A client is currently refinancing and they have PERFECT credit (as defined by rational people):

No lates, no collections, no judgments or liens, nothing whatsoever that could be considered derogatory.

However, they have a lot of debt (helping out their kids, times are tough) and unfortunately I didn’t know that they needed to get a 740 middle FICO score to get the lowest rate.  They were only 5 points short at 735 and their loan officer recommended paying down some accounts and running the credit again.   The FICO score actually DROPPED 5 points – quite likely due to the first mortgage credit inquiry over 30 days earlier.

So yesterday my client contacted me and I sure wish I’d had the opportunity to work with her on the scores right away.  Now the loan officer is pressuring them to lock the rate and close – at the  higher  rate.

Despite several emails, the loan officer refused to provide today’s rate for a 740 FICO.  We need to know whether it’s worth the time and expense to work on the scores.  If the difference is only 1/8% in the rate, it might be best to lock at the higher rate and get it over with.

It only takes a few seconds for a loan agent to quote different rates and I recently explained how to read a wholesale rate sheet and I posted a rate sheet.

So I searched for current rates and I ended up at Quicken Loans.

Christine McIntyre REFUSED to provide the rate for a 730 FICO score!

They require your INFORMATION, no doubt to waste your time, to market you and to sell your information if you don’t get a loan from them.  Mortgage leads sell for BIG bucks. Some brokers and all sorts of criminals pay over $100 for addresses and phone #s.  That’s why everybody wants to give you quotes AFTER you gave them your info.

When I brokered mortgages, I freely handed out entire wholesale rate sheets, I had nothing to hide and I did not sell any information.

Here’s the transcript of my Quicken Loans chat:

Thank you for inquiring with Quicken Loans, we’re America’s #1 online lender and do business in all 50 states! Please hold while we connect you with the best suited Mortgage Expert.
You have been connected to Christine McIntyre.
Christine McIntyre: Thank you for visiting the Quicken Loans Website!
Christine McIntyre: How are you today Christine?
Christine: Fine. What is the rate for an 80% $350k refi, cash out, excellent credit?
Christine McIntyre: 4.375
Christine: no points
Christine: are there minimum FICO score requirements?
Christine McIntyre: 740
Christine McIntyre: But you said you had excellent credit?
Christine: Yes, no late payments or any other derogatory accounts
Christine: But that doesn’t mean that the score is 740
Christine: What is the rate at 730 FICO?
Christine McIntyre: Let’s do this Christine I can put all of your numbers together for you and see what we can do.
Christine McIntyre: I would just need to get some information from you.
Christine McIntyre: Have you had your credit checked by a mortgage company yet?
Christine: You can’t give me a rate without getting my information?
Christine McIntyre: I did give you a rate already without your info.
Christine: Does my rate depend on whether my credit has been checked by another company?
Christine: You gave me the rate for a minimum 740 FICO
Christine: Can I get the rate for 730 FICO?
Christine McIntyre: Here’s the thing.
Christine McIntyre: I know what rates are for the 740
Christine McIntyre: As that is in general what most clients with excellent credit have.
Christine McIntyre: Because the rate and or costs would be higher for a 730 credit score then I would need more info to put your rates and costs togehter.
Christine: So you don’t have access to a rate sheet?
Christine McIntyre: We do not have a rate sheet we are computerized.
Christine: Your computer doesn’t know the rate for a 730 FICO?
Christine McIntyre: Not without your info it does not.
Christine McIntyre: We do advertise our rates that might help you.
Christine: Thank you, good bye
Christine McIntyre: Have a good day!
Thanks for the opportunity to help you! If you have any questions, please call us at 1-800-719-2044. And don’t forget, our partner, [redacted URL for fraudulent credit reports and scores] , provides you with a totally free credit report & score to help you make better home and life decisions!
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