Posted by AngelinaAZ on 3/17/06 12:37pm
Msg #106252

For Satomi... about cancellations

I wanted to add one more thing to my opinion below about the cancellations.

Here is a real example of what I was talking about.

I helped by brother-in-law refinance in Jan-Feb. He had gone through some really tough financial times... a nasty divorce last year and needed to pay off some collection stuff.

His profile...

Annual income - $45K
Credit Score - 568 (yes 568)
Loan to Value Ratio - 30%
30 Day Lates in last 12 mos - 2

He called CW first because he was with them and they hemmed and hawed because of his bad credit and other crap and said he needed a band-aid loan.

They quoted him a 2/28 ARM starting at 8.85% with an additional 5 points. For that "great percentage rate" he would have paid 12K.

He called Greenlight and Ditech and a few others and it was the same deal.

I shopped around for him and found a great company who gave him a FMFM 30 year fixed at 6.85% with an additional 1 point. The closing costs were reasonable... the appraisal was fast and fair... and the loan closed in 27 days from start to finish.

I was amazed... in the back of my head I kind of thought that it was too good to be true for him and that it would fall through but nope... it funded with no problems. When I spoke to the loan officer he said that they are a direct lender and they get paid on whether or not the loan closes NOT a percentage on the amount that the lender will make from the loan.

I think that people are finally starting to realize that all Loans and LO's are NOT equal.

Reply by Calnotary on 3/17/06 12:41pm
Msg #106258

Can you provide us with the lenders name?

Reply by AngelinaAZ on 3/17/06 1:17pm
Msg #106283

Sure thing...

Freedom Mortgage
Charles Thorn - LO
(800) 220-3333 ext. 2153

Tell him Angelina sent ya... (or maybe not... I think he thought I was a little neurotic with my gazillion questions).

I have no affiliation with him or the company... just a happy brother-in-law! (Any happy in-laws are a bonus!)

Reply by SatomiCO on 3/17/06 1:22pm
Msg #106289

Re: about cancellations - Angelina

I know we have to be impartial, and I force myself to be. However, sometimes when BOs put these LOs on speaker phone, it's all I can do to keep my jaw from hitting the table or worse yet, the floor.

Reply by AngelinaAZ on 3/17/06 1:31pm
Msg #106295

Re: about cancellations - Angelina

Tell me about it! Sometimes I find myself thinking... "Don't Sign.... Doooonnnn't Sign... Please don't sign that"... aaaahhhh crap!