Mortgage Blog

Among all those loans I worked on, only 4 borrowers
did not sign the loan docs after the loan docs ready.
Three of them decided to go to another broker because
the rate was 0.125% better, the last one decided not
to sign because they thought the savings of $12000
for the 15 yr fixed loan was not good enough for
them(My calculation was $20k).

And worse yet, I locked the 4th loan with Mandatory
lock and if I don't close the loan with the lender
I will have to pay the penalty. And the borrowers
did not want to sign even though I offer to give them
all my commissions plus some appreviation fee. So I
decided to talk to the lender pay the penalty to the
lender.

The story has a good ending, the lender knew about
the situation and decided to waive the penalty if I
have another file in the pipeline with the same
rate, same loan amount, same loan term.
Guess what? I do have another loan with exactly the
same loan amount of 417k, same 15yr fixed, same
rate of 4.5%. And that loan will be closed next week.

My friends told me it never happened before that
a mandatory lock penalty can be waived. Guess How
luck I am!

Enjoy your life. Have a good weekend.