Comments on: Friday Rates are Improved http://raincityguide.com/2008/06/27/friday-rates-are-improved/ 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/2008/06/27/friday-rates-are-improved/#comment-320810 Rhonda Porter Wed, 02 Jul 2008 04:57:36 +0000 http://raincityguide.com/?p=1978#comment-320810 Good question, Jillayne. I don't know if this is a national or state movement. I just considered state to CYA for the correspondents being overlooked with the CLA law. I'll do some snooping. Good question, Jillayne. I don’t know if this is a national or state movement. I just considered state to CYA for the correspondents being overlooked with the CLA law. I’ll do some snooping.

]]> By: Jillayne Schlicke http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320807 Jillayne Schlicke Wed, 02 Jul 2008 04:42:29 +0000 http://raincityguide.com/?p=1978#comment-320807 I am a former member of WAMB so I did not get pinged. If so, my question would be, is the board of directors at WAMB planning on dropping away from the Nat'l Assoc of Mtg Brokers, and affiliating themselves with another national organization? I wonder if the name change is because their members are trying to move away from something they are (brokers) because that word now has a negative connotation. I think it's wiser to stay with the word Broker because it more clearly defines what it is their target members do. The group could be at the forefront in helping to change the current perception of "brokers." Perhaps they wish to include a wider variety of members who are more than just brokers. If that's the case, my first question still stands. I am a former member of WAMB so I did not get pinged. If so, my question would be, is the board of directors at WAMB planning on dropping away from the Nat’l Assoc of Mtg Brokers, and affiliating themselves with another national organization?

I wonder if the name change is because their members are trying to move away from something they are (brokers) because that word now has a negative connotation.

I think it’s wiser to stay with the word Broker because it more clearly defines what it is their target members do. The group could be at the forefront in helping to change the current perception of “brokers.”

Perhaps they wish to include a wider variety of members who are more than just brokers. If that’s the case, my first question still stands.

]]> By: Rhonda Porter http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320801 Rhonda Porter Wed, 02 Jul 2008 03:42:01 +0000 http://raincityguide.com/?p=1978#comment-320801 Roger THAT! LOL Roger THAT! LOL

]]> By: Roger Ingalls http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320800 Roger Ingalls Wed, 02 Jul 2008 03:34:08 +0000 http://raincityguide.com/?p=1978#comment-320800 Rhonda: I think there are more Mortgage Originators than Mortgage Brokers. Maybe they should call it WAMO! :) I crack myself up... Rhonda:

I think there are more Mortgage Originators than Mortgage Brokers. Maybe they should call it WAMO! :)

I crack myself up…

]]> By: Rhonda Porter http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320688 Rhonda Porter Mon, 30 Jun 2008 20:24:55 +0000 http://raincityguide.com/?p=1978#comment-320688 Roger, I was pinged too. I think the name change is a smart idea to try to smooth the ruffled feathers of correspondent lenders who were smacked with the new law when WAMB wasn't watching and trusted DFI. I'm wondering if it will pass. WAMB consists of far more brokers than correspondent lenders. They sent out an "atta-boy" email a few weeks ago about how their actions helped to save 95% of the members from CLA...well...they left 5% of us correspondents out. I have a hard time joining them in patting them on the back. Roger, I was pinged too. I think the name change is a smart idea to try to smooth the ruffled feathers of correspondent lenders who were smacked with the new law when WAMB wasn’t watching and trusted DFI.

I’m wondering if it will pass. WAMB consists of far more brokers than correspondent lenders.

They sent out an “atta-boy” email a few weeks ago about how their actions helped to save 95% of the members from CLA…well…they left 5% of us correspondents out. I have a hard time joining them in patting them on the back.

]]> By: Roger Ingalls http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320685 Roger Ingalls Mon, 30 Jun 2008 20:20:15 +0000 http://raincityguide.com/?p=1978#comment-320685 Rhonda: I just got pinged with a survey/vote from WAMB (Washington Association of Mortgage Brokers), and the main question is an approval of the board recommendation to change the name to WAMP, Washington Association of Mortgage Professionals. Good move, I think. As they explained, there is a lot of confusion about who is, or is not, a mortgage broker, due to recent changes in state law. Hopefully, they will continue to take steps to make sure that the members live up to the new name. Rhonda:

I just got pinged with a survey/vote from WAMB (Washington Association of Mortgage Brokers), and the main question is an approval of the board recommendation to change the name to WAMP, Washington Association of Mortgage Professionals.

Good move, I think.

As they explained, there is a lot of confusion about who is, or is not, a mortgage broker, due to recent changes in state law.

Hopefully, they will continue to take steps to make sure that the members live up to the new name.

]]> By: Rhonda Porter http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320550 Rhonda Porter Fri, 27 Jun 2008 23:37:51 +0000 http://raincityguide.com/?p=1978#comment-320550 BECU's rate for a true jumbo is very close to what I'm quoting. The rate is 0.125% better but they are charging a small discount and higher fees. As I mentioned in my comment above, there is a huge span with the Jumbo market during these times. I only see one credit union offering the rate you quoted, the others are a bit higher. No rate means anything unless you have a GFE with the LO guaranteeing closing costs. Even then, unless it's locked it's just a rate quote and can (and will) change. Most of the individuals I've worked with opt to structure the mortgage in order to take advantage of the conforming jumbo rates...however if your loan amount is that significant and you can find a better rate with a credit union you trust will perform, I'd have a hard time convincing anyone to not select that option. BECU’s rate for a true jumbo is very close to what I’m quoting. The rate is 0.125% better but they are charging a small discount and higher fees. As I mentioned in my comment above, there is a huge span with the Jumbo market during these times.

I only see one credit union offering the rate you quoted, the others are a bit higher. No rate means anything unless you have a GFE with the LO guaranteeing closing costs. Even then, unless it’s locked it’s just a rate quote and can (and will) change.

Most of the individuals I’ve worked with opt to structure the mortgage in order to take advantage of the conforming jumbo rates…however if your loan amount is that significant and you can find a better rate with a credit union you trust will perform, I’d have a hard time convincing anyone to not select that option.

]]> By: Rhonda Porter http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320549 Rhonda Porter Fri, 27 Jun 2008 23:31:39 +0000 http://raincityguide.com/?p=1978#comment-320549 Good question, Sam. I am researching all the lenders that we work with (just about every bank/lender you can think of)--we do not sell loans to credit unions and sometimes they do have very competitive rates that you must qualify for. There has been a huge spread in rates with Jumbo financing--investors on Wall Street still don't want them. I just have one lender that's offering the rate I quoted today--the rest of the lenders are much higher. It's simply different sources of money. Good question, Sam. I am researching all the lenders that we work with (just about every bank/lender you can think of)–we do not sell loans to credit unions and sometimes they do have very competitive rates that you must qualify for.

There has been a huge spread in rates with Jumbo financing–investors on Wall Street still don’t want them. I just have one lender that’s offering the rate I quoted today–the rest of the lenders are much higher.

It’s simply different sources of money.

]]> By: sam mcneil http://raincityguide.com/2008/06/27/friday-rates-are-improved/#comment-320547 sam mcneil Fri, 27 Jun 2008 23:18:04 +0000 http://raincityguide.com/?p=1978#comment-320547 One question I've always had - looking at your jumbo rates (true jumbo) - you are 7.875% for 0-points. Various Credit Unions (https://www.penfed.org/productsAndRates/mortgages/firstMortgageLoans.asp#jumbo for example), are at 6.25% for the same loan (amount, score, points). Granted, you have to be a member, but you can become one for $20 by joining an organization. Searching mortgagemarvel.com shows a bunch of other credit unions in the 6% range for 0-points for the same loan. If it was a .25% difference, I'd understand, but that difference is huge. What enables these credit unions to be so far below the non-credit union world for pricing? One question I’ve always had – looking at your jumbo rates (true jumbo) – you are 7.875% for 0-points.

Various Credit Unions (https://www.penfed.org/productsAndRates/mortgages/firstMortgageLoans.asp#jumbo for example), are at 6.25% for the same loan (amount, score, points). Granted, you have to be a member, but you can become one for $20 by joining an organization. Searching mortgagemarvel.com shows a bunch of other credit unions in the 6% range for 0-points for the same loan.

If it was a .25% difference, I’d understand, but that difference is huge.

What enables these credit unions to be so far below the non-credit union world for pricing?

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