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GVDenny
332 Posts |
 Posted - 06/02/2008 : 7:22:03 PM
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Who has the best pricing today on a 7/1 IO 1 mil R/T. 800 Ficos, CA SFR, 49% LTV.
Complete file ready to rock. Borrower was slow of the trigger and ING killed us Friday.
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justinbayle
118 Posts |
Posted - 06/02/2008 : 9:57:23 PM
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| why did ING kill it? |
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GVDenny
332 Posts |
Posted - 06/02/2008 : 10:00:22 PM
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I should have been more clear.
ING had 5.625% Thursday, they rarely change rates but they did on Friday. My client sat and now I need that 5.625%. ING has 5.875% today. Yes I know to some that sounds ridiculous, but to my clients, it's not ridiculous at all.
Any help is appreciated.
Thanks. |
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justinbayle
118 Posts |
Posted - 06/02/2008 : 10:06:00 PM
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| no one can touch it. If your client waited and missed tell them to take the 5.875 and ING has free float down. If its you who failed to lock it, then you'll have some splaining to do... |
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GVDenny
332 Posts |
Posted - 06/02/2008 : 10:09:17 PM
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Yeah I know they have the free float, and no it's not my failure to lock, it's their failure to make a decision. The problem with ING is that it takes so long for them to change rates a free float is actually a joke. Believe me, I spent an hour today trying to convince this guy to lock, but who knows what ING will do tomorrow. Just seeing if I have all bases covered.
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justinbayle
118 Posts |
Posted - 06/02/2008 : 10:14:43 PM
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| its no joke at all. I floated down a bunch of files with them last week. You never know when it could improve... Of course now they seem to raised rates due more to volume than to market conditions. |
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GVDenny
332 Posts |
Posted - 06/02/2008 : 10:16:38 PM
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| Stop it! You did not float down "a bunch of times last week". Not with ING. They changed rates once last week and that was on Friday. |
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justinbayle
118 Posts |
Posted - 06/02/2008 : 10:18:23 PM
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| read carefully. I said bunch of files, not bunch of times. |
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GVDenny
332 Posts |
Posted - 06/02/2008 : 10:21:39 PM
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quote:
Originally posted by justinbayle
its no joke at all. I floated down a bunch of files with them last week. You never know when it could improve... Of course now they seem to raised rates due more to volume than to market conditions.
LMAO, A bunch of files huh? And you floated down last week with ING? Ummm ... yeah right buddy. This conversation is so over! Thanks for the ... "input". |
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MoneyLenderP
1617 Posts |
Posted - 06/02/2008 : 10:29:09 PM
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| lol |
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justinbayle
118 Posts |
Posted - 06/02/2008 : 10:50:56 PM
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Not sure what the big deal is....they improved their rates on 5/21 and raised their rates on 5/30. During the 9 days in between I floated down each of the files that I have submitted there either for a better rate or increased YSP. Why is that LMAO funny?
Also, that affected margins because previously locked files were on their old margin of 1.5% that was increased to 2.50% on 5/22. In order to float down you have to give them the new margin.
Sorry you didn't find any of the input helpful. Good luck with everything.
You won't find a better 7 YR for $1M anywhere. Thought I'd save you some time, but apparently you weren't really looking for "input." |
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