Posted by RJE/MI on 5/26/10 6:52am
Msg #338278

Working again!

I went from absolutely no signings to the point where I don't even get home in time to say goodnight to my babies. I couldn't figure out what was going on but noticed all these signing were for borrowers who have excellent credit and would mention they weren't even planning on refinancing.

They were getting letters from their lenders offering quick closings with lower rates. They were being encouraged to continue to make the same payment they were making on their orig. mortgage for a faster p/o.

I'm impressed with the marketing idea. By encouraging bo's to refi they get the front heavy interest all over again. Bo's appear happy and I'm busier than ever.

Sorry if this has already been brought up I'm just so glad to be working again.

Reply by CF on 5/26/10 8:51am
Msg #338286

I have been noticing this a lot too. I have to wonder if this is a way for the lenders to circumvent working with the homeowners in trouble by posting high numbers of transactions....they are just leaving out that they are not really helping anyone that is distressed???

Of course, I am glad to be steady and working too.

Reply by Kay/IL on 5/26/10 10:15am
Msg #338308

Over the last couple of months, I've been getting plenty of closings describing the exact situation.

I hope these lenders continue to encourage folks to borrow.