How to use FHA MIP reduction for new biz

In my opinion, we need a single thread where the optimum FHA borrower is identified by the FHA rules, effective date(s) for MIP forever, MIP cancellation, TNB, etc. No one here wants to do anything but make the consumer's situation better. (Please post the actual Mortgagee Letter that covers the key topic.) First, when did MIP become permanent?id="blue"> HUD's Annual Report to Congress Regarding Financial Status of the FHA Mutual Mortgage Insurance Fund Fiscal Year 2012, stipulated their plan to revise the cancellation of FHA mortgage insurance premiums. From HUD’s report: Under a policy change made in 2001,id="red"> FHA has been cancelling required mortgage insurance premiums (MIPs) on loans for which the outstanding principal balance reaches less than 78% of the original principal balance. However, FHA remains responsible for insuring 100% of the unpaid principal balance of a loan for the entire life of the loan, such loan life often extending far beyond the cessation of the MIP payments. As written, the timing of MIP cancellation is directly tied to the contract mortgage rate, not the actual loan LTV. The current policy was put in place at a time when it was assumed that home price values would not decline, but today we know that LTV measured by appraised value in a declining market can mean that the actual LTVs are far lower than amortized mortgage LTV, resulting in higher losses for FHA on defaulted loans. Analyses conducted by FHA’s Office of Risk Management projects lost revenue by approximately $10 billion in the 2010-2012 vintages as a result of the current cancellation policy. The same analyses also suggest that 10%-12% of all claims losses will occur after MIP cancellation. Therefore, FHA will once again collect premiums on FHA loans for the entire period during which they are insured, permitting FHA to retain significant revenue that is currently being forfeited prematurely. FHA released Mortgagee Letter 2013-04 which increases annual mortgage insurance premiums on all single-family loans insured by FHA effective April 1, 2013.id="red"> The letter also rescinds, as of June 3, 2013,id="red"> FHA’s policy that allows borrowers to stop paying annual premiums to FHA after less than ten years if the loan-to-value ratio on their home drops below 78 percent. Here's Mortgagee Letter 2013-04 =>http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Therefore, if you're going after loans before June 3, 2013, you need to explain to the borrower that the cancellable MIP they were paying will be non-cancellable if they refinance.
- Last Post by: Bill.rich on 01/17/2015 @ 5:16 PM

Fha interest calculation

anyone see a ML for this? Revise ¤ 203.558 to read as follows: ¤ 203.558 Handling prepayments. (a) Handling prepayments for FHA-insured mortgages closed on or after January 21, 2015. With respect to FHA-insured mortgages closed on or after January 21, 2015, notwithstanding the terms of the mortgage, the mortgagee shall accept a prepayment at any time and in any amount. The mortgagee shall not require 30 days' advance notice of prepayment, even if the mortgage instrument purports to require such notice. Monthly interest on the debt must be calculated on the actual unpaid principal balance of the loan as of the date the prepayment is received, and not as of the next installment due date.
- Last Post by: gcapozzoli on 01/17/2015 @ 4:55 PM

Idaho LO's

Does anybody on this board work in Idaho? Might be moving from CA in the near future due to family situation and need to know what the steps are for opening shop there.
- Last Post by: RyLoans on 01/17/2015 @ 3:53 PM

FHA/VA Streamline Marketing Pieces

I hate reinventing the wheel. Does anyone want to share a FHA/VA streamline refinance marketing piece (I think post card is preferred) that you successfully used with me. I'm in the mid-Atlantic states (Maryland, Pennsylvania, and West Virginia) and don't want to compete with you. My email address is dzuckerman@myMHL.com.
- Last Post by: RyLoans on 01/17/2015 @ 3:28 PM

Who is your Mortgage website provider?

I am seeking to revamp my current mortgage website or perhaps just obtain a new website altogether. I am interested in knowing which mortgage website providers you use and how much they charge and jut your basic feedback etc.
- Last Post by: azmann on 01/17/2015 @ 3:28 PM

CFPB Launches 'Unbiased' Mortgage Rate Tool

The Consumer Financial Protection Bureau is launching a toolkit on Tuesday that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders. The agency created the toolkit after a study, which is being released at the same time, found that nearly half of homebuyers did not actually shop around for a mortgage, a behavior the CFPB would like to change. "It is time to start changing the culture of how people obtain their mortgages," said CFPB Director Richard Cordray, in prepared remarks at the Brookings Institution on Tuesday. "We need to change the process from one of 'getting a mortgage' to one of 'shopping for a mortgage.' Consumers have much more power than they may realize. They can use that power to take control of their financial outcomes." The toolkit is already on the agency's website, as part of a beta release. The CFPB hopes to improve it over time. Its primary feature is a "rate checker" in which the borrower can input information and find the best mortgage rates in their area. The agency said its "unbiased" rate checker is different than others already offered online because those tend to be averages based on borrowers with strong credit and large down payments. The CFPB's information, meanwhile, is based on data collected from lenders, and shows costs throughout the life of a loan. "The data behind the Rate Checker is updated daily and includes information from large banks, regional banks and credit unions and covers about 80% of the mortgage market," the CFPB said. The toolkit and survey are another effort by the agency not just to police lenders and monitor the effects of its new regulation and disclosures, but instead directly influence borrower behavior. The study, which is based on a survey conducted jointly with the Federal Housing Finance Agency, found that nearly half of the 2,000 consumers who responded and bought a home in 2013 did not shop for rates before applying for a loan. Of the remaining half who did shop around, less than one in four filled out multiple applications with lenders to find the best deal. Most borrowers depended on their Realtor, broker or existing banking relationship to give them the best deal — something the CFPB raised concerns about. The study focused on 10 questions, out of the 100 asked, to 2,000 respondents who were purchasing a home rather than refinancing. It found that 70% of the respondents said they depended on their lender or broker "a lot" to do the shopping for them; and 42% of borrowers said it was "very important" to have an established banking relationship with their mortgage lender. Those who did not put such an importance on the banking relationship were 40% more likely to shop around. The CFPB concluded that depending on a banking relationship "likely inhibits shopping." "Certainly lenders and brokers can be valuable resources. But it is worth recognizing that they also have an important personal stake in selling the mortgage. What is best for them is not always going to be best for the consumer," Cordray said. "And because lenders and brokers have different business models, they may make money in different ways to stay competitive. So it is in the consumer's best interest to ask questions and get as much information as possible from several lenders or brokers before making a decision." The study also found that those who were shopping for a mortgage tended to be more knowledgeable of market rates. About 55% of shoppers said they were "very familiar" with mortgage rates while 30% of shoppers said they were "not at all familiar." The CFPB estimates that a borrower with good credit and a 20% down payment could save more than half a percent by shopping around. That translates into a $3,500 savings in mortgage payments for the first five years on a conventional $200,000 mortgage with a 4% interest rate, the CFPB said as an example. People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage, the CFPB said. The failure to look around can mean real money lost for consumers. "People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage. The failure to look around can mean real money lost for consumers," Cordray said. "Clearly we need to try to instill more confidence in consumers — and by empowering them we can help them make the most of this process." A comment on the article: The process is too complex and cumbersome for mortgage applicants to shop around. They have busy lives and unfortunately don't have the interest or time to invest in "shopping." Once they have identified someone who is trustworthy and reliable, that is the end of the process. I agree!
- Last Post by: gcapozzoli on 01/17/2015 @ 12:55 PM

Do I need this client?

Got an unsolicited email from a guy who gave a little scenario information and asked for a “detailed cost analysis” with all fees and the wholesale rate. He said he would not apply until he had everything. Basically, he wants the HUD-1 before the application. No phone number. I figure this can’t turn out well for me. I do a bunch of work and he probably goes for someone who invents a low-ball rate. Even if I get the loan, the tone of mistrust makes the effort not worth it. I want to just send back a polite No. But I’m checking with you people before I do anything rash.
- Last Post by: syntheticheroin on 01/17/2015 @ 11:49 AM

Need A Good Conforming Lender

Need suggestions for a "good" conforming lender, East Coast. Rate is important but more important is ease of doing business and reasonable turn times. I have a lot of business to place but my current lender is becoming increasingly difficult to work with. Any and all suggestions greatly appreciated.
- Last Post by: benard on 01/17/2015 @ 10:52 AM

Who wants a client in North Carolina?

I got a purchase lead on Zillow, have a complete loan app. I am not licensed in NC, so will pass it on to whoever wants the lead. 60k FHA purchase, 640 FICO.
- Last Post by: KnowsBetter on 01/17/2015 @ 10:07 AM

I am loving the gas pumps

Filling up a tank of gas for under 40 dollars is heavenly.
- Last Post by: syntheticheroin on 01/17/2015 @ 10:07 AM

FHA Streamline Question

What years are most of you targeting for your past clients to reach out for FHA streamlines? Only after June 2013? We obviously need the 5% net tangible benefit. I don't recall when the MI rule changed to reflect that MI on FHA loans is on for the life of the loan, does anyone recall that? For example if you had a borrower who purchased their home between 2010 - 2012, you reach out to them about the streamline opportunities out there and they tell you that they are waiting the 5 years until their MI completely falls off which may be coming up. How do you respond to that? I believe it was either 5 years OR the principle balance needs to be 78% of the purchase price, which ever is longer, is that correct? Don't have much experience with streamlines (as you can tell) so wanted to make sure I had my facts straight when reaching out to my past clients, thanks in advance for any advice!
- Last Post by: KnowsBetter on 01/17/2015 @ 09:46 AM

Just Locked at AFR at Almost Same as Provident

I just locked a 90% purchase and I was shocked that the pricing AFR offered was only about .375 worse than Provident. For the few hundred extra dollars I didn't think it worth it to risk potential price changes before I could lock with Provident and potential appraisal issues.
- Last Post by: KnowsBetter on 01/17/2015 @ 09:31 AM

