Established Contributor
Posts: 762
Registered: ‎04-26-2012
Re: What you should know about the Dodd-Frank Act
I used to do refi's, we would always put a couple extra points on when the consumer actually qualified for a lower interest rate, for example at the time 9% was an excellent rate and if that particular consumer qualified for that rate but we gave him a 12 % rate to make extra commission. Additionally we gave loans to people we knew could not afford it but we wanted the commission.
Pre-payment penalties are such a Sham, glad to see they are gone.
CS 728- 01/13 from 554-12/11
Goal: 800