"Hi everyone, A top-producing LO buddy of mine is being driven crazy by recruiters. They call and call and each promises that the lender they represent is the BEST at pricing and approving jumbo and super-jumbo mortgages, which has been his specialty for almost two decades. After the only company he'd ever worked for went out of business, he was recruited by his current company and chose them because they claimed to be very interested in expanding jumbo business. That turned out to be false; even..."    View Post

"LOs at banks haven't been able to get overages for a long time now. Honestly I think it is better for the industry because it makes it less like buying at a used car lot. Especially since study after study has revealed unconscious bias among salespeople and women and minorities are routinely charged more when salespeople have discretion to set prices. Not always deliberately but more often because of a perception that they won't bargain as hard."    View Post

"There are three things that got my attention here: First, you have been resetting and your rate is at 5.25% (not the under 4% that some others are enjoying these days. So the spread between what you are paying on your ARM versus what you would be moving into to fix your loan is relatively small. Your aversion to risk and the fact that you plan at least a ten year tenure in the property would make me lean towards advising that you lock it and get some sleep. However, have you considered that 5/1 hybrids..."    View Post

"None of these people would think the lender was being fair if it wanted to change its terms when property appreciated. Why do they expect lenders to share in the risk when property values go down? You can't have it both ways. And even those being offered rescue by the Hope for Homeowners threw a fit about having to share future appreciation with lenders and taxpayers who were helping them out. People need to keep in mind that as long as they keep their homes any loss in value is only a paper..."    View Post

"Plunging values, job losses, tightening underwriting guidelines--which have proven the biggest obstacle to your clients? What is the Biggest Obstacle to Refinancing? Stated income loans are gone. Subprime loans are gone. Equity has dried up. Jobs are uncertain. Government-backed loan limits reduced. All bad news, but which has been the hardest on your refi business? Lack of equity due to decreasing home values (92.5%) Lack of equity due to negative amortization (0%) Prepayment penalties (0%) Insufficient..."    View Post