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  • August 5, 2008 at 2:20 PM #13522
    Operation
    Participant

    From a loan officer and friend-of-the-family. She’s been trying to get us off the sidelines for the last 6 months. Recently she added us to her email mailing list and accidentally sent us an internal ‘suggested’ email which wasn’t meant for us – obviously. I didn’t even bother to respond at the paper logic. However, the outright unpatriotic statements really pissed me off.

    The names and phone numbers have been changed to protect the innocent.

    Enjoy:

    “Dear Wade & Melissa,

    Imagine this scenario on a FHA purchase – a buyer purchasing a home today at $450,000 with 3% down. At today’s rate of 6.375%, the principal and interest payment (including the 1.50 up front MI financed) would be $2764.04. Down payment would be $13,500.

    versus

    A buyer holding off on their dream purchase in hopes of the market declining another 5%, or in comparison to above, the sales price now being $427,500. That’s nice but what if interest rates were to increase a ½% to 6.875%. The principal and interest payment would be $2764.98 ($0.94 higher). The down payment would be $12,825 ($675 less).

    Considerations:

    – Who is to say that the market will decline another 5%.

    – Who is to say that seller’s concessions will be a part of the market.

    – If you are a renter, you have continued to throw money out the door versus having a tax write-off.

    – As Loan Officers we are not interested in having our income deferred. We want the loan to close NOW. Mr. & Mrs. Potential Home Buyer, you are failing to help stimulate the economy by not acting NOW – shame on you.

    If the property value fails to decline but interest rates go up, your principal and interest payment would be $2910.51 (way to go – you missed the bottom of the market). Assuming the original debt-to-income ratios based upon a $450,000 price and 6.375% rate were at the top end – guess what – NOW you can only qualify for a home priced at $430,000 if rates are 6.875%. That could be the difference between the three bedroom home you wanted versus two. Good call on being a “fence sitter”. Haven’t you learned anything – act NOW, if you can afford it. Just think of all the money you can stop sending to Uncle Sam (about 1/3 of your paycheck). That should be another reason not to wait.

    Sincerely,

    Jane Doe

    American Sterling Bank

    800-303-XXXX”

    August 5, 2008 at 2:52 PM #252789
    snail
    Participant

    I would not consider Jane Doe a friend of the family anymore, would you?! That’s so condescending it wasn’t even funny. According to this, you are patriotic, if you are FB by getting a loan you couldn’t afford so she could earn her commission, and getting help from Uncle SAM…pleaseeee. I am glad her income got deferred for a long time.

    August 5, 2008 at 2:52 PM #252957
    snail
    Participant

    I would not consider Jane Doe a friend of the family anymore, would you?! That’s so condescending it wasn’t even funny. According to this, you are patriotic, if you are FB by getting a loan you couldn’t afford so she could earn her commission, and getting help from Uncle SAM…pleaseeee. I am glad her income got deferred for a long time.

    August 5, 2008 at 2:52 PM #252966
    snail
    Participant

    I would not consider Jane Doe a friend of the family anymore, would you?! That’s so condescending it wasn’t even funny. According to this, you are patriotic, if you are FB by getting a loan you couldn’t afford so she could earn her commission, and getting help from Uncle SAM…pleaseeee. I am glad her income got deferred for a long time.

    August 5, 2008 at 2:52 PM #253025
    snail
    Participant

    I would not consider Jane Doe a friend of the family anymore, would you?! That’s so condescending it wasn’t even funny. According to this, you are patriotic, if you are FB by getting a loan you couldn’t afford so she could earn her commission, and getting help from Uncle SAM…pleaseeee. I am glad her income got deferred for a long time.

    August 5, 2008 at 2:52 PM #253030
    snail
    Participant

    I would not consider Jane Doe a friend of the family anymore, would you?! That’s so condescending it wasn’t even funny. According to this, you are patriotic, if you are FB by getting a loan you couldn’t afford so she could earn her commission, and getting help from Uncle SAM…pleaseeee. I am glad her income got deferred for a long time.

    August 5, 2008 at 3:02 PM #252806
    urbanrealtor
    Participant

    So the marketing adviser of this loan officer should be shot.

