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Who knows of a FLOAT DOWN option without any cost to the Borrower or Lender?

 

Here is an article submitted by a member that is promoting Flat Fee http://www.zillow.com/wikipages/How-to-Avoid-Online-Mortgage-Mistakes

In the section that he states questions to ask your Lender #3  is what this is about.

"3) If the rate changes better during loan process, do I benefit in lower rate or fee, or you keep it as additional profit to your company? If the rate changes higher, what would you do now to ensure on-time closing as to avoid lock-extension fee?"

I am aware that in the past some lenders did offer a float down option with an added cost.   Is that program still avaialble? 

 

Another question is where do I submit articles that Promote something like what this lender has done. 

On a side note, I did flag 4 of the 5 reviews this lender has recieved.   Look at the dates the reviewer signed up and then the date of the reviews, also read the reviews.  Please let me know if any lenders believe I am unjustified in asking Zillow to review these reviews.    I do welcome Zillow's posting to this Tread any displinary action taken.   Any votes on what the waring will be???   

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August 28 2008 - US
We think we've answered this question for you!
 
 

Replies (55)

Thier 'float down' policy is really pulling files from lenders and switching to another investor if and when the rate improves.

 

And as far as flagging reviews and expecting results...You're better off trying to rope the wind.

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August 28 2008

I have to agree with Nic

 

If 'lender police' is actually allowed to roam around the site, then I cant have much faith about flagging will result in booting either.

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August 28 2008

Thanks Colorado,  I know the investors I deal with require us to deliver the loan to them, if the loan closes (under Best Effort Delivery)     I do know what you are describing, but that is breaching the TRUST of the first lender.   As I client would you want to use a Lender that advertises that they will "Breach Trust"?   I also wonder what a wholesale lender would think if they found a broker advertising that this is what they do. 

 

As far as the Flagging of the reviews.  I am with you at this point about what Zillow will do.   Maybe I will be flagged, then be warned or have my membership suspended for some penalty period.   I do not believe my posts so far have accused anyone of anything.   I have merely ask people to look at the same things I have seen,   Then come to their own conclusion.   By posting here the Lender can offer a rebutal. 

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August 28 2008

Nic - there is one guy gone today from the L.B. that we wrapped up so maybe that is a better then a lousy sign ?

 

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August 28 2008
Profile picture for Ken Kopper

Paul, no reference to Black Throated Wind??

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August 28 2008
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I was wondering who was missing

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August 28 2008

CALoanFriend,  I know your comment was directed to Nic, but makes no sense to me.   Care to Explain?

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August 28 2008

Ken - "Easy Wind" might be more appropriate

 

I been balling a shiny black steel jack-hammer,
been chippin' up rocks for the great highway,
I live five years if I take my time,
ballin' that jack and drinkin' my wine.

 

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August 28 2008

Brad - go back to your original posts... you actually re-rounded up the lynch party

brad

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August 28 2008

I did see the L.B. and thought it might refer to me.  But was not sure.   You mean LenderPolice is gone???

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August 28 2008

Isn't 'easy wind' another way of saying 'passing gas'?

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August 28 2008

LB = Leader Board - (too many L and B's going on here and is okay if I call you Brad?

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August 28 2008

There are investors, in fact one of those wtih the best rates, that offer free float downs until 3 days before docs. It does exist without switching lenders.

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August 28 2008

And there is no cost for floatdown with said investor.

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August 28 2008

 Hi Tammy - is that Texas terminology ?

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August 28 2008

Whitman, If you would not mind an offline message to me with the investor, I would truly appreciate it.  

 

 

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August 28 2008

We share no secrets here Brad.

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August 28 2008

As a Newbie, wonder if I have been warned.    I am logged in, but when I go to the Mortgage Marketplace, I no longer can search request for quotes,  I get what consumers get.    Maybe I have offended someone and recieve a Ban or Warning.   Did my posts here violate any policy?

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August 28 2008

Nothing personal bradford, but, others in your area might send me a mail bomb if I give it out :)

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August 28 2008

Also...  no offense you seem like a great guy, but I am surprised you aren't already aware of them with 40 years in the biz.

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August 28 2008

Yep I'm warning you Bradford.  Straighten up and fly right and i'll turn it back on for you.

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August 28 2008

ING for one

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August 28 2008

On a refresh, I do see the one name from the Leader Board gone....   Were they banned or removed.   or is there anyway to really tell???

 

As far as my experience, I worked for a bank up to 6 months ago.   so have experience but know as much invester knowledge.  

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August 28 2008

Well let's just tell the whole world Paul :)

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August 28 2008
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Bradford,

 

6.251%???

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August 28 2008

Brad - They were removed because they made zero sense and false

that is why it does not hurt to let Nida know when you see something fishy

 she took good care of this situation

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August 28 2008
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Actually we sent Lender Police to their office and had them arrested and Bedig is being beaten with phonebooks at this moment

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August 28 2008
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opps..rolled up GFE's

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August 28 2008

Rob and CalLoan,  

I know the quote you mention, if you look at the quote the first line of that rate is

"Correction of the quote. Forgot to put the 1% Origination Fee. "  

 

Maybe I should have asked how to correct the quote.   I did try and repost it at 6.25 and it said not possible so I added the .001 to the rate.   To me it made sense.   
Now if that is enough to be warned or banned, what about the other things we see ???   Scratching my head here. 

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August 28 2008
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just delete it and repost it correctly

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August 28 2008
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