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#2267754 - 03/16/22 06:12 PM Rate set date
Beth175 Offline
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Beth175
Joined: Feb 2009
Posts: 153
Wisconsin
If the customer decides to pay FNMA loan level pricing adjustments in cash due to LTV instead of adjusting the interest rate after the rate was locked, does that change the last rate set date? The rate was not changed but rather the customer is paying discount points and keeping the rate where it was locked.

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#2267759 - 03/16/22 06:30 PM Re: Rate set date Beth175
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
So, you told the applicant you have two choices. 1) Pay discount points and keep the same rate or 2) your rate is going to be higher. When do you think that last time the rate was set?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2267761 - 03/16/22 06:36 PM Re: Rate set date Beth175
Beth175 Offline
100 Club
Beth175
Joined: Feb 2009
Posts: 153
Wisconsin
I think it was last set when the discussion occurred but the business line doesn't think that way. Just looking for confirmation that I am thinking it through correctly.

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#2267765 - 03/16/22 06:44 PM Re: Rate set date Beth175
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Well, the last time the rate was set was when the customer made their decision. If they had chosen the higher rate - what date would they say that happened. You cannot have a different date based on whether a customer decides to choose option A or B.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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