Martin Wareing's Discussions

Not a problem

CC, Willie is charging 1/4 point so let's give him credit for that (Brilliant that it is lower than anyones; O/O quote, FUNNY!).  We all know that is untrue, but unfortunately, it is what we see all the time.  I can tell you exactly how I bid win-lose-or-draw.  I only will bid on 720 and higher loans O/O and 2nd HOME within 20 miles of Orlando...  I struck a deal with a wholesaler to cut the LENDER fees out for these types of clients and I bid it at about 101.1  - 101.3.  The loan should be easier, no fall out and so I will let them have a reward.  I don't want subprime, but Zill will get it regulated and the "feedback" will get them in the longer run.  Zillow will probably help Brokers/Lenders compete locally as I doubt cross-country lending will work with any real traction.

80/15 is not as easy and has "surcharges" to the pricing for CLTV (Piggyback vs. PMI).  Keep it simple and take the single loan (fixed the whole way), pay the MI while you then "chew on getting the equity" in a position to ask for it to be removed.  The 2nds are like luggage, so I hope you like them for the long haul. If your MA mortgage broker/lender makes it sound like 80/15's are easy... they are not being straight with you.  The crunch is here with subordinate financing. In FL.. we can't even do an 80/15 at all right now. Good luck with your home purchase in Boston.

What I enjoy are the rates that appear to be below wholesale to the public.  I think in time, borrowers will probabaly find that it will come down to doing it right.  I'll let all know if and when I get a client that states they walk on water credit wise and whether or not they do.  I only screened for the top-shelf ones, so I cut it tight if they make the cut. If they don't.... I let the AmTrust Fees come on through. SInce this is only a week old, my curiosity was more about the "glowing recommendations" that a couple of folks got...?  It takes a week to get through U/W these days.... How can you finihs such "great service" before it starts?

When I review the quotes and what they disclose to the Borrower, aren't they just comparing rate/costs ascociated from the Lender/Broker.  What do attorney fees, recording fees, survey fees and other non-lender/broker related costs have to do with us?  The answer is nothing.  You can;t get a surveyor to do it for free or attorney or state recording. Those should be the same no matter where they go.  When the quote carries all ancillary products/pricing, the real mucking comes in to play.  I have seen impossible Title fees... no state/county recording fees, etc.. and we all know those are the same whether it is Countrywide or CHASE or WELLS, etc..  I quoted 5.75%  30-YR  ZERO without ANY LENDING Fees.... This was on CONV Paper and my pricing is 101.25... (NET OF THE LENDER FEES) Who can't make a living on "A" paper at that margin without JUNKING IT UP?   $300,000 Loan...  $3750 to the house (My shop)...  Great credit, income, etc..  It's not that hard. I only quote on 720 and higher for it, but we all may see the fallout when borrowers find out the lowball quotes are FHA with MIP added to the loan size.

AA, I just reviewed the quote section again and I don't see an area to tell a borrower what I am making net of it all.  Maybe I'm missing something.  Each company(Lender or Broker), but I simply don't pass on a $15 credit report fee nor the DO fee of $20. From what I see is that the quoting system is  trying to round up simply the costs you and I (and we are in 2 different states anyway) will deliver a loan for and maybe you can get an appraisal done for less than me, but that too will change in 2009 as none of us will control that either. I'm not locking horns with anyone, so I am curious as to whether or not brokering or not, can you/your company deliver a 30-day FNMA CONV loan at $300,000 with ZERO POINTS/Origination or Discount to the Borrower or does your company have specific delivery methods/fess that must be passed on?  We all get the same loan products/pricing within crumbs of each other, so it is just a curiosity?

KW,Thanks for the input.  My initial impression was that they were mainly accounting firms with "lender relatioships" that some smaller Brokers or players could not find.  That has its value as well, but I have been bombarded with "join the FHA bandwagon" for 250/mo & $695 Loan  (all) and $300 processing if I needed it..  To me it would seem to make that arrangement very much at a disadvantage to "compete" for business, but I am an old dog and perhaps can't learn new tricks.  Glad to know you are being treated well and that it works for you.

I,  as a Broerk in FL, must disclose my SRP at the closing table and must give them a range  (0-3%).  I think there are some "proposed" changes, maybe nationally to keep Brokers from swinging back-n-forth.  I think the best thing we can all do is know that there was scum during the FNMA REFI run and were able to survive because the interest rate environment was falling and people/borrowers sometimes "want to hear" overpromises. We all know my rates are within crumbs of your pricing and JUNK/SCHUNK fess, they are still quite close. For me, I lay the hammer down on clients as far as my expectations from them and their rewards as a result. The "ebay type" scoring system will get rid  of them, but to get Zillow to do it.... it will look and cost like the Tree....  and the Tree is simply a paid/captured advertising site with a small group of lenders or Brokers with high-stakes and costs to obtain those rights and those costs..... get passed on.  I like you style.  You shoot it like you see and feel it.

Amerisave, I have quoted on the site as well, but there is not an area for  Title, Recording Fees to the State/County or Parish (LA).  They should be all the same.  I only have a section of costs to complete that are about me/ my lender and the appraisal.  Those fees should be actually the same regardless of the Lender.  I haven't had a client commit to my submissions, but I am quoting rates/costs that are accurate, that I will stand by and that I will be paid quite nicely for an EASY loan of credit scores of 720 and higher within 20 miles of Orlando, FL. I wouldn;t read into trying to find more slots for the ancillary costs... as they are in the ZILLOW comments with our quotes.  Keep rockin.

FHA Boy will get his day... They all do... Ask Bear Stearns, Mozillo, New Century, etc..  What each do will get them down the road.  It just seems ugly and unfair.  To Police it...  it will be more costly.  Remember the newspaper quotes... had to be there on WED for SUN delivery?  5% without points is not possible, currently, but the bridge will collapse.  Nobody and I mean Nobody has any special or different source of funds that would be any cheaper in real terms than others.  To get cheap money, we all must have 2ndary market or Govy sources.  His are no better.  I get quotes for work for my home and the "lowball" offer is the suspect one to me.  Older, good credit people will not fall for that stuff, you'll see.