Relationship mortgage discounts for moving a million assets

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Tingting1013
Posts: 234
Joined: Mon Aug 24, 2020 5:44 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Tingting1013 »

TPIR wrote: Tue Sep 15, 2020 12:46 pm Citi quoting 2.375 IO 10/1 with $1mn post close no points - purchase
Nice rate! Would 5/1 IO have been cheaper? How much LTV?
flarf
Posts: 107
Joined: Tue Sep 25, 2018 2:05 pm

Re: Relationship mortgage discounts for moving a million assets

Post by flarf »

TPIR wrote: Tue Sep 15, 2020 12:46 pm Citi quoting 2.375 IO 10/1 with $1mn post close no points - purchase
Jumbo? Which market?
grp2c
Posts: 130
Joined: Sat Mar 08, 2014 5:51 pm

Re: Relationship mortgage discounts for moving a million assets

Post by grp2c »

grp2c wrote: Thu Sep 10, 2020 1:45 am I locked a 2.0%, 0pts, 10/1 refi with Citi on 3/10/20 which included a 0.5% rate discount for bringing 1 million. Six months later Citi still has not closed the loan. I've submitted over 60 documents many of which were requested because the previous documents expired. Clearly citigold private client doesn't mean much. I submitted my first CFPB complaint today.
CFPB complaint got them moving, plan to close on 9/21. However now they want to renegotiate the rate. Here is the options they're giving me.

80% LTV $892,000 2.0% with .5% points
80% LTV $892,000 2.125% with no points and .125% credit
80% LTV $892,000 2.25% with no points and .75% credit

I have a locked loan estimate for 2%, 0pts and 2.125%, -0.625pts. It was their fault the rate lock expiration dates were missed. Recourse?
Bogle_Bro
Posts: 157
Joined: Sat Mar 31, 2018 11:43 am
Location: Frisco Texas, Mortgage Banker & Attorney

Re: Relationship mortgage discounts for moving a million assets

Post by Bogle_Bro »

grp2c wrote: Wed Sep 16, 2020 7:21 pm
grp2c wrote: Thu Sep 10, 2020 1:45 am I locked a 2.0%, 0pts, 10/1 refi with Citi on 3/10/20 which included a 0.5% rate discount for bringing 1 million. Six months later Citi still has not closed the loan. I've submitted over 60 documents many of which were requested because the previous documents expired. Clearly citigold private client doesn't mean much. I submitted my first CFPB complaint today.
CFPB complaint got them moving, plan to close on 9/21. However now they want to renegotiate the rate. Here is the options they're giving me.

80% LTV $892,000 2.0% with .5% points
80% LTV $892,000 2.125% with no points and .125% credit
80% LTV $892,000 2.25% with no points and .75% credit

I have a locked loan estimate for 2%, 0pts and 2.125%, -0.625pts. It was their fault the rate lock expiration dates were missed. Recourse?
If it's their fault they should eat all extension fees. If those fees aren't waived I would escalate till it's on an executive's desk...
Topic Author
softwaregeek
Posts: 526
Joined: Wed May 08, 2019 8:59 pm

Re: Relationship mortgage discounts for moving a million assets

Post by softwaregeek »

Complain to the state as well and remember that individuals are state licensed. And that you are damaged by not closing on time by the difference in rates. So the broker is responsible to the state licensing agency.
CAorTX
Posts: 4
Joined: Thu Aug 06, 2020 3:38 pm

Re: Relationship mortgage discounts for moving a million assets

Post by CAorTX »

Not really related to a relationship discount but I wanted to flag for those that follow this thread seem to be more jumbo loans than the general refi thread. better.com just gave me a rate lock for a 30yr jumbo (1.9M) 75LTV with 0pts at 3%... I couldn't do better on a 30yr with most relationship discount programs I have a loan estimate I'm now shopping but was very surprised to see the 30yr rate... it was oddly lower than a 10/1 rate...
rpvsurfer
Posts: 10
Joined: Sat Feb 08, 2020 12:25 pm

Re: Relationship mortgage discounts for moving a million assets

Post by rpvsurfer »

Wells Fargo - Purchase in Truckee, CA.

2.5% on a 30-year moving over $1m in assets on a Jumbo Loan.
CAorTX
Posts: 4
Joined: Thu Aug 06, 2020 3:38 pm

Re: Relationship mortgage discounts for moving a million assets

Post by CAorTX »

rpvsurfer wrote: Sat Sep 19, 2020 8:47 am Wells Fargo - Purchase in Truckee, CA.

