Jonathan Yokley, CMPS's Discussions

Also I couldn't agree more with #5, Michael.....   I laugh everytime I see that 5.5%jumbo no points kind of quote... I feel sorry for the prospects out there that see that rate and think they found a deal. Very misleading.

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-I've got about 6.875% with 1 on a 30 year fixed-  (honest-to-goodness rate on jumbo, non conforming- Wells is portfolio'ing these jumbo 30 yrs.)-6.250% - 6.375% with 1 on a 5/1 non-conforming, JUMBO ARM

G2G-It is very unfortunate to hear of your experience with the lender representing Wells Fargo. One of the posts is correct- If you were talking with someone directly from Wells Fargo, you would have been quoted retail rates. We do not charge an origination point (unless you choose to buy your rate down).My guess is they were a wholesale lender selling Wells Fargo's loans, and quite frankly a loan officer with a very bad attidute!!!  That would put a bad taste in anyone's mouth.Wells Fargo is one of the largest mortgage servicing companies in the Country... They service nearly 100% of the loans they originate... They are also one of the largest purchasers of servicing rights....... In addition to this, Wells Fargo is currently portfolio lending their JUMBO mortgage loans and many of the ARM products- Biggest lesson to learn here....  The mortgage experience is in the hands of the individual mortgage professional-  their brand (or company) can only make them stronger (or weaker).... But a poor salesman is a poor salesman.... period.

You can avoid traditional PMI by working with a lender who can offer what is called:  Lender Paid PMI, or LPMI....  This will take one loan at 95% with no PMI payment-  the PMI is simply built into the rate, and the lender covers it... but you will not have a PMI payment.... also, since it is completely built in- it is fully tax deductible. Though PMI is tax deductible this year it does not mean it will remain that way.... LPMI is about the best way to go in my opinion. PMI or LPMI is not a bad thing Karolina- afterall you are getting around having to put down 20% right???

Sir-  Mortgage Express is a great program.... It works exactly as it has been described to you. Here is a hopeful story for you, it happend to me yesterday:I have a client who has been self-employed since 2000..... He has a mid FICO of 790..... he is putting 20% down on a $390k purchase price.... His debt ratios are low......   My underwriting system gave me a "Straight To Close".... this means I did not need to collect tax returns, pay stubs, bank statements, or anything else......   This was with a traditional 30 year fixed, conventional mortgage. So the answer is yes..... this is coming straight from Wells Fargo.... You do have options with Mortgage Express, and with a traditional program (if your financial situation fits)....  There are fewer options out there than there were 6-12 months ago--  but we still have some left. The posts in this forum were very good... .let any of us know if you have any questions.

Thank you all for the clairification-  I'm sorry to hear about your poor experience....   It sounds like she was not a very good loan officer. I wish I had been the one that you met there =)

What happend to professionalism among mortgage lenders?   I can't help but noticing so many LO's acting like children on the message boards. My advice to anyone is this..... If you receive a quote from a lender-  surf the discussion board for a little while and see if they have posted anything... You get a good idea of what an individual is really like when you see what they post on these forums.

Yes, he does have to sign the 4506,  but nothing has been overstated-  I collected his tax returns up front, before I even submitted the loan into my automated underwriting system.  I entered his legitimate income directly off of his tax return, entered his reserves/assets directly from his bank statements, and took his debts directly from his credit report. This IS how mortgage lending is supposed to be.... Collect documents FIRST, then fill out the application.... NOT state first, see what happens later..... Call me old fashioned. I respect the question Clay, thank you for your input.

The reason I have had the response I have with my reviews is no secret-I ASK FOR THE REVIEWS!Each and every potential client that I have had a real conversation with I've bluntly asked if they will go on my profile and rate me. This suggestion came from Zillow... There's no conspiracy here- It's simple.I recommend that all of you do the same- It clearly works.