Comments for RateWindow http://ratewindow.com/blog See What The Loan Officer Sees Thu, 22 Dec 2011 19:50:23 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Buying A Home In This Crazy Market by Dan Simon - Charleston SC Real Estate http://ratewindow.com/blog/buying-a-home-in-this-crazy-market/comment-page-1/#comment-117 Dan Simon - Charleston SC Real Estate Thu, 22 Dec 2011 19:50:23 +0000 http://ratewindow.com/blog/?p=902#comment-117 Great points, thanks for sharing. In Charleston SC there are some great opportunities for first time buyers in today’s real estate market. Interest rates are so low and inventory is high. The home buying process takes time and requires a good deal of research. In many cases many of the clients I assist can take several months to find the right opportunity and the "perfect home". Getting pre-approved for your loan is a key first step in the home buying process, this will save a great deal of time and frustration. Once you have a firm handle on your loans options an effective search can begin. Buying a home is generally one of the largest financial decisions a person will ever make. Put a “buyer’s agent” to work and have the benefit of an experienced professional on your side. Your buyer’s agent is your advocate, your advisor, your negotiator, and your confidante throughout the buying process. Great points, thanks for sharing. In Charleston SC there are some great opportunities for first time buyers in today’s real estate market. Interest rates are so low and inventory is high. The home buying process takes time and requires a good deal of research. In many cases many of the clients I assist can take several months to find the right opportunity and the “perfect home”. Getting pre-approved for your loan is a key first step in the home buying process, this will save a great deal of time and frustration. Once you have a firm handle on your loans options an effective search can begin. Buying a home is generally one of the largest financial decisions a person will ever make. Put a “buyer’s agent” to work and have the benefit of an experienced professional on your side. Your buyer’s agent is your advocate, your advisor, your negotiator, and your confidante throughout the buying process.

]]> Comment on American Dream Dead or Alive? by Thomas http://ratewindow.com/blog/american-dream-dead-or-alive/comment-page-1/#comment-115 Thomas Tue, 22 Nov 2011 00:33:42 +0000 http://ratewindow.com/blog/?p=743#comment-115 The American Dream of owning a home is dead. Banks are not lending. The percentage of people that can afford a home is down. To many houses are abandonned. You are better off renting. The American Dream of owning a home is dead. Banks are not lending. The percentage of people that can afford a home is down. To many houses are abandonned. You are better off renting.

]]> Comment on Four Tips for Selling Your House Online by cheap homes for sale http://ratewindow.com/blog/339/comment-page-1/#comment-110 cheap homes for sale Mon, 05 Sep 2011 08:50:12 +0000 http://ratewindow.com/blog/?p=339#comment-110 You can keep making the payments to which you agreed. The value of your house has nothing to do with the amount you owe on the house. Of course, if you want to sell, then you have to pay off the difference in what was borrowed vs what you sell for. Thanks for sharing… You can keep making the payments to which you agreed. The value of your house has nothing to do with the amount you owe on the house. Of course, if you want to sell, then you have to pay off the difference in what was borrowed vs what you sell for. Thanks for sharing…

]]> Comment on The more transparency, then less mortgage violations, it’s that simple by Rent Office Space http://ratewindow.com/blog/the-more-transparency-then-less-mortgage-violations-its-that-simple/comment-page-1/#comment-107 Rent Office Space Sat, 04 Jun 2011 07:53:59 +0000 http://ratewindow.com/blog/?p=49#comment-107 I like this--good read. I like this–good read.

]]> Comment on Should I Buy a Home or Continue Renting…That is the Question by Delaware Rental Communities http://ratewindow.com/blog/should-i-buy-a-home-or-continue-renting-that-is-the-question/comment-page-1/#comment-105 Delaware Rental Communities Thu, 31 Mar 2011 14:24:29 +0000 http://ratewindow.com/blog/?p=111#comment-105 I think that renting was commonly thought of as "throwing money away" in the past; however, the volatile state of our economy is pushing more people to rent. In Delaware, even some homeowners are packing up and moving into rental properties in order to save some money. The fact that they can save money will ensure that they can become homeowners again when the markets rebound. I think more people should consider this option instead of staying in a house they can't afford. Most times this causes foreclosure and can actually decrease your chances of homeownership in the future. Leah I think that renting was commonly thought of as “throwing money away” in the past; however, the volatile state of our economy is pushing more people to rent. In Delaware, even some homeowners are packing up and moving into rental properties in order to save some money. The fact that they can save money will ensure that they can become homeowners again when the markets rebound. I think more people should consider this option instead of staying in a house they can’t afford. Most times this causes foreclosure and can actually decrease your chances of homeownership in the future.

