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Lender rating
Since January 2009
He was at 6.25% on another quote I saw. I guess that was not low ennough for him.
Hal is the man!
I have decided to fold. I cant compete with that and he says on his website he is honest , so I believe him.
Lender rating
Since November 2009
Good to know he's not just in Colorado. Kinda looks like an inmate picture.
I have flagged at least 30 quotes where he was competing against me. He is always a point under par with almost no fees
Lender rating
Since April 2009
Wow, the underwriters must have gold plated keyboards...
That has to be a typo.
Another Hal special........i will even bring the LTV to 95%. The guy put in a Fair fico (640-679).
The best 95% LTV I have on a 15 day is at a price of 97.000 and that is FICO >720. If FICO is 640ish pricing is closer to around 95 (so a cost of 5 points)
So I have come to the following conclusion:
a) the last 20 years in my industry have been a waste, and I should have drank WAY more in college
b) i am clueless on pricing
c) I have the wrong investors (even though we have every major player on the planet)
DP
Lender rating
Since January 2009
Good one, Wach321.
Dave, GVD highlighted that BS before. If the borrower has already signed a buyers agreement, all of that rebate talk is irrelevant. All it will do is piss off their buyers agent, should they show them those rebate figures.
Hal had a whole page of 30 Yr I/O at 6% a couple of days ago. He is quoting an unattainable rate and I/O so his monthly payment will really stick out low. I dont remember seeing anyone asking for I/O on his quotes. He should be banned.
Clay, Hal's website has an interesting "quote" feature. Guess what the 30 year IO prices at?
Lender rating
Since January 2009
7.5%?
Clay. I agree.
You cant quote someone a loan they didnt ask for. You should be warned, then final warning then banned . You can make multiple quotes in the notes box to indicate you have other options.
Lender rating
Since November 2009
Wachovia, that is hilarious!
Realtor referral programs are here to stay and you can expect them to become even more common. That being said, they have not, as yet, changed the way most buyers select agents, or how loans are being priced.
To price in a "potential" buyer rebate, however much disclosed in the comments (and he does a better job than most) should not be a part of a loan being quoted on Zillow because all of our quotes are required to be about the buyers true cost of financing, as based on their profile - without additional conditions.
Some lenders here are also real estate agents, or work with others who offer these programs. That is fine, and another potential benefit to buyers, however these programs should only be mentioned as available in the comments only, and as, at best, "potential savings" and not assumed nor reflected in the quote.
In the real world someone who may offer these programs should "ask" the prospect if they have already formed an agent relationship before offering any sort of "inducement" to do business with them. This will help prevent any awkward conversations with that buyers existing agent. To not do so may be considered interference in an existing buyer/agent relationship, and in California at least, a potential breech of the Realtors Code of Ethics, if done by a Realtor.
Bottom Line - Discounts should not be included in any Zillow quote unless they are available to all without any additional conditions. (such as use me/ or my referred agent)
Another beauty -- 680 FICO 30 Fixed. I checked Wells correspondent pricing from Friday and 6% COSTS me 2 points -- I guess it is logical that a broker (who gets broker pricing) could be at 6% charging only 0.500 points.....if we were in Bizarro World.....
DP
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Apparently I Work For The Wrong Company
Dave Pressel, "Dave Pressel"
Mortgage Lender
Lender rating
5.0/5.0
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30 YR IO at 6
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