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Answers (23)
- Scott Davis, "davis1311"
- Contributions:44
Ask them to provided you with a Statement of Credit Denial. If your recession period is not up yet, cancel this loan. Call the title company first thing in the morning.
"To all you Bankers out there, which entity hosed this guy?
It appears that Bankers often violate Federal law, and often have higher rates than Brokers."
Not sure what that means. This was apparently a broker to begin with, unless I missed a detail. Being either a broker or a banker rarely signifies higher or lower rates; or competency.
- Timothy Sutherland, "SunTrust"
- Contributions:619
on 9/24 a 30 day lock on that loan (high balance at 60LTV) 4.75% was 0.625 points or 4.875% was 0 points (give or take depending on the lender).
If you paid 2.5 points for it it's not hard to figure where the difference went.
If you paid 2.5 points for it it's not hard to figure where the difference went.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
To all you Bankers out there, which entity hosed this guy?
It appears that Bankers often violate Federal law, and often have higher rates than Brokers.
It appears that Bankers often violate Federal law, and often have higher rates than Brokers.
- Peter888
- Contributions:4
I never received a single piece of paper from BofA. The only thing I ever received from BofA was the appraisal report.
- Clay Branch, "Georgia Loans"
- Contributions:7835
Peter, did you ever receive any paperwork in the mail from B of A?
- Joe Cafiero, "Joe Cafiero"
- Contributions:3218
I think your answer revolves around your lock. It was only for 30 days which would bring you to 10/23 but you mentioned you closed 4 days ago, 11/13. What happened regarding those 20 days.
- Peter888
- Contributions:4
Triple score: 783 / 753 / 751
30-day lock: 09/24/2009
- Timothy Sutherland, "SunTrust"
- Contributions:619
don't know the answer on that without your credit score and what day did you get locked in to the "in house" loan?
- Peter888
- Contributions:4
Thanks for your answers/comments!
The original lender was BofA and the closing brokerage/bank was RPM. I applied for a 30y fixed $498K mortgage at a purchase price of $830K. Initially, I had 5.25% with 0 pts. A week into the application we renegotiated the purchase price down to $790K and the loan amount was re-adjusted to $474K to keep the 60% LTV. At this point I also decided to pay two points ($9,480) to get 4.75%. I was told this no problem, but then the mess started and I had to switch to RPM four days before closing.
I closed with RPM at 4.875% and 2.5 pts ($11,850).
Just wondering if there was an incentive for the broker to go in-house? Did he get to keep my 2.5 pts?
- Timothy Sutherland, "SunTrust"
- Contributions:619
Bank rates are often higher then can be obtained through Brokers.
and they're often lower also.
and they're often lower also.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Ask them to email you the Statement of Credit Denial. If they are unable to produce that to you immediately, run like your hair is on fire.
- Paul Mondello, "Paul Mondello"
- Contributions:2093
G - you might be onto something...
Tell the people Super Z is back! To defend the defenseless! Befriend the friendless! And to defeat ...the defeatless!
- Nic Netherton, "Colorado Lender"
- Contributions:7219
I think we should start a new designation and sell it to people and tell them that it makes them a better LO. Maybe CZMPS and we can have loan officers pay us $100 per year for the designation and the test they will have to pass will be just like all the other designations. Will have to have the loan officers submit proof they have a pulse and can fog a mirror.
Maybe Zillow can start charging for their own designation and maybe not have to gouge us for the "CIC"s.
Maybe Zillow can start charging for their own designation and maybe not have to gouge us for the "CIC"s.
- Kelly Lacey, "kellylacey"
- Contributions:797
Joe, you always put a smile on my face :-)
- Joe Cafiero, "Joe Cafiero"
- Contributions:3218
But Kelly, Larry has CMPS next to his name. You mean what he says is not gospel?
- Clay Branch, "Georgia Loans"
- Contributions:7835
Yeah, that 5/1 @ 3.375% and $1K in fees from ST ( to the right ) looks pretty good. Peter888, go ahead and name the perps and what you paid in rate and fees. Was this a purchase or refi? If refi, you can still rescind and get another lender.
- Kelly Lacey, "kellylacey"
- Contributions:797
Larry-bank rates are often higher than can be obtained through Brokers? Let me guess, you're a broker!!! You should not make blanket statements that are not true like that.
Portfolio products that banks offer will have higher rates, but those products are for old sub-prime/Alt-A loans and unique properties, etc..
- Larry Morris CMPS, "Oregon Mortgages"
- Contributions:45
It sounds like their internal bank is pressuring the loan officer, and you, to use their own line at a higher rate. You are a great risk and they want your business. Unfortunately, Bank rates are often higher then can be obtained through Brokers.
To answer your question, yes, they are required by law to tell you why your were turned doen by the other lender.
To answer your question, yes, they are required by law to tell you why your were turned doen by the other lender.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Peter
Something certainly does not add up on this. Sounds like you might be dealing with the wrong lender.
Best of Luck.
Something certainly does not add up on this. Sounds like you might be dealing with the wrong lender.
Best of Luck.
- shapiroamg
- Contributions:3058
A mortgage broker with their own bank? weird. name the offending co!!
- Tracy Larkins, "Cobalt Financial"
- Contributions:649
Absolutely...
- Clay Branch, "Georgia Loans"
- Contributions:7835
That is strange. If they submitted your loan to a lender, you should have received respa docs from that lender, did you? If so, who was the lender?
Yes, if the lender underwrote the file and denied it, you also should have received a denial letter from the lender stating the reason. Your qualifications sound like a slam dunk, are your income and assets verifiable with at least 2 years in the same line of work? What rate were you quoted initially and what are you looking at now? Zillow Lender?
Yes, if the lender underwrote the file and denied it, you also should have received a denial letter from the lender stating the reason. Your qualifications sound like a slam dunk, are your income and assets verifiable with at least 2 years in the same line of work? What rate were you quoted initially and what are you looking at now? Zillow Lender?
Am I entiteled to learn the reasons why my mortage application was turned down?
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