Posted by John_NorCal on 10/27/06 12:19am
Msg #155417

Thursday Night Fights (almost)

Get a call for a last minute signing just 5 minutes away. They call me back after mulling over my fee. Print docs and off I go. Only ID wife has expired 13 yirs ago, call for CW's turns out I knew one of them personally.

OK, sit down for signing. Wife comes over, looks at est. closing costs and pitches a fit. Says to hubby what have you done?? $640,000??? How much equity do we have now? What 20%!!! Looks at bills to paid, gets hotter and hotter. Feeling very uncomfortable as husband tells her be quiet. She looks at papers somemore and decides to sign.

Get to note and low and behold rate is 8.625 on a negative am loan, not even what he agreed to. Call to LO, (get real)!, he went home to think of how to spend the commission money even though BO told him I was coming and to please be available for questions. Needless to borrower won't sign, not at that interest rate. He pointed out that he had over 700 fico score. What are these LO's thinking about, other than the commission?
Oh well, time to hit the hay and go on to the next one tommorrow.

Reply by PJM/MI on 10/27/06 6:33am
Msg #155429

It amazes me the messes people can get into with their finances and then expect miracles with a re-fi. What really amazes me is how many bo's I have that are "return" customers. And why? One of 'em is a shop-aholic.
What you described is very similiar to what I witnessed the other night. With that loan, the lo was available, but Mr. decided his ARM on his second at a local bank wasn't so bad after all. He didn't sign.
Makes me glad to be the one & only responsible for my finances!