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: