Posted by Patricia Koch on 4/18/11 9:07pm
Msg #380335

slow month

Is it slow for everyone this month or is it just me????

Reply by oldhippie_IL on 4/18/11 9:14pm
Msg #380336

It's slow. n/m

Reply by JandB on 4/18/11 9:44pm
Msg #380352

crazy slow

Hope the industry is just taking a breath. It does that from time to time.

Reply by sanjqnvly on 4/18/11 10:54pm
Msg #380364

Re: crazy slow

cannot believe how slow it is!

Reply by MW/VA on 4/19/11 8:48am
Msg #380388

see msg. 380347. n/m

Reply by 101livescan on 4/19/11 9:10am
Msg #380390

Lending industry I believe is in the midst of retrofitting...flat origination fees to loan officers, a lot of auditing of 2010 loans is underway, clean up, etc. Many events affect our business, but I believe things will pick up. It will take longer, however, for applicants to be approved. We're staring at more than a $1mil foreclosures for the coming year. People simply cannot pay their underwater mortgage paments. That will result in lower prices. We may see a surge of investors picking up these homes and first-time homebuyers getting into their own homes.

Reply by MW/VA on 4/19/11 9:30am
Msg #380394

I saw a $4200 origination fee on a refi I did yesterday (on a $170K loan). It will be interesting now that those fees can no longer be hidden.

Reply by Linda_H/FL on 4/19/11 10:25am
Msg #380413

I did a VA refi last week...costs were outrageous

Origination Fee $$2k, Discount Fee $4,200 (both more or less) - adjusted origination fee $6,200 plus some; total fees were $13,900 plus some - and this was just a VA loan (not a reverse where you expect higher fees) with no unusual charges...

Even the borrower blinked his eyes a couple times and wasn't real happy about them - and this was for a 3/1 - not even fixed for life of loan...ugh..

Reply by JanetK_CA on 4/19/11 1:53pm
Msg #380478

Re: I did a VA refi last week...costs were outrageous

Add to that, I read somewhere that borrowers are going to need to come up with more down payment $$$$$ on FHA loans. I thought it was hard to qualify before! But there *are* still people out there with money and they will be taking advantage of the bargains out there.

I did a signing last night for a guy whose company is in the business of buying properties. There was no first trust deed, just a hefty HELOC. It was one of the quickest signings I've ever done, so there wasn't much chatting, but I wouldn't be surprised if they used those funds to buy multiple properties.

Having said all that, there are some clever - and highly motivated - people in the loan business. I expect some will find a gimmick or a way to promote loans under the new rules and will keep reasonably busy. For example, I'm now hearing ads on the radio where lenders are hawking shorter term loans at the lower interest rates people have been expecting for the last couple of years. For those who can afford it, those are still a pretty good deal.