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Updated about 10 years ago,

Account Closed
  • Rental Property Investor
  • Richmond, VA
0
Votes |
2
Posts

Discount/Sale to Fannie Mae

Account Closed
  • Rental Property Investor
  • Richmond, VA
Posted

Because my lender (conventional mortgage through a bank) botched giving me the rate we had agreed upon (I have an e-mail to prove.), in order for me to close on time, I had to take the incorrect rate (lower rate, paying more points.).  I leaned on the mortgage broker quite a bit, and he was able to discount the amount I paid for points by ~$200, and then said to me, "That discount is coming out of my commission, and if I discount this loan any more, we won't be able to sell the loan to Fannie Mae."

Is there a discount threshold where Fannie Mae will no longer purchase the loan?  I'm at 4.5 on an investment property, paying $705 for the rate (locked in mid-October).  A number of discrepancies have occurred while working with this lender, and I'm concerned that this comment was more of a pressure tactic than a true statement.  Any thoughts?

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