| Author |
Previous Topic | Next Topic |
CoralSnake
10014 Posts |
 Posted - 05/15/2008 : 3:41:57 PM
|
Bank of American is doing a 190k, 95ltv, purchase at 6.375%, 30 year fixed, with No PMI and No Closing Costs in PA.
I told the guy he is getting a great deal and to go for it.
What do I do with that? |
|
JEMORTGAGE
242 Posts |
Posted - 05/15/2008 : 3:43:13 PM
|
| HE WILL HAVE A LOAN ORIGINATION FEE AND DOC STAMPS SO FORTH...BOFA IS FULL OF S**T!!! |
|
|
lukyk22
1668 Posts |
Posted - 05/15/2008 : 3:44:30 PM
|
| why are you yelling? |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 3:44:40 PM
|
quote:
Originally posted by JEMORTGAGE
HE WILL HAVE A LOAN ORIGINATION FEE AND DOC STAMPS SO FORTH...BOFA IS FULL OF S**T!!!
Maybe, I dont know.
They said there isnt.
The guy is a friend of mine.
If they try and screw around, he will tell me. |
|
|
katbunk
1452 Posts |
Posted - 05/15/2008 : 3:44:58 PM
|
| is it in a declining market? Sounds like B of A is doing a TAMI perhaps, although rate sounds low especially with no closing costs. |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 3:45:34 PM
|
quote:
Originally posted by katbunk
is it in a declining market?
Not sure.
York, PA...wherever the hell that is. |
|
|
syndicator
88 Posts |
Posted - 05/15/2008 : 3:47:45 PM
|
From my iunderstanding is that they do not consider points to be a closing cost.
Ask your friend to see the GFE. |
|
|
goodguy1
1515 Posts |
Posted - 05/15/2008 : 3:48:08 PM
|
tell him to go for it, and if it isn't what they say, to come back.
When you are lending your own money you can do a lot of crazy things. |
|
|
dtabar
593 Posts |
Posted - 05/15/2008 : 3:48:35 PM
|
| That is a good deal. I am assuming he is full doc 720+ right? |
|
|
EMScommercial
4444 Posts |
Posted - 05/15/2008 : 3:52:55 PM
|
| the no pmi is a glaring oddity..... |
|
|
racerx
10813 Posts |
Posted - 05/15/2008 : 3:54:49 PM
|
quote:
Originally posted by EMScommercial
the no pmi is a glaring oddity.....
Not for B of A. |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 3:55:51 PM
|
quote:
Originally posted by racerx
quote:
Originally posted by EMScommercial
the no pmi is a glaring oddity.....
Not for B of A.
Youve seen this before? |
|
|
EMScommercial
4444 Posts |
Posted - 05/15/2008 : 3:56:31 PM
|
| they must be hiding the pmi somewhere... |
|
|
RANDY P
1976 Posts |
Posted - 05/15/2008 : 3:57:44 PM
|
it's under the couch.
quote:
Originally posted by EMScommercial
they must be hiding the pmi somewhere...
|
|
|
mojojojo_1
541 Posts |
Posted - 05/15/2008 : 3:59:51 PM
|
| and isn't it 9-5 ers that open up bank accounts and personal loans "approving" them? my friend works at bofa and said the appraisals are really low balled, and at 95%.... since they pay for the appraisal go ahead, but if you can do it, it maybe prudent to get the deal approved yourself, because if bofa cant deliever and he finds out in 2 months equity could = 105% cltv in certain areas |
|
|
racerx
10813 Posts |
Posted - 05/15/2008 : 3:59:59 PM
|
quote:
Originally posted by CoralSnake
quote:
Originally posted by racerx
quote:
Originally posted by EMScommercial
the no pmi is a glaring oddity.....
Not for B of A.
Youve seen this before?
Yep. Sounds like their ACORN program.
I had a friend get a B of A ACORN loan...even got a jumbo loan amount at conforming prices (this was before Agency jumbos). |
|
|
katbunk
1452 Posts |
Posted - 05/15/2008 : 4:00:20 PM
|
| It must either be financed or built into the rate. |
|
|
dtabar
593 Posts |
Posted - 05/15/2008 : 4:03:23 PM
|
quote:
Originally posted by katbunk
It must either be financed or built into the rate.
or they make $0 on the mortgage. 6.375%? Where is it built in? |
|
|
clarenceworley
3534 Posts |
Posted - 05/15/2008 : 4:04:49 PM
|
| I believe it, but I am naive. I played rugby before in York...typical nice small city in PA. |
|
|
AGreene00
2577 Posts |
Posted - 05/15/2008 : 4:06:03 PM
|
| yeah their ACORN program is 95% with no mi at a badass rate that is roughly the same rate as a normal 80% deal. It ***** and I have lost plenty of deals to it in the past. |
|
|
racerx
10813 Posts |
Posted - 05/15/2008 : 4:07:06 PM
|
quote:
Originally posted by AGreene00
yeah their ACORN program is 95% with no mi at a badass rate that is roughly the same rate as a normal 80% deal. It ***** and I have lost plenty of deals to it in the past.
