Marcelo Hernandez's Discussions

I don't even believe the major retail lenders are locking in with out apps.  Brokers, correspondent lenders are risking relationships with their investors because the inevitable high percentage fall out that occurs when you don't have a commitment from a borrower.

The investors that typically charge an early prepayment penalty for the first 120-180 days from closing don't offer any disclosures to that effect since doesn't apply to the consumer, just the broker.  You therefore have to create your own form and verbeage.

naw.....just sit back and say....da___You will knocking down the rates by maybe .5% and may have to pay discount points all over again.  Frankly, your scenario does not make economic sense to refinance again so soon AND for such a little spread.

I hear you and feel your frustration.  I am just thankful for my repeat clients.

I think there's always going to be a need for personable "neigborhood" mortgage brokers.  At least in S. FLA, if you're lean, provide good service and pricing AND you network intelligently there's business to be had, even in these times.  Going on 29 years now.

Always contact you lender first and discuss your options.  That's a MUST before you start to fall behind in your payments.

Although Regulation Z is a federal law that's relevant to the TIL and therefore the APR; the enforcement of accuracy of the good faith estimates varies by state.  In Florida we originators have to be within 10 per cent from the figures on the gfe to the HUD-1, with the exception of the prepaids and reserves.  If a borrower would want to pay points to lower the rate for example after being disclosed a "par" price on a GFE, the originator would have to "re-disclose" in writing (prepare a revised GFE) to comply with state law.

yes.Don't even think about receiving any personalized service from  an online mtg. company.Advice:  Try a time tested, old fashion method:  a few referals from disinterested parties.  Good Luck.

As they say in Chicago "It's Business".

I jog 12 miles a week.  Keeps my blood pressure and anxiety in check.