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Mortgage applications climb 0.6%; rising rates don't scare buyers; USA
Topic Started: 19 Oct 2016, 10:17 PM (2,198 Views)
Terry
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Rufus
21 Oct 2016, 01:41 PM
Well that's your own personal opinion. To suggest that mortgage brokers and REAs have no knowledgeable about what they do takes an incredibly stupid person. To suggest that anyone doesn't know their own trade and standard of work is idiotic, but that's what you are doing.

If you wish to suggest that they are not providing accurate information to cover up something then that's something that each reader can determine for themselves without an uninformed commentator like you trying to force feed your opinion on them.
I'm sure you'll find more mortgage brokers and REAs featuring in our media compared to the likes of Daniel Kahneman. That can be qualitatively proven using a search engine. Using a more sophisticated text analytics program, you can probably confirm it.

But that's just my opinion. And you won't read about in the media you swallow on a daily basis.
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Rufus
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Terry
21 Oct 2016, 03:00 PM
I'm sure you'll find more mortgage brokers and REAs featuring in our media compared to the likes of Daniel Kahneman. That can be qualitatively proven using a search engine. Using a more sophisticated text analytics program, you can probably confirm it.

But that's just my opinion. And you won't read about in the media you swallow on a daily basis.
No problem Terry, the next time I want some information that only someone in the industry would know, I'll ask some who will have absolutely no idea. Someone like you.

Then I'll disregard that advice and ask someone who knows.

Always nice to discuss these issues with you.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Terry
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Rufus
21 Oct 2016, 03:36 PM
No problem Terry, the next time I want some information that only someone in the industry would know, I'll ask some who will have absolutely no idea. Someone like you.

Then I'll disregard that advice and ask someone who knows.

Always nice to discuss these issues with you.
OK, why would a mortgage broker understand the risk tolerance of banks? Because its harder to get a sale across the line? Qualitatively, yes, that is some kind of indicator, but it is not what we call a robust understanding of the dynamics of risk.
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Rufus
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Terry
21 Oct 2016, 03:55 PM
OK, why would a mortgage broker understand the risk tolerance of banks? Because its harder to get a sale across the line? Qualitatively, yes, that is some kind of indicator, but it is not what we call a robust understanding of the dynamics of risk.
A mortgage broker has to understand what the banks appetite for risk is, otherwise he will be a very unsuccessful mortgage broker.

It would be like a bus driver who doesn't know what the speed limit and the road rules are.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Terry
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Rufus
21 Oct 2016, 04:16 PM
A mortgage broker has to understand what the banks appetite for risk is, otherwise he will be a very unsuccessful mortgage broker.

It would be like a bus driver who doesn't know what the speed limit and the road rules are.
Banks don't share their risk tolerance parameters with mortgage brokers, except basic client-facing guidelines. Most mortgage brokers wouldn't have the ability to understand how those parameters are formulated.
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Rufus
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Terry
21 Oct 2016, 04:36 PM
Banks don't share their risk tolerance parameters with mortgage brokers, except basic client-facing guidelines. Most mortgage brokers wouldn't have the ability to understand how those parameters are formulated.
Yes banks do, it's in their interests to keep brokers well informed of what standard applications they are looking for and what their niche is, but you keep on believing whatever conspiracy theory is fashionable today.

You've gone the full Trump.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Terry
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Rufus
21 Oct 2016, 04:41 PM
Yes banks do, it's in their interests to keep brokers well informed of what standard applications they are looking for and what their niche is, but you keep on believing whatever conspiracy theory is fashionable today.

You've gone the full Trump.
Read again sunshine:

Banks don't share their risk tolerance parameters with mortgage brokers, except basic client-facing guidelines
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Rufus
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Terry
21 Oct 2016, 04:54 PM
Read again sunshine:

Banks don't share their risk tolerance parameters with mortgage brokers, except basic client-facing guidelines
Sorry buddy, you are wrong once more. I have full access to all written policy of all banks that I deal with as well as direct phone numbers to credit staff who are always happy to run through scenarios with me. Give me a basic scenario and I can tell you which lender would look at it and the chance of approval with that lender.

Just because you know SFA doesn't mean that others don't.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Bardon
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Rufus
21 Oct 2016, 05:07 PM
Sorry buddy, you are wrong once more. I have full access to all written policy of all banks that I deal with as well as direct phone numbers to credit staff who are always happy to run through scenarios with me. Give me a basic scenario and I can tell you which lender would look at it and the chance of approval with that lender.

Just because you know SFA doesn't mean that others don't.
Yes that consistent with my broker as well. Only this week he ran through a scenario with my banks credit guys pre-application, I didn't like the response but I am happy that I got the actual line.
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Rufus
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Bardon
21 Oct 2016, 05:10 PM
Yes that consistent with my broker as well. Only this week he ran through a scenario with my banks credit guys pre-application, I didn't like the response but I am happy that I got the actual line.
If we didn't know their policy and risk appetite at the time we wouldn't know what lender to talk to. Many applications can be very complicated with many securities and several loan purposes. Naturally appetite is fluid at times and sometimes policy can get very vague on finer points, but we narrow the field to a few lenders and then discuss it with them to see who offers the best rates and the best chance of getting the loan approved.

I'm talking with a chap now who has a very complex lending structure and his bank have just told him that its too complex for them, so he's come to me.

Take risks - if you win you will become wealthy, if you lose you will become wise
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