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Rainer
347,070
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

I wrote a list of 90 lenders who laid off / merged/ closed in the past two weeks on my personal site. Lender's One is coop leasing from Walmart. Expect this ends badly. It won't take one deal away from me. Raise your hand if you got a Costco mortgage: silence , no hands, and feet shuffle. Raise your hand if you are willing to take a prequal from this company when everyone is imploding:       wait for it  ...

May 07, 2022 05:00 PM
Ambassador
3,366,637
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Who even knew Costco had a mortgage program?  I've been a Costco fan for many, many years and not once did I consider it a go to lender for clients. Same with any other big box store.  I prefer local lenders that I know care about our clients and do their best for them , time after time.

May 07, 2022 09:17 PM
Ambassador
2,738,431
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Had no idea Costco even did mortgages, Fred. Will not consider Walmart as a source either!

May 07, 2022 07:26 PM
Rainmaker
1,355,799
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I think it will have zero effect.  I also believe with the mortgage companies downsizing, my prediction is these outlets won't last more than a year or two maybe.  

May 07, 2022 05:52 PM
Rainmaker
4,466,766
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Walmart is good for volume buys of items like ketchup and many items made in China. As for mortgages, I would pass! 

May 08, 2022 04:44 AM
Rainmaker
518,568
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Never heard of Costco doing mortgages. They probably did more refi's  and not known for doing resale loans is the reason most REALTORS would not be aware and the reason it is ending as rates rise.

May 08, 2022 04:02 AM
Rainmaker
1,419,680
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Had heard about the mortgage program at Costco in one of their emails, but that was the extent.

May 07, 2022 09:50 PM
Rainmaker
4,388,126
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no idea, Fred... I've never dealt with a single buyer who got a loan from Costco or Walmart. And I've never sold a home with a mortgage on it that had been financed by either of these organizations.

May 08, 2022 04:58 AM
Ambassador
3,134,022
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I do not see any effect on buyers and borrowers, Fred Griffin Florida Real Estate 

 

May 08, 2022 08:04 AM
Rainmaker
988,551
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have not had a customer who used a Costco mortgage. I did not even know that Costco did mortgages.

Given the comments on this page, it is not hard to see why Costco decided the mortgage business was one in which they no longer had any interest.

I expect that there will be more changes in the mortgage company and real estate brokerage areas.

May 08, 2022 10:13 AM
Rainmaker
1,754,673
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

I remember the Costco perk from some time ago. Just laughed when I saw it was a member benefit. Problem was, it was NO benefit pure & simple.

Just like Sears hooked up with CB all those years ago - didn't work out. Stick to your wheel house.

May 08, 2022 06:14 AM
Rainmaker
2,677,691
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Costco, Super Walmart and the like want you to be their one-stop shop but it is easier said than done. Theory and application come to mind. NOTE: Their food court takes in a small fortune per year (millions) yet it is not a brand fast food or a destination eating place. Convenience drives this success. 

May 08, 2022 06:03 AM
Rainmaker
683,075
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I only care that my clients get a good loan at a good price with a reliable lender that will perform on time at a fair fee and costs.  I have lenders that I trust and refer but that's the extent of my involvement.  I do explain the ramifications of not closing on time and potential loss of deposit though.

May 12, 2022 10:51 AM
Ambassador
1,005,445
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

It wont.  Consumers that want to go with the "lowest price" will pay double for piss poor advice from a lender/loan officer that can't do anything but take applications.  

It's an example of getting what you pay for, which won't be much!

May 09, 2022 11:03 AM
Ambassador
5,657,851
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Not likely to have much effect on lenders, agents, buyers or the industry.

May 08, 2022 03:38 PM