[HLS]

AK..
You started your loan early last month and it’s still not done ?
You are 5-6 weeks in and still being asked for conditions ??

The person who took your app should have warned you about a paper trail when transfering funds and other issues up front. Don’t be surprised if they continue to ask for more documentation. You should have received an update before a couple of weeks had passed.

If you had locked your loan, someone should have been on top of your closing date all the way through the process.

I cannot imagine that their rate was that great but hopefully you loan will close and fund on time.
Still sounds like crappy service.

Virtually nobody gets special treatment just because you are a previous customer.
Guidelines are tougher than ever for everybody.

[HLS]

AK..
You started your loan early last month and it’s still not done ?
You are 5-6 weeks in and still being asked for conditions ??

The person who took your app should have warned you about a paper trail when transfering funds and other issues up front. Don’t be surprised if they continue to ask for more documentation. You should have received an update before a couple of weeks had passed.

If you had locked your loan, someone should have been on top of your closing date all the way through the process.

I cannot imagine that their rate was that great but hopefully you loan will close and fund on time.
Still sounds like crappy service.

Virtually nobody gets special treatment just because you are a previous customer.
Guidelines are tougher than ever for everybody.

[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.

[HLS]

Daniel, you’ve got all of 10 days on this site and are now the resident expert on mortgages. I’m real impressed with your resume.

I don’t know what is sadder:
The fact that you think that you know what you are talking about
OR
That someone may actually listen to you.

I never said that a broker will always beat other options but you don’t even understand that in most cases banks are mortgage brokers and perform the same function, often with employees that are clueless to explain other options that may be better.

When the “know it all” rate shoppers show up just thinking that they are getting the lowest rate possible, that’s when the real fun begins, and loans often can’t close.

I spoke to someone today that is having a HUGE problem with AIM, and he can’t get his phone calls returned. He regrets his decision now. He may lose his lock and the home.

My hot air can actually get someone a loan, your experience was fine for you, but pointless otherwise. 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.

[HLS]

Daniel, you’ve got all of 10 days on this site and are now the resident expert on mortgages. I’m real impressed with your resume.

I don’t know what is sadder:
The fact that you think that you know what you are talking about
OR
That someone may actually listen to you.

I never said that a broker will always beat other options but you don’t even understand that in most cases banks are mortgage brokers and perform the same function, often with employees that are clueless to explain other options that may be better.

When the “know it all” rate shoppers show up just thinking that they are getting the lowest rate possible, that’s when the real fun begins, and loans often can’t close.

I spoke to someone today that is having a HUGE problem with AIM, and he can’t get his phone calls returned. He regrets his decision now. He may lose his lock and the home.

My hot air can actually get someone a loan, your experience was fine for you, but pointless otherwise. 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.

[HLS]

Daniel, you’ve got all of 10 days on this site and are now the resident expert on mortgages. I’m real impressed with your resume.

I don’t know what is sadder:
The fact that you think that you know what you are talking about
OR
That someone may actually listen to you.

I never said that a broker will always beat other options but you don’t even understand that in most cases banks are mortgage brokers and perform the same function, often with employees that are clueless to explain other options that may be better.

When the “know it all” rate shoppers show up just thinking that they are getting the lowest rate possible, that’s when the real fun begins, and loans often can’t close.

I spoke to someone today that is having a HUGE problem with AIM, and he can’t get his phone calls returned. He regrets his decision now. He may lose his lock and the home.

My hot air can actually get someone a loan, your experience was fine for you, but pointless otherwise. 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.

[HLS]

Daniel, you’ve got all of 10 days on this site and are now the resident expert on mortgages. I’m real impressed with your resume.

I don’t know what is sadder:
The fact that you think that you know what you are talking about
OR
That someone may actually listen to you.

I never said that a broker will always beat other options but you don’t even understand that in most cases banks are mortgage brokers and perform the same function, often with employees that are clueless to explain other options that may be better.

When the “know it all” rate shoppers show up just thinking that they are getting the lowest rate possible, that’s when the real fun begins, and loans often can’t close.

I spoke to someone today that is having a HUGE problem with AIM, and he can’t get his phone calls returned. He regrets his decision now. He may lose his lock and the home.

My hot air can actually get someone a loan, your experience was fine for you, but pointless otherwise. 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.

[HLS]

Daniel, you’ve got all of 10 days on this site and are now the resident expert on mortgages. I’m real impressed with your resume.

I don’t know what is sadder:
The fact that you think that you know what you are talking about
OR
That someone may actually listen to you.

I never said that a broker will always beat other options but you don’t even understand that in most cases banks are mortgage brokers and perform the same function, often with employees that are clueless to explain other options that may be better.