Keep your Eye on the Ball

Refi frenzy? Better keep looking for your purchase deals as the Big boys will eat the low hanging fruit- My purchase borrowers already have received a mailer and phone call from SunWest Retail. Unbelievable! I called SunWest to talk to my rep...said call Amber ext 7988 to stop it.
- Last Post by: KnowsBetter on 01/17/2015 @ 09:27 AM

for outside using outside processing

Need a quick refresher. If a Loan Originator (company) is using an outside processing company think all I need is NMLS number fir the processor, copy of contract (maybe not), and include the fee in Loan Originator percentage calculation.
- Last Post by: KnowsBetter on 01/17/2015 @ 09:17 AM

Bank statement loan NV

NV purchase 900K purchase price 50% LTV S/E sfr o/o experian 800 score 130k retirement 25K fed bond 20K liquid need bank statement or siva
- Last Post by: gcapozzoli on 01/17/2015 @ 07:05 AM

weather

http://www.msnbc.com/msnbc/2014-the-worlds-hottest-year-record
- Last Post by: clarenceworley on 01/17/2015 @ 05:09 AM

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- Last Post by: smartweb2000 on 01/16/2015 @ 10:59 PM

DocMagic Question for scottee

Is this what you use for free? => https://www.docmagic.com/products/esign Or do you send your loan application from your LOS (such as Point) to DocMagic for $5 and then pay another $2 to have the e-signatures automatically placed on the signature lines?
- Last Post by: KnowsBetter on 01/16/2015 @ 10:15 PM

Loansifter

Has crashed....
- Last Post by: broker519 on 01/16/2015 @ 6:33 PM

Subordinating a CHDAP

with an FHA streamline. Anyone done this?
- Last Post by: celloshred on 01/16/2015 @ 6:26 PM

New FHA Refi's

I havent hit it that hard yet, but I have called a couple past clients that can benefit. I know I have a couple in the bag. First Scottee did you make a board for this and get rid of your Christmas ****? Maybe you should but up some Valentines Hearts or something for KB. If so we can kill this thread and move to where the kewl kids play. If not, then what types of strategies have you guys thought about. Im showing its about 138K where they do not have to lower their rate to make benefit. As it goes up you can increase their rate and still make benefit. Are you just going after those post June 3rd, or you just hitting everybody that has that horrid MI?
- Last Post by: RyLoans on 01/16/2015 @ 6:03 PM

Which lender has the best high balance 30 yr.

I got an excellent file in for a rate and term $ 485,000 or 86% LTV. Borrower's current rate is 4.75% with over 760 Fico and DTI less than 40% and plenty of 401K reserves. Need rate at 3.50% with some rebate. Have been looking high and low for an aggressive lender to send this file (not Provident nor U.S. Bank please. Any super A lender with LPMI or suggestions please? Peter
- Last Post by: peter on 01/16/2015 @ 5:20 PM

You cant make this shiit up!!!!

We are sooooo screwed. This is what our foreign policy has come to. http://video.foxnews.com/v/3993973707001/gutfeld-fighting-force-with-feelings/?#sp=show-clips It is funny though.
- Last Post by: Gabriels on 01/16/2015 @ 5:13 PM

Unlimited Financed Props

Trying to do a non-owner SFR purch. Guy owns 80+ properties and 20 are financed. Any lender ideas for unlimited props owned? Assets not a problem
- Last Post by: PBHardMoney on 01/16/2015 @ 4:57 PM

can Provident be trusted with Purchases?

My broker signed up with Provident recently and I closed two refis with them so far. The refis were relatively smooth but they were also slam dunk files, so I wasn't expecting issues. After hearing the stories about Provident I am hesitant to try them for a purchase because if things get hairy it will damage my Realtor referral relationships. Does anyone here use Provident for purchases?
- Last Post by: MarkIFC on 01/16/2015 @ 3:49 PM

Buying leads

So I've been working with a lead provider off and on. Recently I bought some live leads, or something. Not sure what theyre called but I get an email as soon as the prospect enters their info on a website. I dont know what the deal is, but 95% of these leads have voicemails with generic or no greetings. Im not here to talk trash, but I have done two mail campaigns and this is the second set of web leads (first set was no-charge due to horrible mailer response) plus I received a list of aged reverse mortgage leads (no pun intended) and a total of 1 deal came from it. Is this normal or am I just having bad luck? Most of these instant lead things come at odd hours in the morning. I call in the morning, lunch, evening... a majority just ring and ring or have generic voicemails. Leads have a 2 day return window and are only returnable if the calls get answered and I am told its a wrong # or that they never applied.
- Last Post by: RyLoans on 01/16/2015 @ 3:06 PM

Wells Fargo New Low

So I have a borrower with very limited cash. Its a VA IRRRL, so WF has the mortgage and I guess they have the hazard insurance. So the borrower requested WF Mortgage pay WF Haz Insurance company to pay the hazard so the borrower didnt have to come in at close. WF Mortgage paid an extra 100. So WF Haz Insurance said its overpaid so we need to send the money back. Im like so you wont get me a binder? They said it was overpaid. We cant accept it being overpaid, I said from your own company? They said legally we cant take the money. I said I get it I have my insurance license. Did they overpay on purpose? I said this is bull****. I said screw this I will get a new policy for the borrower. They refuse to give me a binder because their own company overpaid the insurance to themselves.
- Last Post by: 1stintegritymortgage on 01/16/2015 @ 1:28 PM

Buy Backs

We are getting pounded right now on buy backs. Is there anything we can have the borrower sign to make them liable for the lender credits we are giving them. Any suggestions appreciated.
- Last Post by: lemeuss on 01/16/2015 @ 1:24 PM

Why First Time Buyers REALLY aren't getting loans.

Thursday, November 6, 2014 Small Commissions, High Costs, No Interest - At the Heart of the First-Time Buyer Problem No reward for taking on small loans with lots of “headaches” NAR study shows, after tax incentive expired, first time homeownership plunged. (NAR 2014) Theories abound over the causes for first-time and start-up buyers' lack of participation in the housing market. Analysts point to too much student debt, constricted underwriting, and housing prices outpacing affordability. Sociologists say people prefer to rent. The same study which identifies the decline, refutes these propositions. Commonly cited theories ignore the reality of the current mortgage production landscape. Loan officers and mortgage companies have a negative incentive to make loans to a large segment of the first time buyer population. Entry level loans require far more work than other applications. Smaller loan sizes mean smaller revenues for lenders and smaller commissions for loan officers. A look at how regulatory price controls, fee caps and tiered pricing prohibitions affect income and profitability explain the real problem. - See more at: http://www.mortgagenewsdigest.com/2014/11/small-commissions-high-costs-no.html#sthash.qnKgUmBa.dpuf
- Last Post by: BIGBADBRAD on 01/16/2015 @ 12:25 PM

50% ltv purchase stated NEEDED!

I have a purchase owner occupied property condo 50% ltv stated income I need to go stated because her 2nd job is not 2years it's only 1.5 years I need that income in order to go full doc. Anyone out there can help??? Loan amount is $145k Raeline.tristar@yahoo.com
- Last Post by: FundNonPrime on 01/16/2015 @ 12:16 PM

Direct Mail Marketing Success??

Has anyone seen a decrease in direct mail marketing responses? It seems like our responses have disappeared starting the begining of December and we cant figure out why? I wonder if my mail house is truely sending out the number they say they are....?? Anyone have a mail house they recommend?
- Last Post by: bryceds on 01/16/2015 @ 11:41 AM

CFPB= Do you need a 3P QC?

Let West Coast Fulfillment Center do your Auditing for you! Our turn times are running 24-48 hours. We handle all Post-closing services for your Fulfillment back-office needs. We encourage our clients to focus on the front-end profit generator of origination by eliminating the time and cost intensive need for a back-end office West coast Fulfillment Center is the answer to filling the gaps within your company. We offer a comprehensive cost benefit analysis that will help you stay compliant by outsourcing Doc Fulfillment for your business. CONTACT US TODAY! WE LOVE A GOOD AUDIT! 1-888-733-4224
- Last Post by: WCFCinc on 01/16/2015 @ 11:29 AM

FHA Spot Approvals

Does anyone have experience here in FHA Spot Approvals? I did these back in the late 1980's, but have no clue what it entails, or how long it takes. Any help is welcome. Thank you.
- Last Post by: JohnatAFC on 01/16/2015 @ 10:51 AM

$2 mln loan, no income, 30% LTV

Refi, they bought house in San Francisco Bay Area for about $6 mln last year. Mortgage is $3 mln. 1. Client is here on L1 visa and he has SSN. 2. He didn't have US income. Only overseas 3. Owns software company overseas. He is making over a million a year, but not in US and taxes are filled overseas. 4. He has about $1.5 mln cash in European bank. 5. His intention is to pay down his mortgage to $2 mln and get 7 years ARM with the rate less than 4%. His current mortgage is hard money and he wants to get rid of it. Anybody can do this?
- Last Post by: KnowsBetter on 01/16/2015 @ 10:48 AM

50% LTV Purchase 800 score stated/verified

borrower owns a consultant company for 20 years as a sole prop/1099-gross 250k. she w-2's herself 50k so she can't go full doc. 150K reserves. she's putting 400k down payment from the proceeds of the house she is currently selling on 800K purchase price of the new subject property. email:davidchristopher123@yahoo.com. Thank you.
- Last Post by: tfrlosangeles on 01/16/2015 @ 10:45 AM

Min score on conventional?

