False Lender Quotes!!! Yes False!!

Honestly I have to say more than half of the quotes listed by the lenders are false. I would like everyone to look at what everyone else is quoting. No really look at the quotes! All you direct lender out there who are correspondents your employees are either being paid on a commission or paid by the units with salary. 
(Mostly commission than Units in today lending environment)
So when I see a quote from a lender lets say FHA $200,000 loan amount 80% rate of 4.75% with an APR of Approximately 4.974 and lenders fee of $350.00 even up to $1,000.00 with no points or App fee's etc. Its hard to believe! How do you as a Commissioned Loan Officer stay in business and how does the branch pay its bills especially in today market climate? Is your company servicing the loans? Even if they sell it on the secondary market how does the actual branch survive? Are you a Net Branch and have a parent company that collects on the sale in the secondary and maybe throw's you a little SRP? Seriously! Are you closing 300 Loans a month and making $50.00 in commission on each loan? 

I find this very interesting. The Par Rate today is 4.50% paying $993.00 YSP on a ($200.000 loan) So after you pay your branch fee's and what not your taking home maybe $425.00 before tax's if lucky. So how can some of these quotes be real. More than half are guaranteed bait and switch quotes. 

This go's out to all you honest lenders read some of these quotes No points no App fee's No Loan Discount etc... Especially all you smaller net branches. 


Thanks


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January 12 2009 - US
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Replies (90)

Rizzo,
Where have you been?  Don't you know that has been a huge issue on ZMM for months and months?
I don't even look at the robo quoters and such when I quote.  My fingers are too tired to even flag them.  I quote what the rates are and if I get calls I get calls.  At least I can back the rate though I am never the lowest in most areas.
The bait and switchers must not be settling much because if their tactics were working they would have 100's of reviews.
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January 12 2009
I actually haven't been quoting much on Zillow because of this reason. I recently started quoting religiously again over the past 2 week's. I just have noticed the most ridiculous quotes. Its unbelievable. It's almost a waste of time quoting. I've contacted Zillow many times on this. Its so obvious when you read a quote that its bull. The thing that amazes me is prospective clients have no clue? This is why when you talk to clients they want a free loan. I tell them to go to their local bank if they want a free loan you know how that works.
Thanks for the comment.
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January 12 2009

Rizzo - for a long time you were one of the biggest offenders of low ball quotes. Pot meet Kettle.

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January 12 2009
What are you taking about? 
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January 12 2009
Flag the quotes. I have noticed several I flagged in the past are gone
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January 12 2009
I got flagged a few times because I quoted an FHA rate against a Conventional rate in the past but I absolutely corrected the quote or removed it and re quoted.
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January 12 2009
Also have gotten flags for giving someone a low rate because no on could believe it.

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January 12 2009
This has been around since the beginning Rizzo...Nothin new. But now they introduced the API system which streamlined it for them.  SSDD
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January 12 2009
I hear you and feel your frustration.  I am just thankful for my repeat clients.
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January 12 2009
Also what do you mean by low ball? "Low Ball" has a broad meaning. Low balling in mortgage terms means to quote a lower rate than your competitor to get the business. Since my company doesn't pad the rates like most other Lenders do on this site I can "Low Ball" all day long.
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January 12 2009
Peter, if you don't look at the other quotes you won't be upset. Most of us at the beginning flagged the bait and switch artists. I stopped flagging. It's too time consuming. Now, I just quote the loan and hope for the best.

Clay, what I've noticed is they just keep coming back.

Chris, I just peeked at a couple of Peter's quotes. They looked OK to me.
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January 12 2009
Thanks Rudi you right. I'm not that bent over it but wanted to point it out in my own word's. It's unbelievable.
Thanks again.
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January 12 2009
FHA at 80% LTV???

Peter..Why are you quoting FHA rates at 80% LTVs in the first place.  Take a look at this quote of yours.  Perfect credit 80% LTV and you are throwing out 4.5% with 2 points on a FHA loan.  Of course you are getting crushed by the competition.
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January 12 2009
Well, Peter?
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January 12 2009
Should be conventional on that one. Thanks for pointing that out? I will change it. I selected use previous quote by mistake on that one.

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January 12 2009
Opps! Guess not, huh?
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January 12 2009
What never ceases to amaze me is the lender who low-balls, misquotes, does things that clearly are not what a true honest lender is supposed to do on a daily basis, comes on ZMM and complains that things are not fair.  Then, when all look into their closest, so to speak, it is clearly apparent that the cheater is simply being trumped by a better cheater and they complain about it.
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January 12 2009
What never ceases to amaze me is that people still don't know what the correct UFMIP is on an FHA loan. Especially people complaining about other people's quotes!

Version 1
Version 2

I wonder if #3 will be the charm?

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January 12 2009

Pete...I guess this one was just the keyboard being stuckZR-WGLMPQL.  The best yet is ZQ-YGZGZQY.  5.5% with 2 points on a $345k FHA loan.  Granted 600 credit score.  Here is a little hint that may help you out.  Those days when you were working at "New Century" or "Fremont" are over.  You actually now have to know something and pass some benefit on to the borrower

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January 12 2009
Wow....
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January 12 2009
I learned the loan business many years ago and got out of it because the only way to get business was to lie to people about the interest rates and closing cost because everyone else did.  When they came in you would have to tell them that it changed, As Per My Broker then.  Sorry I won't do that so I just sell real estate and I don't have lie to be successful.
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January 12 2009
Rich are you saying you...have no bad apples in your industry? 
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January 12 2009
Sure there are but my ability to be successful does not require me to be untruthful.
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January 13 2009
The mortgagin bizness can loaded with bad people.  If they were good they would be doctors or teachers.  It's the bottom of the barrel.  Thoze guys will sell their mother to make a dollar.  Don't be suprized at the lenths these peeps will go to.  It's just reality.  Thankyou for sharing.
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January 13 2009
Not true,  most are very good people its the cut throat public that makes them quote low
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January 13 2009
Profile picture for tmax35
Well reading this thread has been an eye opener for me, the dumb consumer.  I was beginning to research why no one has responded to my request to refinance a $50K loan on a second home ($90K condo conversion in Texas.)  Even with no other debt and stellar credit, it's starting too look like this potato is too small for ya'll.
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January 13 2009
Many lenders just keep their eye on making their commission so you need to be careful when getting a mortgage.  
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January 13 2009
Go to your bank or credit union they will be glad to refinance your loan.
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January 13 2009
Rich,
Yes, it is a cut-throat business.  I don't think it is the public that makes it that way but the media and the financial experts on the talk shows, like Suzie Orman.  The public gets set up for disaster when the media puts the spin on rates etc.
There are many decent, honest people in this business who adhere to good values and use a lot of empathy when doing a loan: would I take this loan?  This is how I structure my loans to clients.  It works.
There are still too many rotten people in the lending business today.  Hopefully, with the National Licensing, CE for each state a lender and employees quote in will wash away the, "hit and run," artists.  But, with any profession that deals with the public, there will always be cheats.

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January 13 2009
Rich - it is much easier to throw stones then to look in the mirror to find the reasons for your failure in the industry. Your statement about having to lie to be successful in the mortgage industry is irresponsible and offensive. To top it off, your advice is to go to your bank or credit union? How about go to someone you trust, get a referral from a friend, do some research? This would be much better advice. Without knowing you, your blanket statements and your mindless advice tell me  exactly why you coudnt make it and it has nothing to do with honesty.
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January 13 2009
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