Quote:
Originally Posted by psudy
I can't speak for other institutions but our rates are not risk based. If you qualify the rates are the same. If you are using a broker, and not a bank that may be different. They have changed regulation to keep everything within a tolerance of the national average otherwise it can't be a "qualified mortgage."
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Wait wut? LLPAs(loan level pricing adjustments) which are commonly referred to as risk based pricing adjusters are a function of the agencies (Fannie/Freddie) not individual lenders. If you are originating a Fannie/Freddie conforming loan you had them, period. It doesn't matter if you are a bank, broker or correspondent.
740 is the highest level for a conforming mortgage loan. Anything higher gets priced the same. However, Jumbo or Portfolio loans use there own pricing matrix's which often times reward higher scores.
Government (FHA/VA) for the most part everyone gets the same rate. Small hit if under 620 score..............