September 24th, 2010 9:55 AM by Eric Fang
The rate hit the short term bottom Wednesday and It went higher again. It still fluctuates within a very narrow range.
I know even 0.125% better rate is important for the borrowers and borrowers are nervous about higher rates. But still we need commitment from the borrowers once the borrower decided to lock the rates.
I had one borrower who tried another broker and tricked him for "fishy low" rates. And he went back to me and I helped him secured good rates and helped him close teh deal in June.
Same story again this time. According to him: I will try this broker for sometime, I know she is not good and her rate is low and if the loan fails, I will go back to you, can we do the loan this way?
My answer is no. The door is closed. I don't want to deal with anyone who does not have a commitment.