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MBG
260 Posts |
 Posted - 05/01/2008 : 1:20:40 PM
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| What is everyone charging? With the broker margins becoming so much tighter and so much negative talk from the media, it seems we can't win for losing.....just curious as to how everyone else is selling right now? Thanks! |
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Hustler12
1331 Posts |
Posted - 05/01/2008 : 1:25:32 PM
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| Gotta do both! Files are so few and far in between you have to make some revenue. I always charge a min of 1pt origination. I usually try to get .5 on the back. Floating the last couple days paid off. I got 1.5 on the back, 1pt on the front on 280k |
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Shuggins
1074 Posts |
Posted - 05/01/2008 : 1:26:22 PM
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| both |
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hoangad
2937 Posts |
Posted - 05/01/2008 : 1:33:55 PM
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| section 32 all the way to the bank. |
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MBG
260 Posts |
Posted - 05/01/2008 : 1:34:33 PM
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I have trimmed back on YSP and orig.....and just got a call from a client that his current bank can match my rate..........
Geez.....and, he was a friend of mine! |
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hoangad
2937 Posts |
Posted - 05/01/2008 : 1:39:41 PM
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this is where your womenly powers come into play.
get it done! |
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jpr21
39 Posts |
Posted - 05/01/2008 : 1:42:34 PM
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ysp only for me. people shop their butt off around here. not to mention the fact that the people you could charge a couple years ago while making ysp because they had no clue, have now refied so many times they do know better.
but hey, i could be wrong. |
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hoangad
2937 Posts |
Posted - 05/01/2008 : 1:43:29 PM
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yes, you are wrong.
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Hustler12
1331 Posts |
Posted - 05/01/2008 : 2:02:22 PM
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1pt Standard office origination
.5 for Stated
.25 for cash out
.5 for NOO
.25 for non-SFR
If you write it down like its a pricing list and just rattle it off when they ask about fees it sounds more legit. |
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jpr21
39 Posts |
Posted - 05/01/2008 : 2:10:12 PM
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quote:
Originally posted by hoangad
yes, you are wrong.
i see the Force is strong with this one. |
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808
2871 Posts |
Posted - 05/01/2008 : 2:40:30 PM
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| as long as I can avg 3pts or $5K/loan over the long run I could care less which way I get it (obviously I dont do a lot of Jumbos, must have something to do w the crowd I roll with). There are dozens of ways to put loans together. If you try to put them all together the same way, your leaving major money on the table. |
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lucky1s
3640 Posts |
Posted - 05/01/2008 : 2:41:15 PM
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I am pretty much YSP.
I shop all my quotes at several retail sites before I quote them to make sure I have the best possible rate available for their scenario.
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jvanpetten
2658 Posts |
Posted - 05/01/2008 : 3:03:32 PM
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| If they have the equity, I get more origination up front, which gives them a better rate. Have had to pay costs with my YSP many times when equity is an issue and they don't have the assets to come to closing. Always depends on the loan, no real norm, case by case. This is on refi's mostly. Purchase, seller usually paying costs and you can't get more than 1 origination, in my experience. |
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mrwiizrd
32 Posts |
Posted - 05/01/2008 : 3:08:11 PM
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quote:
Originally posted by jvanpetten
If they have the equity, I get more origination up front, which gives them a better rate. Have had to pay costs with my YSP many times when equity is an issue and they don't have the assets to come to closing. Always depends on the loan, no real norm, case by case. This is on refi's mostly. Purchase, seller usually paying costs and you can't get more than 1 origination, in my experience.
Do you consider 1 point origination to be fair compensation for a vanilla OO SFR purchase? |
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jvanpetten
2658 Posts |
Posted - 05/01/2008 : 3:12:08 PM
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| No, I will get YSP as well as the 1 point up front. Depends on the loan amount as to how much. Again, each loan is different. I get more YSP (%) on a $100K loan than I would on a $250K loan. |
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clos25
425 Posts |
Posted - 05/01/2008 : 3:16:05 PM
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I'll let the lender cut my fees.....lol jk
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hulkfunding
113 Posts |
Posted - 05/01/2008 : 3:16:54 PM
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...wouldn't it depend on the rate? Charging a borrower 1 pt orig is good if you are also providing a rate that is .375 lower than the competition.
