Mortgage Rates/Closing soon inquiry.....

[Jim]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

 

[Cole Trickle]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

He should be able to go elsewhere but will have to start over and may be on the hook for the original credit app and appraisal fees.

@OldSchoolBoats

@Tamalewagon

Would know for sure. Could also depend on state.

 

[OldSchoolBoats]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

Absolutely not against the law, that is ridiculous!! They can walk from the lender and go elsewhere if they want. IMO rate they locked in sounds high. Tell him to request a float down or rate lock renegotiation.

Obviously not sure of the scenario (credit score, Downpayment, etc.) But we have 30 year fixed conventional in the 5.99 - 6.5 range right now.

Feel free to have them call me if they have any questions. 661-993-9192

 

[HNL2LHC]

I was all on board to give you advice until I read the last line….good to see that Joe @OldSchoolBoats was able to give you some direction.

 

[Xring01]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

 

[Ziggy]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

Tell us what you do for a living & I'd wager some might give similar opinions of your profession.
You've generalized your mistrust of 1000s and 1000s of people in 2 different professions. Opinions like that often come from those you shouldn't trust.
Are there bad apples? Of course. But that doesn't mean everyone is rotten.

 

[Xring01]

Tell us what you do for a living & I'd wager some might give similar opinions of your profession.
You've generalized your mistrust of 1000s and 1000s of people in 2 different professions. Opinions like that often come from those you shouldn't trust.
Are there bad apples? Of course. But that doesn't mean everyone is rotten.

I have been in the POWER Industry for over 25 years.

Take a look at the threads I have posted about the Power Grid.. Those threads will show where I am the Grids greatest critic, and where I think they are doing a great job.

I have basically worked with the West Coast Electric Utilitys for 20 years, and National Accounts for the last 3 years.

Again, there is ZERO incentive what so ever for a mortgage broker or real estate agent to sell the house or the loan for a lower amount.
NONE… Why because there commission it tied to the purchase price. The higher the price the higher the commission.
Thats a fact, that cannot be argued.

Until the industry changes it policy, and creates regulations to protect the end consumer. Then its BUYER BEWARE, just like a used car.. hell I think used cars have more protections for the consumer in some states, than buying real estate.

BTW… in 2002-2007 some of my best friends where trying to get me in the real estate game. They printed $$$ at that time.
Shortly after, they all came to me begging for a job.

A very good friend of mine just relocated to just outside of Co Springs Co. guess who is his reference on his Mortgage Broker License application in CO…. Yep me…

When I say I been around these guys for 20 plus years, I have, I know exactly how they make their $$$.. Dont even get me started on a former next door neighbor who went from being Dirt Bike Salesman at Temecula Motorsports, (2006ish) to be ing a loan executive driving a $100,000 car in 6 months, to getting FBI Raid 12 months later, and lost everything… Basically his incentives where to get “Idiots” into the worst contracts possible. The worse the contract, the more he made… he made bank for awhile

 

[dribble]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

I had a mortgage broker tell me to wait to lock because rates were going to come down. He could have told me nothing, waited himself and pocketed the spread. He got all of my business after that.

 

[Icky]

I had a mortgage broker tell me to wait to lock because rates were going to come down. He could have told me nothing, waited himself and pocketed the spread. He got all of my business after that.

That's how my wife is with her clients, always open and honest with them.

 

[Xring01]

I had a mortgage broker tell me to wait to lock because rates were going to come down. He could have told me nothing, waited himself and pocketed the spread. He got all of my business after that.

There are good people in the industry.
However the industy has practically zero regulations to get rid of the bad apples.
IMHO their are not enough regulations to protect the consumer, from the bad apples, and even fewer ways to hold the bad apples accountable.

BUYER BEWARE INDUSTRY, you have to do your research, your homework, and take the time to educate yourself ,and read those contracts, prior to signing them. If you dont, then “Trusting” a person who cannot be held accountable at the end of the day, because its your signature on the contract. PERIOD.. Not theirs.. so they have plausible deniability all freaking day.

