By Rob Chrisman
Posted To: Pipeline Press
“Rob, I just heard of a major lender offering an internal incentive for originating FHA streamline refinances . The bonus is 100 bps on top of their normal commission. This sounds highly unusual and will directly relate in greedy loan reps steering clients back to FHA loans where they may benefit from conventional financing that they may be eligible for based on the clients improved credit history and equity position. Have you heard of such a thing?” Yes I have – kind of – but mostly related to rate sheet pricing. I am hearing stories of lenders pricing 2-3 points higher than everyone else the mad scramble for this product. Seasoned folks know that it will calm back down, but in the meantime there is plenty of grief for anyone setting rates. You’re not alone if you’re still slightly confused…(read more)
Via:: Fannie CU Webinar; Reports on Health of Reverse Mortgages, Homebuilders, and Housing Market
