Hopefully more loans for Wells
8 replies (most recent on top)
@vby brokers are able to edge out rate because they don't hold the loans, they just fund them on a warehouse line of credit and package/sell them within months of closing, payoff the line of credit, rinse and repeat. The broker doesn't have their capital tied up for 30 years earning a lower rate. WF is giving interest rates based on immediate bank competitors and market risk of holding the loan long term.
@ufb the alternative is being a rent slave, which is way worse than building equity and eventual full ownership. What a d-mb statement.
what I find amusing is wf rates were much higher than the brokerage I went with then when it was all said and done WF ended up with the loan anyway, would love someone to exain that. or when I refi because my wf rate it too high only to have the wf repurchase the loan after the fact.
With Rocket, you can apply for a loan and be approved before you pull into your employee space at WF. Why would anyone want to do traditional paper that takes forever? My last three loans (2 purchase, 1 refi) were done with Rocket. super fast, super easy. As an employee, WF blew me off and never returned phone calls.
in my experience wf rates have never been competitive, not even for employees
All this means is rising rates and home prices have slowed the demand for mortgages to the point it’s no longer profitable for Costco to offer them. What should be concerning is that if Costco can’t make a profit from the high quality member loans (they are very choosy), what chances do banks have?
Refi market is DOA, that was a significant amount of volume in the system, too.
Why do you think their next choice would be Wells? Lots of financial companies out there to choose from that take better care of people!
Why would being a debt slave be a "perk"? Is that an american thing? Also, unless you own the corporation/partner/board member, more CONsumer 'loans' for the company don't mean jack for the employee. you're an employee at will--Perhaps, please don't be proud of rolling around in doodee?