Comments on: Moving to “the darkside” of the “ARITLP” http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126657 Rhonda Porter Fri, 20 Apr 2007 13:24:25 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126657 Ardell, you're giving me more material for posts. :) Ardell, you’re giving me more material for posts. :)

]]> By: ARDELL http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126503 ARDELL Fri, 20 Apr 2007 04:24:10 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126503 Rhonda, I do usually tell people to call well before or after 2, but that info is old. Glad to hear it is still pretty much the case. Rhonda,

I do usually tell people to call well before or after 2, but that info is old. Glad to hear it is still pretty much the case.

]]> By: Morgan http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126479 Morgan Fri, 20 Apr 2007 01:39:14 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126479 I have to agree with Rhonda, rates can change while you are staring at the computer screen trying to price a deal out. Rates, especially lately, have been jumping around quite a bit. The most important thing to inquire about with the lock is the length of the lock. This is especially crucial on purchases. A lender may try to undercut the competition by providing a quote based on a "short lock" - a lock under 30 days. In most purchase cases I recommend a lock of 45 days to give some wiggle room in case the 30 day escrow drags a bit. Otherwise I will set the lock according to the length of the escrow plus a cushion so that there won't be any last-minute lock expiration issues. This may make me less competitive than the originator quoting 15-day pricing, but I can always deliver, which lets me sleep at night. I have to agree with Rhonda, rates can change while you are staring at the computer screen trying to price a deal out. Rates, especially lately, have been jumping around quite a bit.

The most important thing to inquire about with the lock is the length of the lock. This is especially crucial on purchases. A lender may try to undercut the competition by providing a quote based on a “short lock” – a lock under 30 days. In most purchase cases I recommend a lock of 45 days to give some wiggle room in case the 30 day escrow drags a bit. Otherwise I will set the lock according to the length of the escrow plus a cushion so that there won’t be any last-minute lock expiration issues. This may make me less competitive than the originator quoting 15-day pricing, but I can always deliver, which lets me sleep at night.

]]> By: Rhonda Porter http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126478 Rhonda Porter Fri, 20 Apr 2007 01:31:21 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126478 "If they say it changed in the 3 hours it took you to call them all, they were lying in the first place. " Not true....rates CAN and DO change within 3 hours. They are based on mortgage bonds and lenders either offer "live pricing" or "rate sheets". We may receive several rate changes within a day if the market is volitile. If a consumer does not want to deal with rate changes, they should call late afternoon (after 2) when the markets are closed (PST advice) on the east coast. However, if a lender may still change rates after 2pm pst if they anticipate changes. “If they say it changed in the 3 hours it took you to call them all, they were lying in the first place. ” Not true….rates CAN and DO change within 3 hours. They are based on mortgage bonds and lenders either offer “live pricing” or “rate sheets”. We may receive several rate changes within a day if the market is volitile. If a consumer does not want to deal with rate changes, they should call late afternoon (after 2) when the markets are closed (PST advice) on the east coast. However, if a lender may still change rates after 2pm pst if they anticipate changes.

]]> By: Rhonda Porter http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126411 Rhonda Porter Thu, 19 Apr 2007 22:37:44 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126411 Ardell, I'm having issues with Mortgage Porter (typepad) sending and receiving "track backs"... this one's for you! http://www.mortgageporter.com/reportingfromseattle/2007/04/when_are_you_ob.html LMPI post will follow... I've been at Best Buy all afternoon with the Geek Squad for my lap top which is now behaiving perfectly (knock on wood). ;) Ardell, I’m having issues with Mortgage Porter (typepad) sending and receiving “track backs”… this one’s for you!

http://www.mortgageporter.com/reportingfromseattle/2007/04/when_are_you_ob.html

LMPI post will follow… I’ve been at Best Buy all afternoon with the Geek Squad for my lap top which is now behaiving perfectly (knock on wood). ;)

