Mortgage Broker Forums at Broker Outpost

The suspense is killing me (by: hpmfinancial)

Today was the due date for my first child. My wife and I are both quite stressed as she can not sleep because of the babys size and position. I cant sleep because of her having to wake up every few hours as well as her overall discomfort hurts me as well. I went to the doctor today and he said most likely the baby might have to be induced. I hope we can welcome our baby home soon, I have never had this kind of suspense. Did anyone else here have a similar situation? Any advice? - Last Post by: hpmfinancial on 05/09/2008 @ 4:49 PM

FHA loans...do you have to be a perm. res. alien? (by: Keane)

Ive got a client who just moved over from China. Hes a part of an employee relocation program from Microsoft. However, he doesnt have a perm. res. alien card. Can I not do a FHA loan for him? - Last Post by: Keane on 05/09/2008 @ 4:48 PM

Anybody use Craigslist? (by: Idahomortgageman)

I have had some success advertising on Craigslist but now they are limiting my amount of posts. Anyone else have that problem? Is there any other free nationwide form of advertising that reaches millions of people like Craigslist does? Anyone else have any experience and/or solution to this? Mortgagemonty - Last Post by: Idahomortgageman on 05/09/2008 @ 4:48 PM

A Sad Story (by: jjacovo)

Just wanted to pass on to every one a sad story I heard a few weeks ago. A lady called me from a referal and wanted to refi her home to a rate and term, this is what she told me: My husband and I retired in Jul of 2005 from New Jersey and moved to Florida. She bought the first home that was built in a LENNAR sub-division. The home was already built and had CO on it, she was told by the Realtor that financing fell thru and she could get a really good buy. So they looked at the home and loved it. The Realtor told them that the home could sell for $325,000 (this was a 3/2, 1/4 acre lot, and 1850 Sq Ft under air). But today was there luckey day that today only she could buy it for $274,000, but would have to use there in-house financing. She was told that Lenner would buy the rate down on a 30 year fixed to 4.5% Int, and give $8,000 towards closing costs; but to get that she would have to put down 20% in escrow. She was never provided a GFE or TIL by the LO. Unfortunitly she believed this snake. The day before closing she was called and told that she needed to bring an additional $7500 to closing, she asked why and was told that the closing costs were more than what they thought, and if she did not want to buy the home that she would lose the 20% in escrow. So of course they were upset but since they loved the home they went to the bank and got the check. When they showed up at closing, the Title Agent tried to skim thru the Docs with out allowing them to read any thing; when they came to the "Note" the title agent just said sign here and here and here. That is when by luck they noticed the Int rate on the first page. It was 12% and was not a 30 year fixed it was a 2 year Arm with a 2 year Pre-Pay. Thier combined retired income was only $2650.00. The payment did not include tax and Insurance. The title agent then told them the taxes were only about $400 to $500 per year and showed them a copy of the tax bill. (it was assessed as vacant land, here property tax is about 2% of assessed value) They said they could not afford the home at that price, so closing was stopped and they were shufled into the "Sales Managers" office and told that if they wanted they could back out of the contract but they would lose the 20% they had in escrow. But if they wanted to put more money down they could and it may delay closing for a couple of days. Well they thought about it and did not want to lose the $54,800 so they put an additional $40,000 down. (which was the rest of there savings). Now these nice folks sold thier home up north and put almost all of the profit and thier savings into this deal and did not want to lose the money. So they signed. Since then the Husband was able to find work and is making about $1000 every 2 weeks (take home net), they got the Tax bill in NOV and it was for $3500 dollars, that they do not have, they called the Title Agent and she has since left the company, when they told the story to the Title agent she was told that "oh well I am sorry" the other title agent did that alot and that is why she no longer works here. So I told her a would see what I could do. Credit and income wise it is a perfect FHA deal but "alas" the property value is not there the appraisal came in $45000 less than what they owe. When I told them they were devistated and she broke down in tears not knowing what to do, so I gave her 2 options. 1. To put the home up for sale, and try to get the lender to accept a short sale. 2. I explained to her that this was what I felt was a better option for her: Since she could not afford the home and the property value was not there and she would more than likely not live long enough to actually own the home, why not just stop making your payments, do not worry about the tax bill, the county will just put a lien on the property. Try to sell the property as a short sale and move out and rent (in this area right now you can get a nice sized 3/2 for under $1000 per month. She said what if the bank forecloses on her home, my response was that based on her actual income at the time she should have never been approved to begin with, so let the lender have the home. They agreed and yesterday she called me and said she found a nice 2/2 Condo for rent at only $725 a month in a gated golf course community. And thanked me for my advise and wanted my address so she could send me $1000 for my time. I told her thanks but keep your money, just give me a referal. This is not the first time I have heard stories like this about builders. The moral of this stroy is how builders strong Arm folks into buying there homes, and rip people off and do not disclose the terms of the loan because at closing they have them approved and also have complete control of the escrow deposit and use it as leverage to make them sign the loan docs. - Last Post by: jjacovo on 05/09/2008 @ 4:48 PM

