lenders: As Most Know, I Am a Very Early Riser
- 10/24/22 12:52 PM
“Thank you for your response. For full disclosure, wanted you to know that I emailed 4 mortgage brokers over the weekend, and you were the only one that took the time to communicate back. By the way what time do you get up in the morning? Your email said 4:21?
Two things I would like to discuss. I just completed a flip and have a buyer, she indicated that funds are issue, but makes good income. Down payment and dollars for closing costs. I am willing to cover the closing costs, but not willing to do anything else. Is … (2 comments)
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lenders: Another Lender Shuts Down
- 07/12/22 10:28 AM
Sprout Mortgage Shuts Down – National Mortgage Professional >>
“Sprout President Shea Pallante informed the staff, which totaled more than 300 people, that the company would close its doors immediately – including both its retail and wholesale divisions”
I did a transaction with them about 4 years ago – it was not fun by any means.
At the time, their pitch was quality of service and turnaround. Unfortunately, that was not the case. I made the right for my clients and never went back for more of the same. Turns out it was the right decision.
We only work with lenders that will be here … (5 comments)
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lenders: “New Lenders Contact Me ALL of the time”
- 07/28/15 11:42 PM
“New Lenders Contact Me ALL of the time”
Unless they have some extraordinary products to offer which is something that I rarely see, I don’t give them a lot of time. I will ask what they may have that other lenders do not. Most will say that they have the best service, have common sense underwriting and that they get loans closed quicker than anyone.
They will normally stop in their tracks when I say, “none of those things matter to me”. If they are still attempting to engage they will ask, “What does?”
I tell them that my favorite account … (26 comments)
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lenders: “Mortgage Brokers Under Attack Again?”
- 10/27/14 10:32 PM
“Mortgage Brokers Under Attack Again?”
I used to love to hear how the mortgage broker community caused the housing crash a few years ago. I love how much power we have or wish we had. This topic has been brought up to me many times and I would always ask if mortgage brokers created the loan products that were available at that time? OK, enough of that.
The other day, I read an article that quoted James “Jamie” Dimon who said something to the effect of, one of the biggest concerns of lending these days is “Non-Depository” lenders, … (20 comments)
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lenders: “Love Referral from Banks and I Don’t Care About the Loan Size”
- 10/05/14 10:41 PM
“Love Referral from Banks and I Don’t Care About the Loan Size” I do business with a bank in Northern New England. The crazy part of about them, they do NO residential lending to their clients and they send me lots of referrals. The thing is, I send them all kinds of business, home equity lines---which they don’t consider residential. I send then lots of construction loan business, but they want me to do the end loans when the construction part is over, which I do on all the loans that I send them. I send them commercial mortgages, which … (32 comments)
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lenders: “Many Foreclosure Firms Say the Debt Relief Act not being Extended, is Causing More Foreclosures”
- 02/17/14 09:44 PM
“Many Foreclosure Firms Say the Debt Relief Act not being Extended, is Causing More Foreclosures”
In the last few days I have had conversations with three foreclosure firms and all said the same thing, there are already more foreclosures being started and continued mainly because it is anticipated that the bill may not be extended. That is hard for me to believe, but maybe the banks and attorneys know more than we do.
Lenders and servicing companies would much rather see the short sale process continue instead of ramping up the foreclosure machine again. The foreclosure process takes … (13 comments)
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lenders: “Why We Need Larger and Smaller Lenders”
- 02/08/14 10:10 PM
“Why We Need Larger and Smaller Lenders”
Being a mortgage broker, we are fortunate to be able to do business with some of the largest lenders in the country and also some of the smaller lenders.
Some of these lenders will focus on niche loan products like loans down to a 540 credit score, some will do mortgages for borrowers that own multiple properties (up to 10), jumbo loans up to a million—90% loan to value with no mortgage insurance, homes with large amounts of acreage, farms, mortgages for borrowers 12 months after a short sale, odd year mortgages like … (19 comments)
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lenders: “CFPB Director Says Lending Now Back to Basics”
- 01/14/14 09:45 PM
“CFPB Director Says Lending Now Back to Basics”
Not so fast, they are taking way too much credit for how resilient the industry really is. Once lenders figured out that they were much too loose with their guidelines they tightened them, actually too much in my option, but that is another story.
One of the so called new guidelines is a borrower must have the ability to repay the loan. Are they seriously going to take credit for what ALL lenders have already been doing the last 5 years?
Conventional mortgages for the most part had … (7 comments)
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lenders: “Small Lenders Have Cut 14,000 Jobs Since June”
- 01/13/14 10:51 PM
“Small Lenders Have Cut 14,000 Jobs Since June”
I guess I don’t understand what these lenders are thinking. That is a lot of people out of work, like the administration keeps saying, the economy keeps getting better, I guess you can spin just about anything in a positive manner, but most of us truly understand the real deal.
This 14,000 number does not include the large and smaller bank numbers that have also terminated many employees.
OK, the amount of refinance transactions have been greatly reduced for most banks and larger lenders. They are losing refinance business … (28 comments)
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lenders: More Strategy Meetings with Realtors
- 11/08/13 06:42 PM
“More Strategy Meetings with Realtors” In the last few weeks I have been invited to a number of Realtor meetings. The meetings have been just to chat rather than what can you do for us. The Realtor community truly understands that issues with the mortgage industry affect everything they do. Yesterday I met two Realtors for lunch, I have worked with one of them for many years, the other not at all. They are in the same office and both have been in the real estate business for over 20 years. There was no posturing, there was lets … (24 comments)
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lenders: “Appraisals that Involve Acreage”
- 10/21/13 10:57 PM
“Appraisals that Involve Acreage”
It’s all about the comps.