 

[OldSchoolBoats]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

You must be fun at parties

 

[TimeBandit]

I bought my 2nd house in 1993, my realtor referred me to a mtg broker who "only" charged one point for his fee.

I then worked on a car belonging to another mtg broker who then owed me a big favor.

When my original broker gave me the interest rate I had my new "friend" fax me that banks rates.

The banks real buy rate was 1/2% less than my broker quoted, so he would earn a bonus from the bank for selling it higher.

Lots of screaming and phone calls to the bank later I got the lower rate if I agreed not to sue my broker.

He lied. I caught him. He did not "only" charge one point as our contract stated, he got paid on the back end for selling a higher interest rate.

 

[Englewood]

There are good people in the industry.
However the industy has practically zero regulations to get rid of the bad apples.
IMHO their are not enough regulations to protect the consumer, from the bad apples, and even fewer ways to hold the bad apples accountable.

BUYER BEWARE INDUSTRY, you have to do your research, your homework, and take the time to educate yourself ,and read those contracts, prior to signing them. If you dont, then “Trusting” a person who cannot be held accountable at the end of the day, because it’s your signature on the contract. PERIOD.. Not theirs.. so they have plausible deniability all freaking day.

No regulations?! Just DRE, CAR, NAR, CFPB, DOJ, local associations, ethic committees, etc.

We have so many regulations and agencies watching over us it ridiculous. You are so wrong on so many points. I don’t have the time or energy to debate all of your ignorant statements.

 

[Englewood]

I bought my 2nd house in 1993, my realtor referred me to a mtg broker who "only" charged one point for his fee.

I then worked on a car belonging to another mtg broker who then owed me a big favor.

When my original broker gave me the interest rate I had my new "friend" fax me that banks rates.

The banks real buy rate was 1/2% less than my broker quoted, so he would earn a bonus from the bank for selling it higher.

Lots of screaming and phone calls to the bank later I got the lower rate if I agreed not to sue my broker.

He lied. I caught him. He did not "only" charge one point as our contract stated, he got paid on the back end for selling a higher interest rate.

That is how almost every type of loan works. Houses, cars, boats, RV’s, etc. literally every single loan is compensated this way. Mortgage brokers are one of the few who actually have to disclose the costs.

 

[TimeBandit]

That is literally how every type of loan works. Houses, cars, boats, RV’s, etc. literally every single loan is compensated this way. Mortgage brokers are one of the few who actually have to disclose the costs.

I posted this story to point out how my broker had lied. If I never got the actual bank rates I would have never known.

We had a contract outlining his fees, he broke it. I caught him.

All my properties are now paid off, all I have to worry about is earthquakes!

 

[Xring01]

No regulations?! Just DRE, CAR, NAR, CFPB, DOJ, local associations, ethic committees, etc.

We have so many regulations and agencies watching over us it ridiculous. You are so wrong on so many points. I don’t have the time or energy to debate all of your ignorant statements.

Owe Time Bandits experience, is why all the above prevented him from almost getting screwed over, and almost got into a lawsuit.. yes, thats Sarcasm…

If he didnt do his due dilligence he would have been fucked.

But the bigger question, his broker? What where the ramifications for his ethical violations? Do you think he was still selling loans 6 months later??? Do you think his license was revoked?

Bigger question.. which agency above is responsible for these types of violations, and why havent they done their job, and protected Time bandit.

 

[wallnutz]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

Do hookers next

 

[Xring01]

Do hookers next

How do you make a whore moan?
Dont pay her…

Whats the fastest way to get a Nun pregnant?
Dress her up as an alter boy…

What do you say to a woman with a black eye?
Why didnt you listen the first time?

 

[YeahYeah01]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

I'm sure there is some validity to what your saying. I am not in real estate but I get commission on any project a sale, based on net profit and a few other factors. This does not mean I am trying to screw every client to inflate my profit line, yes there is a minimum I need to hit but I don't screw anyone. My reputation in this industry is worth more then making extra on a project by screwing someone. I would assume there are some in the real estate industry that operate the same as me.

I would rather play small ball and get a bunch of singles then swing for the fences and strike out a bunch.