620?
- Last Post by: ramblinwreck17 on 01/16/2015 @ 10:31 AM

OCWEN FHA Paid Off in December, 2014

If you paid off any OCWEN FHA loans last month, December, 2014, you may want to check to make sure they did not make your client pay 30 days interest extra for the month of January, 2015. I could not get the payoff corrected in time before closing, so, we closed and paid the extra month and are chasing them now to get it back. When I got the incorrect payoff, I called Customer Service four times. Each time got someone in the Philippines and none of them knew how FHA payoffs worked. Finally, I asked if I could speak to someone in the U.S.. I was transferred to Mary Jane in Waterloo, Iowa. She knew exactly what I was talking about and was concerned that maybe all OCWEN FHA payoffs in December might have same problem. She requested a fix, but, next payoff I got still charged interest for January, 2015. It seems their computer knew January 1, 2015 was a holiday, so, it defaulted to payoff January 2, 2015. Since that is after the first of the month, the computer charged interest for that full month even though FHA loan paid off before first of January. Check your December OCWEN FHA Payoffs. If you ever have a problem speaking to customer service reps in the Philippines, ask to be transferred to the United States.
- Last Post by: RyLoans on 01/16/2015 @ 09:59 AM

purchase but has at least 15 plus rentals

I have a borrower who has 15 rentals and wants to buy 2 3plexs each worth 625,000. Can anyone do this Great borrower
- Last Post by: JAKEBAXTER on 01/16/2015 @ 09:56 AM

Looking for a 3 million super jumbo I/O 30% LTV

Hi, I'm looking for a Lender I can Broker to that can do a 3 million dollar cash-out refi (30% LTV) with an interest only option at good pricing. An appraisal was already performed and value came in over 9 million. My client is looking to consolidate a 1.7 million dollar 1st and a 1.3 million Heloc. His adjusted earnings are over 1.2 million yearly with stong credit and plenty of liquid reserves. If anyone knows of a lender that can do this type of financing your referral would be highly appreciated or if any AE's are on here that have this type of product please email me or respond to my post. Thanks!
- Last Post by: premierloans on 01/16/2015 @ 09:50 AM

Total Mortgage Services (TMS)

Just curious to know if anyone is using our wholesale channel? Any feedback on process/pricing?
- Last Post by: lemeuss on 01/16/2015 @ 09:14 AM

Lock or Float Refis??

Oil Still dumping PPI and unemployment tomorrow how low can rates go?
- Last Post by: lemeuss on 01/16/2015 @ 09:11 AM

Hard Money Lending Arizona Residential Purchase

It's been a while since I've looked at any hard money lenders so I have no idea what LTV's, rate and costs look like. Can any of you who are familiar with current hard money lending trends reply with any information. Thank you for helping out a fellow mortgage banker.
- Last Post by: gcapozzoli on 01/16/2015 @ 08:59 AM

Commercial w/ YSP?

Are there any commercial (multi-fam) lenders that offer pricing w/ YSP (lender credit)? I know Provident and Velocity do; anyone else? 50% ltv purchase 6 units 700k loan amount 800 fico
- Last Post by: syntheticheroin on 01/16/2015 @ 08:52 AM

Key West, FL RE Agents

Used to be on this site quite a lot. I no longer originate. With my new job, I acquire a lot of real estate for my company. We are looking to get into the Key West commercial property market. Does anyone know any agents that scope their work toward the commercial market there? If so, please respond on this thread, email me at harry@padda.com, or feel free to contact me at 314-691-3507. Hope all is well with your businesses. Sign em, lock em, doc em:)
- Last Post by: title_guy on 01/16/2015 @ 08:35 AM

Lakeview Wholesale --- Check Loan Sifter!!!!!

Check us out on Loan Sifer, we are the new kid on the block, but we are not new to the business. We know what it means to offer great pricing and service. Let me know how I can help you to close loans better! Thanks! Jason Perry Account Executive | Wholesale Lending Bayview Loan Servicing, LLC NMLS ID: 2469 m: 217-553-1056 jasonperry@bayviewloanservicing.com www.lakeviewwholesale.com Client Services | Op's Center | Lock Desk 85-LAKEVIEW (855-253-8439)
- Last Post by: jperr77 on 01/16/2015 @ 08:20 AM

Need a telemarketer----

can anyone recommend anyone good and reliable?
- Last Post by: datalyst on 01/16/2015 @ 07:20 AM

FHA question

What was the date that FHA started saying FHA Mortgage Insurance is forever. I wanted to make sure when I call for the streamline calls I make.
- Last Post by: gcapozzoli on 01/16/2015 @ 07:09 AM

Max LTV on Second home 740+ Fico

I am getting max 90% so far any bank go higher at all if so who. Thanks
- Last Post by: gcapozzoli on 01/16/2015 @ 06:58 AM

Leads

Looking for ny only fha eligible streamlines
- Last Post by: datalyst on 01/16/2015 @ 06:56 AM

jumbo 85%

Is anyone doing jumbo to 85% ltv (589000 loan amount). Loan is in CO and it is a rate and term, fico is 702
- Last Post by: ramblinwreck17 on 01/16/2015 @ 05:52 AM

95% LTV Piggyback Refi

Looking for a client in Indiana...they want to refi a 95 LTV loan. No cash out, but would like to do a 80/15 with the 15 being a HELOC. I haven't done anything in this world since 2006ish...is that even possible? THey can pay down to 90CLTV if they must, but would prefer to keep it at the current 95 if at all possible.
- Last Post by: Jrodriguez120 on 01/16/2015 @ 03:33 AM

Does cash out 85% CLTV exist?

Appraisal came in low. Need a little dab in CLTV to pay off 1st and non-purchase HELOC 2nd.
- Last Post by: Jrodriguez120 on 01/16/2015 @ 03:26 AM

NO FEE UP FRONT LOAN MODS

Hi. My name is Chris Branco and I am with THE LEGAL GROUP out of Nutley, New Jersey. Our area of expertise is in the loan modification field and that’s all we do for our clients . We are so good at what we do that we do not charge any up front fees. If we don’t get you a loan modification, you don’t have to pay for our services! Call me at (609)744-3266 to discuss how THE LEGAL GROUP can help you if your home in being foreclosed on or if your mortgage company is trying to take your property away from you. Please see the attached flyer that will give you more details about our company. If you call our main office directly, please mention my name. Call us before its too late! Sincerely, Chris Branco The LEGAL GROUP LLC 525 Franklin Avenue Nutley, NJ 07110 info@legalgroupllc.com Phone #973 284-1500 Fax # 973 250-2155
- Last Post by: Jacobakiona on 01/16/2015 @ 01:18 AM

Best Wholesale Jumbo Lender

Who has the best wholesale rates for Jumbo Arm and Fixed that can compete?? How can we as brokers compete on the wholesale level with Chase Retail, WF Preferred Retail, US Bank Retail and the others that currently are offering 2.5% No Cost Jumbo 5/1 Arm and 2.75% No Cost Jumbo 7/1 Arm. We seem to be 0.25%-0.375% higher in rate thru all of our wholesale channels (at a minimum). Our comp levels are reasonable. Mostly CA deals (but we are FDIC). Is there anyone out there that we can get approved with on a wholesale level so we can compete with these guys? I know we have a service advantage, but come on - these types of clients are all about terms as well. Any insight is greatly appreciated!! Cheers, Andre
- Last Post by: KnowsBetter on 01/15/2015 @ 8:23 PM

Agency asset for income guide

Can someone point me to the guide in the selling book? I cannot seem to locate it. And what lenders allow this.
- Last Post by: nowbroker on 01/15/2015 @ 7:41 PM

Bankruptcy 18 months ago

Any lenders ledning to clients that had a BK 18 months ago. Not looking for Hard money rates
- Last Post by: DelMar_Loans on 01/15/2015 @ 6:09 PM

90 minute webinars about LO comp?!

Way to go, CFPB--turn LO compensation in rocket science. Solving the LO Puzzle: The Do's and Don'ts of Compensation Thursday, Feb. 26, 2:30 pm ET Setting compensation for mortgage loan officers has never been easy. But this year the twin challenges of increased competition and a tough regulatory environment have created a business puzzle that is extremely tough to solve. In particular, the intricacies of the Consumer Financial Protection Bureau's loan originator compensation rules – now a year old – raise more questions than answers about how to attract top-producing LOs without violating the law. While some of the restrictions on LO compensation are demarcated by bright lines, others are less cut and dry. As a result, recruitment and incentive plans may garner only thumbs down at one lender while across town what seems to be the same approach gets put in place by a competitor. At the same time, the CFPB has signaled it will be tough on LO comp issues, bringing enforcement actions based on the Federal Reserve's older and arguably much simpler rule. All this makes finding a winning formula a hard task, particularly in a market characterized by fewer mortgage originations and increased competition. Learn more about what triggers compensation rule violations—and what types of incentives pass the current regulatory test—at the Inside Mortgage Finance webinar "Solving the LO Puzzle: The Do's and Don'ts of Compensation" on Thursday, Feb. 26, 2:30 pm ET. During the webinar, our experts will answer YOUR questions, which you can start submitting as soon as your webinar registration is confirmed. The panel of experts includes: + Richard Andreano, Mortgage Banking Group Practice Leader, Ballard Spahr + Amy Durant, Member, Bodman + Kristie Kully, Partner, K&L Gates Among the topics we'll cover during the 90-minute webinar: Reducing compensation because of errors or unforeseen costs Varying compensation by product type Referrals Bonuses Splitting commissions Using compensation to control origination quality Pick-a-pay compensation plans Changing compensation plans It's all bullsheet.
- Last Post by: KnowsBetter on 01/15/2015 @ 6:04 PM

CRM Recommendations

Can anyone recommend a good CRM that's not expensive? Listening to a lot of top producers in the past few months and one thread they all had in common was a CRM and not the notebook and pen kind. One I checked out was mortgage planner CRM but it was a little pricey. Any one else using something different?
- Last Post by: Brianquigley on 01/15/2015 @ 4:56 PM

Effective date of new MIP/ Cancelling old case #'s

Who is having fun with that? Great idea only making it retroactive 30 days. Thanks HUD!!
- Last Post by: scottee10 on 01/15/2015 @ 4:49 PM

Private Money, Quick Close Needed - Lancaster, CA

Borrower needs to refinance 2 properties located in Lancaster, CA Both are SFR's (NOO) 688 mid FICO Rate & Term Both leased out Total Loan amounts for both: Approx. $125,000 One Blanket Loan Preferred Borrower is real estate investor / developer Needs to close ASAP - any guidance would be greatly appreciated. Thanks in advance.
- Last Post by: FundNonPrime on 01/15/2015 @ 4:36 PM

USAHUD.com ????

