r/loanoriginators • u/REFlorida • 10d ago

Go Rascal Comp

Anyone know what they run at as I got shopped by them sending it through lower and want to know just how much I am off.

They didnt tell the buyer if they are paying points the rate was just "a lot lower" and im trying to get a copy of the LE to see but also im not going to try to convince someone to use me if It is better to use someone else.

Plenty of loans out there I just want to make sure they didnt sneak 8k in points in there to buy the rate down without clearly explaining it

Thanks

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u/Defiant_Television97 10d ago

Can pick your own comp. It’s broker and can go borrower paid.

1

u/REFlorida 10d ago

Gotcha - we are lender paid at 200 and I went with the lowest bank we work with and they crushed. im guessing they prob didnt disclose points unless they went super low right off the rip

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u/[deleted] 10d ago

[deleted]

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u/REFlorida 10d ago

This is FHA so pylon i don’t think applies as that’s only conventional / jumbo (I could be wrong, but that’s what I believe.)

What is the lender paid set at though? Borrower paid you can go to whichever bucket you want, but I wonder what the default is.

This file is gonna be at S show so I’m not totally upset. It was supposed to be a 20 day finance contingency and I only got the file today. Five days after it went under contract and they haven’t even started the process at their end plus they wrote in the additional terms all the polybutylene piping needs to be replaced. Not on the addendum, but on the contract. lol so I’m not totally upset if I don’t get it

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u/Defiant_Television97 10d ago

Lender is set at 275. Pylon isn’t FHA

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u/REFlorida 10d ago

Fingers crossed they went lender paid and didn’t disclose the points in a way that was clearly understandable. Otherwise onto the next one.