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!Borrower Wants To Switch Lenders After Lock (by: SDLO)https://forum.brokeroutpost.com/loans/forum/2/336306.htm#1792877I have a borrower who insisted on locking her FHA loan last week before the fed rate hike. Rates for her particular scenario and score have dropped about .25% since then and she is saying that if it drops any more she wants me renegotiate with the current lender or move her to another lender to get the lower rate. She says "her last broker did this". I explained to her that she has a great rate and will be saving several hundred dollars per month and she still isnt satisfied. Any advice would be greatly appreciated. Thanks - Last Post by: SDLO on 03/24/2017 @ 10:19 PMFAA Certified Icon A5 Amphibious LSA (by: syntheticheroin)https://forum.brokeroutpost.com/loans/forum/2/336312.htmOnly took 9 years. Dont count on one being tied up @ Your Dock anytime soon either: 2000 orders back logged. 200gs a throw. https://www.youtube.com/watch?v=vJfluKmTc9Q - Last Post by: syntheticheroin on 03/24/2017 @ 9:17 PMBureaus Stop Collecting Judgement info on Credit (by: RyLoans)https://forum.brokeroutpost.com/loans/forum/2/336307.htm#1792875Hopefully this isnt a dupe thread. https://www.washingtonpost.com/realestate/many-mortgage-applicants-will-get-a-surprise-boost-in-their-credit-scores/2017/03/07/b1018620-0347-11e7-b9fa-ed727b644a0b_story.html I wonder if lenders are going to start doing separate background checks on judgments from LexisNexis. - Last Post by: RyLoans on 03/24/2017 @ 8:26 PMProvident Funding (by: RyLoans)https://forum.brokeroutpost.com/loans/forum/2/336302.htm#1792874So I was solicited today by Provident to re-up. They said theyve learned their lesson, etc.. blah, blah... actions speak louder then words. Anyway, in reading the broker agreement, I came across the following: R. The Company will reimburse Provident Funding any and all compensation paid to the Company by Provident Funding and any amounts paid by a borrower to the Company and subsequently paid by Provident Funding to a borrower if any loan is rescinded by a borrower. What would Provident pay to a company prior to a loan rescinding?? Also, I saw nothing in the agreement regarding tiers about rate locks or such?? - Last Post by: RyLoans on 03/24/2017 @ 8:09 PMVA Loan (by: BMill)https://forum.brokeroutpost.com/loans/forum/2/336281.htm#1792873UW wants a FULL WVOE - well, we got a WVOE with just current income from his commanding officer, however, UW wants full blown from DFAS and DOD - anyone have any secrets as to how this works.... Can the borrower do it? Is it faster that way? Closing in just a few days - just asked for this. - Last Post by: BMill on 03/24/2017 @ 6:51 PMMaxwell (by: Bill.rich)https://forum.brokeroutpost.com/loans/forum/2/336291.htm#1792872Im thinking about using their software. Can anyone provide any feedback about them or something that is compatible with it? I currently use Calyx as my LOS. - Last Post by: Bill.rich on 03/24/2017 @ 6:47 PMHawaii Lead (by: Bill.rich)https://forum.brokeroutpost.com/loans/forum/2/336311.htm#1792870Why they call me knowing I am only licd in CA, CO, FL, TX can be a headscratcher. Please "YOU" gotta be licensed there directly. - Last Post by: Bill.rich on 03/24/2017 @ 6:36 PMEver had issues with plagiarism? (by: KnowsBetter)https://forum.brokeroutpost.com/loans/forum/2/336286.htm#1792867Someone, Im assuming a competitor, forwarded a newspaper article to me that was plagiarized from my marketing work. Agent had to cough up some cash to avoid attorneys/court costs Anyone else ever have to deal with this? Ever turned in a competitor for illegal or stolen advertising? - Last Post by: KnowsBetter on 03/24/2017 @ 4:05 PMreverse (by: petek)https://forum.brokeroutpost.com/loans/forum/2/336308.htm#1792864Does anyone know who the lender is who will take reverse mortgages down to a 550 fico? Thanks! - Last Post by: petek on 03/24/2017 @ 3:19 PMLP Streamline 1yr Tax Return New Guide (by: scottee10)https://forum.brokeroutpost.com/loans/forum/2/336297.htm#1792863What are lenders using to prove 5 yrs in the business? An old tax return? Biz license? CPA letter? Business website registration? What have you seen? - Last Post by: scottee10 on 03/24/2017 @ 3:18 PMLength of Time to Prevent