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I believe this site is a tool. Where all professionals and homeowner can go to gather information.
There is no site where you can go get a 'quote' and have it written in stone. There is always a pre qualifying process to determine the terms.
Its always a judgment call. I believe in doing business locally, but major players such as BOA and Chase tend to get business because of the fact they are well known.
Its difficult when you make a mistake such as the cashout. But you are human and it isnt a biggie. I wouldnt hold it against you .
- Mike Politzer, "Mike Politzer"
- Contributions:630
I appreciate the support but that's not really the underlying intent of the email. What's your take on lenders using the site to police other lenders, or validate their own pricing? If there are 2500 lenders authorized to use this site and some percentage of them is doing just that, and on a regular basis, just how viable is the site? I've posted several hundreds of quote responses, and I don't think I'm doing anything much different than anyone else, some quotes are lower, some are higher, they're all defensible (to the best of my knowledge - with this one exception), and I've had maybe 1% response. I'd like to see that at maybe 2 or 3%, or even 5%, so if we could all mutually agree not to artificially pump up the number of requests we'd all feel a little better about the success of the site. It's the lazy man's way to police and validate.
- Mortgage Masters
- Contributions:182
7/1 jumbo arm lo ball Well it looks like we have a new place to send those seeking a low ball rate on a jumbo. Dave
- Geoff Cochems, "gcochems"
- Contributions:1055
MM I think that might actually be doable, but the notes are laughable at best...did you happen to check out the other quote on that deal??? Got a chuckle out of the name at least
- Paul Mondello, "Paul Mondello"
- Contributions:2097
MM - I can also do that 7 yr deal at 5.875% (no rebate)
- Ken Kopper
- Contributions:1578
I had a 7/1 ARM portolio product through Astoria @ 5.875 on Thursday. Now its paying 99.00 for that rate. There are some ridiculous quotes out there but some of what I am seeing are just causalties of several reprices throughout the day.
- Mortgage Masters
- Contributions:182
Paul, So you are saying that is a doable quote - after rates went up yesterday? Or are you saying that if everyone worked for free it could be done? As Ken noted it would cost 1 pt, so that leaves $1500 to pay everyone....I think not and I bet you this will never happen! It's one thing to keep costs low and another to deliberately lo ball to try to hook the borrower isn't it?
Would you have this guy do your mortgage? You and I are well prepared to do battle at closing with this type of lo baller. But does the average borrower? NO!!! So another borrower gets torched and we all get a bad rap. Don't we? Dave
- Geoff Cochems, "gcochems"
- Contributions:1055
In all reality I can do it at 100.75 in that situation as of friday, I just want to meet the other person who quoted on that request
- Mortgage Masters
- Contributions:182
Geoff, I am glad to see you have an investor that will do that..a 7/1 jumbo arm that pays. If this guy has the same investor I will grant that is more possible. But I doubt it. Maybe we will see a response that verifies his claim to being able to deliver. I am not going to hold my breath on that one. And thanks for your input! Dave
Politzer,
First of all, you are confused as to how this works. I did not make that quote request, I merely sent you a message about your quote. That was me being polite. You obviously do understand that I can see what you quote. I saw what you did, gave you the benefit of the doubt and I politely emailed you. You coming here and posting this libel saying I created that quote is reckless and libelous. My next email to you won't be so polite, I assure you!
- Paul Mondello, "Paul Mondello"
- Contributions:2097
MM - Yes
Lender in mind did not raise rates Friday, as long as the appraisal comes in, this could be structured @ .125% cost (30 day lock, not 15)
For the record I keep 90% of the gross payout and process my own stuff, I recently did a cookie cutter $350K refi for $1200 in my pocket and I was fine with that...my business plan revolves around getting referrals (RE finance and sales)...which I did get two from this one specific deal
This deal on the other hand I can not do, anyone? wishicoulddothis
Paul, the 5/1 is actually very easy to do. The real question is who would do it not who can do it. Who would pay $14,000 in fees not even including title and escrow on a 5/1? Hmmm.
