John Paunan's Q&A

dcyn720, I would say that you would not get a better deal with a conventional loan, because MI is harder to come by for multi-units on conventional loans (not even available in the Chicago area) and there is a rate adjuster put on multi-units that aren't applied to FHA loans. I would definitely look around some more because you should be able to get around 3.75% for an FHA loan, unless there is something strange happening in Brooklyn. Around here, 3.75% is still coming with a big rebate from the lender, so I can't imagine that the rate would be that much worse where you are...Good luck!

All this hubbub about the G-fees on monday, and it looks like all ratesheets are priced a lot better today on the 30 day. 

Though they will always reserve the right to sell a mortgage, it is my understanding that they generally hold onto their originations. They're also the largest buyer of mortgages on the secondary market, so it's very unlikely that they would sell...

G-fees should be priced in on even the 30 day, so I would figure that most pricing is worse even though the market is technically better...

Thanks everyone...much appreciated!!!  Took a while to get that 200th.  Again, thanks!

Neither...neither company has shown to be accommodating to the american consumer during the housing crisis.  If you want to stick with the bigger banks, look for Wells Fargo or US Bank. Better yet, work with a local mortgage broker.  Chances are, your loan will still end up with a big bank, but at least you'll be dealing with someone who's knowledgeable and accountable to you locally. Can't really say that when you deal with a big bank directly.  

This quote needs to be mystery shopped!!

I've tried emailing various staffers to discuss the law and compliance from a practitioner's perspective, but no one has followed up. Considering the amount of training we've had to go through with our lenders just to keep our business agreements in place, we should have a fairly firm grasp of the law's implications, though, the ZMM quotes I've seen seems to indicate otherwise.  If Zillow wants to simply take the approach of here is a general rate/fee combo and defer to lender discretion, then that's one thing; but that's not how the ZMM is advertised, nor is it in-line with the intent that Zillow's employees have represented numerous times on the boards. Zillow is different because it's anonymous (no pressure) and it's accurate.  They go so far as to say they verify quotes through a Mystery Shopper program.  Well, as someone with a vested interest in the ZMM and staying competitive as a small broker, I just want them to back that up...   

Geoff,So you do realize that the quotes made until then will technically be illegal, right? Also, will you guys be adding a rebate field as well?  I spoke with LoanSifter and they agree that a rebate/overage field should be included, which will provide a correct way of disclosing reduced/no closing cost quotes.  Again, I have no problem competing with anyone in terms of rates and fee combinations, I just want to do it in a legal manner.  As currently structured, Zillow does not allow for that...

Now it's back to no fee details and no flag button: Non-compliant quotes!