]]> By: Real Central VA - Tracking the Charlottesville and Central VA real estate market and more » Lenders, appraisers and more - Thursday links 04-19-2007 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126366 Real Central VA - Tracking the Charlottesville and Central VA real estate market and more » Lenders, appraisers and more - Thursday links 04-19-2007 Thu, 19 Apr 2007 20:00:57 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-126366 [...] 3 - Moving to “the darkside” of the “ARITLP”  and The Real Estate Agent’s Role in the Lending Process It is amazing (and somewhat sad) how many times I hear feedback from buyers and sellers that agents should listen to their clients rather than assume that the agent already knows everything. Jeff Brown writes an excellent article expanding on this concept.     * If possible, give the short answer at first.     * Follow that up with an explanation for that answer.     * Ensure that explanation is pure substance, with no guessing on your part.     * Give an example if possible, illustrating your explanation.     * Allow for chronological context if appropriate.     * Finally, ask them if your answer was sufficient. [...] [...] 3 – Moving to “the darkside” of the “ARITLP”  and The Real Estate Agent’s Role in the Lending Process It is amazing (and somewhat sad) how many times I hear feedback from buyers and sellers that agents should listen to their clients rather than assume that the agent already knows everything. Jeff Brown writes an excellent article expanding on this concept.     * If possible, give the short answer at first.     * Follow that up with an explanation for that answer.     * Ensure that explanation is pure substance, with no guessing on your part.     * Give an example if possible, illustrating your explanation.     * Allow for chronological context if appropriate.     * Finally, ask them if your answer was sufficient. [...]

]]> By: Brian Brady http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125884 Brian Brady Wed, 18 Apr 2007 06:51:12 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125884 For reference: http://delmar.typepad.com/brianbrady/2006/11/youll_never_get.html Thanks for the mention For reference:

http://delmar.typepad.com/brianbrady/2006/11/youll_never_get.html

Thanks for the mention

]]> By: Brian Brady http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125882 Brian Brady Wed, 18 Apr 2007 06:46:57 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125882 Wow! Great comments. I'm going to make a few: 1- Morgan's comment about using a fiduciary responsibility to "steer" the client is a good one. I have seen it happen all too much. 2- Ardell's response about the 800 credit scor and 30% down is equally as good...UNLESS...an agent misuses their fiduciary position to "steer" away from a loan program they have no knowledge about. 3- Rhonda is correct when she discusses the frustration of "doing the grunt work" to have someone else benefit. The answer to that is to charge an upfront application fee that puts some skin in the game. All too often, lenders work hard at processing another lender's loan. Collect your fee upfront with a provision that you will deliver the loan at x% for $y. It's done all of the time in commercial lending. Wow! Great comments. I’m going to make a few:

1- Morgan’s comment about using a fiduciary responsibility to “steer” the client is a good one. I have seen it happen all too much.

2- Ardell’s response about the 800 credit scor and 30% down is equally as good…UNLESS…an agent misuses their fiduciary position to “steer” away from a loan program they have no knowledge about.

3- Rhonda is correct when she discusses the frustration of “doing the grunt work” to have someone else benefit. The answer to that is to charge an upfront application fee that puts some skin in the game. All too often, lenders work hard at processing another lender’s loan. Collect your fee upfront with a provision that you will deliver the loan at x% for $y. It’s done all of the time in commercial lending.

]]> By: ARDELL http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125839 ARDELL Wed, 18 Apr 2007 04:34:19 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125839 Looking forward to it. Get some rest. Looking forward to it. Get some rest.

]]> By: Rhonda Porter http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125836 Rhonda Porter Wed, 18 Apr 2007 04:32:25 +0000 http://raincityguide.com/2007/04/16/moving-to-the-darkside-of-the-aritlp/#comment-125836 Ardell, I'm going to have to write a post on LPMI...it's one of my favorite programs...I think you'll like it too. :) I'm calling it a night. (This was my first day w/o theraflu). Ardell, I’m going to have to write a post on LPMI…it’s one of my favorite programs…I think you’ll like it too. :) I’m calling it a night. (This was my first day w/o theraflu).

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