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g6- wow... that's crazy business... can I ask you what the loan size is? If you mentioned it on another thread, I apologize for not keeping tabs... just curious what the 'measly' .5% is. :)
Well just take your business elsewhere since she is seems to be suffering from both PMS and MMS (Mortgage Meltdown Syndrome). After 30 years you would think she would know how to handle herself better.
I seriously walked out with my mouth on the floor. I'm a nice person, all I did was tell her I was shopping around, looking for who I feel will be the right lender and that I felt the 1.5% was too high.
And .5% might be a small amount to her, but to me that is close to $1000 that I could keep in my pocket.
Jennifer, loan amount was 250K
That is a Banker's Mentality showing. Appologies to AA in advance.
I guess she was just to busy for a small loan like mine? I had such an easy file to get pre-approved too.
Anyway, I emailed her manager and just let him know that from her treatment I cancelled my checking, savings and CC with Wells Fargo. I'll never bank with them again, shish.
Lender rating
Since January 2009
Whose got bets on how long it takes him to show up and adamantly defend Banker's mentality Shap?
G6- If your pre-approved with wells you can just as easily get pre approved elsewhere. If the .5% is such a measly amount why was she freaking out? You deserve better treatment and Im sure you wont have to look to far to find it.
Lender rating
Since January 2009
Over and under sits at 30 minutes.....who's in?
Lender rating
Since January 2009
Must be a former broker that decided to work for one of the big boys to weather the storm....
AA- funny...
g6- good for you that you took your business away from them. I'm sure she will get screamed at, and hopefully learn her lesson. EVERYTHING is negotiable, and 1% is always better than 0%.
That isn't to say I ho myself out on the cheap side, but she should have been reasonable! Maybe she only gets a 30% commission split, who knows her side...
I like how she said the 'wells fargo name' is worth .5% too... It's not a car... You don't show it off to people... who cares where your mortgage came from? I'd be more concerned with who's servicing it... does Wells service a lot of their own???
Lender rating
Since January 2009
According to Jonathan they service 100% of them
Lender rating
Since January 2009
Wells is one of the largest servicers in the country. The only reason I left was that getting anything done quickly took an act of congress. The LO does more loan processing than selling. It is a solid company the rates are as competetive as management wants to make them.
I have said it before there are bad brokers and bad bankers....this is clearly a bad loan officer regardless of who they are working for.
Jenn, she was trying to say that if I try and buy a house with a letter from Wells Fargo, the seller would be more inclined to sell to me over if I had a letter from someone else.
In this market I really doubt that.
g6- there is a kernel of truth to that. BUT, Wells isn't the only lender that has an air of confidence around them- there are others. She was trying to scare you into using her... not very classy.
G6,
You can get your WELLS Logo going through the WELLS wholesale side or many other lenders that turn over the loan to WELL within 30 days and keep your "G"/$1,000. When LO's work for the biggy names that were not quite destroyed (yet) (stock price that is) CHASE, WELLS & BofA, they "puff" a little, and to some extent rightfully so as they have navigated through some of the "landmines" better than others. However, simply find a good LO (Lender or Broker) I don't care... commit to them and they will make your closing epxerience less expensive in 2 ways: 10 Money saving and 2) Headache saving.. WELLS LO's like other employees do not have the same financial flexibility that we have as owners of shops that "sell" to WELLS... Sometimes we win the price war, sometimes WELL's LO wins... but in the end WELLS Servicing may still get the loan to collect the mortgage. No worries there and I would not be happy with the "response" more than the money. We all need and should check the egoes at the door in our markets and be thankful for having a good client... Keep rockin' and good stuff JEN...
First off, if you are dealing with wells directly, then your rate is the retail rate. There should be no originations points at all.
I will do your loan with no origination or broker points for the same rate as Wells gives you retail easily.
Tom - can't Wells loan officers tack on origination fees (like Countrywide reps) if they want? Maybe this woman was just padding her pockets.