Thank you...that's what I was saying...but apparently no one wants to believe it. |
|
|
mrwiizrd
31 Posts |
Posted - 05/15/2008 : 4:07:07 PM
|
quote:
Originally posted by dtabar
quote:
Originally posted by katbunk
It must either be financed or built into the rate.
or they make $0 on the mortgage. 6.375%? Where is it built in?
Par is alot lower than that today, seems to me they're making close to $5k on the loan. MI is baked right in to the rate. |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 4:07:19 PM
|
quote:
Originally posted by dtabar
quote:
Originally posted by katbunk
It must either be financed or built into the rate.
or they make $0 on the mortgage. 6.375%? Where is it built in?
They dont make $0.
They borrow the money at a very cheap rate (their bank deposits) and then collect 6.375 on 190k. Its still money although they need to pay a bunch upfront such as title insurance etc.. |
|
|
tmooney
12 Posts |
Posted - 05/15/2008 : 4:07:35 PM
|
| BoA and Countrywide both have this program on purchase under 417k. .625 hit to rate on wholesale. may be a little less on retail. It is actually a good program. Check it out. And they will do it without the declining market 5% hit to LTV |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 4:08:19 PM
|
quote:
Originally posted by tmooney
BoA and Countrywide both have this program on purchase under 417k. .625 hit to rate on wholesale. may be a little less on retail. It is actually a good program. Check it out. And they will do it without the declining market 5% hit to LTV
There is no BofA wholesale anymore.
And who the heck uses CW anymore? |
|
|
katbunk
1452 Posts |
Posted - 05/15/2008 : 4:12:50 PM
|
| CW is doing the 95% without cutting for decling markets, but trust me, they'll find a way to decline or counter. Has happened twice to me now. I believe it's a way to get files in the door. |
|
|
dtabar
593 Posts |
Posted - 05/15/2008 : 4:13:02 PM
|
quote:
Originally posted by CoralSnake
quote:
Originally posted by dtabar
quote:
Originally posted by katbunk
It must either be financed or built into the rate.
or they make $0 on the mortgage. 6.375%? Where is it built in?
They dont make $0.
They borrow the money at a very cheap rate (their bank deposits) and then collect 6.375 on 190k. Its still money although they need to pay a bunch upfront such as title insurance etc..
I knew that. It just *****. |
|
|
dtabar
593 Posts |
Posted - 05/15/2008 : 4:13:38 PM
|
quote:
Originally posted by tmooney
BoA and Countrywide both have this program on purchase under 417k. .625 hit to rate on wholesale. may be a little less on retail. It is actually a good program. Check it out. And they will do it without the declining market 5% hit to LTV
You seem so sure of BofA's hit to pricing. hahha. |
|
|
syndicator
88 Posts |
Posted - 05/15/2008 : 4:27:07 PM
|
Here is more info on the ACORN program
http://www.acornhousing.org/index.php |
|
|
acassociate
180 Posts |
Posted - 05/15/2008 : 4:45:49 PM
|
DOES ANYONE KNOW THEY B OF A WHOLESALE REPS CONTACT INFO??
quote:
Originally posted by CoralSnake
Bank of American is doing a 190k, 95ltv, purchase at 6.375%, 30 year fixed, with No PMI and No Closing Costs in PA.
I told the guy he is getting a great deal and to go for it.
What do I do with that?
|
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 4:50:35 PM
|
quote:
Originally posted by acassociate
DOES ANYONE KNOW THEY B OF A WHOLESALE REPS CONTACT INFO??
quote:
Originally posted by CoralSnake
Bank of American is doing a 190k, 95ltv, purchase at 6.375%, 30 year fixed, with No PMI and No Closing Costs in PA.
I told the guy he is getting a great deal and to go for it.
What do I do with that?
BofA wholesale closed as of December 31st 2007.
There are no more wholesale reps, sorry. |
|
|
Banker0679
7673 Posts |
Posted - 05/15/2008 : 4:51:42 PM
|
yes.
go to
mortgage implode...you may still have a contact info there for their wholesale dept
quote:
Originally posted by acassociate
DOES ANYONE KNOW THEY B OF A WHOLESALE REPS CONTACT INFO??
quote:
Originally posted by CoralSnake
Bank of American is doing a 190k, 95ltv, purchase at 6.375%, 30 year fixed, with No PMI and No Closing Costs in PA.
I told the guy he is getting a great deal and to go for it.
What do I do with that?
|
|
|
advisor
152 Posts |
Posted - 05/15/2008 : 5:11:24 PM
|
WOW?
