vsfan
Active member
I do see some listing dropping asking nowadays, but obviously 3M -> 2.5M is not brining in buyers that fast.
How low can we go? 30 yr fixed at 3.75% with no fees...
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Scroll Redfin or Zillow for a bit. There's been a lot of price drops lately, even in Irvine. I expect it will continue in the near term.
that being said, AI boom is making people worried, many rounds of layoff already happened and you really cannot predict who is next to be let go. With that mindset people I know are renting instead of buying for now.
Lisa Cook's signature is on the documents. So is the LO's .... The Underwriter (if there was one as many loans are approved by software and not humans) should also be under review based on the the L.O.'s application. I don't know if these two loans were originated by the same L.O., but if they were the blame should shift first to the L.O.
Not to wash over Ms. Cooks part in all this, but most borrowers do not fill out their initial applications and rarely if ever look over the final application to sign at closing. It's always "What's your rate?", and who ever quotes the lowest - by any means possible - is the application the borrower is signing at the close.
Ms. Cook isn't an idiot, and playing one as per her attorneys behest right now isn't a good look. Claiming it's a paperwork mishap or "I didn't know" is 100 pct Grade A Bull Shiat. She's an adult, and one with knowledge so I'm told about all things financial. No matter her views on economic policy, for this alone she needs to go.
I have no idea why @OCtoSV refi'd so this is just an overview to answer the original question - "So it's worth doing for 50 bp's? "
Generally speaking, if a refi is for a payment issue, yes, a .25 to .50 rate reduction refi makes sense. Some borrowers simply don't care about paying off their home. There are also "serial refinancers" who ride rates down with a new "no cost" refi every 60-90 days. Some use that same strategy to hit the rate bottom, then flip into a 15 yr loan often near the same payment as their original high rate 30 yr loan.
I'd advise against asking anyone who is fully committed to earning their commission, not your ongoing mortgage business, "Does this make sense to refi right now?" . Ask an accountant or financial planner first (ahem... @usctrojancpa ) if that rate reduction refi is the best thing to do at this moment then proceed from a point of knowledge.
There's no way she used the same lender for the first two loans that closed within two weeks of each other in different states, both as owner occupied. I bet if you dug into her loan files you would find fraud on her LOE's (letters of explanation) for why she had so many mortgage applications, and for the explanation of the larger transactions in her bank account. Or she used two separate bank accounts to conceal her activities.
We also know she used a FCU as her third lender. While those loans can be a great deal for consumers, credit unions typically don't compensate their LO's, processors and underwriters as well as banks & non-bank lenders. This means their employees' level of experience and competence are sometimes not as good, and it can be easier to pull the wool over their eyes. The first two loans would have shown on her credit report, so she probably had to lie for this 3rd loan as well by misrepresenting the occupancy status on one of the two original properties.
May I suggest applying now, floating, then locking sometime deep in October. That way you'll be at the rush to refinance after The Fed cuts rates in September. Be aware that mortgage rates pop higher when the Fed cuts their rates, but ease lower a few weeks later.
GrowthStateofMind
Active member
Many long-time homeowners are deep in equity and don’t want to give up their 2.7-3% mortgages from a few years ago, makes sense why motivated sellers are few and far between right now.
sleepy5136
Well-known member
I still remember realtors saying rates will drop during 2022/2023 and to lock in the price now. Anyone that listened to that is feeling the pain and clearly demonstrates how one can never predict what rates will be
Liar Loan
Well-known member
They are taking their victory laps.
someguy
Well-known member
Scroll Redfin or Zillow for a bit. There's been a lot of price drops lately, even in Irvine. I expect it will continue in the near term.
irvinehomeowner
Well-known member
Not back to prices when rates were 3% or lower. 
The Motor Court Company
Well-known member
only in SoCal though. Tech bros in the Bay Area are still buying houses and left and right with their AI inflated RSUs
someguy
Well-known member
Lol, yes you're right. My literal bro, who is a tech bro in the bay area sitting on big RSU gains, experiences the effects of this. He is on the missed out side of the homeownership equation in his favorite city, Los Altos. Despite his solid performance and tenure at a well known bay area big tech firm and big gains on his RSUs, he unfortunately cannot afford to buy a SFH up there. He says many of the people who can afford to own an SFH there (and it's surprising that many of his co-workers actually commute in from absurd distances, some even from so-cal!) either bought before prices (of homes and AI/Tech stock) went nuts or are DINKs with combined W-2s approaching $1M often with huge RSU gains to boot. It's wild up there.
vsfan
Active member
combined W-2s from FAANGs can easily beat 1M if both are senior engineers. senior engineers (10 YOE+) working for my current employer are usually paid 250k base w/ 300k-500k RSU per year. https://www.levels.fyi/
that being said, AI boom is making people worried, many rounds of layoff already happened and you really cannot predict who is next to be let go. With that mindset people I know are renting instead of buying for now.
Liar Loan
Well-known member
And this, kids, is why you don't commit occupancy fraud on your mortgage applications. Nobody thinks they will ever get caught, but once in awhile they do and the consequences can be severe. Props to @sgip for discouraging this type of behavior whenever it has been asked about on this board.
Pulte alleged that Cook lied to her lenders in order to obtain lower interest rates for the mortgages.
In June 2021, Cook purchased a home in Ann Arbor, Mich., using a mortgage application that designated the property as a primary residence. Cook purchased another property in Atlanta two weeks later, using a mortgage application that also designated the property as a primary residence. The Georgia property was listed for rent the following year in September 2022.
