Rob Cochems's Q&A

Chip, Of course I don't want people to go into foreclosure.  However, that is not what you are doing.But explain to me how these people would qualify for the modification plan, and please tell me why the do not qualify for a refinance?Link

Tompor,Rates have crept back up in the last two days.  But they are still extremely low.

Chip,Would it bother you if I started quoting 2.5% on every request you quote 3%?

Bank #2 appears to be $750 cheaper in fees with the same rate.Does it matter what they call it?Fact of the matter, origination is a point.  And a point can be loan origination, or a discount point.  All that should matter to you is service, rate and total costs.  Don't get caught up in what they call it.  

Please read page 7, paragraph 7, hereYou think it is fair to be quoting a 3% 30 year fixed rate???  Or are you misleading the consumer?

Quite a few servicers signed up for this program, eh?Link

The “Making Home Affordable Modification” is not mandatory for all investors and mortgage services/lenders; however, it will serve homeowners as an incentive for loan servicers/lenders to generate loan modifications. Nevertheless, financial institutions that accept future “bail out” funding from the Treasury's Financial Stability Program must participate in the “Making Home Affordable” (MHA) program.Servicers who decide to participate will sign a contract with Treasury's financial agent before December 31, 2009 (the contracts will not be available until April 2009). A list of participating servicers will be available at FinancialStability.gov after they have signed the contract with the Treasury Department.

Chip,The modification program under makinghomeaffordable are not 30 year fixed rates.  They are only good for 5 years and then reset to market rates at the end of 5 years.  If you are going to quote something at least get it right.

its bacon explosion

Tammy who doesn't like a little pork?