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Old 08-18-2010, 05:10 PM   #21
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What's your percentage in terms of new purchases vs refinance?
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Old 08-18-2010, 05:13 PM   #22
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What's your percentage in terms of new purchases vs refinance?
can you be more clear? Do you mean how much do I ususally make per deal?
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Old 08-18-2010, 05:20 PM   #23
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No I mean do you do more refi vs new home purchases.
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Old 08-18-2010, 05:24 PM   #24
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No I mean do you do more refi vs new home purchases.
Oh, my mistake. In 04-07 All i did was refi's. Then the market changed, and in 08 I started doing modifications, refis and purchases. I no longer do modifications
I would say now I am at 70% purchases and 30% refiis. Refis are slowly making there way back and is slightly increasing my percentages. I am averaging 10-15 deals a month.
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Old 08-18-2010, 05:42 PM   #25
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Griff FTMFW!!

What's the current fixed rate?
Is it a good time to buy right now or will the rate go down a bit more?
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Old 08-18-2010, 05:44 PM   #26
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Griff FTMFW!!

What's the current fixed rate?
Is it a good time to buy right now or will the rate go down a bit more?

It is a great time to buy if it makes sense for you.
It is estimated that the rates may drop a bit more closer to Decmeber.
30 year fixed right now is 4.15%-4.25%
10 & 15 year fixed right now is 3.75%
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Old 08-18-2010, 06:05 PM   #27
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do you think home prices will continue to drop in So Cal? i'm thinking it will be the way it is and/or worse for the next ~3 years.
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Old 08-18-2010, 06:08 PM   #28
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do you think home prices will continue to drop in So Cal? i'm thinking it will be the way it is and/or worse for the next ~3 years.
We have slowed alot with the drop. It is still goig down, but not as bad. With the foreclosure and short sales, those affect home values and continue to reduce values. I feel that we will not recover for at least 3-5 years. It will take many years for the equity to build back up.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

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Old 08-18-2010, 06:11 PM   #29
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We have slowed alot wit hthe drop. It is still goig down, but not as bad. With the foreclosure and short sales, those affect home values and continue to reduce values. I feel that we will not recover for at least 3-5 years. It will take many years for the equity to build back up.
good news for future home buyers.
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Old 08-18-2010, 06:14 PM   #30
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Oh, my mistake. In 04-07 All i did was refi's. Then the market changed, and in 08 I started doing modifications, refis and purchases. I no longer do modifications
I would say now I am at 70% purchases and 30% refiis. Refis are slowly making there way back and is slightly increasing my percentages. I am averaging 10-15 deals a month.
Nice.. Is it fair to assume that your commissions average 1% like us Canadians?
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Old 08-18-2010, 06:16 PM   #31
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Nice.. Is it fair to assume that your commissions average 1% like us Canadians?
my commision is normally 2-3% per deal. Loan officers are limited to 3% per RESPA guidelines.
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Old 08-18-2010, 06:26 PM   #32
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my commision is normally 2-3% per deal. Loan officers are limited to 3% per RESPA guidelines.
omfg... I wish we could get that up here, I'd literally need to do half the work I am to make the money I want too. You must realllly be raking it in lol.
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Old 08-18-2010, 06:32 PM   #33
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omfg... I wish we could get that up here, I'd literally need to do half the work I am to make the money I want too. You must realllly be raking it in lol.
I do very well for myself. My loans average size is 150k-375k
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

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Old 08-18-2010, 07:29 PM   #34
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my commision is normally 2-3% per deal. Loan officers are limited to 3% per RESPA guidelines.
That seems kinda high, I know one of the brokers that one of my buyers used showed him the wholesale price sheet when they locked and he made .75% on a $550k loan amount (he'll do lower loan amounts for 1-1.50%). I believe that he had a 80-20 split with his broker. Are you your own broker or do you have to split any of your commission?
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Old 08-18-2010, 07:34 PM   #35
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That seems kinda high, I know one of the brokers that one of my buyers used showed him the wholesale price sheet when they locked and he made .75% on a $550k loan amount (he'll do lower loan amounts for 1-1.50%). I believe that he had a 80-20 split with his broker. Are you your own broker or do you have to split any of your commission?
I am a broker. Closed my company last year. Went to work for a lender. Put my brokers license as inactive and use my NMLO license for the current company. I average 1-1.5 points on the front and 1-1.5 points on the back. The higher the loan amount normally a lower percentage is charged, because the dollar amount is a bit more of a shock to the borrower.
Edit: Just realized you said wholesale price sheet. I am on the retail end of it now. More money in rebate, because we lend our own money.

If I need to give credits to make loans work then I will, and my percentage will be lower. From paying for appprasials, credits to closing, whatever we need to make the deal happpen, etc. There are some deals were I make no money, but a great referral for the future.

I am at a 80/20 split with my company.
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Old 08-18-2010, 07:47 PM   #36
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I am a broker. Closed my company last year. Went to work for a lender. Put my brokers license as inactive and use my NMLO license for the current company. I average 1-1.5 points on the front and 1-1.5 points on the back. The higher the loan amount normally a lower percentage is charged, because the dollar amount is a bit more of a shock to the borrower.

If I need to give credits to make loans work then I will, and my percentage will be lower. From paying for appprasials, credits to closing, whatever we need to make the deal happpen, etc. There are some deals were I make no money, but a great referral for the future.

I am at a 80/20 split with my company.
Gotcha, it makes sense to charge 2%+ if the loan amounts are in the less than $200k because whether it's a $100k loan or a $600k loan it is basically the same amount of work and the small loan amounts tend to be a bit more difficult to close than the higher loan amounts due to stronger borrowers.
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Old 08-18-2010, 07:51 PM   #37
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Gotcha, it makes sense to charge 2%+ if the loan amounts are in the less than $200k because whether it's a $100k loan or a $600k loan it is basically the same amount of work and the small loan amounts tend to be a bit more difficult to close than the higher loan amounts due to stronger borrowers.
If it is a high balance loan then you have less room to work with and the 1% of 500k stands out more than 1% of 200k. Plus being on the retail side, rather than wholesale where I was; I make more rebate. Since the company I work for is a direct lender. I sent you a PM.
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Old 08-18-2010, 08:43 PM   #38
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Wow. You're telling me you can clear 40k a month?

250k loan size * 2% commish * 10 deals a month * 80% split = 40k.
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Old 08-18-2010, 09:02 PM   #39
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talk to me about va loans.. what all is involved that differs from regular
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Old 08-18-2010, 09:40 PM   #40
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Wow. You're telling me you can clear 40k a month?

250k loan size * 2% commish * 10 deals a month * 80% split = 40k.
Those number are all before taxes. I do alot of 150-200k loans. Then maybe 2-3 a month above 300k.
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