Obama, Clinton or McCain??? (by: khoiey)

Since there are still three "All Knowing" presidential candidates still spending millions to sway us, I wanted to find out what everyone thinks about this. Which of the three candidates would be the BEST for our industry? You can either answer on this forum or Ive got a poll running on my site down at the lower right of my web site- www.MortgageMarketingTV.com When I checked the numbers this morning on my page heres how the numbers are so far Obama 27% Clinton 46% McCain 27% What do you think??? - Last Post by: khoiey on 05/09/2008 @ 4:48 PM

Purchase (commerical) Need Lender (by: ccbank)

Commercial purchase. Retail building. Loan amt $235 Owner occ. 80% ltv full doc. 620 fico. BK 9 yrs ago...Any takers? davidd@rockwellfunding.net - Last Post by: ccbank on 05/09/2008 @ 4:47 PM

I NEED AN AE CONTACT FOR M&T (by: Keane)

I NEED AN AE FOR M&T BANK. I HEAR THEY STILL HAVE SOME GOOD PRODUCTS. I NEED A GOOD AE, LIKE PRE-2007. NOT THE STONERS THEY HAVE IN THE INDUSTRY NOW. ANY RECOMMENDATIONS? THANKS! - Last Post by: Keane on 05/09/2008 @ 4:47 PM

WHOS DOING SIVA NOO TO 90% ON 2 UNITS NOWADAYS? (by: TSVHOMES)

I HAVE A FEW OF THESE. NON-OWNER & OWNER OCCUPIED PURCHASES. I TOOK A LITTLE HIATUS, SO IM TRYING TO FIND OUT WHAT HERE & WHATS NOT. BE EASY ON ME, LOL! THESE CLIENTS ALL HAVE 720 SCORES OR BETTER. BUYING 2-UNIT PROPERTIES IN NY, GA & PA. ALL THESE DEALS ARE UNDER $100,000. MOST ARE NOO. I HAVE 8 OF THESE DEALS. ALL SELF-EMPLOYED 1099. I NEED AT LEAST 90% SIVA. BANK STATEMENTS MIGHT WORK FOR A COUPLE OF THEM. LET ME KNOW WHOS ABLE TO DO THESE. THANKS, GUYS. - Last Post by: TSVHOMES on 05/09/2008 @ 4:46 PM

Commercial Construction Bridge/Hard $$ (by: Idahomortgageman)

Need strong lenders for projects in GA, SC, FL and AL. Terms 2-3 yrs. $1.5MM - $28MM. Please email me your contact info. or leave your info. here and I will contact you asap to discuss. Thank you!! - Last Post by: Idahomortgageman on 05/09/2008 @ 4:44 PM

It cost me $25 to fill up my tank! (by: cspatmon)

in 2005. - Last Post by: cspatmon on 05/09/2008 @ 4:42 PM

Magic Jack. Anyone use it? (by: hpmfinancial)

http://www.magicjack.com/1/index.asp - Last Post by: hpmfinancial on 05/09/2008 @ 4:42 PM

Hard Money Construction finish (by: ericaldridge)

This is for a property in Tenessee. Borrower is constructing a property that will be worth 2.6 mil when complete. Owes 1.6 on it right now. Is almost complete. Would like to get $200k to complete the project. 700 fico, good personal tax returns and has 200k in reserves. Any ideas? - Last Post by: ericaldridge on 05/09/2008 @ 4:41 PM

11 million refi. sfr (by: flexenfinancial)

looking for a lender that loans up to 11 million on a refi. sfr non owner. great credit and financials 60 % ltv, property is beachfront in california. rate and program dont matter. I need a lender not co broker...... - Last Post by: flexenfinancial on 05/09/2008 @ 4:40 PM

Legal advice-Aufdit and fraud (by: cspatmon)

