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Rob Ellis
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"While I'm not 100% sure Larry I don't believe the #'s include chartered bank LO's; last figure I saw was there was just under 200,000 LO's nationwide."    View Comment
"@Jason - Completely agree with you, the total cost of money wasted surely could have righted housing by now. Problem is the folks get squat, political lobbyists get paid. Most people aren't aware that banks are the most powerful (in terms of monies spent) lobbyists, guess who got the help? Then throw in the other lobbies such as union labor, teaching, etc. and you can trace a direct arc to where the stimulus money was spent. @Shawn - You could but you'd be punishing mortgage holders (75%..."    View Comment
"Gary, this all depends on whether they allow the "short refi" which entails removing the negative equity. If I'm not mistaken the last CoreLogic estimate put the AVERAGE negative amount at $65,000. Remove $65k from someone and you save nearly $350 a month assuming exact same rate (based on $265k loan to $200k). Throw in an interest rate reduction and the average savings is $400+ a month; that's very substantial and we all know that money would be spent, not saved. The elephant in..."    View Comment
"@Frank - Agree with your overall assessment, however there's one item to take into consideration regarding the short refi strategy. You mentioned purchases will drive the market, that's true. What we have though is 25% of homes upside down preventing them from selling, and then subsequently buying another home. These folks have been forced to sit on the side lines. So, in conjunction with the short refi, the ability to sell soon thereafter, without penalty and or a short sell option with..."    View Comment
"Brad, here's the problem, while you are correct in pointing out that the likelihood of default decreases with a refi the issue is the transfer of risk and or loss. Using your example of "really underwater" let's assume two scenarios, the first is the person can refi to today's rates yet still are upside down, the new lender now has a negative equity position. Or, if they forgave the upside down amount someone eats that loss, MBS investors have went to court (and won) in that..."    View Comment
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"Thanks for the all the replies. I contacted title co and they are working on getting it straighten out."    View Post
"50 minutes into my closing, I noticed the address on my mortgage documents was listed incorrectly. The street name was listed as avenue but it should have been a drive. My LO stepped outside the meeting room and called the title company and he came back and said everything was good to go but I will need to sign an amendment in a week or so. So it's been 2-weeks since I heard from my LO. I have tried contacting the him but to no avail. I will be stopping by his office to get some answers but I..."    View Post
"No, my lender is not charging me a point for oringation fee, just the lender fees. So is it safe to say that for a prime borrower who is going through a WF lender, the rate will always be .25% higher then WF's website?"    View Post
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