Buyback (by: scottee10)https://forum.brokeroutpost.com/loans/forum/2/336310.htm#1792862What is the standard length of time for most lenders to prevent a buyback? Is it from the closing date or the first payment date? - Last Post by: scottee10 on 03/24/2017 @ 3:16 PMFHA CONSTRUCTION LOAN LEAD IN COLORADO (by: liverichly)https://forum.brokeroutpost.com/loans/forum/2/336309.htm#1792861PM me for details. - Last Post by: liverichly on 03/24/2017 @ 3:13 PMCredit and FICO Scores (by: aloanofficer)https://forum.brokeroutpost.com/loans/forum/2/336275.htm#1792841As reported before Credit Agencies will change the way they score potential buyers. Just received this below from my Credit Agency. My question is if this is what they are changing why are we going to continue to use the FICO score system if it does not cover what we need? Perhaps we go back to the old days of letters and common sense underwriting? New credit policy: Good for consumers, worrisome for lenders? Credit reports of many consumers could be affected when the three national credit bureaus stop collecting and reporting substantial amounts of civil judgment and tax lien information starting July 1, 2017. What could be a boon for some homebuyers - their credit scores will get a surprise boost - might prove worrisome for mortgage lenders, landlords and others who depend on credit reports to evaluate their potential customers. In a little-known policy shift, starting July 1 the three national credit bureaus - Equifax, Experian and TransUnion - plan to stop collecting and reporting substantial amounts of civil judgment and tax lien information on public records affecting millions of American consumers. - Last Post by: aloanofficer on 03/24/2017 @ 12:58 PMExperian Judgments (by: aloanofficer)https://forum.brokeroutpost.com/loans/forum/2/336255.htm#1792837Hi guys, I use your advice from time to time and find it really helpful. I thought I would contribute some sound advice. This may sound crazy but... If your customer has a Judgment and Experian is 1 of the credit bureaus, Experian is giving away Free Deletes. Just have the borrower Dispute on line and within a couple weeks the Judgment with Experian will be gone. Of course you will have to re-score and the Judgment will still be there with the other bureaus and show up on title but if the mid score is Experian this could help. Transunion is getting easier too and Equifax is very tough. Lastly rumor has it the credit bureaus will stop obtaining Civil Judgment and Tax Lien info from the courthouses. This will help credit scores BUT you may be going in blind until you have title in hand. - Last Post by: aloanofficer on 03/24/2017 @ 11:51 AMLinked In (by: AlexMTG)https://forum.brokeroutpost.com/loans/forum/2/336280.htm#1792834I was on LinkedIn years ago, and since then have deleted my account. Never saw much from it. Much more of a FB person. Anyone on here get any business from it or referrals? - Last Post by: AlexMTG on 03/24/2017 @ 11:45 AMHard Money, Bridge loan Needed (by: brown14)https://forum.brokeroutpost.com/loans/forum/2/336298.htm#1792819Hello everyone, we have a customer that was advised not to make her mortgage payments so they could process a mod for her with principal deduction and now she is in foreclosure. We need a hard money, bridge loan, to get them out of foreclosure. Sale date is next month. The borrower has the capacity to repay the loan. Loan amount 450k California 00 Ltv : 69 Makes 8-9k monthly Thanks - Last Post by: brown14 on 03/24/2017 @ 11:13 AMstand alone 2nd mortgages (by: KnowsBetter)https://forum.brokeroutpost.com/loans/forum/2/336305.htm#1792778Ive heard a rumour that stand alone 2nds are making a come back...anybody know of a source for them? - Last Post by: KnowsBetter on 03/24/2017 @ 09:23 AMNew laptop for work (by: Broker G)https://forum.brokeroutpost.com/loans/forum/2/336303.htm#1792773What would you suggest for having encompass on a laptop? My laptop is just not reliable. Thanks! - Last Post by: Broker G on 03/24/2017 @ 08:17 AMThe Expert Network (by: KLandis)https://forum.brokeroutpost.com/loans/forum/2/336288.htm#1792767Anybody know about them? They have been bugging me. I said how many members? They said 10K. I said in Utah? They said no nationwide. She said most are Doctors, then attorneys, then mortgage