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In Reply to: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: To posted by ray on January 06, 2001 at 07:56:14:
: : : : : That story is getting old. You , I and everyone else knows that the prepayment is in the paper work and it IS discussed at the time of closing in detail. Now, do you know when and for what reasons the prepayment is not in effect? I'm sure you know, you know everything there is to know about Primerica.
: : : : --Correction, "You , I and everyone else knows that the prepayment is in the paper work and it SHOULD BE discussed at the time of closing in detail." (Key words emphasized!)
: : : : You, I and everyone KNOWS that it didn't always happen that way.
: : : : Yes, I do, but that's beside the point. The "best interest of the client" says there shouldn't be any prepays at all!
: : : Well, everytime i have been at a closing it is discussed in detail. Now what are the exceptions that the prepayment isn't in effect? Tell us.
: : --If it hasn't changed since I was there, it was for A grade client or better. But since that isn't the market PFS goes after, it was kind of irrelevant. Or of course you can buy out of it by adding a 1/4 point to the already high rate.
: Not sure when or if you were here, but i have at least 3 clients that i can think of off the top of my head that are grade A. Now there are others that don't have to pay prepayment, even if they pay it off in the first year. Not buy paying a 1/4% either. I'm sure you would know this. Think real hard now.
--Yea, if they pay it through the morgage acceleration program. But, let's say they client gets transferred for work and has to sell the house and move. BANG! Prepayment penalty. But of course, since Primerica only does what's right for the client, that would be the correct thing to do for them, right?