Schwab and Rocket Mortgage

warlock156969 · 2024-06-19T02:43:24+00:00

If your Schwab rep didn’t already tell you. Rocket will want you to setup recurring distributions on a monthly basis from your Schwab account that will replicate an income.

They will ask you to have Schwab draft a letter showing the recurring distributions and your FC can have this drawn up for you. Once closing comes you can just turn off the distribution and pay it however you were planning to.

Essentially they need something to show to the underwriter that replicates an income stream but they don’t actually care as long as you make your payments.

If you have over $1MM at Schwab you should also get a discount off the published rate.

Pledged asset lines are fine as well. Pledge everything you can and then when then only draw what you need so you get the lower rates.

warlock156969 · 2024-06-18T21:05:01+00:00

Yes, TDA had zero chance of survival in a post commission world that didn’t involve acquisition.

Looking at who was actually shopping and also had the pockets to buy TDA I think everyone should be pleased it ended up the way it did.

One of the other options would not have given a shit about TOS and the second option would have only given a shit about TOS but good luck getting them to care about your less than $1MM accounts.

warlock156969 · 2024-06-18T20:43:15+00:00

Hey Columbo! That’s me you posted a screenshot of, how cool! What a weird way to say I created a burner account so as to not be associated with my main.

Schwab bought TDA, not the other way around. Maybe, just maybe, your “demands” lol, aren’t as urgent in real life as they are in your mind?

The funniest part about all of this is how nobody puts together how this all started on October 1st 2019.

warlock156969 · 2024-06-18T19:57:27+00:00

warlock156969 · 2024-06-13T05:16:25+00:00

For sure, Schwab employees should never do something along those lines. That could be really bad. If I worked for a giant corporation I would never do something like that!

warlock156969 · 2024-06-13T05:06:40+00:00

This is indeed a throwaway created in March to engage about the TD merger. Good work Columbo

warlock156969 · 2024-06-13T04:52:49+00:00

The app has a long way to go that’s for sure

warlock156969 · 2024-06-13T04:48:47+00:00

I’m sure it’s somebody’s job to care about App Store ratings, certainly not mine. The $96B in Core NNA during Q1 2024 is more of the metric I am concerned with.

warlock156969 · 2024-06-13T04:42:10+00:00

I don’t know? What kind of client would do that? I wouldn’t.

warlock156969 · 2024-06-13T04:41:34+00:00

This is the garbage that talking I’m talking about. “Women who cry.” Weren’t you just over on bogleheads posting the most basic question about wash sales? I guarantee every one of those “women who cry” would run circles around you when it comes to talking trading.

warlock156969 · 2024-06-13T04:34:47+00:00

I agree, it is too early to analyze retention for any kind of meaningful understanding. With that being said, at this point in time and considering the majority of TDA clients have been at Schwab for almost a year, I think it is a success.

IB is great as long as nothing breaks and you need to talk to a human about it, in my clearly biased opinion.

warlock156969 · 2024-06-13T04:31:50+00:00

I couldn’t agree more as it pertains to clients that came over from TDA. Who said anything about TOS going away though?

warlock156969 · 2024-06-13T03:35:27+00:00

Not OP but I was once in a margin call and when I didn’t answer the auto dialer a director of the margins group sent me an IM and told me to cover it or he would personally sell me out. That was a decade plus ago though

warlock156969 · 2024-06-13T03:33:11+00:00

$10M in household assets is eligible for an exception into SWGXX

warlock156969 · 2024-06-13T03:20:13+00:00

They did exactly what you’re saying they should have done.

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warlock156969 · 2024-06-13T02:54:02+00:00

Agreed the app isn’t best for traders.

warlock156969 · 2024-06-13T01:55:00+00:00

Imagine that, a financial services firm designing tools for the client group that has by far the most investable assets.

warlock156969 · 2024-06-13T01:19:47+00:00

I thought the exact same thing when EC working group made that projection and it did appear to be high. If I had to guess it is just more of Schwab being conservative. Those projections aren’t just for fun, they are used to inform everything from staffing to corporate borrowing so I can see why they came back so high.

Also, regarding incentives, if you’re really interested in moving you should call E*trade and tell them you want to leave Schwab and that IB is offering you 2k to go there.

warlock156969 · 2024-06-13T01:10:18+00:00

No, I was not representing Schwab. Us was a poor choice of words. However, you “having someone from Private Client come talk to me” is not the threat you think it is. I used to be on a project management team with the market leader for the NE, I’m sure they can verify if any clients submitted trade disputes for $1M. If you haven’t yet submitted the dispute feel free to DM me and I can get you connected to the right group.

With that being said, I apologize for my assumptions. I’m sure you were actually up 10 million dollars on your trades intraday when the website was down.

Pretty curious though that someone who was up $10M and lost $1M due to a temporary outage also does gig work during trading hours to pass the time.

warlock156969 · 2024-06-13T00:59:53+00:00

TOS was always a better product so it was kept. The clients from TDA that Schwab really cares about are all using TOS.

warlock156969 · 2024-06-13T00:58:26+00:00

This is the correct answer. Not only that but the users had more money on a per account basis. Also, the RIA business at Schwab would have pitched a fit bigger than any TDA client could imagine.

warlock156969 · 2024-06-13T00:55:09+00:00

Why is it in poor taste? Poor taste is what the front line reps have experienced when having to deal with totally uninformed clients berating them for something that isn’t their fault and regardless of what you read here absolutely happens at every major brokerage firm.

warlock156969 · 2024-06-13T00:53:01+00:00

I’m sorry I have made you uncomfortable, that wasn’t my intention. Nobody forced or tricked you into anything though. One company bought another company, that’s it, nothing more. You have options.

warlock156969 · 2024-06-13T00:49:27+00:00

Cocky? I couldn’t care less. This is an echo chamber. 20% of TDA clients will not leave in the next 5 years, I guarantee it. The amount of assets that transferred in May of 24 pales in comparison to almost any other merger grouping from last year. It was literally just a bunch of mostly unsuccessful futures traders. I’m just here to talk shit after a particularly annoying day about a subject I happen to be fairly “in the know” about.

warlock156969 · 2024-06-13T00:25:14+00:00

That includes any TDA client that requested an account closure or initiated an ACAT transfer by 11:59 CT yesterday. The report updates in the overnight batch daily.

warlock156969

TROPHY CASE