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MrPositive
29 Posts |
 Posted - 03/27/2008 : 7:08:46 PM
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Well I for one no longer use these guys, but here is a new disclosure form.
https://pfloans.provident.com/pdf/forms/brokercomp.pdf
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sallen11867
3 Posts |
Posted - 03/27/2008 : 7:16:31 PM
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Some states like Florida require these forms to be filled out and Provident may have just made it companywide. Either way, I used them once and it took FOREVER for the loan to close.
quote:
Originally posted by MrPositive
Well I for one no longer use these guys, never will no matter what. However, here is yet another reason why I refuse to use them....
https://pfloans.provident.com/pdf/forms/brokercomp.pdf
This is not a law. Why are they forcing this on us? I for one never take advantage of my clients, however does BofA disclose how much they make on each mortgage? Does the builder disclose how much it cost to build the house, does the lawyer disclose how much a case costs him? Good riddance Provident!
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Chris Clark
5966 Posts |
Posted - 03/27/2008 : 7:19:24 PM
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| heck, i'm glad you showed me that form. i'm a firm believer that's how it SHOULD be disclosed and may actually start using them as a result of it. |
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CoralSnake
10889 Posts |
Posted - 03/27/2008 : 7:21:20 PM
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Its better than Wamus form, but Ive closed with that one as well. And customer service at Wamu calls them to make sure they understand the form.
Lenders are afraid of getting sued, because the borrower says "Thats not what my broker told me...".
They want to make sure they understand the rate and that if they pay you directly, they may actually be able to have a lower payment.
I wont say I love it, but its not so crazy when you know where the lenders are coming from on this. |
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MrPositive
29 Posts |
Posted - 03/27/2008 : 7:22:12 PM
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| I do disclose everything to my clients, in fact we have been a Flat Fee outfit for the past 3 years, however I just do not like a lender acting like a governing body. Go ahead use them, I wish you all the best in the world. Just research them before you jump in with both feet to decide if they are for you or not. Like I said originally, I was done with them already this was just more of their conditions that no one else asks for, at least yet. |
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jillstatz
657 Posts |
Posted - 03/27/2008 : 7:22:18 PM
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| Wells Fargo is also requiring these forms on all loans at this time. |
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CoralSnake
10889 Posts |
Posted - 03/27/2008 : 7:23:50 PM
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quote:
Originally posted by MrPositive
I do disclose everything to my clients, in fact we have been a Flat Fee outfit for the past 3 years, however I just do not like a lender acting like a governing body. Go ahead use them, I wish you all the best in the world. Just research them before you jump in with both feet to decide if they are for you or not. Like I said originally, I was done with them already this was just more of their conditions that no one else asks for, at least yet.
I have never sent a loan to Provident and have no plans to (and I am signed up with them).
And like I said, Wamu has been doing this for 6 months probably. |
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CoralSnake
10889 Posts |
Posted - 03/27/2008 : 7:26:56 PM
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Someone else is posting about this from Wells now:
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=211996 |
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CoralSnake
10889 Posts |
Posted - 03/27/2008 : 7:27:32 PM
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Seems like its getting popular out there.
Lenders wanna cover their asses. Nothing more. |
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MrPositive
29 Posts |
Posted - 03/27/2008 : 8:47:04 PM
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You know what truly ***** about this, it is that the only reason we have these issues now is because of unscrupulous LOs who got in this business in the past 5 years, took advantage of people and have now left the industry. While the rest of us, who have been in it much longer, and are in it for the long haul (ie. OUR CAREERS) have to pay for it! Bottom line, the government once again turns a blind eye towards a problem, then when it blows up (an it always blows up) they have a knee jerk reaction. The lenders preparing for this nonsense start requiring these ridiculous disclosures.
At the end of the day, I ahve no problem disclosing what I am making, hell the borrower is disclosing to me how much they make. I could not care less, most of my clients know that they are getting one of the lowest rates out there and are happy with the services I provide. About 2 months ago, I closed a loan for a guy, $415,000 rate and term. I paid all of his closing costs, did not charge orgination and walked away with $5000 in profit give or take a hundred. He saw this, and could not have cared less. I was still the best game in town. Still it bothers me that the government is going to punish us, the good LOs.... Oh well, that is why I am a Libertarian. |
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lunarhamster
4052 Posts |
Posted - 03/27/2008 : 9:01:04 PM
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The problem with this form is that it causes confusion to the borrower, they see the YSP and the way the form reads, you could deduct their closing cost's from that amount, when in reality you are not going to.
Borrowers also do not understand basis points, if your YSP is 1%, they think that you can lower their rate by 1%, and since yield is calculated on basis points!! try explaining that one.