 

[Englewood]

Owe Time Bandits experience, is why all the above prevented him from almost getting screwed over, and almost got into a lawsuit.. yes, thats Sarcasm…

If he didnt do his due dilligence he would have been fucked.

But the bigger question, his broker? What where the ramifications for his ethical violations? Do you think he was still selling loans 6 months later??? Do you think his license was revoked?

Bigger question.. which agency above is responsible for these types of violations, and why havent they done their job, and protected Time bandit.

Had a violation been reported, it would have been investigated. Everyone from DRE, DOC, MBA, and 20 other 3-letter agencies.

I’ve had other agents file false reports just to get back at us for beating them on a listing. It’s ridiculous how much we have to provide to prove our innocence. There are bad apples in any biz and I do not believe your experience to be the norm.

Don’t worry, those people are looking for new jobs right now.

 

[Xring01]

Had a violation been reported, it would have been investigated. Everyone from DRE, DOC, MBA, and 20 other 3-letter agencies.

I’ve had other agents file false reports just to get back at us for beating them on a listing. It’s ridiculous how much we have to provide to prove our innocence. There are bad apples in any biz and I do not believe your experience to be the norm.

Don’t worry, those people are looking for new jobs right now.

I love that you think the bad actor was punished, but I know for fact the majority are never punished. Again one of my really good friends has been a mortgage broker for 25 years. In Simi Valley, Temecula and now setting up shop in CO. His opinion and experience on the industry is the exact opposite of yours.

He has to compete with the the ethically challenged in the industry.

 

[Orange Juice]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

I would have someone look over the entire contracts. The interest rate seems to throw red flags.
I’d put a hold on everything, and get a better idea of what’s going on.

 

[Not So Fast]

And the verdict is in folks, sounds to the novice that XRing 01 is the winner to me
NSF

 

[Xring01]

And the verdict is in folks, sounds to the novice that XRing 01 is the winner to me
NSF

Its not even a fair fight, because there are thousands of people out there with stories just like Time Bandits.
Hell, how many Mortgage Brokers/RE Agents got any punishment during the 2006-2008 housing disaster. Selling loans/homes they knew the borrower could not afford.

The answer is ZERO… no punishment what so ever.

If they wanted to make change to the industry, it would be simple to me.
A regulatory body who audits random transactions, and the moment they find ethical violations the Broker or RE Agent loses their license, and cannot re apply for a new license for 10 years.

Make it painful for violations…

Until their is pain for violations, then Time Bandits experience will repeat itself… over and over again.

 

[Ziggy]

I have been in the POWER Industry for over 25 years.

Take a look at the threads I have posted about the Power Grid.. Those threads will show where I am the Grids greatest critic, and where I think they are doing a great job.

I have basically worked with the West Coast Electric Utilitys for 20 years, and National Accounts for the last 3 years.

Again, there is ZERO incentive what so ever for a mortgage broker or real estate agent to sell the house or the loan for a lower amount.
NONE… Why because there commission it tied to the purchase price. The higher the price the higher the commission.
Thats a fact, that cannot be argued.

Until the industry changes it policy, and creates regulations to protect the end consumer. Then its BUYER BEWARE, just like a used car.. hell I think used cars have more protections for the consumer in some states, than buying real estate.

BTW… in 2002-2007 some of my best friends where trying to get me in the real estate game. They printed $$$ at that time.
Shortly after, they all came to me begging for a job.

A very good friend of mine just relocated to just outside of Co Springs Co. guess who is his reference on his Mortgage Broker License application in CO…. Yep me…

When I say I been around these guys for 20 plus years, I have, I know exactly how they make their $$$.. Dont even get me started on a former next door neighbor who went from being Dirt Bike Salesman at Temecula Motorsports, (2006ish) to be ing a loan executive driving a $100,000 car in 6 months, to getting FBI Raid 12 months later, and lost everything… Basically his incentives where to get “Idiots” into the worst contracts possible. The worse the contract, the more he made… he made bank for awhile

I didn't disagree there are bad apples but I did take exception to you throwing all into that basket. Sometimes the incentive is to do your client right, plain and simple. I assume you believe your buddy in Colorado does it that way.
.
I can imagine what you might think if you knew I'm a former new car dealership owner. Grew up in and around the biz for 50+ years.
I'm well aware of unscrupulous activity in some dealers F&I departments....I didn't have an F&I person(s). I did it, and wrote paper at approved rate.

