Zillow Advice: Mortgage - New fees, changing fees and what Zillow expects of lenders ...

WOW!

Mon, 26 Jan 2009 23:56:00 GMT

WOW!

hello, somebody owes me some ...

Mon, 26 Jan 2009 21:10:00 GMT

hello, somebody owes me some money!!!

Steelers won Clay...Warner ...

Mon, 26 Jan 2009 20:57:00 GMT

Steelers won Clay...Warner got hit in the second quarter and broke his hip.

Andrew, I've been busy, who ...

Mon, 26 Jan 2009 20:52:00 GMT

Andrew, I've been busy, who won? Lets see if we can make this a 30 pager

Digging up a thread from ...

Mon, 26 Jan 2009 20:48:00 GMT

Digging up a thread from November and that's your first contribution.....That's kind of like picking the winner of the superbowl a week after it's over!

60 days quotes are essential ...

Mon, 26 Jan 2009 20:44:00 GMT

60 days quotes are essential for purchase business.

Unfortunately, you will still ...

Wed, 19 Nov 2008 17:13:00 GMT

Unfortunately, you will still be getting bogus quotes from these loan officers since you can not verify their pricing. I stopped logging in regularly because the response was poor and many of these loan officers were obviously trying to bait the inquiries. Ask some of these people to verify their pricing making at least .625 and half of them will go away.

Joe/AA, I understand why ...

Wed, 19 Nov 2008 16:22:00 GMT

Joe/AA, I understand why you're upset, I just think there is a better solution. Let the requester specify a time period that they anticipate needing the loan, then supply the total cost for each quote for that length of time on the summary page along with the rate, lender fees (excluding UFMIP), etc. It isn't that complicated to calculate (lender fees + (# of payments * payment amount) + loan balance at end of time period). End of problem.

It is ridiculous that Zillow does not automatically add the UFMIP to every FHA quote. I don't keep up on it, so maybe I'm wrong, but isn't the UFMIP the same on every FHA loan?

The best I can do on a combo loan is to mention the availability of the option in the Lender Notes, and honestly I've been too lazy to do it most of the time since it really hasn't been necessary. Nobody else can quote it either, and the FHA quotes on the loans where I could offer it aren't competitive because of the UFMIP issue. When they "fix" that, you can bet the first sentence of my lender notes is going to reference the fact that a combo loan will be far superior to a FHA loan for their scenario, and I will probably manually calculate the payment for them. It's going to be a huge PIA.

Dream, The problem is ...

Wed, 19 Nov 2008 15:51:00 GMT

Dream,

The problem is that not every lender quoting FHA disclose the UFMIP. It is far from a pefect system but we have to make due. FHA will make sense on lower credit scores, multi family properties and high LTV cash out scenarios, as well as 90-95 LTV when Standard MI is not offered.

I know you offer 80-10-10 and 80-15-5 how do you disclose those to reflect accurately since the system doesn't allow for that loan structure?

Martin...If your main beef ...

Wed, 19 Nov 2008 15:47:00 GMT

Martin...If your main beef is that at first glance people will see a payment that is a few dollars less because of a smaller monthly MI (neglible in the case of 85-90%) then surely you can understand why we are upset about the UFMIP being added to the lender fees and at first glance the borrower thinks he/she has to come out of pocket with an extra 1.75%.