Posted by BrendaTx on 1/19/06 6:55am
Msg #89309

Interest Rates Why?

On Tuesday I did one for 5.75 %
On Wednesday I did one for 6.5%

The first was for a similar amount and was a greater credit risk.
The first one had their cc's rolled into the loan.
The second gave me a check for $995.

Tueday was US Bank
Wed was Midfirst

Enlighten me, anyone.

Did Tueday just luck out?

Reply by PAW_Fl on 1/19/06 7:01am
Msg #89310

The programs that a borrower qualifies for, which includes the interest rate, is completely up to each individual lender. As far as credit risk, you don't know what the borrower's risk assessment was. Again, that's the lender's call.

Different lenders offer different loan programs. It's just that simple. Don't try to figure out why this or that, it's just not worth the headache trying to figure any of them out.

Reply by John_NorCal on 1/19/06 7:16am
Msg #89315

Re: Some people just don't shop around either! nm

Reply by Bob_Chicago on 1/19/06 7:22am
Msg #89319

LTV ??

Tue may have had a much higher % of equity including the new
loan than did Wed.
Also US Bank may have known that YOU were doing the
signing and that everything would be perfctly executed.
Midfirst may have anticipated the signing being done
by a "six hour wonder"

Reply by Shane_OH on 1/19/06 7:44am
Msg #89322

2 Bwrs, both with the same credit score, same LTV, same everything, getting a loan from the same bank, can get 2 different rates?

Why? some LO's are better sales people than others, and make extra $$ by selling the higher rate.

Reply by Anonymous on 1/19/06 8:25am
Msg #89343

Shane is absolutely correct. Buyer beware and take care of yourself and shop around. An LO isn't going to. It's funny. After a signing I don't get calls for ss's or tc's, but from LO's wanting to be sure they got their big commission. I have had LO's even call me on holidays to get the confirming info.

Reply by Stamper_WI on 1/19/06 8:35am
Msg #89352

Ahhhhhh........such is the way of a commission paycheck. At least we have to option of invoicing for our services, which by the complaints of deadbeat companies on this site indicates goes on a lot. Straight commission doesn't get paid until the client signs and things fund.
Thats why realtors and loan officers can be annoying....they hold their breath a lot at the closing table....lack of oxygen makes them hyper.

Reply by PAW_Fl on 1/19/06 8:36am
Msg #89355

Unless I know and have worked with the LO, I do not provide them any information. They didn't hire me. I was hired by the title company (either directly or indirectly) in most cases and therefore all information is provided to them. If the LO wants to know details (other than did the signing complete), I tell them I am not a liberty to discuss that information with them - they need to contact the settlement/closing agent.

Reply by Teddog_CO on 1/19/06 8:55am
Msg #89367

PAW, and I don't "call them when it closes" either!

Reply by Teddog_CO on 1/19/06 8:53am
Msg #89366

You Got that one right! Those LO's are haunting us lately.

Reply by Charm_AL on 1/19/06 9:02am
Msg #89371

***Why? some LO's are better sales people than others, and make extra $$ by selling the higher rate.***

True! many lenders offer sub prime loans, even though the borrower is entitled to a better rate.

The one I love....I had a closing where the borrower had a good score, got a 7.2 and paid nearly 9k in C.C. sickening, the ignorance.

Reply by Teddog_CO on 1/19/06 9:13am
Msg #89381

Buyer Beware ! How True nm