Look what came in my inbox today!!!

booboo60March 16, 2011

Three years ago Dh and me were looking at loans before we put our house up for sale. So we talked to this guy, a loan officer, who was a "friend of a friend". Nice guy but never ended up needing him because we decided to sell our house.

He must have sent out mass emails today!!

"I just want to let you know that if you would like to Purchase a new home or Refinance your existing home that changes are a coming.

These changes will include the following

* You will have a choice of one rate on any given loan product. Any changes will cost you

* Lenders can not help with closing costs because you are not paying the Loan Originator any longer

* Rates will go up at least and .250% on April 1st

* You will not have any closing costs really BUT the investor will pad it in the rate

* 800 fico scores will be no different than 680 fico scores on some loans. Remember one rate and you can buy it down at your costs with no help from your lender.

Look, I hope most of you look at this and say " Thank god I have this handled and I don't have to worry about it" . If you have not made a move look at this as your last opportunity truly to have choices in your loan transactions.

If you have your application in with most lenders before March 31st and your loan is locked you have the chance for a better rate, more flexibility and less money out of your pocket.

You can look at this a a scare tactic to drum up business but really that is not the case. The consumer has no idea what is coming down here on April 1st. Heck folks most of the banks are scrambling to have an understanding on what they can do and what they cant do. TODAY is exactly as you know it! April 1st will not be that way.

If you are in the search for a new home, want to refinance your existing home please don't hesitate to call me or your existing loan originator. Rates are still great considering all the changes but again for the next two weeks your will have a choice and have an opportunity to control your costs.

Call me if you have any questions.

Application and your loan locked by March 31st."

Is this new news??

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kudzu9

Hmmmm...

    Bookmark   March 16, 2011 at 4:54PM
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terriks

It sounds like he is trying to scare people into acting now. I would never do business with anyone who uses this kind of tactic.

    Bookmark   March 16, 2011 at 5:49PM
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booboo60

I found this article re the "loan makeover", very interesting and really not "new news".

Here is a link that might be useful: April 1st

    Bookmark   March 16, 2011 at 8:11PM
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marie_ndcal

Delete and block

    Bookmark   March 16, 2011 at 9:38PM
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booboo60

I'm not sure "marie" but are you insinuating that I am "spamming"? If not, sorry for jumping to conclusions but I have seen others falsely accused and just want to set the record straight, I am not posting spam nor have I ever! I really did receive this email today and I had not heard of this news before so I was just looking to see if anyone else had. The person that sent the email was a guy at my former church and I believe he was being sincere.

    Bookmark   March 16, 2011 at 10:08PM
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pamghatten

That definitely is a scare tactic ...

The Federal Reserve published new requirements in regards to Loan Oficer and Broker compensation. Naturally, their requirements are open to a lot of interpretation, which is causing a lot of issues. But having sat in meetings and read numerous articles about this change, it shouldn't really affect a borrower, except to maybe create a more level pricing structure for everyone.

If you google "Loan Officer Compensation", you'll get more information than you care to know.

    Bookmark   March 17, 2011 at 1:00PM
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terriks

Hmm, so it sounds like loand officers are more concerned about their compensation than serving their clients??

    Bookmark   March 17, 2011 at 1:50PM
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LilFlowers MJLN

I think marie was telling you to delete and block your message that you received from this guy.

    Bookmark   March 18, 2011 at 3:24PM
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marie_ndcal

I am sorry, I did mean(suggest you might want to delete and block the sender, NOT You.

Since I fell on ice a couple of weeks ago and hit my back so hard my fingers don't always coordinate with brain.
Again, I am sorry.
Marie

    Bookmark   March 18, 2011 at 8:16PM
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dreamgarden

"I'm not sure "marie" but are you insinuating that I am "spamming"? If not, sorry for jumping to conclusions but I have seen others falsely accused and just want to set the record straight, I am not posting spam nor have I ever!"

The way I read it, I took 'Delete and block' to mean that you should consider the message from the loan officer to be spam, not the OP.

That sounded like a nasty spill (Marie). Hope you heal up soon.

    Bookmark   March 21, 2011 at 10:04AM
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