Has anyone ever tried these folks? Trying decide whether to try their lead program
- Last Post by: gcapozzoli on 01/15/2015 @ 3:39 PM

HELOC, retail, quick, 70% CLTV, $500K, who

Who would do a fairly quick HELOC for a big income borrower. Retail. Just a referral. 1st $650,000. Paying off $250,000 HELOC and going to $500,000 or $600,000 on $2.1M property in San Diego County. 780 credit, $50K per month income, W2. Biotech CEO.
- Last Post by: timjarvis on 01/15/2015 @ 3:27 PM

RESPA redisclosure

Someone makes a formal loan application and you lock the rate. You send out disclosures within 3 business days. Then - halfway through the loan process - they lower the loan amount by $1000. Do you re-disclose again or do you let the lender handle it? I've always re-disclosed myself, but a fellow LO told me that you only need to do it the first time around. Also, this is what I send. Does anyone send anything additional? * Disclosure Cover Letter * Good Faith Estimate (and Change of Circumstance, if redisclosing) * Reg-Z Disclosure * RESPA Servicing Disclosure * Privacy Policy Disclosure * Affiliated Business Disclosure * Borrower's Certification and Authorization
- Last Post by: broker519 on 01/15/2015 @ 2:13 PM

Student Loan In Forbearance = Derogatory?

I have a borrower where a few student loans are showing in the 'Derogatory' section of the credit report. I don't see anything wrong with them (no late payments or any comments) - it just shows the status of "account in forbearance until 09162015". Why would they be displayed in the 'derogatory' section?
- Last Post by: LO1003 on 01/15/2015 @ 12:12 PM

2106 URE programs

Father Mortgage used to claim that Freddie mac was doing this I cant find his posts on LinkedIn anymore and cant find anything on Freddies site Does this program still exist or not
- Last Post by: jsteele2012 on 01/15/2015 @ 12:11 PM

where?

Question, if you believed you have the absolute best rate on a 7/1 ARM up to 1M (80/10/10 doable), where would you advertise or post your rates? I am getting A LOT of activity ( mostly refi) but I would much rather be working purchase business and not the refi flakes. And, I have zero mark up for a cash out refi, none for a condo or co-op, none for subordinate liens. And the caps and margin are super low. Lol,I've started dialog with BankRate to be listed in their rate tables. Are they really worth all the money the charge? I can't stand the Lending Tree reputation. Direction, anyone? (I've broadcasted to over 1000 agents.... I am not looking to replace their in-house lender, but capture the contract that may not write due to payment fear. They've all had that beginning of the year budget meeting reminding them to stay in house, I'll probably be chewing my arm off next week from being busy, but I want to keep on marketing). All suggestions appreciated.
- Last Post by: Bill.rich on 01/15/2015 @ 11:34 AM

Meridian National Title

Meridian National Title provides nationwide loan closings with your client in mind! As experts in the real estate closing business, we understand the need for efficient title & closing services. Exceptional customer service is our driving force! Meridian National Title provides: * single point of contact for all 50 states * client specific rate calculator * online access to all files * competitive rates * residential & commercial To learn more about our services, contact me anytime. Bryan Cronin (850) 321-4424 bcronin @ meridiannatl.com www.meridiannatl.com
- Last Post by: title_guy on 01/15/2015 @ 11:07 AM

Chapter 13 dismissed only

Guys, I haven't seen any client recently with a chapter 13 dismissal (8/2013). What's the seasoning on that before they can refinance? She actually has a 690 credit score! Can do FHA or Conv, depending on who allows for the fastest seasoning period. Thank you, and God BLESS America! Oscar
- Last Post by: oscar on 01/15/2015 @ 09:59 AM

Amerisave experience

We're approved but no one has used them so I'll be the guinea pig. Any feedback you can share about their process/underwriting? Appreciate it.
- Last Post by: bbbbenny on 01/15/2015 @ 09:41 AM

Fulfillment Services/Post-Closing/3P QC

NO SET UP FEE! OUR SERVICES: Post Closing Turn times running 24-48 hours (more on the 24h) · Purchase Exception Tracking and Resolution · Final Document Recovery and Management · Goodbye Letter Requirement · Government Loan Insuring · Investor Report Reconciliation · Assignment Preparation · Loan Boarding · DU Review COMPLIANCE · Compliance Review · GFE/HUD Comparison · MERS Audits and MIN# Registration/Transfer · HMDA Review and Reporting · Pre-Close Review DUE DILIGENCE · Collateral Review and Delivery · Loan Eligibility Review · Custodian Report Reconciliation mortgage document preparation · Document Preparation now offered through our partnership with MRG · Upfront/Initial Disclosures · Closing Package · Compliance Audit Report · Document Imaging with 24/7 Access · Customized Client Reports · Data Mapping and Management OUR WHEREHOUSE LINES: United wholesale MTG Florida Capital Stone Gate Freedom MTG and Goldome Financial LLC. WE ARE LICINSED, BONDED, AND HAVE INSURANCE In Audit, our primary focus is on: -Discretionary sampling -Overlays -Data integrity -Loan and document applicability -Risk tolerance and Discrepancies -Technology and security We encourage our clients to focus on the front-end profit generator of origination by eliminating the time and cost intensive need for a back-end office West coast Fulfillment Center is the answer to filling the gaps within your company. We offer a comprehensive cost benefit analysis that will help you stay compliant by outsourcing Doc Fulfillment for your business. id="red">
- Last Post by: WCFCinc on 01/15/2015 @ 09:33 AM

Refi over 100% LTV

Looking to do a refi for a client. 1st mtg is conventional and not fannie or freddie. 1st mtg of $260k, Line of credit $52k. Appraisal value around $300k. Any options for a CLTV over 100% without DU refi plus or Easy Access? Thanks,
- Last Post by: jsteele2012 on 01/15/2015 @ 09:17 AM

History of FHA MI changes

is there somewhere we can see the history of the monthly MI changes and when they went into effect it was 1.15% right before we went to 1.35% right? Can we also see when the MI being on the loan for 30 years went into effect?
- Last Post by: KnowsBetter on 01/15/2015 @ 08:54 AM

Warrior Forum

For those interested in all things marketing, here's a forum that may be helpful. http://www.warriorforum.com/warrior-forum/
- Last Post by: gcapozzoli on 01/15/2015 @ 07:28 AM

4-fam, $1.9m loan, Brooklyn, 20% down?

Have a client buying a 4-fam, owner occ in Brooklyn. PP is $2.4 and they want to put 20% down = $1.92m. Fico is only 706. Any options out there?
- Last Post by: waoconnell on 01/15/2015 @ 06:36 AM

VA LOANS-HIGH LOAN LIMT

Hello, client is looking to buy a 970k property in Nassau County, NY where the loan limit is 625500. Do I back out 417k or 625k to determine down payment?
- Last Post by: Brianquigley on 01/15/2015 @ 05:23 AM

recent college grad (like 18 months ago)

Borrower is a year and a half out of school, borrower has a diploma (which is what we've used with other lenders in the past)... Plaza requiring transcripts though. What is everyone else's experience? Only transcripts? Diploma not ok? From the 4155… ---- To be eligible for a mortgage, FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrower’s employment for the most recent two full years, and the borrower must • explain any gaps in employment that span one or more months, and • indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as #61485; college transcripts, or #61485; discharge papers. ---- … when it says “such as”, what else aside from a diploma would “such as” include for a former student? They would have been better off unemployed than going to college I guess (at least in the case of getting a mortgage).
- Last Post by: peeper on 01/14/2015 @ 7:04 PM

CalVet Refi

Current calvet rate of 7% and wants to refi. Who has done one of these? Similar to an IRRRL? What are the details to getting one of these done?
- Last Post by: bmd on 01/14/2015 @ 6:57 PM

89.99%LTV/CLTV const/perm on 2.8 mill, AZ

Guys, One of my super wealthy clients talked his bank into a 2.5mill construction loan on his 2.8mill new construction. Now, he needs a perm! Does anyone know of who has the highest LTV/CLTV on 2.5 mill financed? I know, I know! He wants to max out the loan for personal finance reasons, in case his wife wants to take the house! FICO 782, 7 figure reserves. Thank you for your help!
- Last Post by: thefinanceguy on 01/14/2015 @ 6:49 PM

UFMIP paid by lender credit?

On a FHA Streamline, can the UFMIP be paid by excess lender credit? This might be helpful if someone does want to raise their loan balance by 1.75%
- Last Post by: peeper on 01/14/2015 @ 6:38 PM

What divisions of U.S. Bank wholesale do you know?