Every loan I close has the YSP disclosed on the HUD, what do they want? a tatoo on the forhead? that form only causes more confusion to the borrower, I'm with Mr. Positive here, I will NEVER use Provident again, not because of the form, just because I think that they believe they are the "elite Lender" they are snotty, vengful, and pains in the azz.
Some people like them, thats ok.. just wait. |
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CoralSnake
10889 Posts |
Posted - 03/27/2008 : 9:03:00 PM
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agreed.
I dont love it and people are stupid. |
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lunarhamster
4052 Posts |
Posted - 03/27/2008 : 9:05:39 PM
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| In a short version? yes. |
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benjamin
2308 Posts |
Posted - 03/28/2008 : 04:46:34 AM
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Provident can close a loan in a few days for those that know how to process a loan.One of the main reasons turn times are so slow elsewhere is that other lenders accept half assed files.
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Scrooge McDuck
8880 Posts |
Posted - 03/28/2008 : 05:15:17 AM
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| i like provident. i wish they went beyond 90%ltv, cause then i could have sent them my last 2 files, and closed them w no drama. instead, i used CW and TBW and want to kill people. |
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MORTGAGEWONDERS
5 Posts |
Posted - 03/28/2008 : 06:25:59 AM
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| THIS IS A STANDARD FORM. MANY BANKS USE THIS AS A STANDARD DISCLOSURE. WE HAVE MADE IT PART OF OUR STANDARD DISCLOSURES IN OUR LOAN APPLICATION PACKAGES. |
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judgement
45 Posts |
Posted - 03/28/2008 : 06:32:11 AM
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| It sounds like you're upset you can't rook your borrowers. Shame. |
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CoralSnake
10889 Posts |
Posted - 03/28/2008 : 06:33:06 AM
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quote:
Originally posted by judgement
It sounds like you're upset you can't rook your borrowers. Shame.
That is not exactly what I see here. |
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MrPositive
29 Posts |
Posted - 03/28/2008 : 06:36:52 AM
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Hey Judgement,
Your statement could not be further from the truth. Bottom line, I tell my clients to compare me to their other options. Over the past 8 years I can count on my fingers how many Sub-Prime/Alt-A loans I did, I have, and will always remain an A Paper shop. I make money by being hyper competitive. I am just listing another reason I choose not to use Provident anymore. Again, my opinion and my decision. For those who use Provident and like them, I say more power to you. I wish them the best.
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judgement
45 Posts |
Posted - 03/28/2008 : 06:37:55 AM
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| If you think this is Provident-specific you're sorely mistaken. I'm afraid you're going to run into this everywhere you go in a short time. |
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CoralSnake
10889 Posts |
Posted - 03/28/2008 : 06:38:10 AM
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quote:
Originally posted by MrPositive
Hey Judgement,
Your statement could not be further from the truth. Bottom line, I tell my clients to compare me to their other options. Over the past 8 years I can count on my fingers how many Sub-Prime/Alt-A loans I did, I have, and will always remain an A Paper shop. I make money by being hyper competitive. I am just listing another reason I choose not to use Provident anymore. Again, my opinion and my decision. For those who use Provident and like them, I say more power to you. I wish them the best.
Ive got your back John.   |
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CoralSnake
10889 Posts |
Posted - 03/28/2008 : 06:39:57 AM
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quote:
Originally posted by judgement
If you think this is Provident-specific you're sorely mistaken. I'm afraid you're going to run into this everywhere you go in a short time.
We already established that.
But the man is still allowed to be upset.
Whenever I need the borrower to sign an 'extra' document it doesnt please me.
But it seems like we all have to cope with this change. |
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judgement
45 Posts |
Posted - 03/28/2008 : 06:40:30 AM
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| I have a hard time seeing why anyone is upset about this. |
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MrPositive
29 Posts |
Posted - 03/28/2008 : 06:43:16 AM
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quote:
Originally posted by judgement
I have a hard time seeing why anyone is upset about this.
I am not upset about the form, I am just stating another reason I do not use Provident. If my other lenders start requiring this form so be it. I just dislike Provident, case closed. |
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goodguy1
1654 Posts |
Posted - 03/28/2008 : 07:06:06 AM
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Yeah, I've been seeing that form pop up.
I personally think this is a sign of the times; things are different now than before and we have to adapt..don't get me wrong I hate the MAN as much as anyone (and Provident too)..but there is nothing we can do but evolve.
I think it is pretty clear as to why the form is being used and I have no issues with it, but in all reality it will confuse the consumer even more.
What we need to get across to the consumer is this: rates and fees are inverserly related. If you want the lowest rate your fees will increase and vice-versa.
Unfortunately, they don't get it and most likely never will... |
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