Oh God---I cant believe what happened to my dear loan industry
Was with a bunch of fellow real estate brokers last week. You know, the chair warmers who think the license is an anointment by God and it actually took IQ to pass the test, lol (I can say it, you real estate people.)
Anyway, in walks a loan agent from a big radio advertising mortgage broker/banker. He was trying to drum up biz. I'll give him credit; you dont see that much anymore. So, the dude starts talking about programs and new FHA rules. I ask how his company couldbe advertising rates for anyone 'no matter how upside down' they are. He says they can do it. (Stupidity number one)
Says me: Man, my home is worth 120K and I owe 300K---you can do that? Says he: Oh yes, the government has relaxed rules (Straight from their radio ads) and if its a Freddie loan, we can do it.
Says me, (after looking at my buddies so they know Im about to play with the guy) : A Freddy loan? Ive heard of Angelo from countrywide, is Freddy a big player?
Responds he: No Freddy is a lender.
Me: Like Bof A?
He, No, they offer their own rules.
Me, so does any big lender unless they are going to sell to Freddie. Did you know Fred buys loans?
He (pause---some thought process going on---) Im not sure.
Me: Do you know that Freddie is spelled with an ie but thats just the popular way of saying it? It comes from an acronym taken from the companies real name. Have you ever heard of FHLBB or FHLMC?
He: Look we have really great rates and I promise quick closings, can I leave this with you?
Me: I dont think so, dude.
Now, I remember in our mortgage license training the sections that told all about fannie, freddie, Ginnie, Lola, Harold and their cat Fido. How could this dude not know about this?!!! Ah times they be a changin'.
by Cedonulli2 November 4, 2012 9:20 PM
The more things change the more they stay the same. You should have asked him how they can pay for all the radio ads AND have low rates. That would be a good facial expression for YouTube. Not to mention, as a sales agent, how would this refi powerhouse treat your purchase deals. Just put them in line with the refis?
by Dr. Branker November 4, 2012 9:57 PM
"Lending with Expertise..."
by Masher November 5, 2012 12:23 PM