Mortgage Broker Forums at Broker Outposthttps://forum.brokeroutpost.comBroker Outpost makes finding a qualifying loan program more efficient for mortgage brokers, and offers wholesale lenders an opportunity to market their unique loan programs. Loan search and support forums require registration, its free!SMB Loan, Cash Out on Lot / Yacht (by: is a follow up on a deal I posted about a few weeks ago. Borrower needs $350k. Has a lot worth $850k located on the water. Lot next door sold for $850k as well. Has a 1998 Alden 56 Flybridge completely restored boat that she owns free and clear. Lot has a lien of $350k. This money is for an expansion of an already in place tourist attraction that is cash flow positive. They are building a 15k sf museum and need a few more dollars. Shes already invested quite a bit in this. Her tax returns show $3m/$4m respectively last two years (AGI). Have had two people suggest doing an SMB and I wouldnt even know where to start for that. - Last Post by: on 05/22/2017 @ 9:22 PMLenders who do 1st and 2nd (by: carrie170) lenders do both 1st and 2nd? Ive been using US Bank but they are extremely difficult to work with, my current file has been issue after issue. Only plus is they pay full broker commission on the 2nd unlike TCF. Do any other lenders do both 1st and 2nd? Thanks in advance! - Last Post by: carrie170 on 05/22/2017 @ 9:20 PMFthb purchase. $1.44m, 80%, 711 mid (by: bmd) SFR Who is doing these with this FICO and loan amount combo? - Last Post by: bmd on 05/22/2017 @ 9:20 PMVeteran with no income (VA loans) (by: bmd) have a married couple (two men) where one of the men is a surgeon and the second one is currently unemployed but has full VA benefits. Is it possible to do the loan in both of their names with the unemployed man being the main borrower and his husband being the co-borrower with $400,000 a year income? Also, they want to buy a condo. Is there a list of VA-approved condo associations similar to the one for FHA? - Last Post by: bmd on 05/22/2017 @ 9:14 PMLock and float-down -competing with another lender (by: am competing for a new construction loan with an in-house lender. A nice loan, $500,000 purchase price with $100,000 down and 802 credit scores. The construction will be completed in 4 months. The client just emailed me the following - "Ive been watching interest rates and it looks like they have dipped lower again. However there are talks of rates rising with the Fed meeting in June. I was talking with another lender and he mentioned they offer a rate lock with float-down option. Is that something you offer as well? If so, could you provide some details?" What is the best way to respond? I am not aware of any lenders that offer float-down options. I was going to take this loan to Provident Funding that Ive been using for the last few months per my bosss suggestion. - Last Post by: on 05/22/2017 @ 9:12 PMFannie Mae Home Style - Specification of Repairs (by: doing my first Fannie Mae Homestyle Loan and the investor is taking forever to answer my questions. The investor requires a HUD Consultant to prepare a document called the Specification of Repairs. Is this a document that a HUD Consultant will have access to and be familiar with? - Last Post by: on 05/22/2017 @ 9:06 PMWhen Is The Best Time To Ask For A Testomonial (by: curious to see what everyone else is doing. I have a pretty good review count, however every client I strive for that five star review. I am finding if it asked post closing, it is hard to get. Perhaps send a closing gift, and then ask for it a week after closing? - Last Post by: on 05/22/2017 @ 8:45 PMJoys of Socialism (by: Nubey) some unknown reason, our mainstream leftist-controlled media wont report on this. Venezuelan Regime Forces Bakeries to Sell Bread ONLY to Supporters Hmmm... Think a Democrat party that would weaponize the IRS against its political opponents wouldnt also weaponize bakeries if they had the power? You betcha they would. - Last Post by: Nubey on 05/22/2017 @ 7:16 PMVA garage conversion (by: KnowsBetter) converted into guest house, unpremitted. Waiting on agent regarding clarification on whether there is running water involved (bathroom) and whether workman like manner. Understand that no value will be given. I cannot find anything in the VA pamphlet regarding this; and seem to remember it would be ok as long as no value and not illegal. Thoughts? - Last Post by: KnowsBetter on 05/22/2017 @ 7:07 PMUnderstanding KB/Catherine (by: KnowsBetter) the mind of people on the right (aka KnowsBetter) and why their brains are so saturated w/ Right Wing bias. - Last Post by: KnowsBetter on 05/22/2017 @ 6:35 PMWatch how leftist media covers this... (by: KnowsBetter) at all. Breaking: ‘Complete Panic at Highest Levels of DNC Over