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Carolyn Warren
CarolynWarren

California
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Comments
"I am recommending locking in this morning for my clients. Rates are GREAT today! In this market, you have to grab a great rate while you can, because the low doesn't last long. Rates go up faster than they go down. We've all seen rates go up by .5% in one day and then take a month to go back down again. My advice is to avoid being unrealistic with your rate expectations. Floating to save an eighth of one percent will be seen as "greedy" when rates go up by a half of a percent and..."    View Comment
"Countrywide, BOA, nor any other lender can demand a buyer to finance through their company. COERCION IS ILLEGAL. The law maintains that a borrower has the right to choose their own lender. I've had several buyers in that same situation, and I've always called the CW/BOA rep. and explained I had the borrower already fully DU approved, etc., and that I've been working with them for x weeks, and that it was their choice to go with me for financing. Consequently, I've never lost a client..."    View Comment
"All professional loan originators know the FHFA's response to our complaints about HVCC is nothing more than a lot of political hot air. Like politicians, they refuse to admit their sins or errors. And they won't admit they made a colossal mess with HVCC -- even though that's exactly what they did. We're neither fooled nor persuaded by their gobbledygook."    View Comment
"HVCC prevents a loan officer from requesting an appraisal from a LOCAL, EXPERIENCED, COMPETENT appraiser. Just this month, an appraiser refused a request for an appraisal on a home that sold for $2.5 million last year -- on the grounds -- get this -- that it was raw land. The appraisal was ordered through Landsafe, or should I say Landdangerous, per HVCC rules. No local, competent appraiser would have done that. As a result, the lock expired and the deal fell through. HVCC was not written by mortgage..."    View Comment
"Playing the rate gamble game is very risky right now. If you see a rate you like, lock. Remember, rates go UP a lot faster than they come down. It's not unusual for rates to increase .5 in one day but go down only .125 in one day."    View Comment
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Forum Posts
"I'm looking for a wholesale lender for a rate & term refi in CA. $1.4 value; $1 mil. loan. 75 LTV, but could bring in cash to lower to 70 LTV Wants 30-yr fixed rate. So far, I can find only 5/1 or 7/1 ARM. (Rate can't be higher than 6.5.) If anyone can help, I would greatly appreciate it."    View Post
"Washington Federal is a "make sense" manual underwrite lender with several wholesale offices in Arizona. Not sure of max loan size."    View Post
"I've located out-of-state appraisers by doing a google search of the word appraiser + "city, state." Good luck!"    View Post
"Most lenders do not charge a fee to lock in your interest rate. Some lenders are asking for some kind of money up front --whether it be an application fee, lock in fee, or whatever --to protect them in case you don't go through with the deal. When a lender gets "burned" too many times by borrowers who cancel in the middle of the process, they may decide to charge a non-refundable fee, so if you back out, at least they get paid something. Remember, loan officers and lenders don't..."    View Post
"Arizona is a non-recourse state , meaning the lender cannot come after your other assets in the event of a foreclosure. This is one of the reasons the default rate is so high there. As you know, if you default on either a first mortgage or a second mortgage, such as a HELOC, your property may go into foreclosure."    View Post
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