I was in a meeting with another broker who is now sending his A paper loans to the Agencies A paper wholesale division on the east coast which is not the Consumer Finance Division of U.S. Bank Home Mortgage, and this broker just locked 3.375% with (1.20) YSP on 30 day for his A paper refi. This is the best refi rate I had heard today but the gentleman would not tell me the contact phone or website of this division of the U.S. Bank Wholesale A -paper Agencies. I will try to google to see if I can find this wholesale division of U.S. Bank. If you do know this division of U.S. Bank, please advise. Thank you. Peter
- Last Post by: peter on 01/14/2015 @ 6:25 PM

Down payment assistance programs

Hello, I'm new... sort of. I used to use this tool as a processor and now I'm an originator. yay! looking forward to learning more and contributing what I learn as well. I have a question... Do any of you know of a down payment assistance program for a duplex in California? Thanks!
- Last Post by: jsteele2012 on 01/14/2015 @ 6:20 PM

FHA Kiddie Condo Program Guidelines

Looking for a Lender who participates in the FHA Kiddie Condo program. Mom is wanting to be a non-owner occupant for the son. The son just started his career in Real Estate six months ago, and will not be able to qualify on his own. Pac Union? Endeavor?
- Last Post by: peeper on 01/14/2015 @ 6:14 PM

Cherry Pick Online Leads?

We are using the following below and they seem to work good. Any others? 1. Leads123 2. leadpoint 3. Global Data 4. Broker Match I would love to find 3-4 more.
- Last Post by: cmax75 on 01/14/2015 @ 5:42 PM

Small Commercial Loan

Cashing out existing property w/ restaurant for construction of another location 75 LTV 300k Loan Amt Decent assets 709 and 804 mid scores Both are Denver metro area locations (Castle Rock and Aurora)
- Last Post by: adelphos on 01/14/2015 @ 4:42 PM

2015 Hard $ Stated Bus.Purpose Loans CA up to 70%

Residential Flip/Rehab Loans Residential Stated Owner Occupied Business Purpose 1st and 2nd position Loans LTV/CLTV must be under 60%(SFR, Condo, PUD, 1-4 units) Residential N/O/O and Investment (SFR, condo, PUD, 1-4 units) Apartments and units (5+ residential units) Commercial (industrial, retail, church, mix-use, gas station, auto related, manufacturing and etc) Pouyan "PB" Broukhim PB Financial Group Corp Office: 877-700-3703 x 102 email: PBroukhim@PBFinancialGrp.com www.pbfinancialgrp.com PB Financial NMLS #357614 Pouyan Broukhim NMLS #348736
- Last Post by: PBHardMoney on 01/14/2015 @ 3:32 PM

Best Priced Wholesale - FHA Streamline

Which lenders are offering the best loan pricing on a FHA streamlines with an acceptable level of B.S. per File.
- Last Post by: KnowsBetter on 01/14/2015 @ 2:44 PM

FHA MIP Refund - Is This Still Being Done?

There was some chatter on another thread regarding MIP refund. I thought this was eliminated some time ago. Can anyone clarify if FHA is still allowing a percent of the previous MIP to be refunded to the borrower. And if yes, how can the MIP refund be used (i.e. offset against other closing costs, offset against new 1.75% MIP, etc.)?
- Last Post by: RyLoans on 01/14/2015 @ 2:15 PM

Construction to Perm Lenders

Hello, My name is J.T. I work for Consolidated Home Mortgage. We are a broker and we are looking for lenders that provide construction to perm loans wholesale or correspondent. Thank you, J.T. Feagan
- Last Post by: velocity on 01/14/2015 @ 11:29 AM

How to check if a condo is HUD-approved

Sometimes we need to go back over the basics. I was surprised to learn today that my problematic 85% LTV loan is really on a townhome, not a condo. http://www.wannanetwork.com/2010/02/07/how-to-check-if-an-orange-county-condo-is-fha-approved/ What if the Condo Project is Not on the List? If a condo project is not on the list, either it has never been FHA approved or possibly it’s not a condo. Not all projects have been approved, and some projects may not even be approvable because of lawsuits within the condo project, or financial issues that the Association is having. Also, if there are too many rental properties in a project (more than 50%) then FHA will not allow financing. Some properties that are listed as condo’s, and may even look like condo’s, are actually a Townhome. For example, there are quite a few of these homes for sale in Placentia. They are attached, but the property is owned “fee simple”. Townhomes do not need to go through the same rigorous approval process as a condo.
- Last Post by: Captain Mortgage on 01/14/2015 @ 10:54 AM

Interest-only heloc payment for qualifying?

Guys, I looked in the Selling Guide, and I don't see a specific citing saying that the piggy-back's heloc payment would need to be qualifying at the fully-amortized payment or at "1%" of the payment. Is this an overlay with each lender (how they treat that payment for qualifying)? Or does Fannie Mae specifically state it must be "the actual payment at closing" or "1%" or something else? God BLESS America! Oscar
- Last Post by: MaJa on 01/14/2015 @ 10:52 AM

Freedom Mortgage

Hi everyone. It is time for me to renew my yearly approval with Freedom Mortgage (log on to Comergence, feel out forms, etc). I feel like I no longer need them. Their rates are no longer as competitive (I have Stearns and another lender that have much better pricing; in addition to Provident). And their appraisal ordering process is driving me nuts (the borrower has to click 2 confusing emails to acknowledge disclosures). In your experience, is there a reason to keep them on-board for any unique offerings that I may be overlooking?
- Last Post by: broker519 on 01/14/2015 @ 10:48 AM

210 days need to pass for FHA streamline?

Is there a rule that a borrower can not refinance their FHA loan within 210 days for FHA for a streamline? Does this 210 day clock start on the closing/funding date or does the 210 day clock begin with the first payment? I have a guy who purchased with FHA at almost the FHA max loan amount, so the new .50 drop in MI will save him a good amount. He closed 8/29/14 and his first payment was due 10/1/2014. I figure he can streamline starting either 3/29/15 or 5/1/2015 but I'm not sure which.
- Last Post by: azmann on 01/14/2015 @ 10:29 AM

Fulfillment Services/Post-Closing/3P QC

WEST COAST FULFILLMENT CENTER Back office outsource services Benefits for the mortgage lending business channels include the following: -Increase Loan closing capacity -complete pipeline visibility and management -elimination of errors -100% variable cost -fast, reliable and economically smart -risk mitigation -allows you to originate, drive and monitor loan process without increasing personnel or infrastructure
- Last Post by: WCFCinc on 01/14/2015 @ 09:12 AM

What are the SSA @ 125% guidelines?

I'm hearing very conflicting things regarding this about when it can and can't be used. Thanks ahead for the feedback
- Last Post by: JohnatAFC on 01/14/2015 @ 08:49 AM

1% RE Agency advertises full service?

Avid Agents advertises full service (incl. MLS) for 1% to sell your home. I called them up and introduced myself as an agent/ mortgage broker and asked how they could advertise full MLS service for 1%..who pays the selling agent, I inquired. None of your business was the response. "I'm not going to reveal our 'model'" to you he said. How do they get away with advertising like this? Ever work with them?
- Last Post by: KnowsBetter on 01/14/2015 @ 06:56 AM

Need to use Income not on TR

I spoke with someone who would like to refinance in the bay area. I'm looking for a normal lender that will utilize the income paid to property owner for a payment agreement to buy out 1/2 of the equity in the property. A lady owns the property and her friend has been paying for 3k/month for the last 5 years. They are not married. About two years they wrote up a promissory not to make this official. The $3k can be documented via bank statements each and every month. Can they use this income?
- Last Post by: davidfr on 01/14/2015 @ 05:51 AM

More offensive then the image of Mohammed

http://upload.wikimedia.org/wikipedia/commons/thumb/0/03/Barneyfrank.jpg/220px-Barneyfrank.jpg Prepare yourself for riots!
- Last Post by: MarkIFC on 01/14/2015 @ 05:22 AM

Peter, a rotten corn question for you

Peter, how do I data-mine for FHA leads while I'm waiting for Raymond Bartreau [Best Rate Referrals] to compile a list for me? You frequently mention that you use title company data, but how do you do it? Can you clearly outline a tutorial? Thanks in advance.
- Last Post by: peter on 01/13/2015 @ 6:46 PM

Non-Occupant Co-Borrower

Can a U.S. citizen who lives and works in Australia be a non-occupant co-borrower for an FHA or FHLMC or any other loan
- Last Post by: JohnatAFC on 01/13/2015 @ 5:58 PM

Don't be this guy

Don't be this guy: http://s16.postimg.org/k843twtqt/loan_docs.jpg
- Last Post by: KnowsBetter on 01/13/2015 @ 5:44 PM

FARM INCOME

I have a borrower that has excellent credit and both borrowers make great money at their jobs. The house is about 5 years old and it sits on 5 acres. I can't get any lender to lend on it because they have a hobby farm. They have almonds on the 5 acres and last year they showed $11,000 on a schedule F. This truly is a hobby farm. Both of them have been on their jobs for 12 years and between the both of them they make $190,000 a year. Any ideas??
- Last Post by: epartee23 on 01/13/2015 @ 3:54 PM

Attention, rate shoppers, Blue Light special!