Leah

]]> Comment on How to de-rail the government’s transparent mortgage reform train by Office Space Washington DC http://ratewindow.com/blog/how-to-de-rail-the-governments-transparent-mortgage-reform-train/comment-page-1/#comment-104 Office Space Washington DC Thu, 31 Mar 2011 11:47:16 +0000 http://ratewindow.com/blog/?p=52#comment-104 It is good article post . It is very useful in real estate business. It is good article post . It is very useful in real estate business.

]]> Comment on The scary side of mortgages – Yield Spread Premium in Action by Money | How To Get Money Back At Closing When Choosing A Loan : Make Me Money Online http://ratewindow.com/blog/the-scary-side-of-mortgages-yield-spread-premium-in-action/comment-page-1/#comment-103 Money | How To Get Money Back At Closing When Choosing A Loan : Make Me Money Online Mon, 21 Mar 2011 17:30:14 +0000 http://ratewindow.com/blog/?p=39#comment-103 [...] and can be used as a rebate back to consumer, and they never have hidden fees. Make sure you demand transparent mortgage services when getting your next home and use RateWindow to see the best rates and [...] [...] and can be used as a rebate back to consumer, and they never have hidden fees. Make sure you demand transparent mortgage services when getting your next home and use RateWindow to see the best rates and [...]

]]> Comment on The scary side of mortgages – Yield Spread Premium in Action by Mark http://ratewindow.com/blog/the-scary-side-of-mortgages-yield-spread-premium-in-action/comment-page-1/#comment-102 Mark Wed, 18 Aug 2010 18:25:53 +0000 http://ratewindow.com/blog/?p=39#comment-102 It shouldn't matter how much a mortgage banker makes on any given rate. When you buy a car do you ask to see what the mark-up is? How about a computer? A TV? Clothes? If this is the case for someone obtaining a mortgage then lets make everyone, on every purchase, anywhere, anytime disclose what someone is making off selling them a product. It shouldn’t matter how much a mortgage banker makes on any given rate. When you buy a car do you ask to see what the mark-up is? How about a computer? A TV? Clothes? If this is the case for someone obtaining a mortgage then lets make everyone, on every purchase, anywhere, anytime disclose what someone is making off selling them a product.

]]> Comment on The scary side of mortgages – Yield Spread Premium in Action by Bruce Bills http://ratewindow.com/blog/the-scary-side-of-mortgages-yield-spread-premium-in-action/comment-page-1/#comment-101 Bruce Bills Wed, 26 May 2010 18:14:33 +0000 http://ratewindow.com/blog/?p=39#comment-101 <a href="#comment-100" rel="nofollow">@Steve Harkness </a> You make some interesting points in your comment, but perhaps there is a more subtle message, beyond the relationship between MBS and the yield or the ten year treasury, the author was trying to emphasize as he described his journey through a personal loan transaction. One of the best things about RateWindow is that it insures income for the loan professional who is taking care of the lending transaction. The over reaching effort pushing loan transaction transparency has nothing to do with limiting or preventing loan officers from getting paid. In fact, compensation for the loan officer is prominently displayed on the RateWindow results page for everyone to see. In a complimentary way, the results page makes borrowers privy to all rate and payment choices available, and provides the opportunity for a personal choice regarding the rate and payment eventually assigned to the loan. Best of all, borrowers choice of interest rate and loan officer compensation are no longer a function of each other. Regardless of what choices the borrower makes, the loan officer still receives a reasonable and ethical payment for their services. The author of the original post feels ripped off not because the loan officer got paid, but instead, because he had no input into the interest rate and payment that would govern his loan. If the mortgage professional gets paid 1 1/2 points to do the loan (an average of what they may make on all closed loans), and the borrower gets to choose their interest rate and payment, what's the problem? Every fair minded person understands that people should get fair and reasonable compensation for their work. Even further, some are paid much more because of what market influences will allow (actors, athletes, etc). Transparency is the issue, not compensation. The 2010 GFE and RESPA requirements require the YSP* to be shown as a credit on the new form (a debit if buying down the rate) so by definition under the new requirements the YSP does belong to the consumer. This is not open for dispute because of the new rule. The misunderstanding occurs when we assume that just because the amount of the YSP is going to the consumer as a credit toward closing costs, the loan officer is not going to get paid. Of course they will get paid. Line 1 of page 2 of the new GFE nicely allows for the value of the YSP (or more or less) to be included as compensation to the loan officer. The law was never intended to take compensation from the mortgage professional, and transparent lending through RateWindow follows the same path. * http://en.wikipedia.org/wiki/Yield_spread_premium @Steve Harkness
You make some interesting points in your comment, but perhaps there is a more subtle message, beyond the relationship between MBS and the yield or the ten year treasury, the author was trying to emphasize as he described his journey through a personal loan transaction.
One of the best things about RateWindow is that it insures income for the loan professional who is taking care of the lending transaction. The over reaching effort pushing loan transaction transparency has nothing to do with limiting or preventing loan officers from getting paid. In fact, compensation for the loan officer is prominently displayed on the RateWindow results page for everyone to see. In a complimentary way, the results page makes borrowers privy to all rate and payment choices available, and provides the opportunity for a personal choice regarding the rate and payment eventually assigned to the loan. Best of all, borrowers choice of interest rate and loan officer compensation are no longer a function of each other. Regardless of what choices the borrower makes, the loan officer still receives a reasonable and ethical payment for their services.
The author of the original post feels ripped off not because the loan officer got paid, but instead, because he had no input into the interest rate and payment that would govern his loan. If the mortgage professional gets paid 1 1/2 points to do the loan (an average of what they may make on all closed loans), and the borrower gets to choose their interest rate and payment, what’s the problem? Every fair minded person understands that people should get fair and reasonable compensation for their work. Even further, some are paid much more because of what market influences will allow (actors, athletes, etc). Transparency is the issue, not compensation.
The 2010 GFE and RESPA requirements require the YSP* to be shown as a credit on the new form (a debit if buying down the rate) so by definition under the new requirements the YSP does belong to the consumer. This is not open for dispute because of the new rule. The misunderstanding occurs when we assume that just because the amount of the YSP is going to the consumer as a credit toward closing costs, the loan officer is not going to get paid. Of course they will get paid. Line 1 of page 2 of the new GFE nicely allows for the value of the YSP (or more or less) to be included as compensation to the loan officer. The law was never intended to take compensation from the mortgage professional, and transparent lending through RateWindow follows the same path.

