Mortgages

Ask them for a GFE and you might notice that they have a 1 point fee as a discount point

if you were in NC and you qualified - I could re-fi you at no closing costs ---i.e -- your loan amount would not go up and you would not bring a checkbook to the closing table

 

Not at all -- we encourage people to shop around - and they can always call the lender directly.

We have access to the wholesale product lines of most of the originators - and we are not compelled to pitch any particular product ----

no disrespect on my part either - but I often see the loan offers in originators shops pitching a particular product to capture a certain yield spread

We don't do that and we only write A paper

 

time to get back in the game!!!

all I sold was the MTA Option ARM w/ 3.75yspd.

 

'loan officers'

 

Yeah - we have been writing no-cost refis at a mile a minute pace--- the partner in my shop had 28 on the board last week


I original posted as food for thought since the guts of the sub-prime problem are the 2million odd ARMs that are 'supposed' to reset in 08


now if Im a guy sitting on a 6 3/8 arm thats gonna hit 8 this year and 9 next --- and somebody comes along and offers to refi me at 5.75 --------


of course -- thats only the 85% of the market that is 'not' subprime


just food for thought


similar thing happened in 2002/2003

 

and Im perfectly happy with a 1-1&3/8 yield spread
actually happy at 3/4 of a point becaue its a pretty simple transaction

 

No I see what you mean man. I work at a Federal Credit Union, so we do things a little different. I just wasn't sure what the benefits would be for using a broker....

You're right though, I am sure there are plenty of LO's out there that have to pitch certain products, except they probably don't even get commission for it. lol

I have talked to some shady brokers and some ignorant LO's in my day...ha ha yeah but theat's anywhere in life..doesn't reflect on the business itself...just some sharks and weasels to be found in any market. lol

Thanks for the info.

 

What's that mean?

 

Sure - and I have only ever banked at the local credit union - my wife started the account when she was in graduate school ---- much better than the commercial banks -- I a dare say probably in better financial shape at this point

 

in my prior post I mistyped 'loan offers' and did not want to stir confusion