mortgage lender: Low Loan Amounts Difficult To Fund
- 12/08/08 02:19 AM
We receive calls every day from people wanting to borrow $20k, $18k, or $27k to purchase an investment property. We simply cannot finance a property that low in price for multiple reasons and one of them is that we must make a certain amount of profit to stay in business. The other is that finding an investor to actually lend that low of an amount is a major task. So what can we do? We could look at tying up another property with a line of credit -which I never recommend unless you have a very strong exit strategy- like your … (3 comments)
mortgage lender: HUD Putting The Foot Down on Unapproved Brokers
- 08/12/08 03:30 AM
I love it when I'm right. For months I have been challenging these renegade lenders allowing unapproved brokers to send FHA loans in and be compensated saying it is a violation of HUD's policy and an impingement on the public trust. "No, no, no, Ken. We have a letter from HUD okaying the way we do it", said my friend. "Right", replied Ken. "Just because the name is Perfect doesn't mean the ethics are." On June 20, 2008, HUD issued Mortgagee Letter 2008-17, to remind lenders and brokers of FHA existing policy regarding the use of non-approved mortgage brokers in the … (5 comments)
mortgage lender: More On Lender Failure (S&L - Take Two)
- 03/06/07 01:19 AM
They say history repeats itself about once every 20 years. By gosh I've lived long enough to experience how, at least in some areas, this is true. Had there been blogs 20 years ago we would have been blogging about the Savings & Loan Debacle and using essentially some of the same positions for discussion we're using today. So why are we in this position yet again? Is it because Alan Greenspan did not remember the S&L implosion which cost you and I (at least those of you who actually pay taxes) roughly $125,000,000,000? Now as I wax political I will … (2 comments)
mortgage lender: Surprise! People With Bad Credit Don't Pay Their Mortgage Payments!
- 03/05/07 10:54 AM
Listen, I know I have started a couple of lively exchanges of idealogy here on Active Rain talking about this subject. If you've read my blogs you know I don't fault the lenders or Wall Street - at least I don't hang them out there to dry all alone - I throw a major portion of the blame on the "why can't we all just get a loan" crowd of equality minded socialists. This current implosion of non-prime lenders is an example of what happens when otherwise intelligent business people give in to the whines and complaints of the liberal sociopaths who … (34 comments)
mortgage lender: Time Limit on Loan Approval on GAR Contract? Okay, go ahead ...
- 01/13/07 03:19 AM
OH MY GOODNESS! I spent a full hour typing a beautiful blog posting and got nailed by the world famous Windows blue screen of death. Gone, poof. Just like a bad loan at the 11th hour. I did all that work and got nothing from it. Just like a bad loan at the 11th hour.This originally started as a comment to Tim Maitski: On "New Georgia Contracts. Lenders Will Need to be Quicker"John Adam's show but grew into a post of its own. I hope I can remember what I had typed because it was gooooooood. Even though I was interrupted … (10 comments)
mortgage lender: What Do You Want From A Lender?
- 10/16/06 06:12 AM
Ever want to shout into the horse's mouth? Had brokers blowing deals for you? Underwriting drive you nuts? Here's your chance. I am the Cheif of Operations which means I make policy. We're a fast growing wholesale lender based in Atlanta (Marietta) GA - coming soon to a mortgage broker near you if we're not there already! I've always said I'm not in the mortgage business. I'm in the service business and mortgages are my product. If you could create the guidelines and establish the service at a major lender, what would you add or take away from the lending experiences you've had? What's … (2 comments)
We receive calls every day from people wanting to borrow $20k, $18k, or $27k to purchase an investment property. We simply cannot finance a property that low in price for multiple reasons and one of them is that we must make a certain amount of profit to stay in business. The other is that finding an investor to actually lend that low of an amount is a major task.
;)
;)
;)
