Mortgage Rates

[HLS]

Ray,

Standard guidelines that FNMA uses..
Middle score of the 3 bureaus.

The highest and lowest scores do not matter.

These are MORTGAGE score pulls, not what a consumer score pulls by paying for their score on the internet, falling for more misleading propaganda that was probably printed in the WSJ.

I have access to 3 different scores from one of the credit bureaus, as well as scores from the other 2 bureaus. I can assure you that most others dont have this access.

It can make a difference of tens of thousands of dollars over the life of a loan.

From the bureau that allows me 3 different scores, I have seen spreads of 50 points. I can choose the highest of the 3 for that bureau, allowing me to get someone the best rate possible forn their situation.

These are FNMA actual guidelines, not average guidelines. ,HLS

[Chris Scoreboard Johnston]

HLS

Correct me on this because I may misunderstand this process and in no way represent myself to be in expert in loans.

It is my understanding that as a broker your fee goes into escrow and is paid out of escrow. If you chose to do so for whatever reason couldn’t you take say $3000 out of your fee that might be $8000 and put that towards covering costs to the borrower in the escrow? This would reduce your commission but would be a tool that could be used in making the borrowers loan a true no cost loan. A broker might make that decision for reasons, but mostly to do more volume and make a no cost loan truly that so that if the borrower shops rates they do not find lower ones that what the no cost they offer is? This would only be feasible in larger principal amounts but I do not see why this could not be done.

Maybe there are legalities as to why this cannot happen but I do not know of any? Please explain why this could not be done, it would make no cost loans not higher rates and would make them truly what they are represented to be. The drawback is that it reduces the amount of money the mortgage broker makes, but it might increase volume.

Thanks in advance, I am not in the mkt for a loan at the moment but might be in a year or so and would like to understand this fully.

[Chris Scoreboard Johnston]

HLS

Correct me on this because I may misunderstand this process and in no way represent myself to be in expert in loans.

It is my understanding that as a broker your fee goes into escrow and is paid out of escrow. If you chose to do so for whatever reason couldn’t you take say $3000 out of your fee that might be $8000 and put that towards covering costs to the borrower in the escrow? This would reduce your commission but would be a tool that could be used in making the borrowers loan a true no cost loan. A broker might make that decision for reasons, but mostly to do more volume and make a no cost loan truly that so that if the borrower shops rates they do not find lower ones that what the no cost they offer is? This would only be feasible in larger principal amounts but I do not see why this could not be done.

Maybe there are legalities as to why this cannot happen but I do not know of any? Please explain why this could not be done, it would make no cost loans not higher rates and would make them truly what they are represented to be. The drawback is that it reduces the amount of money the mortgage broker makes, but it might increase volume.

Thanks in advance, I am not in the mkt for a loan at the moment but might be in a year or so and would like to understand this fully.

[Chris Scoreboard Johnston]

HLS

Correct me on this because I may misunderstand this process and in no way represent myself to be in expert in loans.

It is my understanding that as a broker your fee goes into escrow and is paid out of escrow. If you chose to do so for whatever reason couldn’t you take say $3000 out of your fee that might be $8000 and put that towards covering costs to the borrower in the escrow? This would reduce your commission but would be a tool that could be used in making the borrowers loan a true no cost loan. A broker might make that decision for reasons, but mostly to do more volume and make a no cost loan truly that so that if the borrower shops rates they do not find lower ones that what the no cost they offer is? This would only be feasible in larger principal amounts but I do not see why this could not be done.

Maybe there are legalities as to why this cannot happen but I do not know of any? Please explain why this could not be done, it would make no cost loans not higher rates and would make them truly what they are represented to be. The drawback is that it reduces the amount of money the mortgage broker makes, but it might increase volume.

Thanks in advance, I am not in the mkt for a loan at the moment but might be in a year or so and would like to understand this fully.

[Chris Scoreboard Johnston]

HLS

Correct me on this because I may misunderstand this process and in no way represent myself to be in expert in loans.