I'm still waiting for an apology from Politzer. As soon as he figures out that I clicked the Contact Lender tab on his quote, it will become clear to him why the message appeared to him in his inbox as it did. He took one simple error that he made, that was addressed privately and now made it 2.
- Tampa Bay Mortgage
- Contributions:297
Ing is paying 1% on that 7/1 based on Friday's rate sheets..
- Geoff Cochems, "gcochems"
- Contributions:1055
All day and night Geoff.
- Paul Mondello, "Paul Mondello"
- Contributions:2097
GVD - Thank you for the insight on the 5 yr, I am obviously need to sharpen my awareness saw here... and agree that it does not seem to make sense to buy down
Pol - I really thing GVD had good intentions... he has a great eye for detail and I would personally be okay with him getting out the whiteout on me; if nothing else it might save me some embarrassment with my my potential client later on...
We should all be on the same team is how I see it ... if one of us is batting, hitting, kicking at less then our ability, it should be okay to let the other know in a civil fashion...
We can all play a part in raising the public impression of Mortgage Loan agents.
If we bicker and take shots at each other here, it might only succeed in making us out to be the scoundrels that we have collectively been labeled to be.
(it's okay to explain one's self, but being aggressively defensive has the potential to plant a seed of doubt in regards to the validity of the claim)
- Mike Politzer, "Mike Politzer"
- Contributions:630
I offer up an appology to for alluding to him possibly posting a bogus quote.
Politzer's problem is this. He used the wrong words here but he expressed it well in his email back to me.
He thinks that because I contacted him using the "contact lender" tab on his quote, that I am the one that made the request. It showed up in his inbox as receiving a message about his quote so he incorrectly makes an assumption. He does not understand how it works. What he meant to ask is "Lenders posting bogus requests - should we care? but he even screwed that up.
When he emailed me, he accused me of making the request just to check competition which is outright libel. I did not make any such request and I was only trying to help him. Next time he goes directly to the HOS and gets the clowny.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Sue him for it.......
- Paul Mondello, "Paul Mondello"
- Contributions:2097
GVD -
Pol did apologize, which was cool on his part
That 5 yr offer is sweet... I'll would buy at Spectrum Yard House if you will let me in on how you are doing this...
- Geoff Cochems, "gcochems"
- Contributions:1055
Well Paul I'm in the OC and I know how he is doing it...does the offer still stand? I love the Yard House btw
Gulf gave the lender above and Geoff provided the pricing.
- Ken Kopper
- Contributions:1578
I can do the 5/1 1.2mm deal @ 5.75 paying 101.00..700 fico, 70% max LTV, 1yr 1% pp..Dont know why the guy would be charging 1 in discount
- Chris Corica, "Chris Corica"
- Contributions:1075
Paul - pretty sure they are using ING. Secret is out the bag.
- Geoff Cochems, "gcochems"
- Contributions:1055
Come on Chris I was hoping for a free beer or two...
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Sure Geoff
Next week late afternoon, any day but Tuesday works for me
*I really like the seared ahi ... yum yum
- Geoff Cochems, "gcochems"
- Contributions:1055
Sounds good to me, and yeah their and their yellowfin tuna, I mean ahi is delicious
You two going on a date? Not that there is anythig wrong with that ...
"Seinfeld"
- Geoff Cochems, "gcochems"
- Contributions:1055
It is CA afterall GVD...
Lenders posting bogus quotes - should we care?
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- 4.9/5.0
- (98 reviews)
Contributions:630I was just flagged by a lender, Gregorio, and justifiably so. I missed a cash out on the quote and I've since deleted the quote. I think we can all agree we've made a mistake here and there and I'm happy to rectify it. However, I've got some concerns with lenders posting bogus quotes, which is how this came about. How do other lenders feel. Should we not worry about it since it could be construed as part of the "self-policing" process? Or should there be a little more transparency, if we're going to feel this is truly a viable site for borrowers. My take is that some significant percentage of the quotes out there are probably put there by lenders, to check on other lenders, to find out what the market is doing, and that this just clogs everything up.
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