cuencap's Advice

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  • 10 Helpful

cuencap wrote:

Rates on the move again!

Answer
I remember reading about how you create the charts. Do you recall which page of this thread the explanation is on? Agreed on the programming...they obviously don't understand that a great experience on a website will bring in more clients than a half bad sales guy.
December 03 2013
(3)

Rates on the move again!

Answer
"So, on posts, the thread has exceeded 2.5k; and on views, it has almost reached one third of 400k" I love this post and the handful of people who post on it. (Thanks for the brookstone support as well, Gregg rocks!) What I don't understand is how zillow, since going public over two years ago and now worth $2.8B, has failed to create a spectacular message board format as well as improve upon their mobile app? Their mortgage marketplace is neat but useless when it comes down to comparing individualize results for the infinite amount of personal scenarios. Zillow should be the king of real estate prices, mortgage info, and mind sharing of its smart members by now! The charts created on this post alone are better than what other companies could do! (Props to you guys). Keep up the good work guys, zillow needs you.  *edit-yet anoth downfall of zillow. Any post from iOS devices has absolutely no formatting!*
December 03 2013
(2)

Difference between Loan Officer and Mortgage broker?

Answer
We live in a brand new neighborhood in San Diego county, so hopefully appraisal isn't too difficult! I like your suggestions below, We plan to be here for a while (5+ for sure) and want to refi to lose our $450/month pmi immediately. During this entire escapade, I've known that things were off with how the loan officer was wording things and none of it has sat well with me due to the prior knowledge I had (I've always said I know just enough to be dangerous, but not enough to know what I'm doing!). After this thread, I've gained the insight to know I've been on the right path...just need to make it happen with any other broker...!
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
Sorry for formatting issue...iPad won't let me fix it...
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
So it sounds like our options are as follows: Continue with loan officer at 4.5%, knowing: -we are agreeing to give up what would normally be a 0.5% credit to pay for a bogus pair-off fee that was incurred without us even knowing it. -we are agreeing to a slightly higher rate than what a broker could offer now that the rates have dropped in the last few weeks. Move on to new BROKER.... -knowing we will lose our appraisal and appraisal cost -hoping that our appraisal comes in at an amount close to our last appraisal -knowing our origination fee will be higher, but having clear visibility to rates and their corresponding rebate/credit and thus lower closing costs. At this moment, it seems we would be better off agreeing to a 4.5% rate through a broker as there would definitely be a good chunk of rebate leftover...
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
$450k loan, <74% LTV with latest appraisal. Hamp-if you only kept 1.5% of that, there's potentially 2% for closing costs for the client...correct? Via a simple google search, I have access to a bunch of rate sheets. Amazing how an old school loan officer thinks me having that info is illegal...
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
Just read the fixed link and yes, it's exactly what we've encountered in the past with a broker sharing credits.Now that we're dealing with a loan officer, we're skeptical.  He locked us in at 4.75% (unbeknownst to us) in early September.  When rates dropped towards the middle/end of the month, we asked when we were going to lock.  LO told us we locked in early September and we complained.  He then offered a SMALL (0.3%) credit.  We laughed and backed out of the loan, hoping to lock in the much better rates towards early October (which are even better now).  Same loan officer says instead of re-locking, he 'renegotiated' to 4.5%, which was a '0-point loan' after we were charged 0.5% pair-off fee for missing the original lock.At this point, we want to back out and re-lock at the better rates of today, but are concerned that our surprisingly high appraisal won't be matched again.
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
How many of you brokers share your lender rebate with the client?  I've heard of guys taking 1.5% as their origination fee and giving the rest to the client.  1.5% seems high, but the client can then use the rebate for closing costs and escrow payment.
October 22 2013
(0)

Difference between Loan Officer and Mortgage broker?

Answer
That's a very fair assessment that pushed me over the edge of not believing a thing about the rate we've been quoted.
October 22 2013
(0)
Difference between Loan Officer and Mortgage broker?
What are the major differences between how loan officers and mortgage brokers are required to report their origination fees and yield spread premiums? We had a mortgage broker who would report the yield spread premium (rebate) in the HUD. We are now working with a loan officer who says he's from a bank who said it's illegal to show his rate sheet and I'm concerned we aren't getting the best rate possible. I want to know what our options are to determine if in fact we are getting the best rate possible...
October 22 2013
(0)
 
 
 
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