It is my understanding that as a broker your fee goes into escrow and is paid out of escrow. If you chose to do so for whatever reason couldn’t you take say $3000 out of your fee that might be $8000 and put that towards covering costs to the borrower in the escrow? This would reduce your commission but would be a tool that could be used in making the borrowers loan a true no cost loan. A broker might make that decision for reasons, but mostly to do more volume and make a no cost loan truly that so that if the borrower shops rates they do not find lower ones that what the no cost they offer is? This would only be feasible in larger principal amounts but I do not see why this could not be done.

Maybe there are legalities as to why this cannot happen but I do not know of any? Please explain why this could not be done, it would make no cost loans not higher rates and would make them truly what they are represented to be. The drawback is that it reduces the amount of money the mortgage broker makes, but it might increase volume.

Thanks in advance, I am not in the mkt for a loan at the moment but might be in a year or so and would like to understand this fully.

[Chris Scoreboard Johnston]

HLS

Correct me on this because I may misunderstand this process and in no way represent myself to be in expert in loans.

It is my understanding that as a broker your fee goes into escrow and is paid out of escrow. If you chose to do so for whatever reason couldn’t you take say $3000 out of your fee that might be $8000 and put that towards covering costs to the borrower in the escrow? This would reduce your commission but would be a tool that could be used in making the borrowers loan a true no cost loan. A broker might make that decision for reasons, but mostly to do more volume and make a no cost loan truly that so that if the borrower shops rates they do not find lower ones that what the no cost they offer is? This would only be feasible in larger principal amounts but I do not see why this could not be done.

Maybe there are legalities as to why this cannot happen but I do not know of any? Please explain why this could not be done, it would make no cost loans not higher rates and would make them truly what they are represented to be. The drawback is that it reduces the amount of money the mortgage broker makes, but it might increase volume.

Thanks in advance, I am not in the mkt for a loan at the moment but might be in a year or so and would like to understand this fully.

[peterb]

Which way are the rates headed now?

[peterb]

Which way are the rates headed now?

[peterb]

Which way are the rates headed now?

[peterb]

Which way are the rates headed now?

[peterb]

Which way are the rates headed now?

[HLS]

I have never seen this happen before..

Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.

I have heard that some lenders that use automated pricing engines have websites that crashed today.

Phone locks can take hold times of an hour on the phone..

Seems like chaos.

30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.

Madoff exposed a useless SEC.
Just another day, another scam exposed.

Until you are qualified and approved, rates mean nothing.

Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.

It wont surprise me if some lenders go under due to lock fallout.

Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.

[HLS]

I have never seen this happen before..

Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.

I have heard that some lenders that use automated pricing engines have websites that crashed today.

Phone locks can take hold times of an hour on the phone..

Seems like chaos.

30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.

Madoff exposed a useless SEC.
Just another day, another scam exposed.

Until you are qualified and approved, rates mean nothing.

Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.

It wont surprise me if some lenders go under due to lock fallout.

Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.

[HLS]

I have never seen this happen before..

Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.

I have heard that some lenders that use automated pricing engines have websites that crashed today.

Phone locks can take hold times of an hour on the phone..

Seems like chaos.

30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.

Madoff exposed a useless SEC.
Just another day, another scam exposed.

Until you are qualified and approved, rates mean nothing.

Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.

It wont surprise me if some lenders go under due to lock fallout.

Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.

[HLS]

I have never seen this happen before..

Rates spiked down this morning with the best lenders, then quickly went right back up, to higher than yesterday. 10 YR bond is down.

I have heard that some lenders that use automated pricing engines have websites that crashed today.

Phone locks can take hold times of an hour on the phone..

Seems like chaos.

30 YR rates seem to still be around 4.875% now..
15 YR rates higher than 30 YR rates.

Madoff exposed a useless SEC.
Just another day, another scam exposed.

Until you are qualified and approved, rates mean nothing.

Locks are a serious commitment and lenders lose money if they cannot deliver their commitments.

It wont surprise me if some lenders go under due to lock fallout.

Many people don’t understand what a commitment means. They just think it’s a game and want the best of both worlds.

[Author]

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