Comments on: Head Scratcher: $100K loan orig. fee, poof! Maybe it’s our hot weather.

By: Brian Brady

Brian Brady — Wed, 09 Jul 2008 05:43:28 +0000

Loan officers are paid too much.

Rhonda, why are you trying to defend your compensation to all these REALLY smart people?

Everyone knows how easy it is to get a loan these days.

By: Jonathan Blackwell

Jonathan Blackwell — Wed, 02 Jul 2008 02:28:22 +0000

My question is why didn’t the borrower know about that $100K fee before? You can’t just spring something like that at the end.

By: Rhonda Porter

Rhonda Porter — Fri, 27 Jun 2008 23:52:51 +0000

Roger, You could have posted this comment under today’s rates, too!

That’s where the new GFE form is a joke IMHO…the rate cannot be guaranteed at all until someone is ready to lock.

Maybe instead of quoting rates we should quote commissions, “I promise to only make $2000 based on that day’s pricing”.

I’ve always thought we should be paid hourly based on the work involved with a transaction; like an attorney.

By: Roger Ingalls

Roger Ingalls — Fri, 27 Jun 2008 23:29:25 +0000

Rhonda:

A GFE without a pretty thorough interview is not of much use, either.

Thanks to the internet, there are a million places to get a rate quote, including here, every Friday. At least yours are honest.

Most of the time, a rate quote will not solve the problem the borrower is trying to solve. For that, you need to talk to someone knowledgable, and give them the same respect you expect to receive.

And yes, some loans are more time consuming than others, and should be priced accordingly, assuming we can estimate which loans will be more troublesome up front.

Try completing a loan using 12 months of bank statements to prove income, from 5 different bank accounts, or a full doc loan for someone with 10 rental properties, and you’ll know what I mean!

Oh, you probably have already!

By: Michael P Lindekugel

Michael P Lindekugel — Fri, 27 Jun 2008 22:58:13 +0000

the apology wasn’t sarcastic. the beach, of course, was.

I am a commercial real estate practitioner for investment and owner/user. I came from the number crunching world. B school. recovering CPA. corporate finance. yadda yadda.

By: Rhonda Porter

Rhonda Porter — Fri, 27 Jun 2008 22:19:27 +0000

Oh wait, Michael, you’re being sarcastic, huh? Got me again!

Seriously, what do you do for a living?

By: Rhonda Porter

Rhonda Porter — Fri, 27 Jun 2008 22:16:23 +0000

Michael, I want to be you…or at least join you!

By: Michael P Lindekugel

Michael P Lindekugel — Fri, 27 Jun 2008 21:42:31 +0000

Rhonda, I am sorry.

I sit at the beach drinking margaritas with laptop while commission checks roll in.

By: Leanne Finlay

Leanne Finlay — Fri, 27 Jun 2008 20:42:15 +0000

Michael & Rhonda, I would read “sarcasm” as too biting:-) …. which may be why Rhonda reacted… and I think everyone of us is sensitie to criticism of our incomes — we know how hard we all work, Michael, you included.

By: Rhonda Porter

Rhonda Porter — Fri, 27 Jun 2008 19:37:59 +0000

Roger, part of the CW case in WA is that GFE’s were not provided within 3 days of application. I will not quote a rate over the phone to a client w/o providing a GFE…I think it’s unprofessional. Consumers need to know what costs are associated with the rate that is being quoted.

I have been hearing many stories from consumers who have not been receiving GFEs from LO’s and the excuses that are being provided are amazing.

Borrowers: any LO can provide a GFE without running your credit or having loan approval–a GFE alone is not a loan commitment or guarantee of rate. It’s really just a rate quote.