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The Price You Pay: Exploring Loan-Level Pricing Adjustments | Donnie Van Hooser
Manage episode 407491899 series 3561167
Konten disediakan oleh Realestatable, Ashlee Jankovich, and Tiffany Klusacek. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Realestatable, Ashlee Jankovich, and Tiffany Klusacek atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
LLPAs are the media’s favorite new talking point. Your clients only know what they hear in the news or from people they know, and it may be up to you to be the voice of reason. In this episode of Realestatable, your hosts, Tiffany and Ashlee, sit down with Donnie Van Hooser, the VP/Branch Manager for Studio Bank. He brings his 20 years of experience in the mortgage industry to shed some light on the current events that are affecting buyers today.
Recent News about LLPAs
Loan-level pricing adjustments (LLPAs) have shifted in 2023 towards more equitable borrowing, so borrowers with good credit may see a fee increase, while borrowers with bad credit may see a fee decrease.
Hooser says that people with good credit aren’t necessarily going to be punished! Don’t go out there and trash your credit in an attempt to get lower fees.
There are no LLPAs for 15-year mortgages, and LLPAs only apply to conventional loans, so there are other options.
Lending Credits
If you are trying to close but don’t have the money saved up for closing costs, consider a lending credit. Anybody can qualify.
Your interest rate offsets lending credits. When you get a lending credit, your interest rate goes up.
How to Help Clients With Information Overload
Clients have more information now than ever. You can educate them – help them tell fact from fiction and figure out how the information they see applies to them.
Even if they don’t ask you for information, try offering it. Check out the links below for useful resources you can share with clients.
Find people who work in lending (like Donnie) to help you get educated! If you want to reach out to Donnie, see below!
“Do higher credit scores get punished [under the new LLPAs]? I don’t know if it’s really ‘punished.’ We have LLPAs for investment properties, condos, and second homes. All of those came out last year, and it made investment rates go up considerably.” – Donnie Van Hooser.
“I think that one of the key things that Ashlee and I do quite often is making sure you’re pairing yourself with different lenders that are looking and thinking outside of the box. Right now, we’re very solution-based. There are a lot of objections as to why now is not a good time to buy because of the media, social media, and all of those things telling us interest rates are driving affordability are driving the need for housing… the more you can be learning and growing through this time, the better you’re going to serve clients in that forever relationship.” – Tiffany Klusacek.
Resources
Loan-Level Pricing Adjustments (LLPA): A Complete Guide for Mortgage Borrowers
Is There Really a New, Unfair Mortgage Tax on Those With High Credit?
Get access to our free spreadsheet to organize your clients, potential clients, and all things needed to track your deals successfully. Visit www.realestatable.com/spreadsheet to get access to our free template.
Connect with Donnie Van Hooser:
donnie.vanhooser@studiobank.com
Donnie Van Hooser on the Studio Bank website
Connect with us on Social Media:
Be sure you connect with Tiffany and Ashlee on social media.
Show Credits:
Our Executive Producers and Hosts are Ashlee Jankovich and Tiffany Klusacek. TSE Studios produce the Realestable podcast. Music provided by SoundStripe.
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