https://activerain.com/blogs/rosethomas22 en-us https://activerain.com/blogsview/427545/buyer-looking-for-housesitting-situation-in-los-angeles I have a friend who travels to the LA areas often and is interested in housesitting while looking to buy.  Anyone in need of a housesitter for their listings?  Please let me know.   Make it a great day! Rose Rose Thomas, NMLS 274950 (American Pacific Mortgage) Mon, 17 Mar 2008 13:17:47 -0700 https://activerain.com/blogsview/427545/buyer-looking-for-housesitting-situation-in-los-angeles https://activerain.com/blogsview/396755/beware-of-subordination-requests--- Most lenders are tighening up on their guidelines when subordinating an existing 2nd mortgage.  Here is what our industry is experiencing.  The inside scoop from my girl at WAMU.  She had a few very irate customers come in to see her yesterday due to automatic decreases of their current client's equity lines.  Mostly when the subordination is requested but soon just because they feel like it.  So if a client that has an equity line at 250k with no balance ...they could get a letter in the mail reducing the line based on the current market/neighborhood activity with relation to value. Due to the fact that when the subordination is requested if the appraisal is low or they feel like they are having a bad day... they will automatically regardless of whether they decline or approve the subordination they will send a letter to your client letting them know they have reduced the line of credit automatically!  Also the subordination process is long and most of the time declined.   So beware and inform your clients that they may in the end not have the line of credit they currently have regardless if they proceed with the refinance.  Or do what I am doing!What I am doing for a client right now is getting her HELOC pre-approved thru WAMU retail which takes only a couple of days.  Then she is ok with obtaining the new loan and closing the line she has.  As long as she knows one will be available after the fact.  The key is to keep your LTV to 80% and max the heloc at $149500.  Anything above that will go to underwriting and will be scrutinized.  Mostly needing assets but income may or may not be needed.Also, they have a weird qualifying feature, such as my line was approved for 149500 with an approved rate of 6.25% but they used 9% as a qualifying figure (int only) so my ratios were pushed to 60%.  They usually cap at 50% but this was an exceptional borrower so they approved him.  The inside rep didn't even know why they did this...so even their own employees don' understand!To sum it up subordinating right now is close to impossible so treat it like a whole new submission! Rose Thomas, NMLS 274950 (American Pacific Mortgage) Tue, 26 Feb 2008 08:33:17 -0800 https://activerain.com/blogsview/396755/beware-of-subordination-requests--- https://activerain.com/blogsview/396742/in-need-of-hard-money-source *Please disregard if you cannot help.  Although if you know someone who may be able to help please forward this email.....and thank you for looking!* NAME: Mulitple Prime borrowers but here is the first one - more to come Property location: This one in Arizona Most right now are in Arizona and in the future Florida and California My Goal:To build relationship with a private money investor that is willing to work with 8-10 purchases a month.  (Don't want broker to broker to broker)Provide funding for purchase price plus, costs of improvements and closing costs not to exceed 3 points per transaction - avergage LTV 50-70%Close fast and efficient Borrowers goal:To purchase properties at a discount from the banks negotiated by their mentor To continue to do this (multipule transactions same borrower) (Also, mulitple transactions with several different borrowers within this group)To purchase, improve and do a fire sale within 2-3 months Advantage to Investor:This is the first deal of hundreds and would need an investor that sees the short term advantage. Someone personabel with a large investor portfolio Looking to make money on the points and turnover and rate Very strong and wealthy clients that are backed by a influential group of affilates for future business This Subject Property Borrower Information: Clients (2) have an LLC that the contract is under.  Would like to close in the LLC. Credit Score: 740+ This Property Info: State: Arizona, Phoenix area Property Type: SFR Loan Purpose and Summary : Purchase Price $250k Est. Value based on a fire sale: $450 - $500 (low estimate) Comps:  Sold 01/03/2008: $617,000 7039 N 6th Ave Sold 12/19/2007: $578,000 7137 N 7th Ave Sold 11/19/2007: $620,000 310 W State Ave Sold 01/24/2008: $519,000 7111 N Central Ave  Loan Amount: $250k purchase price + $30k for improvements + closing costs  LTV/CLTV: 58 - 64% (based on low estimates)  Doc Type: full doc if needed (prefer to make this easy for client based on equity and credit)  I/O? Yes as loan will be paid off within a few months  Prepay? no  Est. COE: April 11 Rose Thomas, NMLS 274950 (American Pacific Mortgage) Tue, 26 Feb 2008 08:28:10 -0800 https://activerain.com/blogsview/396742/in-need-of-hard-money-source https://activerain.com/blogsview/396668/agents--new-bank-guidelines-that-may-kill-your-deal--but-it-doesn-t-have-to--know-how-to-avoid-it Most major banks have implemented a pre-funding audit for all borrowers refinancing or purchasing.  What your borrower may not see as a big question could be a deal killer so beware.  So far Washington Mutual, Indy Mac and most major banks  have impletmented this process and expect it to be a standard policy throughout the industry....·        The Bank Representative will introduce themselves and tell the borrower they are calling from the Bank regarding the application that was submitted through _________ broker.  