I finally found the elusvie Magic Lender.

Hate giving them attention, but I cannot believe this nonsense.
What do you think of these rates today?
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June 17 2009 - US
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Answers (7)

Profile picture for SoCal_Engr
Most interesting part is that the rate quote is given without any info on income, FICO, reserves, etc.

Looked at 4.375 and 5.0 on 30yr fixed, and both have $1,900 going to third parties. 4.375 has $23K to lender, 5.0 has $7K to lender.
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June 17 2009
The rate and APR are accurate.  At least they show ALL rate/fee options when you get the quote online.  The 4.25 is the hook....it is an advertisement after all....clearly it is working!! 
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June 17 2009
I only brought this up because I lost a client to this idiocy yesterday. You would think in this day and age people would not fall for this sort of stuff ... but I guess not.

So very sad!
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June 17 2009
Gregorio

Funny that you brought this up.  Was doing some google searches yesterday, and came across the same thing.

If you fill in a request, it is pretty interesting what they disclose. On a $ 300k loan yesterday, they disclosed $ 13,788 in Guaranteed Lender Fees.

NO INDIVIDUAL breakdown except for title, escrow, courier,credit, appraisal, and tax certificate totaling $ 1,465.

All the other fees lumped into the guaranteed amount were Not broken down.

Amazing to say the least.

Best Regards,
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June 17 2009


Welcome to online lending. Companies can say anything.  The website needs more transparency on fees and rate guarantees. They appear to guarantee fees and closing date. Why not the rate?
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June 17 2009
Profile picture for sunnyview
There has to be a catch. The 4.25 must be with multiple points and a large Subway meatball sandwich to the LO. I mean they have the BBB symbol right on the front page of their site so they have to be 100% legit, right? 
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June 17 2009
Gregorio you should just unplug the phone, go home, crawl into bed and take a nap. Cuz these folks are gonna steal all your business!

Just kidding. I'm not a mortgage person, so could you explain to us novices how the heck they could offer these kind of rates? What's the catch?
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June 17 2009
 
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