Rate sheet for Realtors

Do any realtors have any interest in having a Monday morning rate sheet emailed to them?  Some thing short and sweet.  Maybe with a little summary of new changes for Rural Development, Loans for Heroes, FHA, VA?  But mostly to get a general idea of current rates and down payment for when a client asks.

Most of you have in-house financing.  Is this something they do for you already? 

Just curious.

Thanks
Paul
  • January 21 2011 - Tremont
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Answers (15)

Paul,

Good Evening.

No thank you, however, thanks for asking. Maybe try a different angle or perhaps "tweek" the question. I admire your "go get'em style".

-Shawn, REALTOR
  • January 25 2011
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Considering that Zillow provides a median mortgage quote trend rate chart on almost any page view, and that it has specific pages for other conditions and specific locations, and considering a quote can be requested anonymously at any time by any one, and considering Zillow has a quote request search page that one can look up similar quotes in the recent past for similar criterion without even requesting a quote, I see no reason for even a simplified rate sheet of any kind.

Now, what would be more useful is a chart showing the relationship of selected fees to rate adjustments, or for Zillow to provide separate trend charts for differing % fee ranges.

But Wayne is right; if the original poster wanted responses from Realtors®, the question would have been posted under the "buying" category.  Not that any of the responses would have been helpful as most of them have no idea what is on such a sheet nor what to do with it.

(And half the time, you can't even get the loan officers at a local bank to let you look at their rate sheets; they keep them confidential.  Sure, they will post a rate on the wall to entice people, but with all kinds of disclaimers).

Besides, most people don't want their E-mail box cluttered with junk.  And if it was just a summary table showing minimum qualifications for various programs, why wouldn't a sample table be posted on the question thread for review comments?
  • January 25 2011
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"Agents can talk rate as they are not expecting compenstion from the proceeds of the loan. Just the same as your Dentist can talk rates with you."

My dentist does not get paid when I close on my house. How exactly do you figure they are not expecting compensation when they would be the one providing the rate sheet and/or information regarding said rates to the borrower, making the recommendation of the loan officer and being compensated on the ultimate closing?

It's one thing for an agent to say: Mr client, rates are in the ____ % to ___% range, let me put you in touch with a trusted loan officer to go over your options... and...  Mr client, here is today's rate sheet of available interest rates, let's go over your options. One sounds like a referral, and the other sounds like negotiating an interest rate. 

If your next comment will be that the agent has no intention of discussing the rates with the client or negotiating the terms of the loan, then that solves the whole question and they have no need for the rate sheet.
  • January 24 2011
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Problem is when you send Agents rate sheets so they can talk #'s with their clients,..then what do they need you for? Thumbs up to AA.

HUGD,

Agents can talk rate as they are not expecting compenstion from the proceeds of the loan. Just the same as your Dentist can talk rates with you.

  • January 24 2011
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    Oh Good God I wasn't thinking of sending them full on rate sheets with adjustment, caps, indices.  They might ask me to explain what half of that stuff means. I was thinking of a general 30yr,15yr, 5yrARM Excel style sheet.  Along with a generic $100k/$200k/$400k loan set up.  That way when people tell them "I want to spend $XXX a month" or " I only have $XXX for a down payment" or "what do you know about Rural Development"  they can give a better informed answer.

    I was just wondering if the inhouse lender does this for them already. 

    Any realtor that sends me business is always complaining about the in house financing.  I don't know if it is because they are telling me what I want to hear or because inhouse isn't doing the little things.

Paul



  • January 24 2011
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Most Lo's can't properly read a ratesheet and you think it would be a good idea to give them to realtors? I think not.
  • January 23 2011
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Paul... I think you are on the wrong thread. Home Buying Advice would be better site.  I would suggest you ask the Realtors that you have a active relationship with their views on receiving such a Market Update. Sending it to any other Realtor is likely to be a waste of time, as knowing your rate is not likely to lead to a relationship.
  • January 23 2011
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If you do this, certainly you will educate them on how to apply these costs to determine the final rate:  https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf, right? 

Now, if you have access to multiply lenders, on one pricing engine, you could give a fairly sound quote, in real time, in a matter of minutes, couldn't you. They may be more appreciative of that, then fumbling through a rate sheet which they are not familiar with.

And, when a rate change happens that day, or tomorrow's opening day rates may be with a different lender. Then, the entire rate sheet appears to be different, more training.

Happy funding, Rudi
.
  • January 22 2011
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"So on what basis does a realtor recommend a particular lender?"

I hope you are kidding with that question. One would hope a Realtor would recommend a mortgage lender based on professionalism, prior experience and proven results. If a Realtor is making recommendations based on who has what on a rate sheet, I would certainly question their competence.

"Regarding HUGD, wouldn't it make life easier for a realtor just to pass on a rate sheet rather than discuss rates?"

"Easier" for whom? Certainly not easier for the lender that has to explain what the rate sheets means and how to actually read one. A Realtor does not have the borrowers credit profile, an appraisal, or any other information necessary to arrive at a valid rate, so again I ask, what is the purpose of giving them a rate sheet? When you go to the doctor, the med-tech at the desk does not hand you a list of ailments and possible treatments; it requires an examination of your situation by an expert to determine what it is you need. 
  • January 21 2011
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When I got into this business 16+ years ago my manager at te time gave me a stack of rate sheets to drop off a real estate offices...It took me all of 2 offices to realize what a waste of time that was!

  • January 21 2011
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So on what basis does a realtor recommend a particular lender?

Regarding HUGD, wouldn't it make life easier for a realtor just to pass on a rate sheet rather than discuss rates?
  • January 21 2011
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How does a rate sheet help them? A rate sheet will go from roughly 4% to 5.5% on a 30 year fixed today and unless a Realtor has a NMLS endorsement, they cannot discuss the differences in those rates or the benefits of one over another. It could be argued that discussing rates would require the NMLS endorsement.

Who needs a MLO endorsement?

" ...anyone who takes, or offers to take a mortgage loan application and negotiates or offers to negotiate the terms of that loan for compensation or in the expectation of compensation."
It's also just a bad idea to have Realtors quoting rates that they cannot deliver.
  • January 21 2011
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Monday morning?

what about the other 4 to 20 times new rate sheets are posted throughout the week?


  • January 21 2011
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I don't see the benefit to a realtor getting rates.  They can see general trends in a zillion different places.  It's not as if they are not going to try and sell a house becuse rates have changed!
  • January 21 2011
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No answer on this one?  I'm curious also.
  • January 21 2011
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