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Third Party Originations

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Mortgage and Lending with Jamestown Lending
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?

Comments(3)

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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
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