2.5% on a 30-year moving over $1m in assets on a Jumbo Loan.
All these jumbo new-purchase rates are making me jealous... little love for the jumbo refi crowd out there...
fyre4ce
Posts: 912
Joined: Sun Aug 06, 2017 11:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by fyre4ce »

I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Goal33
Posts: 1436
Joined: Sun Apr 12, 2015 12:30 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Goal33 »

fyre4ce wrote: Mon Sep 28, 2020 4:53 pm I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
fyre4ce
Posts: 912
Joined: Sun Aug 06, 2017 11:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by fyre4ce »

Goal33 wrote: Mon Sep 28, 2020 4:55 pm
fyre4ce wrote: Mon Sep 28, 2020 4:53 pm I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
LFKB
Posts: 726
Joined: Mon Dec 24, 2012 7:06 pm

Re: Relationship mortgage discounts for moving a million assets

Post by LFKB »

When I Refi’d with BofA I got 0.5% off for moving over $1M the first time, then 0.25% off my second refi for adding another $500k (which was the max amount / discount). They also gave me a total of about $7k in cash incentives for moving the assets over, so long as I left them there for 9 months.

Currently at 2.375% on a 10 year jumbo interest only
Goal33
Posts: 1436
Joined: Sun Apr 12, 2015 12:30 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Goal33 »

fyre4ce wrote: Mon Sep 28, 2020 5:12 pm
Goal33 wrote: Mon Sep 28, 2020 4:55 pm
fyre4ce wrote: Mon Sep 28, 2020 4:53 pm I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
Cross reference Citibank. At least in late March they were most competitive.
fyre4ce
Posts: 912
Joined: Sun Aug 06, 2017 11:29 am

Re: Relationship mortgage discounts for moving a million assets

Post by fyre4ce »

Goal33 wrote: Mon Sep 28, 2020 8:50 pm
fyre4ce wrote: Mon Sep 28, 2020 5:12 pm
Goal33 wrote: Mon Sep 28, 2020 4:55 pm
fyre4ce wrote: Mon Sep 28, 2020 4:53 pm I just locked a 2.375% with 0.5 points on a 30 year fixed with Wells Fargo, on a jumbo loan in California. That includes 0.375% relationship discount for $750k+ in relationship assets. Could have gone another 0.125% lower with another $250k in qualifying assets.
Just curious, how big is your jumbo? if its 800k or so, you might find it more favorable to just get a smaller loan at 765k and get that rate without paying points with one of the lenders noted in the refinance mega thread.
$1.5M :shock:

I'm also getting a rebate from my agent that I need to soak up. I'll probably end up at 2.25% with 1.0 points.

I signed the letter of intent today, but if someone knows of a better deal, it's not too late to unwind this deal.
Cross reference Citibank. At least in late March they were most competitive.
Online they look pretty lousy. 3.0% with 1.25 points. I'll call tomorrow and see what they can really do.

Edit: Citi was able to match but not beat the rate from WF, so I’m staying with WF.
dfdaniels
Posts: 2
Joined: Tue Sep 29, 2020 5:42 pm

Re: Relationship mortgage discounts for moving a million assets

Post by dfdaniels »

LFKB wrote: Mon Sep 28, 2020 5:27 pm When I Refi’d with BofA I got 0.5% off for moving over $1M the first time, then 0.25% off my second refi for adding another $500k (which was the max amount / discount). They also gave me a total of about $7k in cash incentives for moving the assets over, so long as I left them there for 9 months.

Currently at 2.375% on a 10 year jumbo interest only
Is there any chance you could share the contact information of your LO?
drk
Posts: 1923
Joined: Mon Jul 24, 2017 10:33 pm
Location: Seattle

Re: Relationship mortgage discounts for moving a million assets

Post by drk »

Goal33 wrote: Mon Sep 28, 2020 8:50 pm Cross reference Citibank. At least in late March they were most competitive.
I haven't talked to my guy at Citi since early August, but they weren't competitive at all at that point.
smby
Posts: 37
Joined: Wed May 30, 2018 12:14 pm

Re: Relationship mortgage discounts for moving a million assets

Post by smby »

Talked to my Wells contact....and they don't have competitive rates on Jumbo refi with relationship discount. Currently at 2.375 for 7/1. I was hoping to get 2.25 or 2.187% with moving $1M over
Pikapan
Posts: 2
Joined: Sat Jun 13, 2020 2:35 pm

Re: Relationship mortgage discounts for moving a million assets

Post by Pikapan »

One more Wells Fargo data point. Just locked on Monday at 2.25% for a 30-yr fixed jumbo, no points. Includes 0.5% relationship discount for $1M+ which we used the down payment to cover, so didn't require transfer of any other assets. Cross shopped with Chase, where I got the same rates, but they required the relationship deposit to be kept with them for a longer period of time, so passed. Citi was at 2.5% after relationship discount. This is for CA.

Also, setting up an impound account to help use up a rebate from my agent on the sale. Are there any downsides to this? Was told I could cancel it after 5 months or so if I no longer wanted to use it.
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