All Forum Posts by: Waruna Yapa

Quote from @Waruna Yapa:

Quote from @Jason Wray:

Waruna,

Best advice from a Banker is to build a relationship with an actual FDIC Banker that funds Nationwide and offers all programs. The biggest detail is look for a nationwide bank that is full delegated with little to No overlays. Reason why is because FDIC Bankers "Do Not" charge points on traditional programs like primary homes, standard investment purchase and refinance, Second home/vacation homes.

Lenders, Brokers all charge points to meet their Loan officer compensation plan (commission). Not that that is a bad thing as some are on lower comp plans but they are at the mercy of all having "overlays" and have to sell their loans. We all use private investors or NON/QM investors for DSCR but some again charge points and some do not because they UW the file (Mini-C).

Most Bankers typically offer rate closer to PAR or less margin built into the rate. You can always do a rate buy down to get a lower rate but you will not have to pay "lender points". If you build a relationship with a Banker you can call and have a detailed conversation about rates. Most bankers can run live pricing to help you make a final decision without having to have your credit pulled several times or fill out a dozen applications and submit docs!

When you build a relationship and use a Banker time and time again they know your file, credit, and can determine what program would be best for the next step or cash out refinance. We also run numbers to avoid lost money on blindly paying for an appraisal to find out its a dead deal or of no benefit. Communication is key and transparency is something call centers do not offer.

If you ever have any questions or want to network feel free to reach out or send me an email.

What determines FDIC bankers and what's the process for finding and reaching out to them?

FDIC means teh Bank is the one underwriting the loan and funding the loan and in most cases they hold/service the mortgaege.  That means that bank has its own set or rules/guidlines and can offer exceptions and offer more programs.  You also avoid lender/broker overlays which are handcuffs in the finance world.  Feel free to reach out.

The competence and expertise of the lender absolutely matter, as do the terms of the product.

Waruna,

Best advice from a Banker is to build a relationship with an actual FDIC Banker that funds Nationwide and offers all programs. The biggest detail is look for a nationwide bank that is full delegated with little to No overlays. Reason why is because FDIC Bankers "Do Not" charge points on traditional programs like primary homes, standard investment purchase and refinance, Second home/vacation homes.

Lenders, Brokers all charge points to meet their Loan officer compensation plan (commission). Not that that is a bad thing as some are on lower comp plans but they are at the mercy of all having "overlays" and have to sell their loans. We all use private investors or NON/QM investors for DSCR but some again charge points and some do not because they UW the file (Mini-C).

Most Bankers typically offer rate closer to PAR or less margin built into the rate. You can always do a rate buy down to get a lower rate but you will not have to pay "lender points". If you build a relationship with a Banker you can call and have a detailed conversation about rates. Most bankers can run live pricing to help you make a final decision without having to have your credit pulled several times or fill out a dozen applications and submit docs!

When you build a relationship and use a Banker time and time again they know your file, credit, and can determine what program would be best for the next step or cash out refinance. We also run numbers to avoid lost money on blindly paying for an appraisal to find out its a dead deal or of no benefit. Communication is key and transparency is something call centers do not offer.

If you ever have any questions or want to network feel free to reach out or send me an email.