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View Full Version : hello, new to the game

bgcms
09-08-2006, 12:17 PM
Hey Whats up,

I've been in the mortgage buisness for a few years but i have never dealt with being in the front end of mortgages. My first of probally many questions is i am actually just playing around with some of our lenders websites seeing what kind of pricing i will get for random fico scores and inputed values, i just went on one of our A lenders websites and put in a fico score of 550 and a ltv of 95% and cltv of 95% i chose as a program conf fixed 30 PP, my first question is what is pp. prepay? also i got a pretty decent intrest rate of 6.625 paying 1.25, what kind of program is this and why i am i getting such good rates for terrible fico score and a high cltv? by the way the loan amt i put in was $200000. I know these are rookie questions but my goal is learn this trade as much as i can and i have to start from the bottom. Thanks in advace for your help

Brian
OregonLO
09-11-2006, 10:35 AM
pp = prepay you will learn all sorts of little abbreviations that go in this business. it's like a completely different language..haha


To be honest that does sound like a great rate for that scenerio. Who is the lender you were getting that through? That is basically how I learned things. Giving myself an scenerio and then finding out what the rate and everything would be. Good luck with everthing, if you have questions feel free to email me Rick@loansbyrickgrand.com
bgcms
09-11-2006, 12:05 PM
i was going through countywide for pricing
OregonLO
09-12-2006, 05:15 PM
interesting...their sub prime department I'd assume? I didn't know they were giving that good of a rate on a 95% that seems a little odd...I'd double check that one but heck if they are thats one hell of a deal.
Chief Tutor
09-26-2006, 06:38 PM
Remember to tell people involved in the industry about the forum. The more people we get involved in the forum, the better the information.
jamesmcdonough
11-17-2006, 06:16 PM
Remember to tell people involved in the industry about the forum. The more people we get involved in the forum, the better the information.
Business_with_Greg
12-01-2006, 07:16 AM
Broken record huh lol
fastfundin
01-16-2007, 02:59 PM
Welcome to