Kim DotComs Seth Rich Announcement On Saturday, an anonymous person who works in Washington DC alleged on 4Chans /pol/ subgroup that high-ranking current and former Democratic Party officials are terrified of the Seth Rich murder investigation. This comes after internet hacker Kim DotCom admitted on Saturday that he was part of an operation along with Seth Rich to get stolen DNC emails to Wikileaks. The anonymous post released Saturday reads: <i>Anons, I work in D.C. I know for certain that the Seth Rich case has scared the **** out of certain high-ranking current and former Democratic Party officials. This is the reason why they have backed away from impeachment talk. They know the smoking gun is out there, and theyre terrified you will find it, because when you do it will bring down the entire DNC, along with a couple of very big name politicians. It appears that certain DNC thugs were not thorough enough when it came time to cover their tracks. Podesta saying he wanted to “make an example of the leaker is a huge smoking gun. [...] Their behavior is near open panic. To even mention this name in D.C. circles will bring you under automatic scrutiny. To even admit that you have knowledge of this story puts you in immediate danger. If there was no smoke there would be no fire. I have never, in my 20 years of working in D.C. seen such a panicked reaction from anyone. I have strong reason to believe that the smoking gun, in this case, is out of the hands of the conspirators, and will be discovered by anon. I know for certain that Podesta is deeply concerned. Hes been receiving anonymous calls and emails from people saying they know the truth. Same with Hillary.</i> I predict the leftist media will bury this story. Cant have their master, the DNC, imploding now, can we? - Last Post by: KnowsBetter on 05/22/2017 @ 6:15 PMInvestor Rehab Loan/Purch/FL/Flip (by: velocity) for a lender that will finance the purchase of a home that needs rehab. The investor has the money for the down payment but will need to finance the rehab cost. He plans to sell the property shortly after the rehab is done. Investor has 800+ scores. - Last Post by: velocity on 05/22/2017 @ 5:20 PMFHA refinance with HELOC in Chapter 13 (by: nowbroker) have two borrowers who are trying to refinance their FHA mortgage - a woman and her mother, who was a non-occupant co-borrower. They want to refinance into either another FHA mortgage or a conventional loan, remove the mother from the loan and put the womans husband on the loan. He has a 709 FICO and had a chapter 13 bankruptcy discharged in 04-2014. Looking over his credit report I noticed this, among many others: Mortgage (HELOC) that was included in Chapter 13 loan, marked "ACCT INCLUDED IN CH 13 BANKRUPTCY; HOME EQUITY LOAN; BANKRUPTCY COMPLETED; CH 13 BANKRUPTCY; CLOSED BY CONSUMER(APP2)(TUC)". Do I have to count this bankruptcy as a foreclosure since a mortgage (HELOC) was included and does the waiting period become 3 years on FHA and 4 years on conventional now? - Last Post by: nowbroker on 05/22/2017 @ 4:51 PMStock Mortgage brochures/fliers (by: staying informed) anyone have a recommendation for a company that offers customizable materials for mailing or email attachments? Thank you in advance. - Last Post by: staying informed on 05/22/2017 @ 1:57 PMSupreme Court Rejects 2 Congressional Districts In (by: SuperCoop) The Supreme Court has upheld a lower court ruling that struck down two North Carolina congressional districts, saying the state relied too heavily on race in drawing them. Another win for the US ! - Last Post by: SuperCoop on 05/22/2017 @ 1:56 PMHERO and FHA (by: 1stintegritymortgage) HERO subordinating behind FHA now? I just got off the phone with a Realtor, and she told me she spoke to a HERO representative earlier today, and was told theyll subordinate behind FHA mortgages now. Is that true? I havent heard of any changes in that area. - Last Post by: 1stintegritymortgage on 05/22/2017 @ 1:54 PM90% bnk statement FTHB 760 Colorado (by: sando119) have a client looking to do a 24 month bank statement loan and is credit score is 760 and he can put 10% down and the sales price is 650K and its a SFR. He is a 1st time home buyer and self employed. I can verify 12 month cancelled checks of $2500 a month for rent. If you know of a lender that doesnt have an overlay for FTHB at 90% or maybe 85% please chime in. - Last Post by: sando119 on 05/22/2017 @ 1:30 PMDocusign - Delivery Dates on Disclosures (by: broker) you send out Docusign disclosures within the 3 days but the customer doesnt look at them until Day 4 are they invalid? We just started using it. - Last Post by: broker on 05/22/2017 @ 1:08 PMLiberals, this is your party (by: KnowsBetter) “Total Media Blackout on Coverage of Fraud