Did GMAC do the right thing? - 06/18/08 08:54 AM
Their goal from what I can tell based on the news circling the company that I have read is to return to profitability by the end of 2008. They have been frantically cutting costs, raising capital, and consolidating shops for the past couple of months.
I really like a couple of Assistant Underwriters here who were sent to the Charlotte branch from Jersey when they consolidated the two shops; this was only a couple of months ago. Now GMAC is shutting down the Charlotte branch and moving everyone to Texas.
When they first consolidated a couple of branches I noticed a … (9 comments)

Can you believe it!? - 06/12/08 12:53 PM
I can't believe it... I mean, I know that it is true I am just mystified by it.
I don't understand why anyone would do something like this... I am talking about an underwriter at an ailing bank. The Bank is HomeComings Financial (ResCap) and I won't mention the individual because I do not want to be sued by her in case she comes across this post on the internet.
I have been working on a file for a little while now; This file has been wrought with complication. The borrower is very well qualified with a 757 mid credit score, 20% … (7 comments)

Are you shopping rates or are loan sharks shopping you? - 06/06/08 03:57 PM
Shopping for an interest rate is one of the absolute worst ways to shop for a mortgage. The really funny part in saying as much is that people become sceptical when it comes to a Mortgage Professional saying that shopping for an interest rate is the worst way to go. The irony here is that a dishonest loan officer will jump at the chance to offer you a below the bottom interest rate that does not really exist for your situation and a Mortgage Professional will tell you the truth.The truth is that I can no more quote an interest rate … (0 comments)

 
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Christopher Ohlsen

Malone, NY

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