Martin Wareing's Discussions

TD,That would seem to be the welcomed relief with a declining marekt especially.  There is no magic to the rates.. we will get paid in one form or another.  Personally, I hate JUNK fees and simply price my ZERO/ZERO rate with the proper SRP.. Some others quote lower and may or may not have fees for them/lender, but borrowers who have done this a few times in the past are not stupid and can see through the clutter.  The homeowners can't afford any more equity loss.  Keep rockin'

BB, BofA simply slides up the rate poll to absorb the "LPMI" in the rate... From the conventional side, PMI can be obtained by LENDERS.. We just are used to seeing the borrower pay it.  MI companies don;t care who pays... the lender pays it monthly after collecting it from borrower, but in the case of LPMI... The lender is receiving a rate premium and pays the MI itself.. The tradeoff to a borrower is the rate will nto change for the better when equity is 80% or 78% depending on how viewed.. For BofA... It is a "marketing spin" to the borrower, but you could accomplish the same thing... just marketing.

With the recent turmoil in the credit markets, FNMA and FHLMC appear to be trying to at least "price risk" in some way shape and form going forward with LTV/Score and Purpose/Score Hits to Pricing.  My question is how are you guys handling it, quoting it/re-quoting it, explaining it after your loan submission is drastically re-priced and has it cost you business yet?

I'm going to gt and EZ ad for a couple... and do mean a couple of zipcodes where I reside..  Has anyone else tried it and if so, are you liking what you see,  how many views in a month, etc..?

CG, 7% may be a pretty good stated program...  Lions' share of all low-to-no documentation programs have been destroyed as of about AUG of '07 and is/was the demise of WAMU, Countrwide, IndyMac........ and the list goes on..  Full Doc 30 Year fixed rates are a little lower than 6%, but there might just be a gap that large now.  Stated Loans are difficult ot "Sell" and when they are hard to sell, they are priced that way.  Kudos to your great credit, but our industry is much different than it was 6 months ago and you don't have to look far down even your own street perhaps to see why. Closing down the pary catches some good folks like you in the crossfire.  a year ago... garbage credit with nothing  could get financing... We are all paying the price now.  Good luck and don't look the gift horse in the mouth.

I had heard that as well, but a friend of mine works there and that "restriction" you are mentioning would not be in the "prime area" of Orlando, so my take was about the majority.  We all know the unfortunate rules and also good intentions of CRA, but a good point nonetheless.  What I was referring to is the same way I must do it to deliver an LPMI rate wihtout points.... I simply find the rate offering me the same pay... I don;t upsell or downsell and pooof!  there it is.  My philosophy is simple:  I get paid exactly the saem whether they pay points, NONE, 30YR, 15r YR, etc..  I keep it simple.  Like your style..

The FNMA changes in the whoelsale side are here effective 04/07/08 in Orlando... With the minor exceptions for 60% or less LTV and scores at 720 and higher.... It is UGLY.  I'm not concerned with any of them as I cater to 720 and higher scores...  My question is not about absorbing an oops.. it is about quoting a rate (and we are all asked to do so) withour seeing the score and then.......  676 shows up and it is an 80% CASHOUT...  How d or would you handle it?  If you haven't seen FNMA's changes... they aren't pretty for those messing with lower-credit score loans. In some cases....3 pointish in pricing hits depending on score hits and cahout hits, whre in the old days... .50 for 70-80% and .75 for 80.01 -90..  Big diff going forward that's all.

Maybe it's in the "details" that are viewed only by the prospect.  The good new and KUDOS to Zillow overall for getting us some local exposure win-lose-or-draw.  The kinks if any will get worked out by consumers wanting the clarity..  You'll see.

Me 2.. I agree with it all.  Like I said for me it is actually good, because I simply state to them:  "what part of 720 score did yo not understand?".  We will all hear the "he raised my rate cry within the next 60 days as it is even just for LTV/Scores.  Should be funny actually.  I welcome it and it's time that the "giftwrappers" get out of our way anyay.  It's not Christmas anymore.  I'm not uppity about credit standard,  as 1/2 the country has that score anad above.  The average is lower, but 1/2 the country has a score at 720 and above.  I just choose to lend to those who pay it back and give them a reward as a result.  It's all good.

MIke, Congrats to you for picking up a client here and for the endorsment. This place and forum can be great for many involved, especially the consumer when it's all sadi and done.  I know lockins are allowed from FRI through the weekend for all my partners.. AmTrsut, EverBank, Wels, etc.. If you can get the testimonial from them,, do it.  Bottom line for me, is just deliver the goods to your clients and all will be just fine.  We can all be good guys here and if we simply deliver what we offered, we are good to go.  I know I can back mine aup all day and all night long, so if you can too... KUDOS.  No need for catfights.