All Forum Posts by: Paul Cordero

Bruno C.

Your credit score is only a fraction of the determinants for getting approved for a mortgage loan and the rate available to you. I don't know any lender that will negotiate a rate based on your good FICO scores.

Your best bet is to shop around. Start with the bank you have your current accounts with, then maybe one more local bank, then get a quote from somewhere like Aimloan.com like Dawn mentions. You will want to work with whomever you feel most comfortable doing business with.

I hope this helps.

@jeffS.

I agree 100%

BTW - Agents are sending business my way, that isn't the issue here. I deliver on my word, it just doesn't help when you have gained that business and the agent on the other side won't accept the offer because of a past experience or misconception with the "Big Banks". This is not good business in my opinion.

One more thing I forgot to add, the listing agent put the "Not accepting offers from the following banks..." contingency in the listing addendum.

I believe the seller should see all offers, and puting this contingency in your listing info is driving away potential buyers from even putting in an offer.

Wayne Brooks

The listing agent's reasoning was because the big three "won't do flips" in general. The propery condition meets FNMA guidelines. I even sent the buyer's agent the red flags listed in our guidelines that an underwriter would deny a "flip" transaction for, and this property and all parties involved pass with flying colors.

J Scott

J - I get your point and agree to some degree, but what happens when several sellers start excluding offers from certain banks based on rumor or misconceptions of certain banks in the industry? Working for one of the big guys, I deal with this daily. The scrutiny should be placed on the loan officer or banker on getting the deal done, not the bank as a whole. Especially when most every bank sells conforming loans to FNMA & Freddie, and they are the ones dictating the guidelines.

Thanks for the responses guys. Does anyone else think that this seems borderline to steering in a round about way?

Mike,
Does your lender portfolio everything they write? Do they not sell to FNMA and Freddie on the secondary? I guess what I am trying to ask is what makes your lender able to do flip transactions and supposedly other banks can't? What other banks have you seen deny buyers in the past? - thanks

I preapproved a borrower to put in an offer, but the listing agent denied the offer because it was from a big bank. There is a misconception that my bank won't finance a "flip" transaction. Our guidelines clearly state that we will, so I forwarded to the buyers agent, to forward to the listing agent. The buyers agent sent the clients to a broker thinking their prequal would do the tick but I tried to get it through to him that since the loan is under the conforming loan limit, the guidelines will be set by FNMA or Freddie for any lender.

Any suggestions on what I should do here. Is this ethical for the listing agent to do?

There would be nothing wrong or unethical about what you are doing, in my opinion, as long as the lender isn't using the money used for the purchase included in your qualified reserves.

You also run the chance of the lender doing a property search prior to closing. You then run the chance of complicating the refinance closing with more paper work, etc.

I would start with some local title companies here in the valley.

@Jeridilts

Can you tell us why you want an FHA loan? Have you weighed out the pros and cons vs. conventional financing?

You should be able to amortize your 30 year loan with the new rate at 28 years so you don't increase your term. Just a thought.