This was a cash out refinance for a repeat client. A married couple whereby the wife was getting ready to leave her job and so they decided to first refinance and pull out some cash before she left her employment. It was a good idea allowed them to obtain a lower rate while pulling out funds to set aside for a rainy day.
The clients had a pre-payment penalty with the current lender Chase.
We do a sizeable amount of loan volume with chase, and we were able to negotiate with them to drop the prepayment penalty and while obtaining a lower rate with them for the client at the same time.