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Old 02-01-2010, 01:55 PM
 
Location: New York
2,251 posts, read 4,395,007 times
Reputation: 1610

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Quote:
Originally Posted by VictorBurek View Post
flagstar didnt walk away because they didnt want to give you a low rate. If the rate is locked, the bank will honor it through expiration. Seems your loan officer is lying. Probably didnt have the loan locked and pricing got worse so could no longer provide the rate quoted with fees quoted.

Also, the pricing posted above are at a cost to the consumer. From above, the 15 day lock is costing 100-99.345= .655. If a consumer wanted that rate, they would have to pay all costs including 1 point to the originating loan officer and an additional .655 in discount to buy that rate.

Victor is right about the pricing, its been a few years since I've done mortgages....
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Old 02-17-2010, 06:02 PM
 
2 posts, read 10,241 times
Reputation: 10
Default Avoid Absolute Mortgage

Thanks to you both for providing the Flagstar pricing sheet. As I said, I have reported them to the PA Dept of Banking who are investigating right now.

Seems that the Mortgage and banking industry is still a wild west show. We'll see if Absolute Mortgage can get away with such blatant fraud. If this clear cut case is not prosecuted, then it must be really bad out there for thoasands of consumers who are using these internet advertising brokers.
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Old 02-17-2010, 06:11 PM
 
Location: Lending in all 50 states
189 posts, read 733,405 times
Reputation: 109
Quote:
Originally Posted by VictorBurek View Post
flagstar didnt walk away because they didnt want to give you a low rate. If the rate is locked, the bank will honor it through expiration. Seems your loan officer is lying. Probably didnt have the loan locked and pricing got worse so could no longer provide the rate quoted with fees quoted.

Also, the pricing posted above are at a cost to the consumer. From above, the 15 day lock is costing 100-99.345= .655. If a consumer wanted that rate, they would have to pay all costs including 1 point to the originating loan officer and an additional .655 in discount to buy that rate.


not to mention the fact that he didn't bother to explain the rate adjustments for fico, ltv, state and so on.
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