a rate inquiry.

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