Need to lock…what are rates doing out there experts?

[waiting hawk]

[quote=HLS]
It’s never been more difficult to get a loan through any lender, and the lowest/cheapest means nothing if the loan can’t close.[/quote]

This is true. Wells retail was a friggin joke. I almost switcherd at the end due to their incompotence. 30%dti buyer with no debt 20% down and they pissed me off bad. You have to watch it with those retail lenders as their processors are back who knows where with the UW. Stay on top of em or your file will get old fast on some shelf while they process all those losers getting loan mods ahead of you.

[HLS]

WH..
It’s beyond crazy, but guidelines are guidelines that MUST be met. You probbably would not have had a different experience if your DTI was 10% or 50%
or if the down payment was 50%. They simply do not say that because this borrower has a lower DTI that we can over look guidelines. An approval is only the first step.

A low paid wage earner may get an FHA loan for 96.5% with 3.5% down, however a retired couple with a $800,000 home cannot qualify to refi a $300,000 loan to a lower rate.

At most banks/credit unions, the application taker/processor is an underling to the underwriter and never questions anything (for fear of losing their job ?)

I deal directly with underwriters and question them all the time to get issues resolved. This is what holds deals together or gets them closed faster.

Now of course if you listen to our new resident expert Daniel, he says that “there is NOTHING that a broker can do for you that you cannot do for yourself”

You have no idea how silly something can be that will kill a loan, regardless of income, assets, equity, credit score, down payment or how important somebody thinks they are.

If a borrower huffs and puffs and threatens to walk away from the loan, the underwriter doesn’t care, they just move on to the next file.

In some cases raising a credit score by ONE point can result in thousands of dollars of savings, or being able to qualify at all.

All the resident experts know how to make phone calls and shop for a rate, usually without a clue whether they even qualify. No loan is done until it gets funded and the delays and stress these days are beyond belief. The system is completely broken.

[HLS]

WH..
It’s beyond crazy, but guidelines are guidelines that MUST be met. You probbably would not have had a different experience if your DTI was 10% or 50%
or if the down payment was 50%. They simply do not say that because this borrower has a lower DTI that we can over look guidelines. An approval is only the first step.

A low paid wage earner may get an FHA loan for 96.5% with 3.5% down, however a retired couple with a $800,000 home cannot qualify to refi a $300,000 loan to a lower rate.

At most banks/credit unions, the application taker/processor is an underling to the underwriter and never questions anything (for fear of losing their job ?)

I deal directly with underwriters and question them all the time to get issues resolved. This is what holds deals together or gets them closed faster.

Now of course if you listen to our new resident expert Daniel, he says that “there is NOTHING that a broker can do for you that you cannot do for yourself”

You have no idea how silly something can be that will kill a loan, regardless of income, assets, equity, credit score, down payment or how important somebody thinks they are.

If a borrower huffs and puffs and threatens to walk away from the loan, the underwriter doesn’t care, they just move on to the next file.

In some cases raising a credit score by ONE point can result in thousands of dollars of savings, or being able to qualify at all.

All the resident experts know how to make phone calls and shop for a rate, usually without a clue whether they even qualify. No loan is done until it gets funded and the delays and stress these days are beyond belief. The system is completely broken.

[HLS]

WH..
It’s beyond crazy, but guidelines are guidelines that MUST be met. You probbably would not have had a different experience if your DTI was 10% or 50%
or if the down payment was 50%. They simply do not say that because this borrower has a lower DTI that we can over look guidelines. An approval is only the first step.

A low paid wage earner may get an FHA loan for 96.5% with 3.5% down, however a retired couple with a $800,000 home cannot qualify to refi a $300,000 loan to a lower rate.

At most banks/credit unions, the application taker/processor is an underling to the underwriter and never questions anything (for fear of losing their job ?)

I deal directly with underwriters and question them all the time to get issues resolved. This is what holds deals together or gets them closed faster.

