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Replies (11)
- Nic Netherton, "Colorado Lender"
- Contributions:7219
- Tampa Bay Mortgage
- Contributions:297
I only quote in my immediate area. I see a lot of quotes that aren't possible due to my area being one bid declining market (not to mention credit adjustments). When looking at the quoters, they seem to be mainly out of state and mass quoters. I don't think they really read the requests at all and just throw enough quotes at the wall to see what sticks.
This is why I think there should be a limit on the number of quotes you can make a day. If you are making 50 quotes a day and are limited to only, say, 10 you now have a vested interest to make those quotes, quality quotes.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Agreed, FICO makes a difference. Cashout's have higher rates and the LTV's are sometimes maxed out at a particular level, yet those are also getting rates at 5.5% etc.. I too, only quote in my area which is Colorado. I also agree that those rates being quoted are mainly out of state and are mass quoters. I still don't think that limiting the number of quotes is going to stop any of this from happening.
- D Ww, "feder1"
- Contributions:35
A limit won't make any difference.
Whether it's 10 quotes or 100, the game is the same. In order to generate a bite the bait has to be tastier than the alternatives. Lie now, apologize later, is how the game is set up, and zillow has done nothing to change it.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Agreed Deron. That BofA is all over our turf doing just that....
.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Ha!! Speaking of BofA....I created a quote request on a Jumbo loan 30yr fixed, putting $50k down. BofA gave me a quote immediatley of 5.875% on a 30 yr fixed rated. I, being just a normal person looking for a loan, questioned that rate. Asking how in todays market, on a jumbo loan, I can get such a low rate; Here is what I got:
"Thank you for bringing that to my attention.
I incorrectly assumed that my loan quote software included the correct pricing for the new Conforming Jumbo Limits. However, after checking Fannie Mae's web site, I am incorrect. Unfortunately, most of the front range is still at the $417,000 conforming loan limit.
With that in mind, I apologize for the misquote. I have deleted the quote. "
Blah, blah, blah. The new conforming jumbo limits when into affect, ummm, how long ago?? At least 6-8 weeks ago. So, here's the question, has he been "misquoting" this whole time by assuming that any particular area is in the new jumbo conforming limits? You're going to tell me that BofA software is incorrect? Highly unlikely. Very dishonest.
As Deron said: "Lie now, apologize later". Couldn't have said it any better!
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Pretty sad really.........
- Tampa Bay Mortgage
- Contributions:297
I hope Zillow realizes that pretty soon the people making honest quotes will stop making quotes. Why should someone spend time looking at the quotes and pricing them accordingly if you are going to go against 7 other unattainable quotes.
Maybe they are running on the assumption that if one good broker drops out, a new one will take their place.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
As long as Zillow get's their initial sign up fee, they probably don't really care about whether the consumer gets a raw deal or not. If the consumer gets screwed, it didn't cost Zillow a thing, because whether that consumer signs back onto Zillow or not, they still have the broker/lender sign up money.
I sincerely want to believe in Zillow and that they are out for the consumers best interest. I don't want to be punished because of some dishonest broker out there. I don't want Zillow to take this feature away, because some consumers are being taken care of the way they should. Again, there just needs to be some type of system to kick these idiots off and leave the real work to us.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Its not about the initial signup fee Tammy, thats peanuts. Its the hits the website gets that generates the real revenue.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Point taken.
How are some lenders quoting rates when the properties are in declining markets?
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- 4.5/5.0
- (11 reviews)
Contributions:6995In wanting to submit some quotes, I keep noticing that there are an awful lot of lenders quoting what is being asked for in the quotes, yet the properties are in declining markets and the LTV max is less than what the quote is asking. How is that possible without misleading the borrower?
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