CFPB Launches 'Unbiased' Mortgage Rate Tool by Rachel Witkowski JAN 13, 2015 12:01am ET Can you believe this? Its a lo-ballers delight! WASHINGTON — The Consumer Financial Protection Bureau is launching a toolkit on Tuesday that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders. The agency created the toolkit after a study, which is being released at the same time, found that nearly half of homebuyers did not actually shop around for a mortgage, a behavior the CFPB would like to change. "It is time to start changing the culture of how people obtain their mortgages," said CFPB Director Richard Cordray, in prepared remarks at the Brookings Institution on Tuesday. "We need to change the process from one of 'getting a mortgage' to one of 'shopping for a mortgage.' Consumers have much more power than they may realize. They can use that power to take control of their financial outcomes." The toolkit is already on the agency's website, as part of a beta release. The CFPB hopes to improve it over time. Its primary feature is a "rate checker" in which the borrower can input information and find the best mortgage rates in their area. The agency said its "unbiased" rate checker is different than others already offered online because those tend to be averages based on borrowers with strong credit and large down payments. The CFPB's information, meanwhile, is based on data collected from lenders, and shows costs throughout the life of a loan. "The data behind the Rate Checker is updated daily and includes information from large banks, regional banks and credit unions and covers about 80% of the mortgage market," the CFPB said. The toolkit and survey are another effort by the agency not just to police lenders and monitor the effects of its new regulation and disclosures, but instead directly influence borrower behavior. The study, which is based on a survey conducted jointly with the Federal Housing Finance Agency, found that nearly half of the 2,000 consumers who responded and bought a home in 2013 did not shop for rates before applying for a loan. Of the remaining half who did shop around, less than one in four filled out multiple applications with lenders to find the best deal. Most borrowers depended on their Realtor, broker or existing banking relationship to give them the best deal — something the CFPB raised concerns about. The study focused on 10 questions, out of the 100 asked, to 2,000 respondents who were purchasing a home rather than refinancing. It found that 70% of the respondents said they depended on their lender or broker "a lot" to do the shopping for them; and 42% of borrowers said it was "very important" to have an established banking relationship with their mortgage lender. Those who did not put such an importance on the banking relationship were 40% more likely to shop around. The CFPB concluded that depending on a banking relationship "likely inhibits shopping." "Certainly lenders and brokers can be valuable resources. But it is worth recognizing that they also have an important personal stake in selling the mortgage. What is best for them is not always going to be best for the consumer," Cordray said. "And because lenders and brokers have different business models, they may make money in different ways to stay competitive. So it is in the consumer's best interest to ask questions and get as much information as possible from several lenders or brokers before making a decision." The study also found that those who were shopping for a mortgage tended to be more knowledgeable of market rates. About 55% of shoppers said they were "very familiar" with mortgage rates while 30% of shoppers said they were "not at all familiar." The CFPB estimates that a borrower with good credit and a 20% down payment could save more than half a percent by shopping around. That translates into a $3,500 savings in mortgage payments for the first five years on a conventional $200,000 mortgage with a 4% interest rate, the CFPB said as an example. People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage, the CFPB said. The failure to look around can mean real money lost for consumers. "People may well put more time and effort into shopping for smaller products such as appliances and televisions than they do in shopping for the right mortgage. The failure to look around can mean real money lost for consumers," Cordray said. "Clearly we need to try to instill more confidence in consumers — and by empowering them we can help them make the most of this process."
- Last Post by: zpaperkid on 01/13/2015 @ 2:49 PM

Mailers are already out

I called two past FHA clients this morning and they said they already received mailers on the new FHA mortgage insurance premium from various lenders That was fast
- Last Post by: bmd on 01/13/2015 @ 2:20 PM

float / renegotiation policy

do all wholesalers have a float down policy? Are there any that do not?
- Last Post by: lemeuss on 01/13/2015 @ 11:59 AM

Got in a no closing cost refi at 3.625 20 yr fixed

Got in a $ 348,000 no closing cost refi for 20 years conforming fixed at 3.625 with lenderpaid comp of 1.5%. Mega Capital's is 2.625 YSP while Interbank is at 2.75 YSP and I have decided to go for a little less for fear of Interbank's prefunding audit control whereas Mega Capital has none. I expect more refis to come as 3.625 may have set the de facto market as 20 year fixed may appeal to those with 25-27 years left on their 30-year term. Anybody else has the feedback from today's market? Pls share your experience. Peter
- Last Post by: lemeuss on 01/13/2015 @ 11:57 AM

VA Net Tangible Benefit

I was trying to do an IRRL reducing interest rate by over .50% but now my processor tells me we do not meet the 36 month recoup period. Are pre-paids included in the calculation as cost ? Is there any way to do an IRRL anymore without this restriction? Borrower was happily going to skip 2 payments and reduce their rate. Any suggestions ?
- Last Post by: mtgguy2008b on 01/13/2015 @ 11:28 AM

Highest DTI Jumbo Lender?

Guys, what's the highest DTI jumbo lender in GA? I need 49.99% at 85% CLTV. Does that even exist? God BLESS America! Oscar
- Last Post by: oscar on 01/13/2015 @ 10:44 AM

Jumbo short sale seasoning?

I have borrower with short sale in 2009 20% down 1.8 purchase any suggestions thanks
- Last Post by: gcapozzoli on 01/13/2015 @ 09:09 AM

Licensed in 25 States

Happy New Year to everyone, Middle Sized family type of lender in Connecticut does Wholesale or Branch, good compliment of products with a 86% purchase business pipeline and 25 to 30 day application to close on loans other than USDA which take a few days longer depending on agency. CHFA, USDA, FHA, MHFA, 97 Fannie, 203K, the regular industry stuff with speed. I can get you to the right contacts just send me an email.
- Last Post by: wlavigne on 01/13/2015 @ 08:40 AM

95% Jumbo Loan

Does it exist? Purchase, 1.2 Million, CA, OO, 95% LTV, 720 Fico.
- Last Post by: thefinanceguy on 01/13/2015 @ 07:42 AM

Do all lenders check CAIVRS for FHA loans?

Have a client with an obvious student loan default. She was told by a lender that they could help her with an FHA purchase when the loan falls off of her credit next month. I wont even waste my time, but I am sure any lender will check CAIVRS regardless. No?
- Last Post by: gcapozzoli on 01/13/2015 @ 06:24 AM

Net Tangible Benefit with increasing interest rate

Is is possible to pass the NTB test when the interest rate is increasing? I have a guy who wants to refinance his current FHA mortgage into a Conventional mortgage. Current FHA loan 3.5% rate current MI is not permanent, it but was secured 3 years ago so it drops off in 2 more years New Conventional loan 3.875% rate saves $232 per month compared to current loan if no MI is needed Closing costs are only about $1500 after the lender credit (not including escrow/prepaids)
- Last Post by: markmoreno on 01/12/2015 @ 5:53 PM

Building relationships with agents

I was wondering what methods of getting in front of real estate agents has work for other LOs out there. It seems like when I am calling agents I tell them I work for a lender they become very dismissive. Unusually, it seems like I caught them at a bad time or off guard. I have just moved companies, I was working in a call center before so i am starting off with no agent contacts. Is it best to walk into offices, go to open houses, etc.... at this point I have to cold call these guys and I'm its seems like I am spinning my wheels. Any help is much appreciated!
- Last Post by: adelphos on 01/12/2015 @ 5:04 PM

Fannie Valuation

http://www.latimes.com/business/realestate/la-fi-harney-20150111-story.html Thoughts? Starting Jan. 26, Fannie Mae plans to offer mortgage lenders access to proprietary home valuation databases that they can use to assess the accuracy of and risks posed by the reports submitted by appraisers. The Fannie data will flag possible errors in the appraiser's work before the lender commits to fund the loan, score the appraisal for overall risk of inaccuracy and may provide as many as 20 alternative "comps" — properties in the area that have sold recently and are roughly comparable to the house the lender is considering approving for financing but were not used by the appraiser.
- Last Post by: bmd on 01/12/2015 @ 4:13 PM

Real time loan mod internet leads!

We generated 165k internet leads from march of 09 to Jan of 2010. We took a small break to get our debt settlement division going and even considered selling our sites for loan mod. Due to demand for actual leads we have decided not to sell the sites....We are instead going to turn all of our PPC back on as of the 1st of March. We will be selling these on two platforms for loan mod internet leads.... 1) Exclusive - $23-25 per lead (never resold by our company) 2) Shared - sold to 2 people in real time at 15 each. Then one more time aged after its 15 days old for $2-3 per lead. We will be fairly limited (about 200 leads per day - current search volume expectancies) If interested please contact me directly...these will sell out quickly! raymond@bestratereferrals.com The sites we are using are... http://loanmodificationhelpers.com/ and http://aboutloanmodification.com/ If you want any of the 165k vintage leads from 09 we have them on sale at a massive discount! Contact me directly for volume breaks... raymond@bestratereferrals.com
- Last Post by: RepossessionHelpCenter on 01/12/2015 @ 3:48 PM

Can the 1003 be dated prior to 1/26 to get new MI?

I saw someone else ask this on a thread but didn't see an answer and I thought it would be good to clarify... Can we put applications in for FHA now and just have the case number pulled on 1/26 when the new MI takes affect? I went through my closings over the last few years and it looks like I have 14 previous customers that can benefit from the this FHA MI reduction. I plan to contact all of them on Monday for a streamline.
- Last Post by: hasslefree on 01/12/2015 @ 3:20 PM

4 months W2, Before that Income was

from overseas company for 2 years deposited in foreign act, before that he worked in the U.S. 760+ FICO $100K income has $50k saved wants to buy a home in Florida for $600k solid job as a Engineer
- Last Post by: JAKEBAXTER on 01/12/2015 @ 3:05 PM

Jumbo with Chapter 7 BK 5 years ago

Need a Jumbo in California....but borrower has Chapter 7 BK 5 years ago....many Jumbo programs do not allow a BK at all...... Loan amount $724k.... its about 80& LTV, and its Rate & Term.... anyone out there with a program? Thank you.
- Last Post by: wadeger on 01/12/2015 @ 2:25 PM

FHA and Student Loan Charge Off

Have a client FHA, High balance, Purchase, husband is the only bread winner, so I can leave the wife out of the app and have her as a non borrowing spouse. This is in California, Community property state. Wife has over $100K in student loans that show as charge off, but still show a balance. They all last reported 08/11. My question is does the FHA exclusion rule, also apply to Federal Student Loans? They are all from US Dept of Education and all show as charge off. Can I follow this guidance " All medical collections and charge off accounts are excluded from this guidance and do not require resolution." Have you had any similar cases? CALVRSis clear on the wife by the way.
- Last Post by: casagrande on 01/12/2015 @ 12:42 PM

Primary Residence Paid for by non borrowing spouse

Hello... Does anybody know a lender that will negate a primary residence payment if paid for by a non borrowing spouse who is not on the loan or title? Trying to refinance a investment property all properties are in California. Thanks, Dave
- Last Post by: FundNonPrime on 01/12/2015 @ 12:06 PM

FHA 90 Day Flip Rule?