In Pulte's second criminal referral, he alleged that Cook entered into a 15-year mortgage agreement to acquire a condominium in Cambridge, Mass., and designated in a mortgage application with Bank Staff Fund Federal Credit Union that she would "occupy and use the Property as Borrower's second home."
Eight months later, Pulte said, Cook represented to the US government, on Dec. 1, 2021, that she earned $15,000-$50,000 in rental income on the Cambridge property and declared it as an investment or rental property, in conflict with the mortgage application. Subsequent representations to the US government in 2022, 2023, 2024, and 2025, he alleged, also showed the property as an investment.
Trump officials file second criminal referral against Fed's Cook in connection with additional loans
Pulte alleged that Cook lied to her lenders in order to obtain lower interest rates for the mortgages.
In June 2021, Cook purchased a home in Ann Arbor, Mich., using a mortgage application that designated the property as a primary residence. Cook purchased another property in Atlanta two weeks later, using a mortgage application that also designated the property as a primary residence. The Georgia property was listed for rent the following year in September 2022.
In Pulte's second criminal referral, he alleged that Cook entered into a 15-year mortgage agreement to acquire a condominium in Cambridge, Mass., and designated in a mortgage application with Bank Staff Fund Federal Credit Union that she would "occupy and use the Property as Borrower's second home."
Eight months later, Pulte said, Cook represented to the US government, on Dec. 1, 2021, that she earned $15,000-$50,000 in rental income on the Cambridge property and declared it as an investment or rental property, in conflict with the mortgage application. Subsequent representations to the US government in 2022, 2023, 2024, and 2025, he alleged, also showed the property as an investment.
morekaos
Well-known member
So it’s worth doing for 50 bp’s?
Definitely - dropped the payment almost 10% so less than 1 year payback for the 0.25 pts
sgip
Well-known member
What LO. Would allow it?
Lisa Cook's signature is on the documents. So is the LO's .... The Underwriter (if there was one as many loans are approved by software and not humans) should also be under review based on the the L.O.'s application. I don't know if these two loans were originated by the same L.O., but if they were the blame should shift first to the L.O.
Not to wash over Ms. Cooks part in all this, but most borrowers do not fill out their initial applications and rarely if ever look over the final application to sign at closing. It's always "What's your rate?", and who ever quotes the lowest - by any means possible - is the application the borrower is signing at the close.
Ms. Cook isn't an idiot, and playing one as per her attorneys behest right now isn't a good look. Claiming it's a paperwork mishap or "I didn't know" is 100 pct Grade A Bull Shiat. She's an adult, and one with knowledge so I'm told about all things financial. No matter her views on economic policy, for this alone she needs to go.
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sgip
Well-known member
I have no idea why @OCtoSV refi'd so this is just an overview to answer the original question - "So it's worth doing for 50 bp's? "
Generally speaking, if a refi is for a payment issue, yes, a .25 to .50 rate reduction refi makes sense. Some borrowers simply don't care about paying off their home. There are also "serial refinancers" who ride rates down with a new "no cost" refi every 60-90 days. Some use that same strategy to hit the rate bottom, then flip into a 15 yr loan often near the same payment as their original high rate 30 yr loan.
I'd advise against asking anyone who is fully committed to earning their commission, not your ongoing mortgage business, "Does this make sense to refi right now?" . Ask an accountant or financial planner first (ahem... @usctrojancpa ) if that rate reduction refi is the best thing to do at this moment then proceed from a point of knowledge.
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GrowthStateofMind
Active member
May I ask for the lenders contact? Waiting for a drop to sub 5.75% for 30-year refi.
Liar Loan
Well-known member
I don't think she's an idiot either. Fraudsters usually aren't.
There's no way she used the same lender for the first two loans that closed within two weeks of each other in different states, both as owner occupied. I bet if you dug into her loan files you would find fraud on her LOE's (letters of explanation) for why she had so many mortgage applications, and for the explanation of the larger transactions in her bank account. Or she used two separate bank accounts to conceal her activities.
We also know she used a FCU as her third lender. While those loans can be a great deal for consumers, credit unions typically don't compensate their LO's, processors and underwriters as well as banks & non-bank lenders. This means their employees' level of experience and competence are sometimes not as good, and it can be easier to pull the wool over their eyes. The first two loans would have shown on her credit report, so she probably had to lie for this 3rd loan as well by misrepresenting the occupancy status on one of the two original properties.
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sgip
Well-known member
A loan broker could have placed these loans through two different conduits with neither one knowing about it. That's the simple way to do this, otherwise you have to find two separate L.O.'s willing to end the rules - not a very hard task indee
The LOE's are boilerplate with: "Those credit inquiries were caused when I was shopping around for the best rate" Lenders ALSO require the phrase "No new credit was obtained based on these inquiries." Credit being any new debt.
I can assure you dear reader, her signatures are also on those LOE's methinks Bill Pulte is holding these LOEs back, ready to deploy and nuke her from space if she doesn't go.
The LOE's are boilerplate with: "Those credit inquiries were caused when I was shopping around for the best rate" Lenders ALSO require the phrase "No new credit was obtained based on these inquiries." Credit being any new debt.
I can assure you dear reader, her signatures are also on those LOE's methinks Bill Pulte is holding these LOEs back, ready to deploy and nuke her from space if she doesn't go.
sgip
Well-known member
May I suggest applying now, floating, then locking sometime deep in October. That way you'll be at the rush to refinance after The Fed cuts rates in September. Be aware that mortgage rates pop higher when the Fed cuts their rates, but ease lower a few weeks later.