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trb
87 Posts |
 Posted - 07/22/2008 : 05:07:55 AM
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I have moved to a correspondent lender and they are 100 basis points off (less yield) compared to my friends rates for the same investor (Countrywide). I heard that Countrywide and others allow for different rate sheets with different pricing (accessed within their system) based on how much the correspondent want to 'pad' their rates prior to their employees seeing them.
Is there a way to view the true pricing?
Thank you! |
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Cool Hand Luke
289 Posts |
Posted - 07/22/2008 : 06:40:15 AM
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| yes. ask a competitor. That’s one problem with many net branchers; they pad rate sheets. |
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HonestNJBroker
314 Posts |
Posted - 07/22/2008 : 07:18:14 AM
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I laugh at the post's where I see people looking for "100% COMMISSION with $395 per file fee" what a joke. I own my own company and I can tell you there is no way in hell a compnay can keep their doors open on $395 per loan. Of course all these "net branches" are padding rates, this is how they are making money.
Most of the "net branch companies here in NJ are hurting because volume is WAY down and branches are closing. I know a net branch owner with 20 PLUS branches who is REALLY hurting because most branches are only doing 2 to 5 deals per month. You do the math $395 per file..........he pads pads pads pads pads................
quote:
Originally posted by Cool Hand Luke
yes. ask a competitor. That’s one problem with many net branchers; they pad rate sheets.
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clarenceworley
4194 Posts |
Posted - 07/22/2008 : 07:39:30 AM
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| Lender Implode has a list of 266 net branch lenders who don't pad their rate sheets.... |
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trb
87 Posts |
Posted - 07/22/2008 : 08:11:25 AM
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Not sure where anyone got the idea that I was working or speaking of a net branch or a 100% commission split. Neither is the case!!!
I am working for a mortgage company that is a subsidiary of a bank. They sell their loans to CW among other investors. How do I know that they are not 'padding' the rates and in turn final gross revenue on that loan? There must be a final reconciliation sheet from CW?
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ownerop
389 Posts |
Posted - 07/22/2008 : 08:14:49 AM
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quote:
Originally posted by clarenceworley
Lender Implode has a list of 266 net branch lenders who don't pad their rate sheets....
There is no such thing. I had a LO leave to go to another company that is a net branch and is now wanting to come back, her 80% split is really 50% when you factor in the padded rates. |
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HonestNJBroker
314 Posts |
Posted - 07/22/2008 : 08:15:12 AM
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I would GUESS EVERYONE pads rates-this is just another revenue stream for banks/net branches. Look at mortgage.com, I send clients there all the time to compare my rates to the "big banks" rates. Look at the padding on your par rate with say BOA today.
quote:
Originally posted by trb
Not sure where anyone got the idea that I was working or speaking of a net branch or a 100% commission split. Neither is the case!!!
I am working for a mortgage company that is a subsidiary of a bank. They sell their loans to CW among other investors. How do I know that they are not 'padding' the rates and in turn final gross revenue on that loan? There must be a final reconciliation sheet from CW?
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trb
87 Posts |
Posted - 07/22/2008 : 08:20:52 AM
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Not sure where anyone got the idea that I was working or speaking of a net branch or a 100% commission split. Neither is the case!!!
I am working for a mortgage company that is a subsidiary of a bank. They sell their loans to CW among other investors. How do I know that they are not 'padding' the rates and in turn final gross revenue on that loan? There must be a final reconciliation sheet from CW?
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HonestNJBroker
314 Posts |
Posted - 07/22/2008 : 08:23:36 AM
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I just received a rate sheet from C/W PAR on a 30yr fixed is 6.50% 2 hours ago 6.50 was paying .375- what does your pricing say?
quote:
Originally posted by trb
Not sure where anyone got the idea that I was working or speaking of a net branch or a 100% commission split. Neither is the case!!!
I am working for a mortgage company that is a subsidiary of a bank. They sell their loans to CW among other investors. How do I know that they are not 'padding' the rates and in turn final gross revenue on that loan? There must be a final reconciliation sheet from CW?
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trb
87 Posts |
Posted - 07/22/2008 : 08:31:40 AM
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| 100.05 @ 6.5 30 year fixed DC 20% down purchase with 750 score SFR 400k L/A |
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trb
87 Posts |
Posted - 07/22/2008 : 08:32:32 AM
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| that is a 45 day BE lock I believe |
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clarenceworley
4194 Posts |
Posted - 07/22/2008 : 08:35:50 AM
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Do you get paid out of that 6.5 at 100.05?
I wouldn't sweat it- the main thing is to sell and make loans. |
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CoralSnake
10815 Posts |
Posted - 07/22/2008 : 08:47:19 AM
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quote:
Originally posted by clarenceworley
Lender Implode has a list of 266 net branch lenders who don't pad their rate sheets....
It toook me a while, but now I get it.
But now its 267. |
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ownerop
389 Posts |
Posted - 07/22/2008 : 09:03:47 AM
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quote:
Originally posted by trb
Not sure where anyone got the idea that I was working or speaking of a net branch or a 100% commission split. Neither is the case!!!
I am working for a mortgage company that is a subsidiary of a bank. They sell their loans to CW among other investors. How do I know that they are not 'padding' the rates and in turn final gross revenue on that loan? There must be a final reconciliation sheet from CW?
Net branch, direct lender, mortgage banker, whatever you want to call it, they all pad thier rates and offer ridiculous splits from 80 to 100%, but when you really look at it you are making a 50 to 60% split. |
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