The XBroker - Latest Comments in Risk Based Pricing. How Mortgage Rates are Determined Property Type and Property Use

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

JeffX — Tue, 08 Jul 2008 00:15:07 -0000

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.

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

tvanderwell — Tue, 08 Jul 2008 00:01:11 -0000

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

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

JeffX — Mon, 07 Jul 2008 22:53:23 -0000

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-

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

Michael — Mon, 07 Jul 2008 22:26:17 -0000

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.