professionals, then realtors. I said and you picked me why? I have a massive problem with you picking me. Thats a red flag. Anybody know about them? - Last Post by: KLandis on 03/24/2017 @ 06:44 AMCONSTRUCTION 3 FAM NY NOO (by: thefinanceguy)https://forum.brokeroutpost.com/loans/forum/2/336282.htm#1792766LOOKING FOR 750000 LTV UNDER 50 720 FICO 3 FAMILY NOO BROOKLYN NY - Last Post by: thefinanceguy on 03/24/2017 @ 06:10 AMRefi Paying Off Hard Money 2nd (by: Gillee Sherman)https://forum.brokeroutpost.com/loans/forum/2/336285.htm#1792762Hi Everyone. I am doing a refi for a self-employed client who has a hard money second that is due in full on April 1. We will likely not get the refi done until about 4/12. He is concerned that the lender may have an accelerated foreclosure process because it is hard money. I assume that any lender would have to go through the normal CA default process, but I am no lawyer so I am very hesitant to advise him on this. Any advice would be greatly appreciated. Thanks - Last Post by: Gillee Sherman on 03/24/2017 @ 12:06 AM2 FHA Loans, not Married (by: loancloser1342)https://forum.brokeroutpost.com/loans/forum/2/336304.htm#1792761Couple is not Married, the boyfriend purchased a home with FHA loan 3 years ago. He is the only one on title and on the loan. Can the Girlfriend buy another home FHA and have the boyfriend on the loan with her? - Last Post by: loancloser1342 on 03/23/2017 @ 9:18 PMBank Statement Loans (by: Bill.rich)https://forum.brokeroutpost.com/loans/forum/2/336290.htm#1792757Hi, we are licensed brokers in 4 states. I am looking for a lender that will do bank statement loans for owner occupied properties, purchase / refinance, for OHIO. Can anyone please suggest? Thanks, R Rose Equity Mortgage - Last Post by: Bill.rich on 03/23/2017 @ 7:26 PMQuick close (by: jfrederick)https://forum.brokeroutpost.com/loans/forum/2/336295.htm#1792748Lenders are doing well on UW right now. Lets say you had everything - even appraisal, title, etc. HOI also. Underwritten and locked same day. Next day, CD could go out. Could you really close that fast? PS - Looks like it. - Last Post by: jfrederick on 03/23/2017 @ 5:25 PMMissouri Purchase Lead (by: AlexMTG)https://forum.brokeroutpost.com/loans/forum/2/336299.htm#1792742Client looking to purchase 2nd home in the Lake Ozark area. Not licensed in the area. Looking for local broker to refer. Email me at patrick@galaxylg.com - Last Post by: AlexMTG on 03/23/2017 @ 3:35 PMdothop (by: azmann)https://forum.brokeroutpost.com/loans/forum/2/336294.htm#1792737anybody ever use them for advertising? - Last Post by: azmann on 03/23/2017 @ 2:46 PM$500K Heloc? (by: PBHardMoney)https://forum.brokeroutpost.com/loans/forum/2/336300.htm#1792728Hi Everyone. I am trying to get a HELOC for myself. I have double appd it so far with Wells and US Bank. Wells told me one thing on the phone and then approved me for $170k less (the u/w I spoke with said they have one qual rate and the real deal is much different). Still waiting to hear back from US Bank... I am pretty sure Brokers cant get this done, but does anyone have any good experiences with a bank (LOL) to get a HELOC done with the LEAST conservative qualification rate. I know chase is 1% of line amount... Any ideas? Other than the qual rate issue, we have 792 FICO, 75% LTV (ish)... Thanks in advance... - Last Post by: PBHardMoney on 03/23/2017 @ 1:30 PMFannie Mae guideline re rent back (by: scottee10)https://forum.brokeroutpost.com/loans/forum/2/336301.htm#1792718Does anyone know the maximum number of days for allowable rent back on an owner occupied RPA [Residential Purchase Agreement]? I think its 60, but I cant find the guideline online. Thanks. - Last Post by: scottee10 on 03/23/2017 @ 12:32 PMProvident "My Loan Zone" (by: azmann)https://forum.brokeroutpost.com/loans/forum/2/336293.htm#1792715Provident is sending this out so borrowers, real estate agents, brokers etc and check on their loan. I havent had time to check it out yet, since it came on today. But if it does what it say it does, that would be nice. - Last Post by: azmann on 03/23/2017 @ 12:15 PMH1-B Visa borrower (by: lemeuss)https://forum.brokeroutpost.com/loans/forum/2/336296.htm#1792706 what issues do you run into for H1-B visa borrowers ? - Last Post by: lemeuss on 03/23/2017 @ 10:35 AM