[quote="ClulessDad"]If only 1 or 2 specific interest rates will be offered, I wonder how that will affect the MBS market? Of course, that assumes that FNMA will be around in 2011. Or maybe the 4/2011 start date for new compensation is timed for whatever will replace the GSE's?[/quote]
Hi,
Ive been out of the mortgage loop, but pricing from a small w/s lender was/is exactly as you described.
ie: USDA 30 yr fixed
5 1/4% with 1pt ysp on the back
5.00% 0 pts (youd need to charge in the front of course)
(this was from several months back if I remember correctly)
Im guessing that there is no off sheet pricing, but i'll ask tomorrow.
RE: Your question - My guess is business as usual with less profits for wall street bond traders due to tightening of rate offerings.
"That and a token will get me on the subway!"
Snets Nitroglycerin
Joined: 12 Nov 2008
Posts: 839
Location: Palm Beach County
Hey Palm Coast - I wasn't jumping on you - I was just pointing out that these issues had been discussed already in another thread - this one is just an extension and further discussion of that one - hey were Florida homies after all - it's tough enough to exist these days without creating anomisity with your neighbors and if you've been on these boards, you will see I've never done that.
[quote="Snets"]Hey Palm Coast - I wasn't jumping on you - I was just pointing out that these issues had been discussed already in another thread - this one is just an extension and further discussion of that one - hey were Florida homies after all - it's tough enough to exist these days without creating anomisity with your neighbors and if you've been on these boards, you will see I've never done that.[/quote]
Hey Snets,
No worries at all on my part. For real. If you noticed, I had a at the end of my post to you.
I guess I wanted a thread that pin points this topic.
first of all, they cannot charge 5% on a USDA loan. USDA caps the rate at a certain amount over the current FNMA pricing, so I believe 4.50 or possibly 4.625 is the most you can do.
Chase and MSI were both paying right around 2 pts ysp on 4.5 this morning- not sure if there were any mid day reprices.
first of all, they cannot charge 5% on a USDA loan. USDA caps the rate at a certain amount over the current FNMA pricing, so I believe 4.50 or possibly 4.625 is the most you can do.
Chase and MSI were both paying right around 2 pts ysp on 4.5 this morning- not sure if there were any mid day reprices.
sounds like you need a better lender.[/quote]
The 5% example is when the "wall street" rates get up to that %.
Regardless, this small w/s lender _ucks price wise. I think they are retail lender posing as a w/s lender too.
So based on your real w/s quote, they wanted to make 1.75% + +.
Yes - for the forums FYI here is MSI's rate sheet: (publicly available)
My initial thought on finding this info in 10 seconds is that makes NO sense to me. But I guess being that we are an open book when it comes to our compensation, it doesnt really matter.
http://www.msiloans.biz/Rates/.....eRates.pdf
Unreal, but still a frown turned upside down is a
Robin Sentinel
Joined: 30 Aug 2007
Posts: 3412
Location: Loveland, OH
My apologies in advance if anyone else already posted this.
For LO's and others in Arizona, AZ's Assn of Mtg Professionals (AZAMP) announced an event in Phoenix to discuss the changes. See their full blog entry here.
Quote:
Arizona Association of Mortgage Professionals
We want EVERYONE to be aware of what's happening to COMPENSATION for Loan officers! Here's Dan Huss, President of AzAMP, with an important message!
LO COMPENSATION CHANGES,
Reality as weknow it today.
Date: September 9th, 2010
Time: 6pm-8pm
Location: University of Phoenix, 4605 E. Elwood, Phoenix, Az. 85040
YOU MUST RSVP To this EVENT. Seating is Limited. Sign Up now to Guarantee your SEAT!!
Cost: $39.00- Non-Member Price
Cost for AzAMP and AMLA Members: FREE
AzAMP and AMLA Members: Membership has its benefits. This Program will be provided to you at NO COST as a benefit of your membership.
Non-AzAMP Members: The $39.00 Cost of this program can be applied to a reduced cost membership Package to AzAMP and NAMB for the balance of 2010.
Event alone $39.00
Event + 2010 membership $105.00
that's interesting - none of the conduits in my area have a clue what's going to happen - the new rules will probably be extended also - I keep asking them if they have any clues as to what's going on and no one knows anything (or at least they're not telling me anything) It will be news if anyone around the country gets some hard facts.
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