I know the 90 day flip rule sunsetted back on 12/31...does anyone know what the current guidelines are for flips between 91-180 days? I have a Realtor who I am providing some flyers for, and I noticed that their listing was last sold on 8/20/14 (it is a renovation). I have a 203k file currently in my pipeline that is a 91-180 day flip, and it needed 2 independent appraisals. I just wanted to check if there are any guideline issues on 203b loans between 91-180 days.
- Last Post by: liverichly on 01/12/2015 @ 11:19 AM

Manufactured Homes

Hello for those who do these.. They need to be double wide, constructed after 6/15/1976 on a perm foundation, and both manufactured and land need to be titled as real proeprty. Appraisal condition is C1 or better Clean Sales Grid Value supported with on-line comps. We can do 203k's VA and FHA we can also do Reverse Mortgages on manufactured homes too. Contact me today Wholesale broker, Correspondent, Mini-Correspondent, Warehouse lines!
- Last Post by: ckjetski on 01/12/2015 @ 10:51 AM

Self-serve loan origination

http://www.nationalmortgagenews.com/news/technology/self-service-lender-seeks-speedy-mortgages-with-fewer-loan-officers-1043552-1.html?utm_medium=email&ET=nationalmortgage%3Ae4010451%3Aa%3A&utm_campaign=-jan%209%202015&utm_source=newsletter&st=email Correction: This story has been updated to clarify the time element of Lenda's technology developments. While most prospective borrowers start the mortgage process over the Internet, the typical consumer experience transitions offline before the loan closes. But a mortgage lender backed by Silicon Valley investors wants to close that gap, while at the same time, wring out origination costs by having consumers self-service loan applications. From the airport to the grocery store — and throughout the digital traverses of the Internet — technology has increasingly enabled self-service commerce. An estimated 197 million American consumers purchased retail goods in 2014 from all sorts of proprietors with minimal, if any, use of a sales person as an intermediary — that's up from 191 million in 2013, according to research firm Statista. But the do-it-yourself approach has so far only penetrated parts of the mortgage process. Lenders may advertise on lead generation websites, but borrowers are often routed offline to call centers and telemarketing reps. "We think that model is dead and broken. It is obviously very expensive too, because it costs money to pay commissions to telemarketers and junior loan officers and loan officers," said Jason van den Brand, CEO of San Francisco-based independent mortgage banker Lenda. Even Quicken Loans, a perennial online-based lender renowned for its customer satisfaction ratings, relies on a hybrid approach that combines its website, call centers and mobile application. But Lenda, which launched in October 2013, envisions taking the concept a step further with a do-it-yourself approach to mortgage originations. "We're building software that removes a lot of that stuff so when people find us online, they actually stay online and they don't have to talk to a loan officer," van den Brand said. Van den Brand is a 10-year veteran of the mortgage industry. At Lenda, he has created a process that uses minimal, if any, human intervention during the origination process. Lenda doesn't have a staff of loan officers waiting to pounce on leads as soon as they come in, he said. Still, if a consumer does need help with the process, Lenda has a toll free number where the applicant can speak with a licensed loan officer. "But the traditional model of a loan officer picking up the phone and calling you after you fill out a form online, we're not doing that," van den Brand said. The company's technology uses algorithms to identify which type of loan product is most suitable for a borrower early on in the process. By eliminating questions that are redundant or unnecessary for a specific product, the technology helps to speed up the application process. "The biggest pain-point for clients is still getting their [verification] documents," van den Brand said. To help address this, Lenda is working to incorporate tools that would allow borrowers to log into their bank accounts from the Lenda platform to verify deposit information. It also wants to let borrowers access their income tax transcripts through the site. "All the little tech tricks that we can do on the front end makes things easier for people, can provide for a better experience and is going to save a ton of time. Ultimately, time is money, we all know that. So they're going to save money by utilizing this technology," van den Brand said. The company's ultimate goal is to create efficiencies and reduce costs by having fewer people in the middle of the origination process. With the cost of a loan officer accounting for about 50 to 100 basis points of the loan amount, an arrangement like Lenda's would likely help a mortgage originator lower its cost structure, said Garth Graham, managing director at Stratmor Group, an industry consulting firm based in Peachtree City, Ga. Graham was an executive at the original Mortgage.com, which was headquartered in Plantation, Fla. The firm was one of the early pioneers in online lending and ancillary services. It was founded as First Mortgage Network in 1994 and went public in 1999. But by November 2000, the company shut its doors. The website was quickly scooped up by ABN Amro; Graham also joined ABN Amro. He said reducing costs for consumers was "a big part of the model we had at Mortgage.com, but it was a challenge to deliver." That same challenge exists today and Lenda likely faces an uphill climb, Graham said. "To be effective at the self-service model, you really need to invest in technology and need to be committed to innovation. For example, you need to have tools that figure out what program is best for consumers, sort of like a wizard or automated interview," he said. "That is not as simple as asking 'do you want an ARM or fixed,' but rather asking about how long the borrower is going to live in the property, how risk-adverse they are, and what their goals are," he added. "That is part of what a good LO does, and you need to have some automation that does that for you." But Lenda already has some believers in its vision. Investors in the company include venture capitalists Cameron and Tyler Winklevoss, the twin brothers who famously took Mark Zuckerberg to court in a dispute over the creation of Facebook. A human element is still necessary to ensure timely processing and thorough customer service, said Jamie Williamson, a vice president at Xerox Mortgage Services, an electronic document management technology vendor in Sandy Springs, Ga. "An online origination is possible through a business-to-consumer portal that both supports electronic documents and integrates with a loan origination system in order to process the collected data," Williamson said. Ideally, a consumer portal would integrate with both the lender's loan origination system and EDM platform and automate file sharing between parties. "However, a lender employee, perhaps a loan officer or/and a processor, still has to 'own' the loan to oversee the loan's path through post-closing," Williamson added. "Moreover, it's important to consider customers' needs. Millennials would probably embrace an entirely online process, but many borrowers will still want to communicate with a live person." To be sure, interest in using technology to reduce paperwork in the mortgage process continues to grow. An annual Xerox Mortgage Services survey of industry professionals found 83% of respondents believe that within seven years, more than half of all mortgages will be electronically-signed loans, or e-mortgages. That's up from 68% of respondents in the 2013 edition of the survey. Lenda's goal is to speed the origination process. Where turn times from loan application to closing has been in the area of two months [what a crock], the company has reduced that to three weeks. "And we want to get that down to hours," he said, though admits there are many regulatory challenges which have to be overcome in order to pull it off. But van den Brand pointed to the success of technology firms like Uber and Airbnb in changing some cities' taxi and hotel regulations as inspiration for Lenda's mission. "Our hope is to build up enough of a movement where we can prove to the Fannies and Freddies of the world that we can actually do this in hours," he said. "We can deliver a better-underwritten, lower-risk file because of technology and actually end up helping people save a ton of money." Currently, Lenda only originates conforming refinance mortgages. The lender is only licensed in California, but there are plans to expand into Oregon and Washington — states with similar demographics to California — by the end of the first quarter. The company is targeting nationwide expansion by the end of 2015 or the first quarter of 2016. Eventually Lenda plans to start originating purchase loans as well. It wants to conduct beta tests with real estate agents and could begin originating purchase mortgages at some time this year. And while Lenda currently sells its loans through aggregators, it's looking to become a direct seller/servicer to the agencies. But selling to other mortgage bankers could be a potential bottleneck for Lenda, said Graham, because each aggregator has different underwriting, documentation and packaging requirements. [Duh.] "If the investor will not buy that loan, then you have a lot or risk. And since you don't know exactly where the loan is going to be delivered to, you likely have to process to the lowest common denominator of investor requirements," Graham said. However, Graham added the mortgage industry needs more innovation with the process, "and I applaud anyone for taking it on, and for focusing on a better way to deliver the loan process to consumers." *** I see a lot of room for fraud in such a model.
- Last Post by: azmann on 01/12/2015 @ 09:54 AM

FHA monthly MI--Coming down

HUD will announce tomorrow the annual MI premium will be reduced to .85....Fantastic...
- Last Post by: raymondb on 01/12/2015 @ 09:01 AM

FHA MIP ML Letter is out??

Apparently. I just got this: New ML letter is out: 1/26/15 effective date for new case #’s gets the lower MI. 1.35 to .85 for 96.5% LTV and 1.30 to .80 for - Last Post by: raymondb on 01/12/2015 @ 09:01 AM

Obamas changes....Mini streamline boom??

http://www.nationalmortgagenews.com/news/regulation/obama-expected-to-announce-half-point-cut-to-fha-annual-premium-1043539-1.html?utm_medium=email&ET=nationalmortgage%3Ae4010451%3Aa%3A&utm_campaign=-jan%207%202015&utm_source=newsletter&st=email Does this mean we are going to see a nice little streamline boom? I sure hope so, we have access to every home owner that would qualify and every means to market to them. I LOVE BOOMS! For those of you that are smarter than me at these changes coming.....weigh in and educate the rest of the world on what this will mean for us all? Thanks!
- Last Post by: raymondb on 01/12/2015 @ 08:57 AM

Do YSP/rebates still exist for Brokers?

