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Any One Still Doing Stand Alone 2nd's

Here's the scenario...

- SFR

- Full Doc

- Owner Occupied

- 722 FICO

- 80 CLTV behind Conforming Jumbo

- Cash Out

- Property in Dublin, CA

Here's the real catch... we are adding the borrower's son to title and putting him on the loan. Most banks require at least 6 months seasoning on title. Good news, borrower and his son both live at the subject property. All the mail goes to the subject property and both credit reports show the subject property. Any idea's. I could take it to U.S. Bank but they do not do stand alones any more and would require me to do the first through them as well. I would prefer not to do that because I have and awesome 5/1 lined up for the borrower at Direct Mortgage. U.S. Bank only has fixed products in their Conforming Jumbo, which isn't a bad thing but the 5/1 ARM rate is 1% lower.

Thanks in advance!

Posted by Patty Mercer & Dustin Marazzito on 05/23/2008 11:49 AM

Comments (4)

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4 Comments on Any One Still Doing Stand Alone 2nd's

MAY

2008

Hi Patty and Dustin,

If he has lived there for 6 months then that is 6 months of seasoning. They might ask for bills in his name to prove it though, so that should not be a catch. You might have to refer it directly to a bank or lender to do it in house because even though brokers cannot do half of this stuff anymore I know for a fact that banks still do it direct because I send my clients there all the time. Good Luck!

Yea, but not seasoning on title? I have sent the scenario to over 60 lenders and 6 can do the 1st with an outside 2nd 2 can do one loan (bad pricing) and one can do the 1st and 2nd. The lenders that can't do it are all telling me they require the borrower to be on title for 6 months or a year. That is the problem! This borrower has already been to 3 banks on his own before he came to us, all of which said "no". I have 3 options that currently work, one U.S. Bank and the 2 other lenders that will do one loan no MI in but their rates are in the mid 7's (which is out of the question). I can do this loan with U.S. Bank and get good pricing. However, I want to make sure there are no stand alone 2nd's out there I don't know about. That way I can honestly tell my borrower I got him the best available pricing I could after exhausting all my available avenues (activerain being one of them).

Thanks for the reply!

P.S. Feel free to send your clients to us!

MAY

2008

I second the US Bank option....they may be able to get better pricing if they go to them directly though. If you have a good client, they may respect that....???

Thanks for your reply, I will see what US Bank Retail can do! Although, pricing isn't bad through their wholesale department.

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