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agrajeda
227 Posts |
 Posted - 03/29/2007 : 4:10:58 PM
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| How is it possible that First NLC's rate are so much lower than the rest of the lenders out there? |
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cbrock
271 Posts |
Posted - 03/30/2007 : 06:32:13 AM
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| not true they may close today |
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mortgagemessiah
8070 Posts |
Posted - 03/30/2007 : 06:34:09 AM
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| Brock, can you back that up? |
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mudshark
3924 Posts |
Posted - 03/30/2007 : 06:35:36 AM
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| Usually, when there are give-away rates, it's a sign that the lender is in trouble. They are basically doing this as a catch-up and playing a long shot that when the packages are ready for delivery, the spreads will alter in their favor. Ask MLN and Silver State how well that strategy worked. |
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AGreene00
3082 Posts |
Posted - 03/30/2007 : 07:02:31 AM
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| There is another thread on here claiming that First NLC is closing today so I wouldn't fall too madly in love with that great rate. |
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diesel350
572 Posts |
Posted - 03/30/2007 : 07:14:19 AM
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quote:
Originally posted by AGreene00
There is another thread on here claiming that First NLC is closing today so I wouldn't fall too madly in love with that great rate.
They are done. Just got confirmation. |
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agrajeda
227 Posts |
Posted - 03/30/2007 : 11:19:27 PM
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| I tried with my client and the best rate I could get at par was 12%. I also got this same rate with 2 other lenders and 2 more lenders said they won't even touch it. Then first NLC gives them a 10.3 with no prepay and a 9.42 with a 3 year prepay. This is a huge difference in rates. I just feel like I am not doing my job when I offer my client such a high rate and then she gets this huge of a difference in rate. I verified the rate with my AE who I haven't spoken to in some time and he confirmed the rate. To me it just does not add up. How can they do this? |
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Quicksilver
6303 Posts |
Posted - 03/31/2007 : 09:30:08 AM
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quote:
Originally posted by agrajeda
I tried with my client and the best rate I could get at par was 12%. I also got this same rate with 2 other lenders and 2 more lenders said they won't even touch it. Then first NLC gives them a 10.3 with no prepay and a 9.42 with a 3 year prepay. This is a huge difference in rates. I just feel like I am not doing my job when I offer my client such a high rate and then she gets this huge of a difference in rate. I verified the rate with my AE who I haven't spoken to in some time and he confirmed the rate. To me it just does not add up. How can they do this?
It's called "make more money before our company folds"  |
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AK__47
1684 Posts |
Posted - 03/31/2007 : 11:31:32 AM
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quote:
Originally posted by diesel350
quote:
Originally posted by AGreene00
There is another thread on here claiming that First NLC is closing today so I wouldn't fall too madly in love with that great rate.
They are done. Just got confirmation.
Where did you get confirmation?? I have a lot of friends who work there and they said they are still open. They did close 2 offices though. This is probably a sign of things to come. They also cut commission for retail employeess drastically.
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