I receive a call from a Realtor who was in the process of selling a home on 16 acres. She told me there are literally no comparable sales with over 3 acres, but much of the value of the property is in the land.
I asked what the sale price is going to be. How much would the property sell for without the additional acreage? It was going to be a problem, as there was about $100,000 difference. I asked if there were any comps in … (22 comments)
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lenders: “Lenders Coming and Going”
- 07/31/13 10:55 PM
“Lenders Coming and Going”
I was reading an article this morning that Everbank will no longer do business with mortgage brokers. Ever who? We stopped doing business with them a few years ago and I wasn’t even aware they were still doing business with mortgage brokers. I am not exactly sure what the reason was, but it truly doesn’t matter.
In the last 90 days we have added 6 lenders that are hungry for broker business, so where is this going? The mortgage broker business continues to expand, especially over the last two years. As long as … (17 comments)
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lenders: “New Discrimination Standards on Lenders”
- 02/21/13 02:28 AM
“New Discrimination Standards on Lenders”
The essence of you are guilty until proven innocent. I have read these new and improved version of discrimination standards and came away with the following:
If any kind of charges are brought on a lender it is the responsibility of the lender to prove, that the charges are not true. It is not the responsibility of the person that brings on the charges to prove that the lender discriminated in some way.
It was always my understanding and believe that in this country you are innocent, until proven guilty. Not … (31 comments)
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lenders: Bank of America Reaches a 10.3 Billion Dollar Settlement
- 01/09/13 09:50 PM
“Bank of America Reaches a 10.3 Billion Dollar Settlement”
As many of you know, I am not an advocate of B of A, having said that, I don’t understand this one at all. It is my understanding that this settlement stems from B of A’s purchase of Countrywide. This was a purchase that they didn’t want to do, but were literally forced to do, by the FED. If I recall the purchase price was 4 billion dollars, which means that the settlement was two and a half times the purchase price. Now that is what I call … (3 comments)
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lenders: Jobs, the Key to Real Values, Going Forward
- 10/04/12 04:01 AM
“Jobs, the Key to Real Values, Going Forward”
Banks are very sensitive to the unemployment numbers. If there was declining unemployment numbers, they would put a lot more properties onto the market and unload unwanted inventory.
No one really knows, how many houses are just sitting and not on the market, even though these house could be put on the market tomorrow. These institutions are afraid of just dumping inventory and hurting real estate values.
Here is a case in point. I owe two houses and a larger storage building in Plainfield, Ct. There is an empty … (10 comments)
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lenders: House Passes Bill to Shore Up FHA Fund
- 09/19/12 03:39 AM
“House Passes Bill to Shore Up FHA Fund”
The vote was 402 to 7, I’m not kidding, that was the final vote. Do you think they figured out that FHA, being alive and well, is what is needed to keep housing sales moving in a positive direction.
Don’t be surprised if FHA guidelines get loosened up, in the near future. The goal here is for FHA business to grow at a fast pace. There are always tradeoff’s, this will be one of the benefits to the consumer, as the lending process has been much too restrictive.
Another … (9 comments)
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lenders: HOME VACANCY RATE CONTINUES TO FALL
- 07/30/12 01:22 AM
“Home Vacancy Rate Continues to Fall”
To me, more folks want to own, here is a perfect example. Ana was referred to me by her bankruptcy attorney 3 years ago.
Her brief story was, her husband left for one morning 4 years ago and never came home. She was left with 2 children, a part time job and a big mortgage that had a $2,700 payment.
She decided to put the home on the market, a buyer was found, but a short sale had to be done. She and the 2 kids moved into a condo, paying $950 per … (4 comments)
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lenders: I HAVEN'T MADE A MORTGAGE PAYMENT FOR THREE YEARS, CAN YOU HELP ME?
- 07/29/12 09:29 PM
“I Haven’t Made a Mortgage Payment for Three Years, Can You Help Me Get a New Mortgage?”
I’m sorry, even if I could, I wouldn’t. I actually got this call today. My first reaction was to just hang up, but decided to find out some additional information.
This guy lost his overtime and started falling behind on this credit card debts, $45,000 worth. Eventually, stopped making the payments on the cards all together, $1,900 per month.
OK, if you are not making payments on credit cards, then you must be able to make your mortgage payment without any difficulty. I … (6 comments)
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lenders: DODD-FRANK APPRAISAL RULES COMING
- 06/11/12 10:56 PM
“Dodd-Frank Appraisal Rules Coming”
I have been beating the drums for a long time about the need to repeal Dodd-Frank. It is one of the most business intrusive pieces of legislation ever created in this country. Maybe pieces of legislation are correct, it is volumes of rules and regulation that affect all businesses.
The appraisal industry has no business being part of Dodd-Frank. Between HVCC, the AMC system and Dodd-Frank, appraisers have lost their independence. The really is no free enterprise system in the appraisal world today.
Let me know what you think?
Don't Forget, Dodd-Frank Appraisal Rules Are Coming
By: … (3 comments)
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lenders: HARP 2 CHALLENGES AND OPPORTUNITIES
- 05/22/12 10:51 PM
“HARP 2 Challenges and Opportunities”
Many of the challenges that lenders experience are turning into opportunities for us. Many of the lenders have limited the loan to value. Many are only going up to 105% of the value of the property, which kills a lot of transactions. I have a number of lenders that will go up to 150%, which is a huge difference. There continues to be talk of higher than 150% loan to value that will be coming in the near future.
In the first couple of weeks that the program came out, two transactions came to me after … (3 comments)
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