I had an audit that was sparked by a loan officer submitting 4 fraudulent files with fake income docs and assets docs. I have 2 questions 1) What legal recourse do I have as broker against the Loan officer 2) What legal recourse do I have as the broker against the borrowers 3) We have a bond and we are being charged $20,000 in penalties due to the fraudulent files I mandated in hosue processing for all loan but regulations will be flouted despites ones best efforts if a loan officer is determined to "outsmart" you. Please advise cos I want to make sure these guys are brought to book...they submitted 4 fraudulent loans form 4 separate borrowers the common thread in all of the loans was not that it was the same borrower but it was the same loan officer. I have run a clean shop for over 4.5 years no complaints or negative audits. Please advise...this is very troubling to me Thks Mapiy - Last Post by: cspatmon on 05/09/2008 @ 4:38 PM

NET BRANCH: ANYONE HEAR OF A TO Z MORTGAGE? (by: TSVHOMES)

I GOT AN EMAIL FROM A TO Z MORTGAGE SERVICES. THE EMAIL CAME FROM ONE OF MY FORMER AES, BUT I HAVENT BEEN ABLE TO REACH HIM FOR MORE INFO, WHICH I FIND KINDA STRANGE. IN THE EMAIL, THEY WERE OFFERING MUCH OF WHAT IM LOOKING FOR. I HAVE A 25 LOANS THAT I NEED TO MOVE OUT OF THE COMPANY IM WITH. ITS FRUSTRATING THAT I CANT ET IN TOUCH WITH THIS GUY. HAS ANYONE DEALT WITH A TO Z BEFORE? DOES ANYONE HAVE INFO ON ANY OTHER NET BRANCHING COMPANIES THAT OFFER THE FOLLOWING?: -100% COMMISSION -QUICK SETUP WITH NO FEES -ALLOW ME TO USE MY OWN PROCESSORS -FLAT FEE PER FILE -FAST PAYOUT ON CLOSED LOANS -LICENSED IN ALL OR MOST STATES -QUICK ADD-ON OF LENDERS -ALLOW 1099 PLEASE LET ME KNOW WHATS OUT THERE. THANKS EVERYONE. - Last Post by: TSVHOMES on 05/09/2008 @ 4:37 PM

MAKE 20K A MONTH IN DEBT SETTLEMENT (by: cnoiroux)

This is a great complementary activity to a slowed down mortgage market. $20,000 a month is very realistic. We have several loan officers who are doing it right now! Find out how. You can email cnoiroux@cwndebtrelief.com - Last Post by: cnoiroux on 05/09/2008 @ 4:37 PM

Hitting a wall w/commercial loans? (by: simply commercial)

My name is Danielle Edwards- Lowndes, and I am your Account Executive with Commercial Lending Capital Inc. Our motto here is: "We make commercial loans simple!" This is an opportunity for you to submit commercial loans with ease, maximizing your revenue potential. With over 8000 programs, let us help you get the best loan to meet your clients needs. Another great thing about CLC is, we underwrite your file upfront and provide term sheets within 8 working hours! Contact me with your commercial financing needs. Happy Fundings!! - Last Post by: simply commercial on 05/09/2008 @ 4:34 PM

NY Refi 45 LTV C/O Refi.... (by: clearwaterny)

and now the good stuff: NY Prop 3 unit O/O 650 Fico Stated S/E (realtor) C/O refi (consolidating 1st and 2nd with 150K c/o) Perfect mortgage history 450,000 Loan Amount 1,100,000 Market Value I know I can go subprime but Im hoping that a WHOLESALE LENDER will secure this loan at a fair rate. Just asking for suggestions, thanks in advance. - Last Post by: clearwaterny on 05/09/2008 @ 4:33 PM

Purchase, SISA 95% LTV, Ca (by: kkuehl)

Anyone can still do this with a 660 FICO? Email me if you can..tomhur@yahoo.com. - Last Post by: kkuehl on 05/09/2008 @ 4:32 PM

New FHA bill passed!! Too good to be true? (by: StayInHomeGuy)

I just received a post stating FHA H.R. 3221 passed in the House of Rep. From what I read, this will allow people who are upside down to refinance and gives investors who buy foreclosed properties a 7k tax credit. Principal balances may be reduced to 85% of appraised value to allow refinance, which is great for homeowner but didnt mention incentive to SPs and lenders. Bush says he will veto. This would be huge for LOs! But does it have a chance? - Last Post by: StayInHomeGuy on 05/09/2008 @ 4:31 PM

50% LTV, 650 FICO, Cash out Refi (by: homebroker@sbcglobal.net)

Scenario: Stated Income Cash out Refi 651 FICO Mid 390,000 Value CA - 91730 Zip Self Employed 50% LTV Borrower is current on the loan, dont want hard money loan more like World Savings equity based loan with a decent rate. - Last Post by: homebroker@sbcglobal.net on 05/09/2008 @ 4:27 PM