You have to consider both the rate and the orig to properly evaluate the deal. |
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clos25
425 Posts |
Posted - 05/01/2008 : 3:22:36 PM
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| it also depends on how long the client plans on staying at the house. whether it makes sense charging upfront to get the lowest possible rate or make it in the back and don't charge upfront...also if you have enough equity to roll in your closing cost and blah blah blah etc |
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lemeuss
614 Posts |
Posted - 05/01/2008 : 3:24:36 PM
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| wow you all still charge fees to do loans? A couple of my friends were getting deals from their banks at competitive rates and no fees...so I started buying down the rate out of my pocket to beat the competition, and paying my friends to do their loans with me. I'm closing a ton of business!!! |
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jvanpetten
2658 Posts |
Posted - 05/01/2008 : 3:26:54 PM
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LOL
quote:
Originally posted by lemeuss
wow you all still charge fees to do loans? A couple of my friends were getting deals from their banks at competitive rates and no fees...so I started buying down the rate out of my pocket to beat the competition, and paying my friends to do their loans with me. I'm closing a ton of business!!!
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MBG
260 Posts |
Posted - 05/01/2008 : 3:30:55 PM
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This 'friend' worked me over........and, I knew it....signs were there. While I don't want to wish ills on anyone, but you know? When IT (not it, like ebay, but the IT industry) tanks.....and, it will, I certainly hope he doesn't have a 'friend' who works him over. AAAhhhhhh, I feel better already. Karma and my work ethic/professionalism again is strong (that's why he feels so low right now - offered to pay for my credit report LOL). He will get worked over and he'll be angry and talk about it for days. He'll even call me for advice.
Don't get me wrong, I believe in shopping rates (I shope them myself), etc.....however, he was extremely under-handed and should have been candid and honest with me, but he chose to lie. Pity. |
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jvanpetten
2658 Posts |
Posted - 05/01/2008 : 3:33:45 PM
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| Been in this business too long, "friends" and "family" do not make good customers, they DO make good referral sources. |
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efrederick
877 Posts |
Posted - 05/01/2008 : 3:36:43 PM
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I agree. Friends and family have to go through a very stringent process with me before I will work on their loan. It's amazing how much different people can be when they're doing their mortgage.
Eric
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mrwiizrd
32 Posts |
Posted - 05/01/2008 : 3:41:22 PM
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quote:
Originally posted by efrederick
I agree. Friends and family have to go through a very stringent process with me before I will work on their loan. It's amazing how much different people can be when they're doing their mortgage.
Eric
Can you blame them? It's likely the most important purchase most people will ever make, and with so much smoke and mirrors around mortgage pricing I don't think you really can. |
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clos25
425 Posts |
Posted - 05/01/2008 : 3:45:39 PM
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| friends and family are the only ones who will trust you, so they are the ones that you should max out. :) |
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JINGLISH
104 Posts |
Posted - 05/01/2008 : 3:48:40 PM
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quote:
Originally posted by jvanpetten
Been in this business too long, "friends" and "family" do not make good customers, they DO make good referral sources.
No more loans to F&F. I just did a "free" loan for (old) good friends and when the MI came in $40 higher than expected I was the *sshole |
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jcanepa
800 Posts |
Posted - 05/01/2008 : 3:51:50 PM
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| when I was a LO, friends and family would come to me first, shop the hell out of me, go with someone else then come back to me to help them get out of the BS Loan they got when I was upfront with them from the get go! So I always got the deal a few months later.... |
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JINGLISH
104 Posts |
Posted - 05/01/2008 : 3:53:18 PM
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quote:
Originally posted by jcanepa
when I was a LO, friends and family would come to me first, shop the hell out of me, go with someone else then come back to me to help them get out of the BS Loan they got when I was upfront with them from the get go! So I always got the deal a few months later....
There's a girl in my office that has had that happen 3x now!! |
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MBG
260 Posts |
Posted - 05/01/2008 : 3:53:38 PM
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| Have worked with many of my friends - all good. And, they always get a great deal. But, this 'friend,' (oh, met him in church LOL - definitely more of an acquaintance, and he's been asking me out), was on the phone with me and wamu at the same time working it. The questions he asked were way too slick for the avg. consumer. Then, his demands and that's when I stopped the conversation. Will I go out with him? Hell no. The man I am with has way too much integrity and heart to treat a 'friend' like that. And, there you have it. :) |
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Hustler12
1331 Posts |
Posted - 05/01/2008 : 4:06:03 PM
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I avoid family at all cost. I figured out a long time ago that I just give my family members a low ball GFE from me to take another broker who will always say they can beat it. If they do, great. If not, then I'll do the loan at cost and 1k for my time.
Friends - I just make them a deal. I do the same price as above but they have to bring me a referral that I can charge the heck out of. |
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hoangad
2937 Posts |
Posted - 05/01/2008 : 4:09:28 PM
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quote:
Originally posted by Hustler12
1pt Standard office origination
.5 for Stated
.25 for cash out
.5 for NOO
.25 for non-SFR
If you write it down like its a pricing list and just rattle it off when they ask about fees it sounds more legit.
i have a similar system
random homeowner - section 32
friends - 3-4%
family-1-2%
referrals from any of the above - section 32 |
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