For loan officers only: Flex 100 program?

Deal Score0

I am a loan officer who is a mortgage for the purchase. I use the Flex 100 program. My representative quoted me rates mark borrowers, which is 640 based. The coborrower A score 614, but the representative made it clear that we will price with borrowers. Now we can block, he told me that we must use the 614th I think this product has the same rules, regardless of the bank is the Flex 100 in the rule with borrowers, or coborrowers the smaller of the two prices? Please reply if you know this, and if so, you know where I can find in the guidelines? I sought advice on some banks, but have not had much luck. Thank you! Yes some of the AE drive me crazy. I told him that you knew what price to 640 when I sent the credit, man, what was the coborrower. His response was “well on the market has changed in recent months, and you can not expect the same speed as you had a month ago, I cited. I told him, regardless of market developments, I understand, of course, I have always wrongly quoted. He can not make excuses or anything, just acted like I misunderstood. Drain GOD, as steam, thank you for the answers it really helps. The lender is First Choice and they have made some very good products. You can buy a complete doc 50dti 614 to 7375 with 0875 on the back. Not bad for what I have, I think I can cope EI, I hate playing game with my bait Kunden.Nochmals thank you.

3 Comments
  1. Reply
    financing_loans
    May 1, 2011 at 1:52 am

    Well its a fannie mae product. It must be your lender that is pricings it or adjusting pricing because the co-borrower is below 620. Not all lenders will do that, but many will. I dont think first horizon does give you a hit for 620 or below, but I dont know what state you are in or if you are approved with them.

    But yes if they give you a hit based on credit score, your AE screwed up. You always take the lowest borrowers score when pricing a loan. I would seriously say you are making up the difference its probably only .25 -.50 to the YSP.

    This site may or may not help.

    https://www.comunitylending.com/loanlib/Countrywide/Countrywide_Flex_100.htm

  2. Reply
    useurbrain
    May 1, 2011 at 2:31 am

    Your rep gave you incorrect information. Typically when there is a borrower and a co-borrower (depending on program ofcourse) the lender will take the lower of the 2 scores when pricing a loan. That’s horrible that you get all the way down to the lock and he/she springs this on you. Sounds like a “new” rep. What bank are you using?

  3. Reply
    kellykristine2000
    May 1, 2011 at 3:01 am

    yeah, bad AE…doesnt sound like a “new” one, it sounds like a typical one!!! NEVER EVER trust your AEs ….they are all full of it and will say anything to get the deal submitted to their office!!!

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