2008-06-09 — prnewswire.com
At least, that what this article about one CA company implies.
"Close Your Own Loan.com has eliminated the Loan Officer so you can keep his commission."
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brokerjohn at 11:32 2008-06-10 said:
Where is John Henry to beat this "underwriting" engine down? We are doing so good in this industry, that we now have the ability to eliminate a huge point of the fraud detection system? interesting. I love the Hubris though. We are taking the mortgage guys fee and we are giving it to the borrower. How nice of them. I do have to credit them for recognizing that processors are the backbone of the mortgage industry. they have just given all the processors a promotion, without the pay increase. Good luck with that model. PermalinkDo_the_math at 13:44 2008-06-10 said:
This would only work if the processors were licensed and adequately compensated. Processors make excellent originators in a service environment- but again, they have to be licensed especially in California. Its the Help U Sell of Loans. PermalinkWaltBomb at 22:02 2008-06-10 said:
Their rates aren't amazing, so there's likely some squish in there. Today, a purchase at $250,000 w/ a loan amount of $200,000, Full Doc, Full Am, 30-yr fixed, Excellent Credit, Escrows is at 6.25% paying 0 pts and 5.875% paying 2 pts. Underwriting is $745, and "e-processing" is $395. No mention of other garbage such as a lock-in fee, from what I can tell, though I wouldn't be surprised. They currently appear to be licensed only in CA and WA so far, though their website appears to be soliciting for all states. Permalinkadd a comment | go to forum thread
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