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GFE review Are fews to high


jeff6898
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THis would be a loan for $157,500 house vaule ? $185,000 Interest rate 9.750%

Iems payable in connection to loan

Appraisal fee 400.00

mortgage broker fee 1.000% +$ 400.00 1,975.00

underwriting fee 1,012.00

flood certificate 15.00

Title Charges

Closing or Escrow Fee 125.00

Title Insurance 904.00

FF9/Alta8/Endorsements 150.00

Courier Fees 50.00

Government Recording

Recording Fees 200.00

mortgage doc Stamps 550.00

Intangible Tax 314.00

Estimated Closing Cost $5,695.00

Compensation to broker(not paid out of loan proceeds)

Florida HOmetown Mortgage 0% to 1% 1,570.00

Purchase Price/Payoff 152,485.00

Loan Amount 157,500.00

Est Closing Cost 5,695.00

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full doc or stated?

2/28, 3/27, 2/38, 30 year fixed, 40 year fixed or other?

Is there a prepayment penalty?

On the surface, your appraisal is $100 over, title is a few hundred over (unless this is a purchase in which case the title fees are way over), broker fee and YSP?

Can't tell you what the mortgage broker is making on YSP unless I know the above details.

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I thought I remembered credit scores listed at the end of your original post and then when I was typing out a response to your question -- gone!

Anyway, here is a rate sheet for you to get an idea of how much YSP the broker is making. Based on a 550 mid, there is no BK seasoning so the BK could have been yesterday and that would be fine. Appears to be a grade of AA. 8.05% is par and 1.25% added to rate for 2YSP so 9.30% is a total commission of $4,725

I don't know what a 9.75% rate would pay? Obviously using a different lender than this...

https://www.newcentury.com/ratesAndPrograms/DynamicRateSheets.pdf?comp_code=CONV/WSL&matrix=108&state=FL&zip_code=&tco=0&color=1&isAE=0

The add-ons that I saw were

1) bk <1 yr = .25 to rate

2) 2 pts ysp = 1.25

Hope this helps.

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I deleted them becuase I have no ide what my scores are. AT first the broker wouldn't tell me. Then she said about 525. THe lender pulled it the same week and she said he only came up with a 499. So she is having me pay $467.00 towards a bill I have and will do a rapid rescore that she says will boost it up enough to do the loan again. Long story behind what I been through with this broker. Will be more then happy to share it of you like.

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Sorry, I based my previous post on the 550 mid. You probably already know this, but FACTA requires the broker to give you a credit score disclosure listing your credit scores and the factors.

If the broker's credit pull generated an acceptable score to begin with then the broker should try to place your loan with a lender that doesn't repull. A big mistake that alot of mortgage brokers make is using a credit vendor that isn't widely accepted by the wholesalers (I don't know if that describes your case or not).

By the way, I'm on this site to learn about credit from the trial and error of others, but I keep scrolling down to the mortgage section and am compelled to answer these questions.

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To give the quick version. She called me weds 11/15 says I been approved 85% LTV pending appraisal. She said she works with a certain appraiser and he can appraise me at $185,000 which is needed. Meet her Friday 11/17 sign paperwork. Calls me MOnday to let reassure me of the approval and appraiser will be out Friday the 25th. (Still don't know score). Emails me Weds the 22 saying appraisal cancelled. Hmm decide to call to find out why. She states when she pulled my score on 11/14 I had a score to meet approval. She said the lender pulled on 11/22 and it showed the 499 middle so LTV went to 80%. wouldn't be high enough appraisal to make the 80% LTV so refi a no go. Calls me back 11/24 ansd says good news she ran my scenerio through a program and it says if I pay $467 towards bill she could do a rapid rescore and it will go back up to the score needed for 85% LTV and we good do the refi. Problem might be I would be 60 days late 12/1 on mortgage. She called friday 11/25 said the bank called her back and said the 60 days wont be a problem as long as I pay the money in order to do the rapid rescore. So here I sit do I or dont I do it. If I do and it doesn't go through I am in trouble as I am using my payment money to do this. Don't know weather to believe her or not.

I am trying to refinance my house. I have 2 Bk's showing ect. I believe my middle score is around 525. I'm really not sure the broker wont tell me what it is. She says she has a pre aprroval for 85% LTV. She wants to send a appraiser out this Friday at a cost to me of $450.00. She states she works with the appraiser alot and he siad he will get the figure we need. I am not so sure. I asked for something in writing showing a pre approval and she said that the lender doesn't do that. I also didn't get a copy of a GFE. Its been 2 weeks. I hate to spend money I dont have on a appraiser if iI am not truely pre approved or it wont make the vaule we need. ANy opinions?

Oh well doesn't matter anymore she emailed me to tell she can't get it done. Yes you rerad that right emailed me didn't even bother to call. She did give me a round about score though. She said last week when she had the " approval pending apprasial" my middle was 523 . She said lender pulled credit yesteray and middle was 499. 24 point lost in a week. Guess I could understand the approval being revered now due to that.

Now she Emails me back and says if I pay $470 towards one of my credit cards she can do a rapid rescore and it would bring up my score enough to refi. She claims she got the lenders approval and it will be no problem. I am not sure what to do. To pay this much and find out it still won't go through will be diaster. I did finally get a copy of the GFE can you take a look and tell me what you think.

THis would be a loan for $157,500 house vaule ? $185,000 Interest rate 9.750%

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Problem might be I would be 60 days late 12/1 on mortgage. She called friday 11/25 said the bank called her back and said the 60 days wont be a problem as long as I pay the money in order to do the rapid rescore.

Absolutely make the mortgage payment!

I am a believer in the Rapid Rescore. The rapid rescore 'what if' simulator is probably what your broker is basing her statements on. It is sometimes helpful, but only an educated guess.

Again, the broker should utilize a wholesaler that accepts the broker's credit report and doesn't repull. All these credit pulls are not helping. She may not know that her credit report is accepted by certain lenders without repulling or she may be using a more obscure credit vendor.

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