95% LPMI pays 1.5 to 1.75 at 6.375% today.
NO fee does not include origination fee. usually 1 point.
Total cost (excluding stamps, escrows, interest, etc that is waived on the BA program) on this loan likely $1500 max.
Even without the point, you walked away from $1,500. With the point, which is what happens, walked away from $3,500.
Nice! |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 5:14:45 PM
|
quote:
Originally posted by advisor
WOW?
95% LPMI pays 1.5 to 1.75 at 6.375% today.
NO fee does not include origination fee. usually 1 point.
Total cost (excluding stamps, escrows, interest, etc that is waived on the BA program) on this loan likely $1500 max.
Even without the point, you walked away from $1,500. With the point, which is what happens, walked away from $3,500.
Nice!
Thats why you are the advisor my friend.
I didnt walk away from anything....yet.
Who does LPMI at 6.375 paying 1.5?
|
|
|
advisor
152 Posts |
Posted - 05/15/2008 : 5:18:47 PM
|
quote:
Originally posted by CoralSnake
quote:
Originally posted by advisor
WOW?
95% LPMI pays 1.5 to 1.75 at 6.375% today.
NO fee does not include origination fee. usually 1 point.
Total cost (excluding stamps, escrows, interest, etc that is waived on the BA program) on this loan likely $1500 max.
Even without the point, you walked away from $1,500. With the point, which is what happens, walked away from $3,500.
Nice!
Thats why you are the advisor my friend.
I didnt walk away from anything....yet.
Who does LPMI at 6.375 paying 1.5?
AmTrust.
FYI: Go to BofA and read the disclosure on their "NO FEE" loans. lots of exclusions, including points, stamps, interest, escrows, etc.
It is a "Hype" loan. Easy to beat.
Good Luck. |
|
|
CoralSnake
10014 Posts |
Posted - 05/15/2008 : 5:20:28 PM
|
I dont use Amtrust, but maybe i can find someone else.
Thank you. |
|
|
azucarero75
192 Posts |
Posted - 05/15/2008 : 5:26:38 PM
|
Here is how the ACORN program works in Mass.
they do an 80/17. yeas, 80/17. they call it a soft second. the client has to put 1.5% of the 3% remainig. the other 1.5% will be a state loan that they don't have to pay it as long as they live in the property for 5 years. ok, on the soft second they get the same rate as the first mortgage but it will be interest only. Usually for ten years. But read the small print. The soft second will increase payment, about $20.00 a year, to compensate for the PMI.
and also, for taking a first time home buyers classes, ACORN, they get the closing cost payed by the state.
I hope that answers your question. |
|
|
1stintegritymort
1280 Posts |
Posted - 05/15/2008 : 5:31:01 PM
|
| the no closing costs applies to third party fees. they dont charge for title, underwriting, credit, processing, flood cert, appraisal, etc. they do charge for doc stamps, transfer tax, recording fee, property taxes, homeowners and still may charge origination. the difference is they call it a "discount". i called them myself just to find out what the big deal was. property taxes in PA are ridiculous. the school tax alone is probably over 3k. ask for a good faith and i guarantee you it isnt NO CLOSING COST. |
|
|
tropixman
65 Posts |
Posted - 05/15/2008 : 6:43:40 PM
|
| It's probably their Mortgage Plus program which is a 1st Lien HELOC. WAMU also has a similar program. It could include some type of 3/2/1 prepay. |
|
|
propertylender.c
1009 Posts |
Posted - 05/15/2008 : 8:07:10 PM
|
quote:
Originally posted by CoralSnake
Bank of American is doing a 190k, 95ltv, purchase at 6.375%, 30 year fixed, with No PMI and No Closing Costs in PA.
I told the guy he is getting a great deal and to go for it.
What do I do with that?
Yeah, at two points.
Someone I know went to them, and they told me the same thing.
When I called the rep., she said it was two points.
Nothing else.
Go figure. |
|
|
MortgageBoarder
2635 Posts |
Posted - 05/15/2008 : 8:11:41 PM
|
Retail LO's for companies like BofA, Countrywide & Chase can offer programs like this all day long. Along with there being minimal actual fees, these Retail LO's do not have to charge origination to make money... they get paid BPS off of total volume.
Most of them are in a 9-5 type of position in a call center, but not all. I know here in CA, there are the LO's that sit in a call center or Bank branch basically, and then there are LO's who have all self generated business and they are pretty much out there on their own.
I blasted BofA a couple weeks ago about the "no fee mtg". I was wrong, and they do it all day long. Both call center/teller type LO's and True LO's have the same products available!!
