Posted by Bob_Chicago on 10/4/07 12:39pm
Msg #214751

Worse loan that I can recall. Last week, $900K, 71/2% ARM..

$30 K of broker costs, (including $10K YSP) Plus PMI
No credit card payoffs and needed to come up with $$ to close.
Bwrs kept saying that they need to get their credit scores up.
Last minute and , of course, broker called several times to make
sure that all was OK. Thanked me profusely when I told him
that it was signed.
Remember ---Monday is Columbus Day

Reply by dickb/wi on 10/4/07 12:50pm
Msg #214756

new bill being introduced in congress by.......

barney franks and others to change way mtg brokers get paid......one of the things in the bill is to eliminate the yield spread which really only raises the int rate to the borrower....mtg brokers are going ballistic.....your closing adds credence to the bill imho......