Mortgage Rate Watch - All Comments

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Victor Burek — Fri, 20 Nov 2009 12:39:10 GMT

thanks for the information Daniel. Anthony, excellent point which i should have mentioned in the blog, thanks.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Anthony scricca — Fri, 20 Nov 2009 03:27:03 GMT

the HVCC process is flawed in many ways . The appraisal can't be used to shop for the best deal. How does that help the consumer. They are overcharged and do not have the ability to compare rates and programs without paying again for another appraisal.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Daniel — Fri, 20 Nov 2009 02:29:50 GMT

Only problem with ING is they take forever to underwrite, rip appraisals in review, and they do not protect brokers. If your client calls ING directly, and asks to get the loan directly, ING will then by pass the broker. Also, if you already had an appriasal done and submitted, they will use that appraisal, too.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Victor Burek — Thu, 19 Nov 2009 22:48:27 GMT

Hey Thomas, last i checked ING would not do refi's in Texas. But i have heard good things abou them. I do appreciate the information and i bet we have a few readers that do as well.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Thomas Quann — Thu, 19 Nov 2009 22:12:40 GMT

Paying 1.5 in ysp.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Thomas Quann — Thu, 19 Nov 2009 22:10:38 GMT

Victor, Ever try ING Mortgage. They blow away U.S. Bank. They like ltv but I am delivering my borrower 3.875% 500k 5/1 Arm paying . Here is the link to their site...Good Luck. http://www.ingloans.com/wholesale/index.html

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

jdeyber — Thu, 19 Nov 2009 21:08:00 GMT

The way I see HVCC, it takes away any professional control from me, the person the customer trusted to handle their transaction. On top of their "brick wall" process mentallity, the appraisers seem to be so scared about putting at risk their E&O Insurance that they tend to be super conservative when the comps may support a more accurate value. This will only add to keeping the prices soft or declining. This is not consumer friendly any which way you slice it.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Victor Burek — Thu, 19 Nov 2009 19:35:50 GMT

Client, i do not do many jumbo loans, but have you checked out US banks arm pricing? I agree Alex, AMC are taking a much to large share of the cost. Also, AMC's do not report to the lender how much they pay the appraisers. So i dont think anybody knows how much each get.

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Clint Elliott — Thu, 19 Nov 2009 19:03:22 GMT

Conforming Jumbo ARM's seem to up considerably. A I just seeing things?

re: HVCC Petition Submitted; Mortgage Rates Hit Floor

Alex Magro — Thu, 19 Nov 2009 18:48:04 GMT

It is a good idea if the midleman is forced to reduce their charges for doing nothing except scheduling an appointment. After all this HVCC was instituted to stop appraisers from issuing appraisals to please the lenders so they could increase their revenues by issuing more loans. The lenders and middlemen should pick up the extra cost since it was their fraudulent practices that effected the need for HVCC.

re: Mortgage Rates Marginally Lower. Would You Lock or Float?

Victor Burek — Wed, 18 Nov 2009 12:45:18 GMT

Doing a lock for more than 30 days results in higher costs. I addressed that in the blog. Since rates are at historic lows, there is probably only one direction to go, higher. If you are closing within 45 days, i would recommend you pay the additional fee and lock. think of it like good insurance. thanks for reading and commenting.

re: Mortgage Rates Marginally Lower. Would You Lock or Float?

John Toepfer — Wed, 18 Nov 2009 04:29:42 GMT

would you float a purchase right now that may not close past 30 days. isn't there a part of this site that addresses time frames and lock risks?

re: Mortgage Rates Marginally Lower. Would You Lock or Float?

Victor Burek — Tue, 17 Nov 2009 20:42:12 GMT

Neglas? I do agree about locking though.

re: Mortgage Rates Marginally Lower. Would You Lock or Float?

brian chernega — Tue, 17 Nov 2009 20:10:38 GMT

i say lock like you were betting the neglas vs the steelers in a playoff game. LOCK city

re: Mortgage Rates Marginally Lower. Would You Lock or Float?

Chad — Tue, 17 Nov 2009 19:20:26 GMT

I definitely say lock today. I have locked 6 loans all ready from last weeks pricing on Friday to yesterday. Rates right now are insane!