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Lender rating
Since January 2009
An honest quote? Aren't you the one that quoted 5.875% with an APR of 5.875% on a loan request of 550,000? please...........
Yeah, that was me. I also included in the message that I was suggesting a conforming fixed with a second. I can see now after reviewing it that this isn't crystal clear if you ignore the details.
So this raises a question.
When someone requests a fixed rate jumbo, and you can save them money by offering the combination should you just move on because its not explicitly what they asked for? Or, should you offer what you think you can do, and make the notes in the messages, like I did?
Save your "please....." this is day two. And, yes the margins I'm quoting are thin by most standards, around $2,000 in revenue.
Good ideas. I have also suggested that we disclose YSP's. I have to anyway here in CA, and it's never been a problem.
I would definitely like a batch update function, so I could quicly reviit prior quotes. It would be especially nice if we could group say all 30-year conforming quotes from a given time period and update them a standard amount all at once.
Thoughtful post.
Tom O'Leary
Here's another jumbo:
Purpose for loan: Purchase
Borrower credit: Excellent
Loan programs: 15 year fixed
Co-borrower credit: n/a
Purchase price: $1,700,000.00
Loan to value: 35.25%
Loan amount: $600,000.00
Debt to income: 0.0%
Down payment: $1,100,000.00
Available PITI: $103500.0
Again do you quote what they're asking? Or should you quote what you think will help them the most?
A hot discussion is, how do you handle people who want a quote for something that in today's market we are routinely seeking alternatives for. I.E. Jumbo's
At least that way some of the apples-to-apples issues are addressed. Or, request that lenders respond to the quote requested and offer alternatives in the notes.
Lender rating
I think allowing us to flag the quote as an alternative program is a great option and seperate the quotes by alternate and exact matches when presented to the consumer.
Seems everyone is complaining about the same issue on this board. Borrower asks for a jumbo 30 year fixed loan. Everyone quotes a rate on a different program because it's better for the consumer.
Now if you are a lender who has a good rate on the program they are requesting your quote probably won't even be viewed by the consumer since every other quote listed is in the low to mid 5's but for a product that they did not request.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
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Deron White, "Deron"
Littleton, CO
Mortgage Lender
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I think this service is a good idea. Here's a couple of ideas I'd like to see implemented.
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