* http://en.wikipedia.org/wiki/Yield_spread_premium

]]> Comment on The scary side of mortgages – Yield Spread Premium in Action by Steve Harkness http://ratewindow.com/blog/the-scary-side-of-mortgages-yield-spread-premium-in-action/comment-page-1/#comment-100 Steve Harkness Wed, 26 May 2010 16:06:29 +0000 http://ratewindow.com/blog/?p=39#comment-100 <a href="#comment-72" rel="nofollow">@Heywood </a> A perfect example of what happens when a Realtor gets a little bit of knowledge with out knowing the whole story. Do you know that every financial institution makes money on the back end? If it is a bank it is called a servicing release premium or SRP. However, since it's a bank they do not have to disclose it! Mortgage Brokers have always had to disclose YSP, but that does not mean that they are earning that money! How do you think they office expenses are paid for? Things like rent, employee salaries, pension benefit's etc. You were not ripped off my friend, and I am sure you compared the rate you got with every other lenders. So the lender got paid YSP, big deal! Quit trying to hype your product which by the way is incomplete and misleading. I sincerely doubt you understand the intricate relationship between MBS (mortgage backed securities) and the yield on the ten year treasury. I doubt you further understand how these all relate to what is going on in the market as a whole like a knowledgeable Loan Officer does who subscribes to rate watch like myself. I can lock in my core Realtor's clients at a moments notice saving them up to .250 on rate verses anyone else and guess what. I will make YSP or SRP depending upon whether I use an in house bank or have brokered the loan out. This compensation does not belong to the consumer, period end of story. If you would like to be educated on how the financial markets work, I suggest you start doing some research about how mortgages are bought and sold in tranches. Then rated by the rating agencies and sold as mortgage backed securities to pension fund managers around the world. @Heywood
A perfect example of what happens when a Realtor gets a little bit of knowledge with out knowing the whole story. Do you know that every financial institution makes money on the back end? If it is a bank it is called a servicing release premium or SRP. However, since it’s a bank they do not have to disclose it! Mortgage Brokers have always had to disclose YSP, but that does not mean that they are earning that money! How do you think they office expenses are paid for? Things like rent, employee salaries, pension benefit’s etc.

You were not ripped off my friend, and I am sure you compared the rate you got with every other lenders. So the lender got paid YSP, big deal! Quit trying to hype your product which by the way is incomplete and misleading. I sincerely doubt you understand the intricate relationship between MBS (mortgage backed securities) and the yield on the ten year treasury. I doubt you further understand how these all relate to what is going on in the market as a whole like a knowledgeable Loan Officer does who subscribes to rate watch like myself. I can lock in my core Realtor’s clients at a moments notice saving them up to .250 on rate verses anyone else and guess what. I will make YSP or SRP depending upon whether I use an in house bank or have brokered the loan out.

This compensation does not belong to the consumer, period end of story. If you would like to be educated on how the financial markets work, I suggest you start doing some research about how mortgages are bought and sold in tranches. Then rated by the rating agencies and sold as mortgage backed securities to pension fund managers around the world.

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