I recently told a client on a $200k purchase that I would not do the deal for less than 1.5% as this particular program limits total broker check to 1.5% + $195. The buyer wanted me to do it at 1% and here is the math:
$190,000 loan amount (I secured a silent 2nd and silent 3rd for him = 3 loan files)
$1900
+$195
$2,095
- $795 to my broker for processing and all the other Work comp, etc.
=$1300 x 80% split = $1,040
Then pay Uncle Sam
At 1.5% I make closer to say $1800 and I can dig it, but at $1040 with three files, a govt loan in a declining market for 100% total financing and the seller paying all closing costs, am I missing something.
I am negotiating a 1.25% so I hope this post is not inappropriate but I am trying to balance the need to close with the opportunity cost of taking a small profit deal.
WHAT SAY YOU PEOPLE?
And by the way . . .He is a great guy as well. He is trying to get the best deal for his family and he secured the deal at 1% so God bless him. This is in no way a slant and is more for public info. Take care G6. And I hope I was nicer to deal with than the Wells Fargo lady
Just
Just
heard
from
YOU ARE AN MIT GRAD or RAINMAN!
WHICH ONE.. You are too funny Mike. No right or wrong.. just keep closing them.. The market is not in your favor at all, so doing loans with 1.25% is good by mee all day long, especially if a FNMA deal (EASY).
Mike.
I appreciate your desire to scoop a point off the loan. A 200k purchase = 2k for you for one point.
But you dont mention what the rate was offered. I know what Wells is offering retail, and their loan officer would also get an SRP bonus on volume . We commonly call it 'yieldspread' .
but at the normal retail rate of wells I can make 2 points off the loan and charge no origination or broker points.
I have no idea how Wells and countrywide loan officers are still trying to get away with originaiton points on top of the padded interest rate.
Tommy my boy. .
It was a CalHFA deal and the rate is set by them (35 yr fixed IO at 7% posted rate) www.calhfa.ca.gov - max is 1.5% on a $200,000 PP with a s3% silent 2nd at 3% simple interest + a 2% silent third at 7% (same as first TD rate).
Tommy that looks like 5% or $10k (reread before inserting foot next time) and therefore the $190,000 is the loan amouht and I was to do the deal for the max origination I can charge or in this case 1.5% +$195. The total broker compensation (and I will slow down for you) is 1.5% + $195. NO REBATE, NO PAD, NO CRAP-OLA.
therefore Tommy there is no 2 points off the loan or whatever you do to artifically inflate the rate.
I dont set these rates CalHFA does dude.
What the hell does scoop a point mean anyway??
$2k is not $2k to me when I pay a processing fee out of that and then get 80%.
A $2k check = $964 to me before Uncle Sam. For all the work that goes into 3 loan files I simply cannot forego the commissions on another deal to do it.
I aint serving ice cream out here.
Mike, do you always compare apples with oranges and then FREAK OUT when someone says what they have to offer, and it doesn't jive with you??? Wow.
Tom- are you going off the 'retail Wells rate' from the net? If so, I'd venture to guess that rate is very much overestimated to make the local offices look better. Since we don't know what rate g6 was being offered, you have no idea what you could offer- and whether it would be better or not.
For everyone involved, this was for a CalHFA loan here in CA. 35 year fixed rate, first 5 years is interest only. Their rate is set only once a month, it's 7% right now but due to drop soon.
Anyway, Mike was a great guy to deal with, found him here on Zillow and wish I could have worked out a deal. I can understand him wanting to make money, just like he can understand me wanting to save money. I found a local lender who would do the same program for 1% where as Wells wouldn't budge from 1.5 and Mike was at 1.25
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Was kicked out of Wells Fargo
g6t6o
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Not really kicked out, but pretty much shown the door. Had been emailed back and forth with a loan officer from Wells Fargo, yesterday went down to talk things over with her on the GFE I had received. I simply asked if they would lower their origination fee from 1.5% to 1%, and you would think I had asked the lady for her first born. She went off about how stupid it was that I would not go with them for a measly .5%, and that for that .5% I was getting a LO with 30 years experience and a loan with the Wells Fargo name. Oh, and how also a pre-approval letter from Wells Fargo would give me a better chance of buying a house then a letter from any other lender.
I was shocked to say the least.
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