 

[Wmc]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

Just saying
@Wendi

 

[D19]

Trusting a Real Estate Agent, is just as bad as trusting a Mortgage Broker.

Why… they only make money if they close the contract…at the highest contract value as possible , because they make the most profit.

They do not get a bonus for getting the customer a better deal.. they get a deduct… make less money … Mortgage brokers get incentives/bonus for fucking the consumer over by getting the ill informed to sign off off on contracts that are not in the consumers best interest. YES… BONUS FOR FUCKING YOU OVER….

They LIE..
LIE LIE LIE LIE…

DUE DILIGENCE.. Is on the consumer, not the agent.. PERIOD..

NEVER TRUST THE ADVISE FOR A REAL ESTATE AGENT OR A MORTGAGE BROKER..
NEVER
NEVER
NEVER
NEVER
NEVER…

There paycheck does not revolve around saving you money… ITS THE EXACT OPPOSITE.


Lots of peeps on RDP will try to throw me under the bus….

NOT ONE OF THEM WILL DEBATE THE FACTS I HAVE ABOVE..

NOT ONE
NOT ONE
NOT ONE..

WHY… because payday revolves around a percentage of the contract value.

The higher the value, the higher the paycheck.

I dare any naysayer to state the incentive for getting a buyer lower purchase price.
Do real estate agents get an extra .25 points for getting the seller a 25K discount… nope?
Do Mortage peeps get an extra .25 points for getting anything better for the buyer….. ? Other than the interest rate…

NOPE… WHY BECAUSE THE INDUSTRY REWARDS THE EMPLOYEES FOR SELLING AT THE HIGHEST PRICE.. PERIOD.

THERE ARE NO INCENTIVES WHAT SO EVER FOR DISCOUNTS.


When the naysayers start naysaying… I dare them to show how the industry monitors the ethics of how the industry is run..

When they do… I will bury them..

HISTORY… PROVES MY POINTS…

Their is no outside regulatory bodies that enforce any type of regulations or policy's. Its a free for all. Its self regulated.. Meaning there are no regulations or policys… NONE..

If any one says otherwise. I would love to see the court documents/references of that lawsuit.

Highest service, not highest sales price or rate equals highest reward! Ever heard of repeat business? Without it, you'll starve or burn yourself out in the RE business.

I've been in RE for 17 years. I closed 4 transactions in the past 4- 5 weeks from referrals and past clients, because I do what's right and look out for client's best interest.

If you hire a discount agent/broker or hire someone who doesn't sell a lot, you're likely going to get someone who needs your sale to pay the rent. When you have a steady pipeline/income, it's really no big deal if something cancels. I'd usually rather have a cancellation than an unhappy client(s) (drama).

For the record. Agents don't decide on sales price. The buyer and seller do. Mortgage lenders don't decide on rates/ fees, the buyer does. Buyers and sellers of all services and products (consumers) need to take responsibility for their own actions. It's not the governments job to overregulate and protect everyone. That's communism!

I can make general comments like you. Here's one:

Most people who make comments like you did get burned by Mr. 1% or Mr. Discount and want to blame the entire industry, rather than blame themselves for trying to be cheap or not doing their homework.

I turn down people with your mentality regularly.

 

[Tamalewagon]

I believe we have a few mortgage guys here ???
My kid & his new wife just got the call from their builder.... go ahead & lock in. Closing in a few weeks.
Finally !!
So he called his broker a week ago and locked in 7 1/2%. Closing in a few weeks.
Rates just dropped yesterday. Now at 6 3/4%.
I told him call them back for the lower rate.
he's telling me thats against the law. Cant be done.....
Fuck, idk ??
anybody here lend a little intelligent input ?

TIA

Jim

shop the rate. If he tells you it is against the law to relock, he's bluffing, steering and extremely unethical. Run from this lender.