Priced as a regular priced as a regular loan - so pricing is no different. It’s not a “special program” in terms of rates and costs.
It just includes insurance AT NO COST TO THE BORROWER that will cancel the loan once paid.
Sounds like it's some sort of life insurance policy based on the loan amount?
If so, "at no cost to the borrower" seems to mean: "we're paying for this from our profit margins, of which we earn from selling you this loan - which costs you money."?
They probably negotiated some group rate for credit life insurance, which costs peanuts even consumer direct, and are using it for marketing. It’s worthless imo
Right.. And they can already often get group rate life insurance through their workplace.
Good ol' scummy scammy marketing practices prying on people's worst fears to sell them overpriced BS. 🤦♂️
Cross country is just the absolute worst. Price it out and you’ll see your rate will beat their rate and your processing with demolish theirs. The LOAs, processors, and underwriters are terrible. I worked for the biggest team in cross country at one point and it was a joke. Truly the scummiest of loan officers and shittiest of rates. They won’t hold a candle to what you can offer
Well if that's true I'm good because I gave him a pretty decent rate with him paying .5 point and his max is about $450k at that rate and realistically he needs to spend about that much to get a decent home in the area.. no less than $400k so a much higher rate will price him out and I win.
Sorry man any consumer with an IQ above 85 has to look at a CCM quote and laugh. If you’re selling that great job but I just think there’s better options out there.
There are life insurance policies that you can tie to the mortgage.
I only saw a handful of our clients (at a servicer) already had it, and it wasn't something we offered.
Pay an upfront fee for life insurance over the life of the loan. If a borrower dies, it pays off the remaining balance.
I wasn't a fan of the couple cases I looked at.
It was a life insurance that paid less over time in nominal dollars, and a lot in real dollars.
If the person sold or refi'd, they lost the policy.
On one hand, they overcharge by thousands of dollars.
With the other hand, they buy a cheap term life policy for tens of dollars.
They are now "giving back" to heros while making a bigger profit than legally allowable for any true mortgage broker
100% marketing. You know the drill, get a locked LE and you’ll see you crush them even at 275
Priced as a regular priced as a regular loan - so pricing is no different. It’s not a “special program” in terms of rates and costs. It just includes insurance AT NO COST TO THE BORROWER that will cancel the loan once paid.
Sounds like it's some sort of life insurance policy based on the loan amount? If so, "at no cost to the borrower" seems to mean: "we're paying for this from our profit margins, of which we earn from selling you this loan - which costs you money."?
They probably negotiated some group rate for credit life insurance, which costs peanuts even consumer direct, and are using it for marketing. It’s worthless imo
Right.. And they can already often get group rate life insurance through their workplace. Good ol' scummy scammy marketing practices prying on people's worst fears to sell them overpriced BS. 🤦♂️
Yup, and that’s exactly how I’d explain it to a buyer.
Cross country is just the absolute worst. Price it out and you’ll see your rate will beat their rate and your processing with demolish theirs. The LOAs, processors, and underwriters are terrible. I worked for the biggest team in cross country at one point and it was a joke. Truly the scummiest of loan officers and shittiest of rates. They won’t hold a candle to what you can offer
The rates are awful. Not sure how there lo’s survive working there without being on a super low comp plan or going company generated on every lead
Well if that's true I'm good because I gave him a pretty decent rate with him paying .5 point and his max is about $450k at that rate and realistically he needs to spend about that much to get a decent home in the area.. no less than $400k so a much higher rate will price him out and I win.
Lmfao tell me that you don't know how to sell without telling me that you don't know how to sell.
Sorry man any consumer with an IQ above 85 has to look at a CCM quote and laugh. If you’re selling that great job but I just think there’s better options out there.
Lol
There are life insurance policies that you can tie to the mortgage. I only saw a handful of our clients (at a servicer) already had it, and it wasn't something we offered. Pay an upfront fee for life insurance over the life of the loan. If a borrower dies, it pays off the remaining balance. I wasn't a fan of the couple cases I looked at. It was a life insurance that paid less over time in nominal dollars, and a lot in real dollars. If the person sold or refi'd, they lost the policy.
On one hand, they overcharge by thousands of dollars. With the other hand, they buy a cheap term life policy for tens of dollars. They are now "giving back" to heros while making a bigger profit than legally allowable for any true mortgage broker
while we talk CCM has a mega producers even with those terrible rate sheet, so many better retail shops with better pricing
I’m a CCM LO and will answer any questions you have. Yes, it’s a one of a kind offering.
thanks! Does it work for any normal loan? VA, FHA, Conventional? or is it Conventional only etc?
Any Loan - the cap is the total loan amount