When the “know it all” rate shoppers show up just thinking that they are getting the lowest rate possible, that’s when the real fun begins, and loans often can’t close.

I spoke to someone today that is having a HUGE problem with AIM, and he can’t get his phone calls returned. He regrets his decision now. He may lose his lock and the home.

My hot air can actually get someone a loan, your experience was fine for you, but pointless otherwise. 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.

[HLS]

Capt
It’s not true that with 25% down credit score doesn’t matter, and it wasn’t true 6 months ago for Fannie/Freddie.

Rayb,, I respect your opinions, but you don’t know what you’re talking about.
A direct lender or bank does not have to disclose YSP.
They are able to say” we don’t charge fees/points”
That is only true because they have HIGHER RETAIL rates, and ignorant consumers fall for this, including many intelligent people.

A broker offers WHOLESALE rates, and at the lowest rates, THERE IS NO YSP. It’s not a complicated secret. There are no backdoor deals, EVERYTHING is disclosed.

If a broker is fair, the end rate to the consumer is fair and often lower than any bank or credit union. If the broker is a pig, the consumer will pay more than they should.

The MOST important things today are proper disclosures and getting approved. Plenty of people might lock at the lowest rate they think can find, but they aren’t going to get approved.
Having a 2% rate that you can’t qualify for is meaningless.

It’s also that people here with a little bit of information that THINK they know what they are talking about are dangerous to get advice from, even though they mean well.
There’s a HUGE difference between an opinion and facts.

Different lenders have different wholesale rates as well, and some are VERY difficult to work with, even though they have the best pricing.

Today, some people can qualify for 30YR 4.875% 0 cost, 0 points OR 3.50% ARMS. It sounds real good, but most people don’t qualify, and people will lock the rate long before they find out that they cannot qualify…. HLS

[HLS]

Capt
It’s not true that with 25% down credit score doesn’t matter, and it wasn’t true 6 months ago for Fannie/Freddie.

Rayb,, I respect your opinions, but you don’t know what you’re talking about.
A direct lender or bank does not have to disclose YSP.
They are able to say” we don’t charge fees/points”
That is only true because they have HIGHER RETAIL rates, and ignorant consumers fall for this, including many intelligent people.

A broker offers WHOLESALE rates, and at the lowest rates, THERE IS NO YSP. It’s not a complicated secret. There are no backdoor deals, EVERYTHING is disclosed.

If a broker is fair, the end rate to the consumer is fair and often lower than any bank or credit union. If the broker is a pig, the consumer will pay more than they should.

The MOST important things today are proper disclosures and getting approved. Plenty of people might lock at the lowest rate they think can find, but they aren’t going to get approved.
Having a 2% rate that you can’t qualify for is meaningless.

It’s also that people here with a little bit of information that THINK they know what they are talking about are dangerous to get advice from, even though they mean well.
There’s a HUGE difference between an opinion and facts.

Different lenders have different wholesale rates as well, and some are VERY difficult to work with, even though they have the best pricing.

Today, some people can qualify for 30YR 4.875% 0 cost, 0 points OR 3.50% ARMS. It sounds real good, but most people don’t qualify, and people will lock the rate long before they find out that they cannot qualify…. HLS

[HLS]

Capt
It’s not true that with 25% down credit score doesn’t matter, and it wasn’t true 6 months ago for Fannie/Freddie.

Rayb,, I respect your opinions, but you don’t know what you’re talking about.
A direct lender or bank does not have to disclose YSP.
They are able to say” we don’t charge fees/points”
That is only true because they have HIGHER RETAIL rates, and ignorant consumers fall for this, including many intelligent people.

A broker offers WHOLESALE rates, and at the lowest rates, THERE IS NO YSP. It’s not a complicated secret. There are no backdoor deals, EVERYTHING is disclosed.

If a broker is fair, the end rate to the consumer is fair and often lower than any bank or credit union. If the broker is a pig, the consumer will pay more than they should.

The MOST important things today are proper disclosures and getting approved. Plenty of people might lock at the lowest rate they think can find, but they aren’t going to get approved.
Having a 2% rate that you can’t qualify for is meaningless.

It’s also that people here with a little bit of information that THINK they know what they are talking about are dangerous to get advice from, even though they mean well.
There’s a HUGE difference between an opinion and facts.

Different lenders have different wholesale rates as well, and some are VERY difficult to work with, even though they have the best pricing.

Today, some people can qualify for 30YR 4.875% 0 cost, 0 points OR 3.50% ARMS. It sounds real good, but most people don’t qualify, and people will lock the rate long before they find out that they cannot qualify…. HLS

[Author]

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