Case Against DNC The DNC fired three top officials after the Democrat Party was caught rigging their primary against Bernie Sanders last year. This came after Wikileaks released emails that revealed how Democrats rigged the primary in favor of Hillary Clinton over Bernie Sanders. DNC Chair Debbie Wasserman Schultz resigned as party chairwoman after the emails emerged. Bernie Sanders voters were outraged after Wikileaks released emails that Sanders was cheated. A group of Sanders supporters sued the DNC. The case is now being held in court but the mainstream media refuses to report on it. *** Wash...wash...wash yer brain. - Last Post by: KnowsBetter on 05/22/2017 @ 12:15 PMThe Inconvenient Truth About the Democrat Party (by: KnowsBetter), why dont you learn something today? When you think of civil rights, who comes to mind: the Democrats or the Republicans? Most people would answer, “Democrats. Most people would be wrong. As shown by Carol Swain, professor of law and political science at Vanderbilt University, the Democrats voted against the 13th Amendment, which freed the slaves, and the 15th Amendment, which gave them the right to vote. The party would prefer that you dont know its dark 200-year history. But you can watch our new video to find out. - Last Post by: KnowsBetter on 05/22/2017 @ 12:12 PMUWMs AMCs are such a ripoff (by: KnowsBetter) got another great example. First, I know both appraisers in my area and they charge the same amount for the same types of appraisals. In this case it was a conventional SFR, and both appraisers charge $375 for those. Second, UWM owns all three of the AMCs they "allow" you to use. So...I ordered a rushed conventional appraisal recently. They said they reached out to appraisers for rush ETAs and prices, and one agreed to get it done in 4 days for an extra $200 for a total price of $785. The appraisal just came in and, lo and behold, they only paid the appraiser the normal $375 and pocketed $410 for themselves. The appraiser never rushed anything, was never informed it was being rushed, and never agreed to an extra $200 to get it done quickly. The AMC simply charged the borrower an extra $200 because they could get away with it. Ugh. - Last Post by: KnowsBetter on 05/22/2017 @ 12:06 PMLinkedIn (by: gcapozzoli) All, Does anyone pay attention to LinkedIn? I am not looking for a job which is the first thing people say to me when I ask about LinkedIn. It is great for people looking for positions. I send people over to appropriate departments everyday who are looking for positions. I read the articles people post and have posted a couple myself. I find the posted articles to be pretty interesting after you wade through the posted ads. In some cases I even learn from the ads. I just hit my 14,000th connection (95% mortgage industry people) this morning which is what brought this to my mind to post about it. - Last Post by: gcapozzoli on 05/22/2017 @ 10:55 AMFinally! A President with balls. (by: KnowsBetter) Flies From Saudi Arabia to Israel. Nobody. Trump Just Did. SOMEONE must break the impasse in the Middle East. Donald Trump is the man for the job. - Last Post by: KnowsBetter on 05/22/2017 @ 10:19 AMAnd every single one of em is liberal... (by: KnowsBetter) ever data on US transgender surgeries reveals huge surge in demand: Rate of operations skyrocketed 20% in 2015 ~ The American Society of Plastic Surgeons started documenting the rate of gender reassignment operations in 2014 ~ In 2015, data showed a 20% increase in operations to 3,200 nationwide ~ Experts say the figure is likely three times higher but hospitals do not yet have a uniform way of documenting it ~ A leading surgeon in the field told Daily Mail Online that prominent transitions have contributed to the shift in attitudes, demand and <b><font color="red">insurance coverage</b></font id="red"> Theres even a handy little video that shows how a plastic surgeon lops off a penis and creates a vagina in its place. And we will all be paying for it through higher insurance premiums. <i>Niiiice.</i> - Last Post by: KnowsBetter on 05/22/2017 @ 10:10 AMJumbo Texas cashout lender needed (by: vmatney) will be a 75 or 80 LTV Texas cashout with a loan amount of a little over a million and cash in hand of about half a million. Are there any jumbo lenders that do TX cashouts like this? LTV is obviously flexible if need be. - Last Post by: vmatney on 05/22/2017 @ 09:46 AMPre Screened Credit Leads, BOs trusted source!! (by: raymondb)<font size="4"><center><font color="red"><b>UPDATE: 1-20-12 Pre Screened Credit Leads! As low as 10 cents per name depending on filters, quantity, and order frequency! </font id="red"></font id="size4"></b></center> Leads directly from the credit bureau meeting your exact credit filters. If you