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Started By
Message
1
Posted on 8/14/20 at 9:20 am to AUtigR24
Is the 0.5% on anything that closes after August or anything that opens from there?
Posted on 8/14/20 at 9:36 am to LSU1018
On any loan that is currently locked and after that
Posted on 8/14/20 at 9:41 am to SDVTiger
My secondary was in full meltdown mode and we were on pace for a record month again on fundings.
Posted on 8/14/20 at 10:05 am to SDVTiger
quote:
No one at the moment. Calabria just dropped a bomb on the Industry yesterday
This sucks for so many people but it’s not unreasonable.
I guessing they just don’t want to be left holding the bag like in 2008 and forever be in conservatorship. Delinquency rates have doubled from last year and CoreLogic says they may quadruple by end of 2021. Rates have fallen so far, so fast that people who refinanced in Jan could justify doing it again in July.
Posted on 8/14/20 at 10:34 am to castorinho
So the 50 basis point hit is just on cash out refis correct?
Posted on 8/14/20 at 10:40 am to C
quote:
So the 50 basis point hit is just on cash out refis correct?
This was my understanding as well. Could be mistaken.
ETA: Just saw it was for cash-out and no cash-out refis. Son of a bitch.
This post was edited on 8/14/20 at 10:54 am
Posted on 8/14/20 at 11:04 am to SDVTiger
quote:
On any loan that is currently locked and after that
So the rate increase applies if you've already locked in at a rate? What's the point of a "lock" then?
Posted on 8/14/20 at 11:16 am to Epic Cajun
quote:
So the rate increase applies if you've already locked in at a rate? What's the point of a "lock" then?
No the lenders will have to eat that. Then in turn they will up lender fees but not sure how that can be done on a locked loan
Rates are .5 higher than the lows this week
Posted on 8/14/20 at 12:00 pm to SDVTiger
For those looking for what people have been able to get...
I just got off the phone locking in the terms of my refinance with New American Funding (I used them to purchase this same house in January).
Current LTV is about 78.5%
Paying 1.125 points to buy down the rate to 2.5% on a 30 yr fixed conventional.
Lender fees $1629
APR 2.656%
Will roll costs/points/fees into the loan up to the 80% LTV level.
Saving ~$120 a month. Will recoup my refinance costs in about 4 yrs and 8 months. We plan to be here 20 years or more.
They're eating the newly imposed Fannie Mae 0.5% fee (i.e., costs are exactly the same as the offer they sent me Tuesday). They also said if Fannie reverses course and lowers or does away with that fee, my costs would go down by an equal amount. So fingers crossed on that!
I just got off the phone locking in the terms of my refinance with New American Funding (I used them to purchase this same house in January).
Current LTV is about 78.5%
Paying 1.125 points to buy down the rate to 2.5% on a 30 yr fixed conventional.
Lender fees $1629
APR 2.656%
Will roll costs/points/fees into the loan up to the 80% LTV level.
Saving ~$120 a month. Will recoup my refinance costs in about 4 yrs and 8 months. We plan to be here 20 years or more.
They're eating the newly imposed Fannie Mae 0.5% fee (i.e., costs are exactly the same as the offer they sent me Tuesday). They also said if Fannie reverses course and lowers or does away with that fee, my costs would go down by an equal amount. So fingers crossed on that!
Posted on 8/14/20 at 12:07 pm to SDVTiger
quote:
No the lenders will have to eat that. Then in turn they will up lender fees but not sure how that can be done on a locked loan
Rates are .5 higher than the lows this week
So, glad I locked 2.25% last week and got an appraisal waiver on top of that.
My guy is saying the same. Basically the lenders are getting screwed on any loans that are currently locked, but not closed.
Posted on 8/14/20 at 12:22 pm to SDVTiger
The increased on new loans to make up for extra expense on ones they will eat
Posted on 8/14/20 at 1:43 pm to That's BS
quote:
I just got off the phone locking in the terms of my refinance with New American Funding (I used them to purchase this same house in January).
I have nothing against NAF, and they seem competent. However, they also appear to be swamped right now like most others.
I locked with them back in early June. I had all the required paperwork together, appraisal waiver, etc. completed within 2-3 days of locking.
Ultimately we couldn’t make the closing in 60 days time, created some issues with fees/scheduling/etc. I ended up moving on from them back to a local lender for a little better rate. NAF fees were much better so I’m hoping new lender can match (same closing/title place I used last year to refi). But this new info makes me question if I can get the fees lower if they’re having to eat some costs.
Posted on 8/14/20 at 2:26 pm to Aug1
quote:
Synovus
They just quoted me 2.50% on 30 year. Closing fees (no prepaids) $4900. That sound about right?
Posted on 8/14/20 at 3:39 pm to DawgCountry
quote:
They just quoted me 2.50% on 30 year. Closing fees (no prepaids) $4900. That sound about right?
This is about the same as what I got a few days ago too
Posted on 8/15/20 at 8:48 am to That's BS
they should be able to waive those lender feels.
Posted on 8/15/20 at 9:20 am to basiletiger
There is no lender right now waiving their fees with the hit they are about to take from FHFA
Posted on 8/15/20 at 9:46 am to basiletiger
Sure they could waive the fees if you are willing to pay a higher interest rate.
Posted on 8/15/20 at 9:52 am to LSU1018
quote:
Sure they could waive the fees if you are willing to pay a higher interest rate.
It wouldnt be waived you would get a credit
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