And you thought AMCs were bad. Try to Refi and meet Scam Mortgage Brokers, times 3!

[Charles West]

Which means that this appraiser got paid between $350-$400 for the appraisal as the AMC would have pocketed about $125 off the $495.

So he got about $100-$150 LESS than he should be getting paid in this market.

More than that if his fees were adjusted to market.

 

[Alsie35]

I forgot to add that Wells Fargo told me they couldn't touch that rate of 2.875%.

2.875% is what we got when we bought our home in TX a few months back. Would have NEVER thought I would see a rate like that on a piece of paper I was signing. (My first mortgage had an 8.5% rate three decades ago. ) With a little good luck this one should be the last mortgage that I'll ever need.

 

[Charles West]

2.875% is what we got when we bought our home in TX a few months back. Would have NEVER thought I would see a rate like that on a piece of paper I was signing. (My first mortgage had an 8.5% rate three decades ago. ) With a little good luck this one should be the last mortgage that I'll ever need.

I know. It's ridiculous that median values have increased so much and rates of borrowing are so low. Course the counter is values may decline with the eventual rise in rates. Everything is intricately linked together. Didn't you already move? San Antonio wasn't it?

 

[Alsie35]

I know. It's ridiculous that median values have increased so much and rates of borrowing are so low. Course the counter is values may decline with the eventual rise in rates. Everything is intricately linked together. Didn't you already move? San Antonio wasn't it?

The answer to your question is in my "Signature Line", at the bottom center of this message. (There is just 1 more week of mining the gold out of these CA hills ... and then .... a strategic retreat to "Fortress Alamo" .... )

 

[Charles West]

Very nice.

 

[Elliott]

I noticed that the reviews of Better Mortgage and Amerisave are essentially phony on the websites like Facebook and Rate.com so I wrote a letter to one of them. This is what I got today:


“Hi Elliott,

Thanks for your feedback. It's really shocking how many emails I've gotten these last few months complaining about lenders. All of the big names are being slammed by negative feedback. Slow turnaround and lack of communication have been the most common complaints. I think the industry is still struggling with COVID staffing challenges among such high demand.

At least, that's my hope. If not, the entire industry is coming off the rails.

And so many of the complaints I'm receiving are coming from well-qualified borrowers like yourself. It makes no sense at all. I've asked about having reader reviews added to our staff reviews, and I believe it's something the editors are considering adding.

It's always helpful to get honest input from lender customers, who can see behind the curtain much better than we can. Again, thank you for reaching out. We work hard to review these lenders the best that we can (without actually applying for loans with each one) and your information will certainly help.”

[Financial Website Owner]

And we are working for these companies! I recall that one of them was going to charge $840+$150 for a Corelogic appraisal when I had a 15% LTV. Just amazing what a scam these brokers and AMCs have become.

 

[Charles West]

Signed my documents Monday, fingers crossed. Closer talked about somebody's deal going into their eighth month without close.