They will explain that they are calling in an effort to protect the client from identity theft and fraud.  They will then ask the following questions depending on the type of loan and key concerns: 1.      May I verify your contact info? *     Address*     Home Phone *      Work Phone *     Employer *      Position *      Monthly Income 2.      For Purchase Transactions:Primary Residence*      Are you planning on occupy the property---if yes when?  (If your borrower answers oohh in a couple months, it will be considered a non-owner.  They are required to occupy within 30 days of closing)*      Do you plan on renting the property out? (They sign an occupancy agreement stating they will occupy for a minimum of 1-2 years)2nd Home*       Are you planning on renting out the property and do you already have tenants (This question would confirm whether borrower is trying to get a better deal by noting a 2nd home rather it really intends to be an investment property.      For both doc types*     Has the seller agreed to pay you any money outside of closing? (This is deemed illegal so interesting they are asking this question to)       For Refinance transactions *      Primary---Are you currently occupying the property?*      2nd Home or Investment-Is the house currently rented or listed for sale? (They want to make sure that someone will be occupying to offset the negative rents on the property)*      Refi-Cash out---Is the house currently rented or listed for sale? (Currently listed properties cannot receive financing, although the rule in the past was the property can not be listed within the last 12 months but now the lenders just want to know the listing was cancelled and the sign is down. Together we prosper and do so by keeping up with the politics.  Keep your borrowers informed as sometimes you may use a lender who doesn't look at the fine print like I do.  Being ahead of the game in this market is crucial.   This is the best time to be a broker.  Banks are changing their policies everyday and when that happens your client has to start all over if they decline the borrower or the property.  As a broker I always have a dozen back ups to assure your deals close on time and with ease. After 17 years in the business this is the most crucial time to have a qualified and experienced broker working your deals.  Appraisals, rates, conforming limits going up..the list goes on and it is important to be in the loop every minute.  It is not just about the rate anymore it's whether or not a qualified borrower can even qualify.  I guarantee results and service! Rose Thomas, NMLS 274950 (American Pacific Mortgage) Tue, 26 Feb 2008 07:42:05 -0800 https://activerain.com/blogsview/396668/agents--new-bank-guidelines-that-may-kill-your-deal--but-it-doesn-t-have-to--know-how-to-avoid-it https://activerain.com/blogsview/395333/asset-pledged-loan-program---great-for-those-high-net-worth-clients---100--financing THE PLEDGED ASSET Loan Program allows your clients to finance 100 percent of a home purchase without liquidating investment assets. This program caters to clients who wish to defer capital gains and losses while maintaining their investment strategy. BENEFITS AND FEATURES:100% financing available with this program No interest rate or price add ons Any sponsor may pledge assets on behalf of a borrower in lieu of a down payment Available on all products including second homes, investment properties and in conjunction with a cash-out refinance Option to defer capital gains tax by keeping the investment strategy in place and continually benefiting from interest, dividends and investment appreciation No Mortgage Insurance (MI) required as long as effective LTV is 80% or less Pledged assets can be kept with the brokerage firm of choice, as long as certain pledge account requirements are met Eligible assets include stocks, bonds, mutual funds, CDs and others. Retirement accounts are not eligible Trading is allowed in the pledged account Eligible investment assets may be pledged in lieu of a down payment. The initial pledge must equal up to 143% of the required down payment at loan closing and must be maintained at a value of 120% during the pledge period. If the borrower is unable to maintain the value at 120%, the lender may require the sale of all or a portion of the pledged assets. All borrowers should consult a financial planner before electing this type of loan. The Pledged Asset Loan Program is not available in all states.Please let me know if you have any questions! Rose Thomas831-625-7979 Rose Thomas, NMLS 274950 (American Pacific Mortgage) Mon, 25 Feb 2008 11:46:03 -0800 https://activerain.com/blogsview/395333/asset-pledged-loan-program---great-for-those-high-net-worth-clients---100--financing https://activerain.com/blogsview/395325/65-year-old-or-older-borrowers-can-now-get-cash-out-of-non-principle-resident-properties ATTENTION: Seniors age 65 - 85 Receive 12-30% of Your Home’s Value ($60,000 - $1,000,000)* NO DEBT / NO PAYMENTS / NO INTEREST This is the an opportunity for you to convert the unknown and volatile appreciation of your real estate into dependable income today…without going into debt! There are dramatic differences between this product and reverse mortgages. Benefits: No closing costs—just a simple application fee No income requirement • Property can go to your heirs Eligible properties: primary residence, rental, commercial, or second home. *Qualified applicants only. Rose Thomas 831-625-7979 Rose Thomas, NMLS 274950 (American Pacific Mortgage) Mon, 25 Feb 2008 11:41:28 -0800 https://activerain.com/blogsview/395325/65-year-old-or-older-borrowers-can-now-get-cash-out-of-non-principle-resident-properties