Now of course if you listen to our new resident expert Daniel, he says that “there is NOTHING that a broker can do for you that you cannot do for yourself”

You have no idea how silly something can be that will kill a loan, regardless of income, assets, equity, credit score, down payment or how important somebody thinks they are.

If a borrower huffs and puffs and threatens to walk away from the loan, the underwriter doesn’t care, they just move on to the next file.

In some cases raising a credit score by ONE point can result in thousands of dollars of savings, or being able to qualify at all.

All the resident experts know how to make phone calls and shop for a rate, usually without a clue whether they even qualify. No loan is done until it gets funded and the delays and stress these days are beyond belief. The system is completely broken.

[HLS]

WH..
It’s beyond crazy, but guidelines are guidelines that MUST be met. You probbably would not have had a different experience if your DTI was 10% or 50%
or if the down payment was 50%. They simply do not say that because this borrower has a lower DTI that we can over look guidelines. An approval is only the first step.

A low paid wage earner may get an FHA loan for 96.5% with 3.5% down, however a retired couple with a $800,000 home cannot qualify to refi a $300,000 loan to a lower rate.

At most banks/credit unions, the application taker/processor is an underling to the underwriter and never questions anything (for fear of losing their job ?)

I deal directly with underwriters and question them all the time to get issues resolved. This is what holds deals together or gets them closed faster.

Now of course if you listen to our new resident expert Daniel, he says that “there is NOTHING that a broker can do for you that you cannot do for yourself”

You have no idea how silly something can be that will kill a loan, regardless of income, assets, equity, credit score, down payment or how important somebody thinks they are.

If a borrower huffs and puffs and threatens to walk away from the loan, the underwriter doesn’t care, they just move on to the next file.

In some cases raising a credit score by ONE point can result in thousands of dollars of savings, or being able to qualify at all.

All the resident experts know how to make phone calls and shop for a rate, usually without a clue whether they even qualify. No loan is done until it gets funded and the delays and stress these days are beyond belief. The system is completely broken.

[HLS]

WH..
It’s beyond crazy, but guidelines are guidelines that MUST be met. You probbably would not have had a different experience if your DTI was 10% or 50%
or if the down payment was 50%. They simply do not say that because this borrower has a lower DTI that we can over look guidelines. An approval is only the first step.

A low paid wage earner may get an FHA loan for 96.5% with 3.5% down, however a retired couple with a $800,000 home cannot qualify to refi a $300,000 loan to a lower rate.

At most banks/credit unions, the application taker/processor is an underling to the underwriter and never questions anything (for fear of losing their job ?)

I deal directly with underwriters and question them all the time to get issues resolved. This is what holds deals together or gets them closed faster.

Now of course if you listen to our new resident expert Daniel, he says that “there is NOTHING that a broker can do for you that you cannot do for yourself”

You have no idea how silly something can be that will kill a loan, regardless of income, assets, equity, credit score, down payment or how important somebody thinks they are.

If a borrower huffs and puffs and threatens to walk away from the loan, the underwriter doesn’t care, they just move on to the next file.

In some cases raising a credit score by ONE point can result in thousands of dollars of savings, or being able to qualify at all.

All the resident experts know how to make phone calls and shop for a rate, usually without a clue whether they even qualify. No loan is done until it gets funded and the delays and stress these days are beyond belief. The system is completely broken.

[Raybyrnes]

I think that mortgage brokers begin to provide a lot or value to those who deviate form the traditional high documented income high down payment low DTI.

If I am a sergeant on the Police force with a wife who is a nurse and household income is 200K and have 200K in cash and are looking for a 500K home. I think that it is pretty safe to say that that person can pretty easily shop around.

On the other hand if I am self employed and wife is a salesperson and we make the same amount of money but document it differently then I think the added complexity introduces opportunities where broker expertise comes into play.

HLS. Is this a fair statement?

[Raybyrnes]

I think that mortgage brokers begin to provide a lot or value to those who deviate form the traditional high documented income high down payment low DTI.

If I am a sergeant on the Police force with a wife who is a nurse and household income is 200K and have 200K in cash and are looking for a 500K home. I think that it is pretty safe to say that that person can pretty easily shop around.

