Quote:
Originally posted by john70t
I too had my experience with a WAMU mortgage attempt(for ~150K). I could down over 50%, I was making $45k/yr, and yet they regected my app and wouldn't give me a regection letter.
That is amazing. 50% down, and they STILL couldn't pull an approval? Laughable. You have to be pretty poorly trained in the biz not to close that - then again this is WAMU we're talking about. It's the LO's fault for that - he must've bunged up the file pretty bad.
A friend said their good for mortgage rates, as long it's all automatic/electronic and you don't have to speak to a person, but he was into "creative financing".
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Oh buddy, no they're not. They consistently have the highest rates on a retail level, wholesale too. They do offer weird financing, but even then the rates on that are high compared to their competitors. We don't even sell our loans to them, they are too expensive.
rjp