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Third Party Originations

By Connie Grove

Mortgage and Lending with Jamestown Lending

March 25, 2007 09:27 AM

Do many of you work with TPO's? I have found that the majority of them do not qualify their clients properly. They either use income that is not there or overlook the credit. When you let them know that the loan will not be approved, they get extremely upset. I feel there should be more classes on how to qualify a borrower so you don't run in to that problem, as there is a lot of work put into a file and then to find out it does't qualify is quite disturbing. Any suggestions on how to approach the TPO's and be very gracious about it?

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Cynthia Sloop

Community Association Manager - Indianapolis, IN

Hi Connie - WELCOME to AR. Glad you are here, now I can see and hear the underwriters side of things. Glad to see you've written two blogs too.

Mar 25, 2007 10:22 AM

Connie Grove

Jamestown Lending - San Bernardino, CA

Thank you. How are you doing on the Real Estate side. Hope well. The site is quite remarkable. You can see everyones point of view. Talk with you later.

Mar 25, 2007 03:36 PM

Bob Sloop, Consultant, Indianapolis, IN

RS Mortgage Consulting - Indianapolis, IN

Connie, I think unfortunately until classes are held, you might have to pass on to the TPO how to make sure all the information fits. After it is verified. Yes, it is frustrating and I can certainly understand your position on this one. Good post.

Mar 25, 2007 04:06 PM

Bob Sloop, Consultant, Indianapolis, IN

RS Mortgage Consulting - Indianapolis, IN

Hey there, hope you can also find someone that is willing to put a seminar on for the Third Party folks, just another suggestion, you might try www.hud.gov and check for an FHA seminar on the subject. Good luck.

Mar 26, 2007 01:11 AM

Connie Grove

Jamestown Lending - San Bernardino, CA

Bob, FHA does not allow TPO's. They want Direct Lenders that are approved along with the Correspondents. This does make sense, as the Correspondents have to go through the screening with FHA as does a Direct Lender. There were a lot of companies out there changing some of the information on the TPO's and putting their name on everything. Some TPO's were caught through audits. Just food for thought.

Mar 30, 2007 02:36 PM

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