On the other hand if I am self employed and wife is a salesperson and we make the same amount of money but document it differently then I think the added complexity introduces opportunities where broker expertise comes into play.

HLS. Is this a fair statement?

[Raybyrnes]

I think that mortgage brokers begin to provide a lot or value to those who deviate form the traditional high documented income high down payment low DTI.

If I am a sergeant on the Police force with a wife who is a nurse and household income is 200K and have 200K in cash and are looking for a 500K home. I think that it is pretty safe to say that that person can pretty easily shop around.

On the other hand if I am self employed and wife is a salesperson and we make the same amount of money but document it differently then I think the added complexity introduces opportunities where broker expertise comes into play.

HLS. Is this a fair statement?

[Raybyrnes]

I think that mortgage brokers begin to provide a lot or value to those who deviate form the traditional high documented income high down payment low DTI.

If I am a sergeant on the Police force with a wife who is a nurse and household income is 200K and have 200K in cash and are looking for a 500K home. I think that it is pretty safe to say that that person can pretty easily shop around.

On the other hand if I am self employed and wife is a salesperson and we make the same amount of money but document it differently then I think the added complexity introduces opportunities where broker expertise comes into play.

HLS. Is this a fair statement?

[Raybyrnes]

I think that mortgage brokers begin to provide a lot or value to those who deviate form the traditional high documented income high down payment low DTI.

If I am a sergeant on the Police force with a wife who is a nurse and household income is 200K and have 200K in cash and are looking for a 500K home. I think that it is pretty safe to say that that person can pretty easily shop around.

On the other hand if I am self employed and wife is a salesperson and we make the same amount of money but document it differently then I think the added complexity introduces opportunities where broker expertise comes into play.

HLS. Is this a fair statement?

[waiting hawk]

Perfect post HLS. My first house I bought was 50% down, 8% DTI back end, 775 fico, and I still needed an extention to not pay the per diem through BofA. Yes they dont care and what really held me up was cash. DO NOT dump cash into your account up to 2 months. That almost killed my primary deal right there. Even though it was only 15k that is a ton to them. Line yourself up for a smooth transaction ahead of time. One broker said it best, “when your file falls off the tracks at a retail office it is hard to get it cruising on the track again”. But their rates and fees were low. You just have to prepare ahead of time.

[waiting hawk]

Perfect post HLS. My first house I bought was 50% down, 8% DTI back end, 775 fico, and I still needed an extention to not pay the per diem through BofA. Yes they dont care and what really held me up was cash. DO NOT dump cash into your account up to 2 months. That almost killed my primary deal right there. Even though it was only 15k that is a ton to them. Line yourself up for a smooth transaction ahead of time. One broker said it best, “when your file falls off the tracks at a retail office it is hard to get it cruising on the track again”. But their rates and fees were low. You just have to prepare ahead of time.

[waiting hawk]

Perfect post HLS. My first house I bought was 50% down, 8% DTI back end, 775 fico, and I still needed an extention to not pay the per diem through BofA. Yes they dont care and what really held me up was cash. DO NOT dump cash into your account up to 2 months. That almost killed my primary deal right there. Even though it was only 15k that is a ton to them. Line yourself up for a smooth transaction ahead of time. One broker said it best, “when your file falls off the tracks at a retail office it is hard to get it cruising on the track again”. But their rates and fees were low. You just have to prepare ahead of time.

[waiting hawk]

Perfect post HLS. My first house I bought was 50% down, 8% DTI back end, 775 fico, and I still needed an extention to not pay the per diem through BofA. Yes they dont care and what really held me up was cash. DO NOT dump cash into your account up to 2 months. That almost killed my primary deal right there. Even though it was only 15k that is a ton to them. Line yourself up for a smooth transaction ahead of time. One broker said it best, “when your file falls off the tracks at a retail office it is hard to get it cruising on the track again”. But their rates and fees were low. You just have to prepare ahead of time.

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