CCinOC: "CC: My borrower would like to get a lower rate by agreeing to a prepay." How much rate buydown would the permissible prepayment penalty allow?"Lender: We don't do loans with prepay penalties.CC: Why not?Lender: They're not allowed under the Dodd-Frank Act.CC: What do you mean? It says right here that…[quote]"Have you actually had this conversation or is it all hypothetical in your head?"Lender: Too bad…so sad. The Dodd-Frank Act is an inflexibly incorrigible mess, so we don't do prepay penalty loans. Full doc, high FICO, low LTV plain vanilla loans are what we do.CC: B-b-b-but…Lender: Have a nice day. [click]So while technically the lender could jump through regulatory hoops to add a PPP, . . ."What regulatory hoop jumping would be required by Dodd-Frank, with respect to a permitted prepayment penalty? Arm waving and general gnashing of teeth does not really answer the question.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra