Home : Blogs : Bill Roberts - "Baby Boomer" Retirement Planning : Financial Strategies by Bill Roberts

Did I Just Hear Those Magic Words, Stated-Stated?

Did I Just Hear Those Magic Words, Stated-Stated? by Bill Roberts

This morning I attended the Windsor Capital monthly breakfast. Windsor is the company I originate my loans through.

In days gone by we would have a full room (about 100 LOs) and as many as 25 AEs at our breakfast meeting. Then things got bad and attendance dropped off, both LOs and AEs.

But today looked and felt like the good old days. First the president and CEO of Windsor Capital Mortgage addressed us. He explained that Windsor's health was the result of getting out of mortgage banking early in 2006 and staying with brokering loans where somebody else takes the risk. A good move in retrospect.

After a discussion of what we might expect in the near-term (six months) we had our lender session. Each AE spoke for about 3 or 4 minutes to let us know what was "new" and what their niches are now.

Every lender was up-beat and had a positive message. Several lenders said the magic words "stated stated" or SIVA. Only the guidelines and underwriting criteria had changed, but the product was still here. What are we looking at? Standard offering from a couple years back: 80% LTV, O/O. 620 FICO. No fog on the mirror test. The underwriter might want an LOE regarding employment. Oh, and did I mention conforming loan limits?

All in all, a good meeting. Nice to see everybody back to work. And the future looks promising.

Posted by Bill Roberts - "Baby Boomer" Retirement Planning on 09/12/2007 05:37 PM

Comments (12)

mortgage, mortgage broker, windsor capital, stated loan, stated stated

Post is included in group: Realtors®
Post is included in group: The Economics of Real Estate
Post is included in group: Southern California Real Estate Forum
Post is included in group: Almost Anything Goes
Post is included in group: Active Rain Addicts

12 Comments on Did I Just Hear Those Magic Words, Stated-Stated?

Seeing those kinds of deals go to that kind of LTV doesn't surprise me. It's common sense and really should have never been so aggresive in the first place. I remember doing a 100% CO O/O w/ a 674 less than a year ago. Crazy if you ask me.

09/12/2007 05:53 PM

by Jacob Morales - Arizona Mortgage Planner (US Bank)

Jacob, you are absolutely correct. What did they need the money for, to leave the country?

Bill Roberts

09/12/2007 06:03 PM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

Hey Bill

That is good to hear. Is stated back? I think I should talk with you about some of my clients. Since your saying that Windsor can do Stated with FICO of 620. Is there a PPP on those loans?

I just rcvd an email from Countrywide. Just so you know they are doing it with FICO of 700 so your good there.

Thanks

Doug Pemberton

09/12/2007 07:17 PM

by Doug

Doug, In most cases non-conforming always has a pre-payment penalty. This is purchase money, owner occupied anyway. If they are going to live there what does it matter?

Doug, you need to log in before you comment so that you get points for your comments.

Bill Roberts

09/12/2007 07:29 PM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

Bill - That is good news especially for states like California and Florida where the use of Stated loans is high. Thanks for the update. I am working on the next post you are waiting for, it is in draft now. Polishing it up, finishing touches, etc, and it will be on board! Katerina

09/12/2007 07:37 PM

by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Katerina, I'm always waiting for you. Waiting for your visit. Waiting for your next post. I can't stand it. Why can't you just always be there? Just kidding. Thank you, I'll be waiting.

Bill Roberts

09/12/2007 08:07 PM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

I am impressed that all the lenders are so upbeat. I hope we can get a few more buyers to be so before years end. Things do feel a bit more positive of late and that is also really good to hear.

I have a young buyer with a girfriend ( planning to marry in the spring and they are wanting to buy a starter home tomorrow. They both have really high FICO scores so I am hoping we find something they will like tomorrow. It should be an easy escrow if we can locate what they will find acceptable to live in.

09/13/2007 02:25 AM

by The Real Estate Text Book authored by William Johnson GRI CRS e-PRO (RE/MAX Associates)

Bill,

I was talking with a lender this evening and he was telling me about a stated loan, and a new Government....he sounded encouraged, now if I can just get the buyers to be :)

09/13/2007 05:23 AM

by Kathy McGraw ~ Calif Broker (CELLing Realty)

William, The Fed screwed up. Now they are going to do everything they can to bring housing back to life. I would suggest you have your buyers get a loan without a prepay because rates will be down substantially in six months.

Bill Roberts

09/13/2007 09:02 AM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

Kathy, You'll manage. Once they see the "trend" they'll be back. Thanks for stopping by.

Bill Roberts

09/13/2007 09:04 AM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

Hey Bill

Did you have a Roundtable last night? Or is that next week?

Re: my comments yesterday. I was so tired I couldn't figure out what i was saying. I didn't realize I wan't logged in.. Sometimes even I have a Brain Freeze.

Doug

09/13/2007 05:48 PM

by Douglas Pemberton (Private Funding)

Doug, the Broker RoundTable is the first and third Wednesday of each month, barring other competing events or holidays.

I notice you are going great guns. Have you done Google searches on your relevent keywords?

Bill Roberts

09/13/2007 05:56 PM

by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?