Also, they qualify at par and since they are Bankers, they charge "points" to get your rate lower. To those of us in the Broker world, this would typically be a "discount", but to a Banker, it is "points". So basically, you can qualify at 6.875% at PAR, or 6.375% paying 1 "point". That does not go to the LO, it pretty much is a buy down. |
|
|
cjryles
37 Posts |
Posted - 05/15/2008 : 8:15:56 PM
|
| B of A actually has done this in the past, they simply portfolio a certain total amount and sit on themselves... they assume the risk, which keeps all of the 6.375 in house so its actually true... they did it with 30 year 10 year interest only loans just last year selling them at 5.875% when par was in the mid 6's...on new purchases... it went well for them thus far... but they only can bank so much... |
|
|
Loaner1971
9 Posts |
Posted - 05/15/2008 : 9:40:00 PM
|
| For a similar loan such as this Flagstar, Wells Fargo and Amtrust are all paying between 1.3-1.4 points in YSP on a 30 day rate lock with lender paid MI on a 95% loan amount of $190,000 on a $200,000 purchase in PA. If they are offering this deal with no closing costs of their own it's a good deal to the borrower but not unbelievable. If I matched this deal, charged them no fees and paid for the appraisal I'd gross about $1500. Again that's a good deal to the borrower. If they are picking up all of the borrowers closing cost it is an unbelievable deal to the borrower. I don't know PA title closing costs for a buyer on a purchase but I imagine it would suck all or most of the profit away. |
|
|
Travis Du Bois
558 Posts |
Posted - 05/15/2008 : 10:36:14 PM
|
I have a no PMI product that pending the FICO score I could basically get that same thing done. I don't have the no closing costs thing but similar rates!
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=222087 |
|
|
Mandyvilla
2371 Posts |
Posted - 05/16/2008 : 04:41:34 AM
|
How about some clarification and end speculation?
This is not ACORN. This our No Fee Mortgage Plus. We pay closing (no restrictions on closing company). The declining market rule does apply. No one sees the PMI - the bank insures as a portfolio, not on individual loans. We do not require escrows to be included in payment, regardless of LTV. 30 year, 40 year, 5/1 ARM, 10/1 are all available, but only the 30 year makes sense, pricing on the rest is horrible.
EXCLUSIONS: Any fee that has "tax" in it, discount points, survey (UNLESS: needed for title policy to be issued), and prepaids.
We do not charge an appraisal fee, nor do we collect any money up front. |
|
|
CoralSnake
10014 Posts |
Posted - 05/16/2008 : 06:25:04 AM
|
quote:
Originally posted by Mandyvilla
How about some clarification and end speculation?
This is not ACORN. This our No Fee Mortgage Plus. We pay closing (no restrictions on closing company). The declining market rule does apply. No one sees the PMI - the bank insures as a portfolio, not on individual loans. We do not require escrows to be included in payment, regardless of LTV. 30 year, 40 year, 5/1 ARM, 10/1 are all available, but only the 30 year makes sense, pricing on the rest is horrible.
EXCLUSIONS: Any fee that has "tax" in it, discount points, survey (UNLESS: needed for title policy to be issued), and prepaids.
We do not charge an appraisal fee, nor do we collect any money up front.
How many 'discount' points per loan? |
|
|
steela
185 Posts |
Posted - 05/16/2008 : 06:38:49 AM
|
I'm losing a deal to someone offering 5.2% 75 LTV on a 30 yr...$1200 total closing. Just happened this morning so not much for details..
NACA possibly is what is happening. Mass loan. |
|
|
DaveDeal
64 Posts |
Posted - 05/16/2008 : 06:51:10 AM
|
| I just steered my BiL to a friend at BoA and he got Stated, 95%, No MI, No orig. fee, No points, 6.3%, with a 740 FICO(that helped). And the appriasal was an online service BoA uses that was $150. |
|
|
akaagassi
133 Posts |
Posted - 05/16/2008 : 07:18:45 AM
|
quote:
Originally posted by DaveDeal
I just steered my BiL to a friend at BoA and he got Stated, 95%, No MI, No orig. fee, No points, 6.3%, with a 740 FICO(that helped). And the appriasal was an online service BoA uses that was $150.
You people are retarded...it's right on BofA's web site - did you bother to look???...or how about the last 20 threads about the No Fee (Not No Closing Costs) Program... |
|
|
CoralSnake
10014 Posts |
Posted - 05/19/2008 : 07:31:29 AM
|
| Does anyone know how i can get MI at 95ltv these days?? |
|
|
khoiey
1181 Posts |
Posted - 05/19/2008 : 09:15:14 AM
|
5.2%?? on a 30? I didnt know there is a rate 5.2 though... but whatever it is, 5.25% on 30 yr is impossible.
quote:
Originally posted by steela
I'm losing a deal to someone offering 5.2% 75 LTV on a 30 yr...$1200 total closing. Just happened this morning so not much for details..
NACA possibly is what is happening. Mass loan.
|
|
|
|
Previous Topic | Next Topic |
|
Search for: 
