The Cellar - View Single Post - LJ: credit crunch affecting consumers yet?

lumberjim · 05-12-2010, 01:38 PM

Apparently, if you opened a mortgage between 2005 and 2007, it may effect the risk rating you get on some lenders' internal 'scorecards'.

I won't mention the Lender (what's in your wallet) but they priced this customer's loan at 5.49% x 63 months, where I had 3.54% at Chase and 3.49% at 5th 3rd and Citizens.

Customer has perfect credit, and a good equity position...so I questioned the buyer about the rate. He said that the mortgage(s) -- he has a primary and a second--- were dated 4/05 right when housing values were AFU, and their computers figure that into the equation for risk based pricing.

sonofabitch

05-12-2010, 01:38 PM	#2
lumberjim I can hear my ears Join Date: Oct 2003 Posts: 25,571	Apparently, if you opened a mortgage between 2005 and 2007, it may effect the risk rating you get on some lenders' internal 'scorecards'. I won't mention the Lender (what's in your wallet) but they priced this customer's loan at 5.49% x 63 months, where I had 3.54% at Chase and 3.49% at 5th 3rd and Citizens. Customer has perfect credit, and a good equity position...so I questioned the buyer about the rate. He said that the mortgage(s) -- he has a primary and a second--- were dated 4/05 right when housing values were AFU, and their computers figure that into the equation for risk based pricing. sonofabitch __________________ This body holding me reminds me of my own mortality Embrace this moment, remember We are eternal, all this pain is an illusion ~MJKeenan