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Risk Based Pricing. How Mortgage Rates are Determined Property Type and Property Use

Started by JeffX · 12 months ago

Risk Based Pricing.  How Mortgage Rates are Determined  Property Location and Property Use

In the world of residential mortgage Risk Based Pricing (RBP), Property Location and Property Use are two factors that have nothing to do with the actual borrower, whereas the same borrower would receive two different sets of program and interest rate ... Continue reading »

4 comments

  • Michael

    12 months ago

    Lender Police at http://www.lenderpolice.com seems to have taken care of the mortgage lender loan fraud problem for Borrowers, Closing Agents, Mortgage Lenders, and Real Estate Agents.

    Always use Lender Police after you apply for a mortgage loan. They’ll tell you if your lender is giving you a good deal or not in one of two ways. You can purchase a good faith estimate review for $99 that will tell you if the interest rate, points, fees, and rebates you’re being charged is appropriate for your situation. The loan document review for $199 verifies that the loan documents that you’re signing are for the same loan that you were quoted and your lender didn’t slip in any extra points, fees, pre-payment penalties, or is receiving a lender rebate for selling you a higher interest rate than you qualify for.

    A mortgage loan evaluation from Lender Police is the only way to guarantee your lender isn’t trying to rip you off.
    reply
  • JeffX

    12 months ago

    Thx Lender Police...I can appreciate your product so i'll leave the comment, however, my comment thread isn't a place to advertise your services. A simple mention is more than adequate.

    J-
    reply
  • Tom Vanderwell

    12 months ago

    Other than loan limits (which are geographic) are you really seeing different rates for different geographic locations? I can write loans in 37 of 50 states and the rates are the same for the same loan situations no matter what state it's in. (Meaning a $200,000 30 year fixed rate on a $300,000 purchase owner occupied would be the same rate no matter what state it is in as long as it's one of the 37 I can do.

    Interesting, I've seen LTV issues (due to declining markets) but I've never seen rate differences.

    Tom Vanderwell
    straighttalkaboutmortgages@gmail.com
    reply
  • JeffX

    12 months ago

    Are you a broker or a banker?
    I see price and rate differences across the country quite frequently, off the top of my head I recently saw a PA based bank had a .25% price for the worse if the property was located in New Jersey.

    Lower LTV underwriting criteria req's has caused a price for the worse for those who now exceed it, from what I've seen.
    reply

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