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I just signed up for Zillow and have been looking at the quotes for the last couple of days. The rates, for the most part, seem to be ligit but the closing costs are so low they are laughable. Are the LO's doing this purposefully or are they forgetting title, escrow, etc?
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Closing costs listed are the line 800 items only. That is the part that the Lender controls and is accountable for in a Good Faith. We all know there are more (title, recording and prepaids), but those "costs" or moneys are not charged by the Lender/Broker so they should be the same regrdless of moan provider. I like it simply for the fact that most Brokers who really "lowball" actually "lowball" the ancillary costs making the total seem lower even if the 800 items are higher and then when closing comes..... problems, but they get to claim "it wasn't me". You'll see in your quotes section, there is no room or place to input those numbers. Welcome and good luck.
Thanks. It makes sense now.
Stu- I have found that even some companies do not have an appraisal fee- they have a little note saying 'by the way, there's an appraisal fee'. I get that it's not one of 'our' fees, but why leave it out when you KNOW it's going to be there??? :)
I'm taking a closer look at the quotes out there and it seems that people are only quoting broker fees and not the complete 800 items. They know where it's going and what it'll cost. Also, some of the quotes have APRs less then the note rate!!! It all comes out at the closing doesn't it!!!
Yes it does... If you look at mine... I have an appraisal and that's it... Main reason... I only quote 720 + scores close to my home and I have a pricing spiff with 2 lenders to assist/absorb the other lender fees... The APR's are not less ( at least what I have seen) on FIXED, but could be depending on ARMS and margin, etc... I dont' quote ARM's either.. Bottom line... stick to what you can deliver and the rest in time will take care of itself.. If someone is better/cheaper,, KUDOS to them... If not, they will get chastised... Do your best and le the chips fall where they may. It's all good.
The lower APR's were on ARM's. I agree with your philosphy. If I could close every loan I ever quoted I would have retired after my first year.
I hadn't noticed the lower APR's on ARM's, good eye. I think the majority that don't quote all the 800 lines, write a note indicating that it’s a cost they absorb. I saw one earlier that the LO wrote that they reimburse the appraisal fee at closing if the deal funds. In my opinion it might be okay not to include it, but I’m having mixed feelings.
No worries about it either way... If you deliver what you state... it's all good. If you don't deliver what you state... it's not... If you can't deliver what you state... even because the borrower reasonably can't qualify and you know that... It's Not All Good... We LO's know what can and can't be obtained and so if we offer something to those that can be obtained and deliver it.. Liffe is good. I retracted a quote from early this morning (prior to today's ratesheet); deleted it and took it up .125% as I was not planning on eating that pricing.. All good here.
Please also keep in mind that the APRs quoted on Zillow are created by Zillow's automated system. We (as lenders) do not figure the APR when we quote on Zillow....
Good point JY and again, the good news is the less variation that a lender has to maneuver quotes/costs the better, actually. Keeps everything the same and allows the consumer an attempt to sort by costs/rate, etc..
7 reviews in three weeks.....Sweet!
Personally I do not quote any appraisal fees, because depending on where you are located, appraisal costs vary. HOWEVER, I do state that "the above fees are my fees only and do not include the lender charges, escrows, appraisal, title company charges etc." I offer to provide them with a GFE if they are interested that will include all of the fees.
I am very dissapointed in some of you lenders and brokers on your quotes. I've asked you to provide me with an honest quote and, only reply if you can provide honest quotes and, still I get maybe 2 out of 7 quotes that are honest and, with only 1 reply to an actual Good Faith Estimate. This gentleman will get high regards from me and, I'll make it known on Zillow for his efforts as, the honest mortgage broker on Zillow. I've also been tracking other lenders who really low ball their quotes just, to find out on their GFE's that, there fees are much higher. I won't mention any names but, the gentleman I feel is the go to guy, will earn my business.
melissa- You should also rate the others accordingly, if you feel they did something wrong. (a rate is just a rate, but if you feel they misled you, speak up about it)
How can you 'track' other lenders? Do you have a lender profile?
Tammy- we have a pretty good idea of the cost of an appraisal, so I think we should be putting those figures in. If you are not familiar with a certain state, or area, don't quote PERIOD. I think I've made maybe 5 quotes out of CT and NY for fun... I have no clue about west coast states, therefore, I wouldn't quote out there with any consistency.
As far as leaving a big fat ZERO in all those lines, it is misleading. If those costs are being absorbed in the rate, say that. Underwriters and appraisers do not work for free, so I really don't get why someone would have $0 in either of those spots. To each his own, but I keep them on there.
Actualy, JM, I have appraisers who charge anywhere from $250 to $450 depending on location and type of property and price. I am familiar with my state and surrounding area and that is why I can say, with all certainity, that the appraisals vary. And, just so you know, I HAVE NOT MADE A SINGLE QUOTE OUTSIDE MY STATE OF COLORADO. PERIOD. I am not licensed in anyother state nor do I care about quoting in a state I cannot do loans in. So, before you speak, know what it is you are saying.
disregard, read it completely wrong about quoting in other states. sorry. :(
Simma down now simma down........
Whoa, slow down... You just said that based on location and type of property, appraisers charge different fees. So put an estimate of what you feel would be charged in the situation you are quoting on. Out here, it's driven by loan type- FHA usually has a higher price than conforming, AND loan amount- the higher the value, the higher the price... so, still not sure why one of us would NOT put an amount in there...
CL, I'm telling ya. I just get so damn frustrated with these BOFA guys and the likes of them that quote in my state, that I sometimes go off the deep end. There's another one on my territory who qets quotes in 30 secs after the quote request comes in, so guy from Missouri who has no lender fees, the lowest rates around, blah, blah, blah..... How do they even have time to go and price it??????So SORRY AGAIN TO JM for flying off the handle.
By the way, how in the world do you show a link in a message?
Ya BofA is freakin all over the place out here.....
When did it become your state???
Tammy, what might be helpful to the consumer is to include the top of the range for the appraisal. Include $450 as the rate for appraisal. If it should come in less than that, your client will be pleasantly suprised. That way you've covered your basis.
Ah, just a figure of speech in a moment of hate.
BofA - Big Old F***ing A-hole - BofA
Tammy- no problem.
CL- is she talking about the guy that has a link over on HOS? Or a different BOS guy?
Don't worry he'll get his eventually when the people realize whats going on.....(hopefully)
His name is Rich Blanchard. Ugh. I'd show you a link, but I still haven't figured out how to do it yet!
just cut and paste for now... :) I'm intrigued
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