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Replies (12)
- oldskoolballr
- Contributions:158
I am not locking. If they are not committed to me than why would I commit to them?
- Chris Corica, "Chris Corica"
- Contributions:1075
I would not lock a loan without an application. I didnt even know you could as I would never entertain this. Once a 1003 is completed and the loan is pre-approved with a bank then I will discuss locking. As you know this can be done pretty quick. With all the lenders that no longer do wholesale and the ones who remain paying close attention to pull through rates, locking without an application could really put your business at risk of losing even more lenders. No worth it.
- Marcelo Hernandez, "pacific mortgage srv"
- Contributions:180
I don't even believe the major retail lenders are locking in with out apps. Brokers, correspondent lenders are risking relationships with their investors because the inevitable high percentage fall out that occurs when you don't have a commitment from a borrower.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Application and app fee via credit card. Too much short term memory with borrowers: "I never signed anything". Tell them that when rates have gone up: "You never signed for that rate" and see what happens!
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
See, that is exactly what I dealt with on Friday. I would not lock without a loan application and lost the deal. He said in all his years of refinancing, no one has ever needed a loan application to lock. According to him, 2 other lenders were willing to do so. I said that he should go to them.
This is frustrating, but I'm not risking a good lender because of fallout. No commitment, no locky.
This is frustrating, but I'm not risking a good lender because of fallout. No commitment, no locky.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
NO SOUP FOR YOU!!
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
At least Zillow didn't screw up posting pictures!
Morning Doug. :o)
Morning Doug. :o)
- Barry Dalton, "Barry Dalton"
- Contributions:492
Tammy- maybe you missed more frustration later with that borrower!
I will not lock until an application and fees are collected. It can be done same day if they do an online application and pay the emailed invoice for apprasial.
I will not lock until an application and fees are collected. It can be done same day if they do an online application and pay the emailed invoice for apprasial.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Mornin' Tamms,
You can lock with address, personal info with some lenders.... However if delivery collapses and moves around in a circle with your lenders.. and they all end up at 50% pull... I really believe that could end many relationships this year. The BANKS have all the power as weak as they are and if abused... we will see and read about lock changes overhauled and brokers being cut off, etc... I have locked without running DO and a full 1003 at time of locking, but I am very careful of who I do it for and will not lock for a phone call of a tire-kicker that is not committed to me. Happy Holidays
- Jacinta Shambley, "JaciS."
- Contributions:14
Tammy,
I insist on having a 1003 and signed authorization for before I lock them into a rate. I even sometimes wait for an approval from the UW. It gives you an idea of who is serious and who is not if they are willing to allow you to pull credit. If a borrower knows their credit is being pulled they're less likely to continue shopping and risk the additional inquiries which THEY think are harmful. Because borrowers dont know the process, they dont know it costs money to lock a loan and how much is lost if we dont deliver the loan. Not to mention our relationship with the lenders and if we get into issues with lock fallout that we lose that good pricing we're able to pass along to them. I think we need to educate our borrowers about the process.
I insist on having a 1003 and signed authorization for before I lock them into a rate. I even sometimes wait for an approval from the UW. It gives you an idea of who is serious and who is not if they are willing to allow you to pull credit. If a borrower knows their credit is being pulled they're less likely to continue shopping and risk the additional inquiries which THEY think are harmful. Because borrowers dont know the process, they dont know it costs money to lock a loan and how much is lost if we dont deliver the loan. Not to mention our relationship with the lenders and if we get into issues with lock fallout that we lose that good pricing we're able to pass along to them. I think we need to educate our borrowers about the process.
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Hey Tammy, Hope you're keeping warm (and busy).
Have a Merry! And don't drink too much egg nog
Have a Merry! And don't drink too much egg nog
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Hi Doug, thanks for the Christmas Wish! I only drink egg nog with a little holiday cheer in it, so I probably will drink a little too much!
Hope all is well with you and Merry Christmas to you also!
LOCKING WITHOUT A LOAN APP
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- 4.5/5.0
- (11 reviews)
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