IS A 4 FAM 90% SIVA PURCHASE STILL POSSIBLE? (by: TSVHOMES)

DOES ANYONE KNOW WHOS ABLE TO DO A 4 UNIT PURCHASE AT 90% SIVA? THE BORROWER IS IS S/E 1099 & FICO IS 797. PROPERTY IS IN NY & THE SALES PRICE IS REALLY LOW, LIKE $85,000. IF NOT POSSIBLE, PLEASE LET ME KNOW WHAT MAX LTV IS POSSIBLE. DEAL MAY WORK AT 85%. HELP ME OUT GUYS!!! - Last Post by: TSVHOMES on 05/09/2008 @ 4:27 PM

Make $5000+/mo. at home - break away from Mtg Biz (by: ITVPRODUCTSUPPORT)

Home Based Sales Agent (Nationwide) craigslist.org -------------------------------------------------------------------------------- Reply to: craig@itvproductsupport.com Diversify your income Imagine, take calls in the comfort of your home from people that just viewed an infomercial and wish to buy healthcare products. Make easy money building up customers who call you AND since they are set up on automatic reorder, you receive residual income for as long as they are your customer! Work the hours you wish as our informercials are running around the clock. You do not have to purchase any products, stock products or keep inventory. We do all that plus we pay your commissions weekly. Build high six figure income and residual income, too. Come work for a 7 year old, debt free and the largest infomercial company in North Amercia that is growing at an exceptional pace. For more information, please visit: http://www.itvwinner.com/r/itvproduct Here is an example of two of several infomercials that we can take calls from: http://www.itvwinner.com/r/itvproduct/solarcal-d or http://www.itvwinner.com/r/itvproduct/flexprotex plus many more. This is a business unlike any other and are only looking for serious people that wish to grow a business. This is not a "free" business as starting a business does cost money, however the little that is required to start it is extremely small compared to the huge rewards. If you truly wish to diversify your income and eventually break away from the mortgage business, email me with contact information so that we may talk. Please email with any questions and your contact information: craig@itvproductsupport.com Location: Nationwide Compensation: Part time or full time earnings making several thousand dollars/week Telecommuting is ok. - Last Post by: ITVPRODUCTSUPPORT on 05/09/2008 @ 4:27 PM

FHA 300K loan need bank that accepts higher DTI? (by: davidfr)

Good afternoon I have a scenario - MT $300k loan amount. FD -- O/O SFR I have heard of banks in the past that have a few programs that will go up to 60-65% dti ? Do they exist, or does anybody know of one that does? Thank you in advance Ken - Last Post by: davidfr on 05/09/2008 @ 4:20 PM

AE FOR CORNERSTONE BANCOR NEEDED ASAP. (by: TSVHOMES)

I NEED A RECOMMENDATION FOR AN AE FOR CORNERSTONE BANCOR. PLEASE POST AE CONTACT INFO. THANKS!!! - Last Post by: TSVHOMES on 05/09/2008 @ 4:17 PM

Hard money lender needed in California (by: mishell818)

Property is in Cathedral city,California FICO-482, LOAN AMOUNT= 258,000, VALUE= 430K, SFR, O/O, CASH OUT= $68,200, 65% LTV - Last Post by: mishell818 on 05/09/2008 @ 4:17 PM

Need Another Reverse Lender (by: davidfr)

Besides Financial Freedom, has anyone had experience with a wholesaler for HECM loans? We do not want to close in our name. Thanks. - Last Post by: davidfr on 05/09/2008 @ 4:16 PM

Am I stoopid or Ignorant? (by: lunarhamster)

My clients want to refinane a Condo that they have in Brian Head UT. My concern is that 80% of the homeowners association is owned by a time share company and I cant find a lender that will lend on the property because of this reason. Why? and how to I get around it? - Last Post by: lunarhamster on 05/09/2008 @ 4:16 PM

WTF is this? (by: khoiey)

http://money.cnn.com/2008/05/02/real_estate/gandel_your_next_broker.moneymag/index.htm?postversion=2008050818 where is NAMB? - Last Post by: khoiey on 05/09/2008 @ 4:15 PM

Help 690 MIDDLE, R/T ,FULL,ATLANTA ,GA (by: FLhardmoney)

LOAN AMOUNT 142,000 NEED 100%. 80%/20 OR 80% AN LINE OF CREDIT.690 MIDDLE SCORE,FULL DOC,NO CASH OUT ,R/T ONLY.IN ATLANTA GA - Last Post by: FLhardmoney on 05/09/2008 @ 4:13 PM