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Worst states to be a mortgage originator

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Mortgage Professional America | 22 Jul 2015, 08:50 AM Agree 0
Don’t take this personally, originators, but a leading rate site has come up with a list of the worst states to get a mortgage.
  • Fred | | 22 Jul 2015, 09:42 AM Agree 1
    Rates are a poor way of ranking. All originators in those states are working with basically the same rate structure, so it an even playing field.
  • Miranda Aikman | | 22 Jul 2015, 09:46 AM Agree 0
    I agree Fred. This is like when your watching a football game and the announcers start coming up with crazy stats or records that no one cares about just to take up time/space. :)
  • marcus | | 22 Jul 2015, 09:47 AM Agree 0
    They are basing this on rates and listing prices! Utter nonsense. Housing expense as a percentage of average income for an area is what matters the most. I thought we were going to see an article on state (over) regulation or some such useful information. Nothing but clickbait.
  • Randall Cunningham | | 22 Jul 2015, 09:52 AM Agree 0
    I'd like to see a ranking based on state title and fee protocol, transfer tax, mortgage stamps, title insurance, property taxes, property value (i.e. likelihood of property to be worth more than owed or percentage of homeowners under-water) stipulations, etc... to see which states have the most expensive and tedious process and which have the cheapest most hassle free experience. Then I can direct my efforts towards the latter... ;-D
  • LO Joe | | 22 Jul 2015, 10:05 AM Agree 0
    This is a bad bad article. Does the person that wrote this article have any industry experience?

    Hawaii interest rates are typically better than other states because of the high listing prices for houses. I love how there was nothing listed for the other states either. How about the fact that PA and FL both have ridiculous transfer taxes that make refinancing to a lower rate nearly impossible. These transfer taxes make it so equally qualifying borrowers end up with a rate .125 - .250 higher than the rest of the country for the same mortgage costs.
  • paper | | 22 Jul 2015, 11:36 AM Agree 0
    Please take some grammar lessons. In the first sentence you use the word "that"; the word should be "the". You should have written about the ranking in a prior paragraph. What ranking are you talking about? I don't see it. Eyebrow and blood pressure should be plural. The word "but" doesn't get a comma in front of it because it's a conjunction. Here is another example of poor grammar: Hawaii came out on top – on bottom – once the numbers were in. This should be written the following way: Hawaii came out on top, then on bottom once the numbers were in. That isn't even correct because it's not part of the paragraph above it so we don't know what Hawaii came out on top of. I'm sure readers can figure it out but we know it's incorrect. You also have an extreme overuse of commas; this is what you have: Ironically, the sunny state , points on the report, has a “decent” average 15-year mortgage rate at 3.031% APR. That wasn’t, unfortunately, enough to countera...
    It should be: Ironically the sunny state points out on the report that it has a decent average of 15-year mortgage rate at 3.031% APR. Unfortunately that wasn’t enough to countera...
    You need to work on sentence structure and overall grammar. (smiley face)
  • Pat in PA | | 22 Jul 2015, 08:43 PM Agree 0
    Get your facts straight. PA transfer taxes are only applicable on a sale / transfer of title, not on a refinance.
  • sbharkness | | 31 Jul 2015, 08:32 PM Agree 0
    LO Joe, Wow, I did not realize that PA & FL require the borrower to pay transfer tax on a refinance. That must really be a deal killer living in those two states. I live in Washington State and have enough business right here to keep me extremely busy. With what you just informed me about the transfer taxes and what each state gouges the Loan Officer to become licensed in their state I think I will remain content right here in my home state. Also, thank you paper for pointing out the many grammatical errors in this article. When I read these industry papers I like to think that I am reading relevant information written by someone with some grasp of the subject they are writing about. Not only was the grammar deplorable but the individual obviously has a very limited understanding of what factors contribute to a bad market. In my experience it does not matter what the average listing price is as long as there is employment available that provides the income needed to purchase houses in that price range and obviously there is or they would not be in that price range. This is the marvelous thing a about a free market system.
  • MLC | | 04 Aug 2015, 07:05 AM Agree 0
    Rates are a poor way to decide this issue. Particularly, in NY rates are higher because of state mandated fees. Such as the required 1% mortgage recording taxes. Thus, NY will always look worse.
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