I did not have a good experience working with Brie Fisher and Fairway Mortgage. A few details.1. My mortgage was of the type "Bridge Loan" or "Contingent", where the sale of my current home was to be used as collateral for the purchase of a new home. Since Brie/Fairway Mortgage was at Redfin event on New Home Purchase/sale, we decided to go with her. In the initial meeting, she assured that their deals are very competitive and would even beat other lenders. However, I felt my trust was abused as what Brie told me did not match with what I ended up at the close of the deal. For instance, I was charged 2 Points for the origination fee where Brie kept telling me multiple times that it was the bank that was charging 2 Points and that their Mortgage company would make Half a point at the most. (I later learnt that 1 Point was industry common in these types of loans as well). I kept insisting that 2 points was too much for good credit score (770+) but I was constantly told that Fairway was doing everything they could to reduce points with the Bank. In the end through the CD, I learnt that the bank charged only half a point of the loan while Brie and her company charged the rest 1.5 points. When I inquired on this discrepancy, Brie repeated that it was the bank that was charging 1.5 Points even though the paper work showed otherwise. It was too late for me to back out of the loan as we really wanted the house to be bought and had no choice but to accept the terms. I really felt my trust was abused. To soften the blow, Fairway however, did cover the home appraisal fees for both houses.
2. Interest rate was never locked until the last day of the closing deal. What could have been 4.6 or 4.75 in October 2018 ended up being 5.125%. Later I learnt that an interest rate could be locked in customers' favor for good 60 days. I was told that they were doing me a favor by not locking else I would be paying extra fees if the deal did not complete within the locked period. I was never told that the rates were not locked, while I was under the impression that it was.