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Exactly

There are very few balance sheet lenders these days. If the loan is conforming, it is sold to Fannie or Freddie, and it has nothing to do with it being the same lender or not. Each loan stands on its own merits and requires documents to be resellable. The Fannie and Freddie’s loans all get rolled into an MBS and sold in the bond market.

If it is a jumbo, like all in Cali, pretty much Chase is gonna buy it these days.

Lenders who do jumbo all talk about “underwriting to the Chase box”. Meaning their underwriting.

Honestly, your lender really is likely out of your loan in a month after closing.
[Post edited by MrBayAreaHokie at 03/06/2020 12:35AM]

In response to this post by HokieJamie

Posted: 03/06/2020 at 12:34AM

For those of you who have refinanced with your current lender, a question -- Late 80s Hokie 03/05/2020 6:44PM

Appraisal requirement on a refi is generally ruled by Fannie/Freddie not -- HokieJamie 03/05/2020 8:23PM

Yep, my appraisal was waived due to Fannie accepting the value presented ** -- BRVT 03/06/2020 08:16AM

Exactly -- MrBayAreaHokie 03/06/2020 12:34AM

^^^listen to this man. He knows what he’s talking about. ** -- CPRVHokie 03/05/2020 8:25PM

Title insurance is based on loan to value. Mortgage survey should be requir -- 48zip 03/05/2020 8:10PM

A survey is rarely if ever required on a refinance. ** -- CPRVHokie 03/05/2020 8:22PM

I know, but it should be for the reasons I stated (Why I said "should be") -- 48zip 03/06/2020 08:02AM

If you straight refinance with same lender you don’t pay recording fees and -- CPRVHokie 03/05/2020 7:41PM

Cap Center has great rates, no closing costs, and easy process ** -- TabbHokie 03/05/2020 7:11PM

Yeah no closing costs ....baloney. They're in there somewhere ** -- HokieJamie 03/05/2020 8:21PM

They’re built into the rate or points. I mean, I can do a mortgage that -- CPRVHokie 03/05/2020 8:24PM

Dude. Its like lucy with the conveyor belt of chocolate ** -- HokieJamie 03/05/2020 9:53PM

LOL. Hang in there. And for the love of god don’t believe loan officers. -- CPRVHokie 03/05/2020 9:58PM

They have closing costs. Mortgages are a commodity and they don’t have a -- CPRVHokie 03/05/2020 7:43PM

No, you literally pay them zero money. -- MP4VT2004 03/05/2020 8:26PM

OK. Whatever makes you feel better. ** -- CPRVHokie 03/05/2020 8:28PM

I refi’d 7-8 years ago, and got $ back after closing -- TabbHokie 03/06/2020 4:23PM

Has nothing to do with how I feel. I got the best rate I could find... -- MP4VT2004 03/05/2020 8:29PM

Exactly what I did. Mortgage will be sold, but no issue there. Loan officer -- TabbHokie 03/06/2020 4:26PM

Yeah 3.5 is still better than the 4.25 I was paying -- HokieForever 03/05/2020 8:40PM

MORTGAGE COMPANIES DONT KEEP LOANS ON THEIR BOOKS. -- CPRVHokie 03/05/2020 8:58PM

Yep ** -- pfishe 03/06/2020 07:10AM

Refinancing no closing costs -- HokieForever 03/05/2020 8:25PM

When mortgage companies close a loan, their balance sheet goes down. -- CPRVHokie 03/05/2020 8:27PM

Oh they definitely selling it they always do -- HokieForever 03/05/2020 8:38PM

The lack of knowledge about the mortgage market is stunning. -- CPRVHokie 03/05/2020 8:56PM

Yes understood, they bought -- HokieForever 03/05/2020 9:25PM

Well, if being right and pointing out that what you posted is irrelevant is -- CPRVHokie 03/05/2020 9:40PM

I posted that I have no closing costs -- HokieForever 03/05/2020 9:59PM

Many federal loan guidelines as well as state, require -- PhotoHokieNC 03/05/2020 6:52PM

Exactly

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