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  • Comment Detail

  • Date: 05/30/23
    First Name: Dawn
    Last Name: Robbins
    Email: dawn@dawnrobbinsgroup.com
    Organization Type: other
    Organization: Dawn Robbins

  • Comment

    The AMI adjustments are difficult in implementation. I had a client recently that was very close on the income and I was in a competing situation. I stood strong to not give the discounted rate until income was proven and explained why and how it was reviewed. The other lender gave the discounted rate. It ended up being a half a point difference in rate. Although I explained it, it sounds all bait and switch. That is just one example but across the board, things change in process. As we are searching for homes and have to repull credit because it expires in their extended search. The score goes up and I have to charge more? They get a pay raise and now they can't qualify?

    The assumption of these recent changes seems to be that if clients have a lesser credit it is due to lesser income. This is not the case. Credit scores are impacted by high usage, or even not having credit cards should someone have fallen for the Dave Ramsey pay cash for everything, close all your credit cards, program. The whole fico scoring system is flawed. Yet we base these adjustments on it.

    We have way too many adjustments already to the point where we can't quote a rate without having our computer app to calculate it. I've been in this industry for 25 years. This should be straight forward. Simplify it. When I started years ago, we had four or five programs and really only three adjustments. If any adjustment can not be explained in a matter of a few words...then it is too hard to convey to clients and have them feel empowered to make good choices. LLPAs need to go entirely. We have made this too hard for the average consumer to be able to shop confidently. So many variables. None of us are on an even playing field. Online lenders will say anything to get the deal in and then change the terms with no accountability. Everyone should have to quote things the exact same way. (Not talking APR- the closing costs totals, prepaids, total costs) Pricing should be set once per day so clients have a valid opportunity to shop apples to apples.