Fresh New Faces to the HOS, Part XXV

Since she has joined Zillow, in my opinion, has been low-balling all over the place.  Not that this quote is low, but the county limit is 560k.  It is the county right next to hers.  I have seen rates that no one else has given, except the infamous Rainman, with no points, no fees, ugh!

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September 15 2008 - US
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Greg.

 

Rates tanked again today so we can exect a fresh round of super lowballing in the next 24 hr or  more if it holds.

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September 15 2008

Well, here are some faces that are not new but fresh all the same!  Goodness, most pricing engines will let you know what the county limits are when pricing a loan.  So, what gives?  Same faces quoting the wrong rates based on county limits.  Lazy, silly, greed and desperate?

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September 15 2008

Tell me about it Greg.  I am amazed at how many folks completely ignore the GSE limits and make no mention of it.  Or flat out ignore LTV's all together!

 

3 quotes on this one from lenders that are active on the threads the 2 that arn't

 

1. offering an agency jumbo with no mention that the limit is below the requested loan amount

2. Offering what looks like to me a rate from astoria at an LTV 5% higher than they allow in MA

 

Flagged and sent e-mails on both and have yet to get either a response!  The real problem with the serial low ballers is that consumers are going to think that all lenders on here a full of BS. 

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September 15 2008

Yeah, I see the same faces doing it too.  To me, a perpetual misquoter concerning loan limits etc., is as bad as a low-baller.  Every time I explain, in my comment section, that the loan has to be lowered etc., in order to conform to the program, my phone never goes, "ding a ling, da a ling!"  No, it is ringin for the misquoter.

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September 15 2008
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Greg, is that what your phone sounds like when it rings?

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September 15 2008

Greg I did not know that you can be in Timonium and have a 301 area code?

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September 15 2008
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Andrew,

 

My mentions of the restrictions and such is always in the second paragraph. (just in case you were calling me out)

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September 15 2008

Micheal,

You are right.  That are is all 410 and some 443, right?  Who knows.  All I know is that the rates she has been quoting, along with the no fees, are what no one else is quoting at all.  Maybe she has some mysterious money that no one in Maryland, DC or Virginia knows about.  Her company isn't big enough, from the website, to get 50 points off for volume.

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September 15 2008

You are right that I made a mistake today when I quoted a conforming jumbo loan.  I think I did only 2 or 3 quotes today and I clearly was much too busy to try and squeeze them in because I totally forgot about the loan limits.  I do not live in Timonium, I simply work there.  I do more loans in Northern Virginia than anywhere.  As far as the rates, I can uphold every quote I've done on Zillow from day one.  I have a couple of small lenders with good pricing that most brokers have never even heard of.  I'm sorry that you all you people have to do all day is talk about people in these discussions.  It's really very sad.  I wish you all the best of luck but rather than talk about me why don't you email me directly?  Good luck!

Renee'

 

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September 15 2008
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Renee', would one of those lenders be Fantasyland Mortgage?

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September 15 2008

Not a chance Shap!

 

If I doubted a quote of yours I would shoot you an e-mail, figuring I missed something.  Unlike the other 2 non regulars I am sure you would have responded to the e-mail.  I still haven't got a response from either of the 2 non regulars. 

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September 15 2008

HAVE YOU EVER CONSIDERED SENDING THE LENDER IN QUESTION AN E MAIL ? INSTEAD OF COMING ON HERE AND WHINING ABOUT IT? GREG JUST SAID I NEVER SAY ANYTHING POSITIVE BUT HERE HE IS WHINING .  HOW ABOUT YOU TRY SENDING THEM AN EMAIL TO SEE WHAT THE PROBLEM IS INSTEAD OF STAMPING YOUR FEET AND COMPLAINING.

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September 15 2008
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I figured as such AA. Just checking.  Nice win against the Jets, sack of the year by Thomas.

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September 15 2008
Profile picture for Lender_BradfordOHIO
reneeboggeddown, I see you are not licensed in Ohio so please don't quote in the state unless you are. I also see that you have been called out on a mistake. I will apologize for the rest of my fellow Zillowers and assure you that I would certainly have emailed you directly so you could fix your blatant mistake. If I had ever made a mistake (I have never by the way) I would feel privledged to have a fellow professional point it out as a courtesy instead of dragging you through this public flogging and disgrace which you will never fully recover from. My best to you and welcome.
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September 15 2008

THAT IS A GOOD POINT LENDER-BRADFORD. FROM WHAT I HAVE READ THE LOWBALLING AND OTHER BANANA BEHAVIOR HAS BEEN GOING ON SINCE CHRIST WAS HERE LAST AND WILL CONTINUE ON AND ON. WHATS THE POINT OF WHINING ABOUT IT?

 

SEND AN EMAIL TO SEE IF IT WAS A MISTAKE AND IF THEY DO IT MORE THEN FLAG IT. MAKING THESE HOS THREADS IS REALLY ABOUT THE HIGH SCHOOL GANG WHINING TO VENT THAN IT IS SOLVING ANYTHING. ITS JUST MORE NEGATIVITY THAT TURNS BORROWERS AND OTHER LENDERS FROM JOINING IN THE MORTGAGE THREADS.

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September 15 2008

Tell Him Everything!

No one seems to point out, in their notes, the guy will have to bring thousands to closing, even if no escrow. The payoff will put him upside down.

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September 15 2008
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September 15 2008

CL, his name is Negative Equity Guru. 

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September 15 2008

Nic.

 

Your link brings up an interesting point. He puts up a disclaimer right from the top suggesting he is underneath and he can negotiate the second as resubordinated or settled for a percentage.

 

I think its ok with the bold disclaimer but Lord love him getting it funded. We would all be in another refinance boom if we could get these deals done on a regular basis.

 

I was thinking about this a few days ago. FHA could care less about the CLTV if the mortgage holder was willing to chop her off or subordinate the rest. Why cant it be the first mortgage ? Why does it have to be an 80 20 ?

 

I have put some feelers out to lenders to try to talk em into it but Im in the prelim stages.

 

 

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September 15 2008
Profile picture for Wayne.T_ .....Colo.

CL,  he is referring to a "little known FHA rule"  that allows this.  This  any insights?  I would be very interested int hte details.  may just have to give him a call. 

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September 15 2008

FHA allows the CLTV, as long as he meets the debt ratio max.  I do not see any note that the guy has a 2nd. 

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September 15 2008

He's in Illinois...No wonder JP is rockin and rolling with competition like that....Am continously shocked these guys are still in the biz.

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September 15 2008

Nic - did you notice that what the hell has been on the site for over a month and quoted a grand number of 10 times? With a response like that, I'm really not surprised - I've actually been thinking about getting rid of all my boilerplate to streamline - I could probably do 5 - 10 % more quotes that way and pick up at least 10 - 15 more loans a month.....

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September 15 2008

In response to the Timonium, Md lender,

If you are so busy then why are you reading this thread?

As a courtesy to lenders, I used to shoot a quick e-mail asking them about the rate or if there was a misquote.  However, one or two cried about it to Zillow so I promised Nida I would not contact a lender about such.  The only ones I will are the ones I know, Ken, Dave, Jim etc.  The rest . . .

And, those small, special banks giving money at a rate of 1/4 point better than the pack?  I don't think so.

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September 16 2008

I only have read things in these discussions a few times.  Yesterday I looked only because I was pretty sure what I'd find here and I was right.  It seems like you have made it your job to discredit anyone you can.  I do have a couple of lenders that have excellent pricing and apparently I don't feel the need to make as much off my loans as you do.  I wish you only the best of luck with your quotes today, Mr. Darlin.

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September 16 2008

Not trying to discredit anyone at all.  When a lender, especially a new one--who comes from a small brokerage, starts quoting way below everyone else and with no lender fees, it makes others question the validity of the quote.  Notice I said, question not say the quote(s) is a lie.

You looked yesterday because you knew you would be on the post?  If that was the case, then why didn't you just correct your quote by deleting it?

I can assure you that you make more off loans than I do.  On Zillow borrowers, my average ysp is about 3/8 of a point.  So, are you saying you are making less than that?  I don't think so . . .

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September 16 2008
Profile picture for Clearpoint

3/8 of a point?  Do you qualify for food stamps? 

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September 16 2008

Yes!  :-)

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September 16 2008

Info That should also satisfy the answer as to why some don't e-mail lenders directly.

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September 16 2008

Boy I came up with a good one today.

 

5.50% no fees or costs

 

How do I cut and paste the quote in here for you to see....sorry haven't learned that yet.

 

Wayne

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September 16 2008
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