Hello, A friend and I are considering opening our own broker shop. We're getting a guaranteed flow of business from a home builder and it makes sense to do this to avoid the overhead of a branch or direct lender... I haven't worked in a broker's office for 10 years and am clueless of the new changes and laws with that regard... My main concern are the financials so that i can plan appropriately... how much can a broker make more than a branch or direct lender? Do they get something in the back like a rebate or does that go to the borrower as a credit? How does it work? Thanks!
- Last Post by: KnowsBetter on 01/12/2015 @ 08:53 AM

Unconventional Reverse?

Hi Guys, We have a family friend/client of ours who is behind on mortgage payments and about to get foreclosed on. He is over 62 years of age and has tons of equity on his home. He owes close to around $400,000+ $35,00 in delinquencies and his home is worth over $900,000 Can anyone help refinance this? Email me at StevenHall1strate@yahoo.com
- Last Post by: petek on 01/12/2015 @ 06:46 AM

NY Loan Officers - Earn 2 Points/100% Payout!

Take your career to the next level in 2015 with Moneyline New York, LLC., a prominent NYS mortgage broker since 1999. We have opportunities for self-motivated mortgage professionals. We are expanding and seeking people with a successful track record to originate loans in NYS. We supply you with all tools necessary to be successful - leave the overhead behind. Generous commission structure - Earn 2% of the loan amount per loan closed. Payable weekly - 1099 (no taxes withheld). Remote position. All MLO's must be NMLS licensed. Moneyline New York, LLC, 311 Alexander St, Suite 214, Rochester, NY 14604 Registered RideMortgage, NYS Dept. of Financial Services., 3rd Party Providers
- Last Post by: sammylmc on 01/12/2015 @ 05:59 AM

Content Creation & Management

I represent Nopal Technologies, which is one of the preferred content company. Our services are divided into four layers. • Content Creation.(Blog writing) • Content Management. • Content Marketing. • Social Media Marketing.(SMO) We have a team of professional content writers into different genres which generate content for our clients as per brand guidelines. With over 9 years in the content industry and a bucket loads of happy clients, in different verticals. We help brands to digitize their content strategy. Some of our Clients: ï E-commerce - American Swan ï Travel - Expedia ï Health & Nutrition - MSN ï Banking - Axis Bank & HSBC Do let me know , so I could tell you more about our services and see if there is anything in terms of digital marketing. Kindly let us know your valuable thoughts and we will proceed accordingly. Contact us at 518-504-0400 info@nopaltechnologies.com
- Last Post by: jf333 on 01/12/2015 @ 02:48 AM

Anyone is getting new loans in at 3.50% & 2.75% ?

Anyone is getting conventional refi loans in at 3.50% 30 year fixed and 2.75% 15 year fixed or 10 year fixed as of last Friday? I am wondering if the refi wave is starting to blow, or not yet. Peter
- Last Post by: peter on 01/11/2015 @ 6:39 PM

Section 8

How would a property owner interested in renting out their place find out how much section 8 would pay for a renter and how to get section 8 approved and find a tenant that qualifies?
- Last Post by: KnowsBetter on 01/11/2015 @ 6:37 PM

any pointers with Facebook advertising?

We have started to do a lot of facebook advertising and it is working well so far. We are really only boosting posts. It seems like it makes no sense to promote your page for likes since organic feeds really do not get seen too often.
- Last Post by: peter on 01/11/2015 @ 1:27 PM

New appraisal regulations 1/26

National real estate has post about new appraisal ruleÉwow
- Last Post by: rescap on 01/11/2015 @ 09:01 AM

Need lender for $1M + Stated Investor Loan in NY

Looking for a lender to place a $1M plus stated income loan on a 7 unit retail plaza in NY. 660 credit score - LTV about 75%. Borrower has been late on his O/O mortgage a few times and credit report states it's past due. I have LOX. Subject property in corporate name. If this is possible, let me know ASAP.
- Last Post by: moneyline on 01/11/2015 @ 06:59 AM

Small private $ loan needed, Atlanta

Rental purchase, end buyer on a double close. Probably 15k loan. 2 year or so term.
- Last Post by: celloshred on 01/10/2015 @ 5:48 PM

FMC open wholesale in UT

Got a call from FMC and they said they opened an office in Layton UT. Which is about 5 miles from where I live. I said are you my new rep? They said you can still use Irvine but we are priced differently for the market. I said can you still do the 0.5% down on FHA? She said yeah and we have UW set up in our office. She said we are ready to help you hit the market. They are like you want to set up sales meeting we will show up and explain the program. They are your loans. Nice to have somebody going back to old school wholesale. Their rates are not the best but they have some good programs. Didnt know they were branching out, so that was interesting. Let you know what happens.
- Last Post by: RyLoans on 01/10/2015 @ 4:32 PM

Jumbo Scenario

SFR OO purchase 90% LTV $1,100,000 loan amount FICO 724 Oregon Who can do it?
- Last Post by: bmd on 01/10/2015 @ 10:24 AM

Mortgage app on your cell phone

Do any of you use mortgage apps? Offer this to your customers to download? Do they actually use them? What about using with a realtor? Thanks
- Last Post by: nowbroker on 01/10/2015 @ 07:25 AM

Recommended Commercial Lender?

Mixed use --- 2 store fronts + 2 apartments. Ohio, 75% to 80% LTV, loan amount $131,000 I did many commercial deals 6+ years ago but I have been away from commercial lending since then. Can anyone recommend a good company to broker to?
- Last Post by: MarkIFC on 01/10/2015 @ 07:03 AM

1 year SE looking to refi

I have a borrower that was a W2 IT employee for several years. He started his own company 1 year ago and now gets paid 1099 from the employer. Does anyone know of a lender that will do a rate/term on a borrower self employed for only 1 year in the same field? I know it's not 2006 anymore but I have to ask.
- Last Post by: RyLoans on 01/09/2015 @ 7:13 PM

Need help finding a good land wholesale lender

Suggestions needed. Just looking for a lender for land.
- Last Post by: cleaner450 on 01/09/2015 @ 2:36 PM

Top Agent Magazine Mortgage Nomination

I WAS CHOSEN! I WAS CHOSEN! I WAS CHOSEN!
- Last Post by: celloshred on 01/09/2015 @ 2:13 PM

Best CA 5/1 & 7/1 ARM Pricing! Bayview/Lakeview

We have the most aggressive conforming and high balance ARM rates in the country. Check us out in Loansifter or I can send you our rate sheet. See scenario below. CA , 740 fico, $275k, 80% LTV, 30 day lock 3.125% pays a credit of 2.078 Let me know if you have any questions! Thanks!
- Last Post by: jperr77 on 01/09/2015 @ 1:59 PM

Any good email list Companies out there

Can anyone refer me to a reputable company that has legit email lists?
- Last Post by: datalyst on 01/09/2015 @ 12:43 PM

REAL LEADS! Verified, quality, exclusive

Now is the time to gear up for the new FHA with lower PMI! There are stlll refi deals to be made, especially in areas where home values increased in the last year with the HARP 2.0 program. And folks are telling me that the Jumbo market has been under served, with great new programs now. I use the Magnilogix dialer, which only costs $ 75 for a whole month now if you have not used it before! For all you RideMortgage members, I have reduced my rates 25% now, as a one time discount to get you started. And I can assist you in getting lists to call, and can set up the dialer for you. My telemarketing program is perfect for the lone broker or small shop, and that's who I have success with! Order good targeted current credit data I use a good predictive dialer- Hire an experienced pro like myself, who knows loan programs Choose a program that will get results in your area As most of you know, REAL LEADS are not cheap! Free leads are just a come-on! If you want a sucessfull marketing campaign that lasts, give me a call! With my dialer, its like having 4 TM's call for you ,for the price of one! What I get are HONEST leads, where I have personally talked to folks and screened them and they want to talk to you! I just charge for my time involved, you get all the leads. Exclusive to you, never resold! Ask about my guarantee program. For more info, call Bruce 530-274-1801 Please, no emails or resellers! [/b]Below are referrals of past clients: "I can highly recommend Bruce, and his telemarketed leads. His leads are one of the primary reasons that I was able to "graduate" from being a loan officer to being an investor. Bruce first started telemarketing for me in 1998, and I have closed a lot of loans over the years from his leads. Now, I only work "quick turn" distressed real estate and non-performing loan leads, with the majority of my leads coming from Bruce. Anyone interested in using his service is welcome to call me, any time." Alan Eidson cell # (530)906-0364 Long time client. "Bruce is an awesome telemarketer. I have known Bruce for about 10 years. Bruce gave me many valuable leads that closed. I can really vouch for the quality of his leads and his integrity. If you need more information feel free to contact me" at: Lynn at: (530)273-4808 Oakleaffunding. "Bruce gets honest, real leads, and has worked for me and my loan restructuring efforts for about two years now. I highly reccomend him." John Trice-706-255-3485 Steve Longacre-530-913-5562 current FHA client[/b]
- Last Post by: zpaperkid on 01/09/2015 @ 12:16 PM

Putting non borrower on title for Conv.

Im having a brain fart ... Parents are going to buy a home as an investment property and let daughter live there while she finishes school. She has 2 years left then will be making bank. Daughter then wants to relieve parents of liability by refinancing home into her name only and remove parents from title. To accomplish this i was going to add her to title when parents do the initial purchase. Will this work ?
- Last Post by: AroundtheBlock on 01/09/2015 @ 12:05 PM

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- Last Post by: datalyst on 01/09/2015 @ 11:46 AM

97% conventional cash out

MGIC guidelines for the 97% product state they go up to 150,000 cash out. Does Fannie and or Freddie allow cash out on the new 97% ltv product? I cant find it if so.
- Last Post by: scottee10 on 01/09/2015 @ 11:39 AM

SIVA CALI 665k R/T REFI

need a lender that can do a 5/1 arm below 4% Santa Barbara County 799 middle/owner occ
- Last Post by: gcapozzoli on 01/09/2015 @ 11:19 AM

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