    That is the most idiotic letter ever (with the possible exception of something I sent to an ex-girlfriend in college).

    I mean really who sends letters shaming and scolding the clients?

    I am not as negative on buying as most on this blog but I really think a letter like this is beyond the pale.

    I really can’t speak to the “friend” part of the relationship but I would be suspect of the professional part.

    The loan officer I use sometimes points out the direction of interest rates (that is part of his job) in his marketing pieces. However, if he sent out anything that deliberately alienated clients, he would not get my referrals ever again.

    August 5, 2008 at 3:02 PM #252972
    urbanrealtor
    Participant

    So the marketing adviser of this loan officer should be shot.

    That is the most idiotic letter ever (with the possible exception of something I sent to an ex-girlfriend in college).

    I mean really who sends letters shaming and scolding the clients?

    I am not as negative on buying as most on this blog but I really think a letter like this is beyond the pale.

    I really can’t speak to the “friend” part of the relationship but I would be suspect of the professional part.

    The loan officer I use sometimes points out the direction of interest rates (that is part of his job) in his marketing pieces. However, if he sent out anything that deliberately alienated clients, he would not get my referrals ever again.

    August 5, 2008 at 3:02 PM #252980
    urbanrealtor
    Participant

    So the marketing adviser of this loan officer should be shot.

    That is the most idiotic letter ever (with the possible exception of something I sent to an ex-girlfriend in college).

    I mean really who sends letters shaming and scolding the clients?

    I am not as negative on buying as most on this blog but I really think a letter like this is beyond the pale.

    I really can’t speak to the “friend” part of the relationship but I would be suspect of the professional part.

    The loan officer I use sometimes points out the direction of interest rates (that is part of his job) in his marketing pieces. However, if he sent out anything that deliberately alienated clients, he would not get my referrals ever again.

    August 5, 2008 at 3:02 PM #253038
    urbanrealtor
    Participant

    So the marketing adviser of this loan officer should be shot.

    That is the most idiotic letter ever (with the possible exception of something I sent to an ex-girlfriend in college).

    I mean really who sends letters shaming and scolding the clients?

    I am not as negative on buying as most on this blog but I really think a letter like this is beyond the pale.

    I really can’t speak to the “friend” part of the relationship but I would be suspect of the professional part.

    The loan officer I use sometimes points out the direction of interest rates (that is part of his job) in his marketing pieces. However, if he sent out anything that deliberately alienated clients, he would not get my referrals ever again.

    August 5, 2008 at 3:02 PM #253044
    urbanrealtor
    Participant

    So the marketing adviser of this loan officer should be shot.

    That is the most idiotic letter ever (with the possible exception of something I sent to an ex-girlfriend in college).

    I mean really who sends letters shaming and scolding the clients?

    I am not as negative on buying as most on this blog but I really think a letter like this is beyond the pale.

    I really can’t speak to the “friend” part of the relationship but I would be suspect of the professional part.

    The loan officer I use sometimes points out the direction of interest rates (that is part of his job) in his marketing pieces. However, if he sent out anything that deliberately alienated clients, he would not get my referrals ever again.

    August 5, 2008 at 3:06 PM #252811
    Diego Mamani
    Participant

    You can probably rent that “$450K” house for $2000/month, gardener and general maintenance included.

    You should publish the loan agent’s email address so that piggintonians can “educate” her…

    August 5, 2008 at 3:06 PM #252975
    Diego Mamani
    Participant

    You can probably rent that “$450K” house for $2000/month, gardener and general maintenance included.

    You should publish the loan agent’s email address so that piggintonians can “educate” her…

    August 5, 2008 at 3:06 PM #252985
    Diego Mamani
    Participant

    You can probably rent that “$450K” house for $2000/month, gardener and general maintenance included.

    You should publish the loan agent’s email address so that piggintonians can “educate” her…

    August 5, 2008 at 3:06 PM #253043
    Diego Mamani
    Participant

    You can probably rent that “$450K” house for $2000/month, gardener and general maintenance included.

    You should publish the loan agent’s email address so that piggintonians can “educate” her…

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