are running a marketing campaign that requires a specific credit score, loan amount, revolving debt, Bankruptcy,this is the only database you will ever need. These lists are very accurate (running 85-95%) I have upgraded my service agreement to a real time feed on the count system to ensure you have the most up to date and fresh information. You can filter for various industries... any mortgage program including Fannie mae, debt settlement, credit repair, and loan modification. Here are the filters I recommend for each niche... <b>Mortgage </b> -(Jumbo, FHA, Fannie DU +, VA, Reverse, conventional, debt consolidation loan, Purchase) <b>Debt settlement</b>- (20k+ revolving debt, multiple revolving trade lines with delinquencies, fico 620 or lower) <b>Credit Repair</b>- (500-600 fico, trade lines, delinquencies, late(s), home owners?) <b>Loan Modification</b>- (loan amount, 30-90 days late currently, no current bk) Every count and list is pulled fresh from the bureau specifically for that order...we DO NOT sell old or pre sold data like other vendors are known for! The bureau data is what I personally recommend for all mail campaigns and at least 75% of all call campaigns! What more can you ask for than to get the best marketing data from Broker Outposts most trusted longest lasting marketing source? And at the best price, Guaranteed! [;)] Let me know if you have any questions please visit our website here.... or contact me directly, contact info is below - Last Post by: raymondb on 05/22/2017 @ 09:43 AMHow to Hire an Overseas Telemarketer... (by: KnowsBetter) easier than you think. There are a lot of ways to hire an overseas telemarketer and the reality is a lot of the professionals on here started off as people just getting started and they learned their way around it. There are more nuances to it than I can cover in this post, but heres how you can get started, a few things to think about, and hopefully others can share their thoughts/experience to make this a really helpful thread. First, most folks want to use Filipinos. Theyre pretty accent neutral (tend to sound Latino if you dont know any better), speak English fluently, and inexpensive ($3-$5/hour is a good starting point). On the downside, you typically will have to pay them via either PayPal or Western Union, both of which Ive done without problems, unless you do dispute their labor. Another challenge working with them is legitimately their internet isnt always as reliable, especially if youre getting out of Manila and heading to more rural areas. More useful info at the link above and at this link [cut/paste]. - Last Post by: KnowsBetter on 05/22/2017 @ 09:06 AMFamily Opportunity Mortgage (by: KnowsBetter) anyone know anything about this program? Who offers it? I think its a Freddie Mac product. Qualifications for Elderly Parents These are the basic requirements for adults wishing to purchase a home for their elderly parents. The elderly parents must either be in a situation where their income is not sufficient to be approved for a mortgage or they do not have the ability to work. The elderly parents must live in the home as their main residence. Unlike the qualifications for college students, theres no requirement of distance between the home of the elderly parent(s) and the home of the adult child. The elderly parents are allowed to be a co-borrower on the mortgage, but it is not necessary. The adult child will be the primary focus of the mortgage application. The adult child may own a primary residence in addition to applying for the home of their elderly parent. - Last Post by: KnowsBetter on 05/22/2017 @ 07:49 AMWho has the best leads to purchase (by: raymondb) for any insight. I am just getting back in the industry after being out for the last 6 yrs. I wanted to purchase leads and wanted to know who you all think provides the best leads. Thanks for any help. - Last Post by: raymondb on 05/22/2017 @ 06:26 AMNut Job (by: KnowsBetter) Trump told Russian officials last week that he had fired the "nut job" FBI Director James Comey to ease the pressure of the mounting investigation into his campaigns ties to Russia, according to a report from The New York Times. "I just fired the head of the F.B.I. He was crazy, a real nut job," Trump told the Russian foreign minister and U.S. ambassador on May 10 during an Oval Office meeting, according to a transcript of the meeting read to The Times by a U.S. official. "I faced great pressure because of Russia. Thats taken off." White House press secretary Sean Spicer did not dispute the account of the conversation to The Times and, in a statement to NPR, argued that the Russia investigation was harming U.S. foreign policy. Keeps getting better and better - Last Post by: KnowsBetter on 05/22/2017 @ 05:22 AM