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FHA REFI CASH OUT AS OF 04/01/09 ONLY 85% LTV IS THIS TRUE?

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April 30 - US
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Profile picture for MN Mortgage Mom
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Self promotion on Zillow?  Tisk tisk, Mickey.  Know the rules or head on out.  And please make sure you are stating facts before accusing a company's prez about being in prison.  Your behavior on these boards is really pitiful.
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May 05
I stopped doing that once I learned it was frowned upon. Nice try buddy. Only been on 2 days so considering I stopped yesterday get with the program. I was commenting on how Greg attacks people rather than tries to help him. Nobody frowned upon that so I did. You are just another pawn.
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May 05
Profile picture for DavidG
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Shutting this thread down and begging you all to start behaving like adults and professionals. 
Keep the personal attacks out of this forum please.
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May 05
Profile picture for ColoradoLender
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Who is "us all" Mickey?  Have watched you post on here for a couple days now and not seen any one agree with you or hardly acknowledge your presence except to ask you to stop begging people to contact you. Do you see anyone else posting their contact info on every thread begging for the consumer to call them?  Desperation is a stinky cologne Mick.





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May 05

You guys remind me of an annoying couple, just like Thelma and Louise and you wont quit till you drive off a cliff. Do us all a favor already. Its a young mans game so see your way out old timer.

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May 05
Profile picture for Gregorio Denny
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Yup Joe. We better go cry now!
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May 05
Profile picture for jcaf1918
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I guess he told us Gregorio....

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May 05
Profile picture for Gregorio Denny
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I dish out facts, not libel my friend! You should try it.

5% with a discount point on FHA. Now that is laughable!

Nice quotes genius!

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May 05

BTW Joe, how is your president doing? Last I heard he was doing 6-10 for Wire and Bank Fraud?????

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May 05
You are not considered competition and stay out of my profile stalker. And can someone tell cry baby Greg to chill out. I feel like I am arguing with a 12 year old.

Don't dish it out if you cant take it you big baby.....Or I am going to tell my mommmy, whaaaaaaaaa whaaaaaaa!!
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May 05
Profile picture for jcaf1918
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Mickey...Normally I could care less what other people quote as long as they are not hiding anything.  However since you bragged for the last two days that you were going to blow all of us out of the water, I could not resist

5% with 1% origination???


Forgive us if we are not quaking in our boots over the new competition

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May 05
Profile picture for Gregorio Denny
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"Just because you asked your friends to make up fake accounts so they can rate you doesnt mean you are any better than the next person here."

Your mission, should you choose to accept it is to do 3 things today
1) Google the word Libel.
2) Familiarize yourself with this law firm and their track record.
3) Check your mailbox in 2 business days.

Have a wonderful day


Have a nice day.
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May 05
Okay IHOP, again wrong. Money has been ponied up and I cant wait to blow you out of the water. Just because you asked your friends to make up fake accounts so they can rate you doesnt mean you are any better than the next person here. Go through your last 20 posts. Guarantee none of them were useful information. Just worthless Gregarious Contributions. Everyone on this site is now dumber for listening to you. Go back to your chop shop and leave the real business to people who care.
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May 05
Profile picture for Gregorio Denny
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Dear Mr. Mouse,

Some of us here fact check posts so the consumers don't have to wade through pages of endless spam and self promotional drivel. (Your specialty) This has nothing to do with post count. Maybe after you have been here a while and have exhausted yourself of the bottom feeding and trying to drum up business you will pony up the $25 and a set of valid credentials so you too can be a "confirmed" lender and contribute useful information to the public.

Carry on.
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May 05
You were not saying that a year ago when you were not a broker. Some banks treated our customers right and that is why we are still around, further we are Licensed to sell directly to Ginnie Mae so loans do not stay on our lines more than 5 days. We have a Strong in Georgia. Check it out. They are hiring. Anything else?
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May 05
Profile picture for Georgia Loans
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Mickey, Gregario removed the false hope of doing a cash out at 95%. You dont need to worry about Brokers, you should instead worry about hanging onto lines of credit and not maxing out the ones you have. Richard Branson seems to think the Broker avenue is good and he is a pretty successful guy.
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May 05

I dont understand why some LO's choose to be bullies. For instance, Gregario just because you sit on this website and constantly post sarcastic remarks to increase your contributions does not mean you are providing a service to the mortgage industry.


And Clay, the brokered industry is dieing. I would get out if you still can.

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May 05
Profile picture for jonwoolner
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go to hud.gov and sign up for the automatic email updates - all the mortgagee letters containing the changes made by hud will be automatically be emailed to you.  no spam. no ads.  it's really useful.
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May 05
Profile picture for Gregorio Denny
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Since January 2009

Kenton,

I'm baffled as to why you have to ask anyone anything. It's YOUR job to be up on things like this, especially if you are holding yourself out as an expert and answering questions on a very public forum such as this. If you don't even know the most basic FHA guidelines why would anyone trust you with a stick of gum, much less their home?

Your profile says:

"Being committed to education, I believe it is essential for growth. Education is two-fold; I continually find new opportunities to receive the proper education so I can relay the information to my clients."

Well, generally one educates himself before attempting to educate others; you seem to have gotten it backwards in this case.

Good luck to you.
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May 05
Profile picture for Kenton Becker
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Thanks for the info Gregorio. I will make sure to ask my investors why it's still on the rate sheets as 95% then. If I am wrong I will gladly come back and admit my mistake.

Thanks again.
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May 04
Profile picture for Gregorio Denny
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Wow Kenton, you must have some extra special investors that can do FHA cash out refis all the while ignoring FHA guidelines. How does that work exactly?

I took the liberty of uploading the document for your viewing pleasure.

READ
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May 04
Profile picture for Kenton Becker
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Maybe its just the banks and lenders that you work for or work with??? But my guidlines (that im looking at right now) say...

"Cash out refinances from 85.01% to 95% require 680 FICO"

Since we are a bank and lend our own money, its based on what our investors say.
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May 04
Profile picture for Gregorio Denny
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"why is it kenton seems to have different standards than the others?"

Because Kenton works for Fantasy Island Mortgage!

Da Plane, Da Plane

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May 04
Profile picture for titan10
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why is it kenton seems to have different standards than the others?
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May 04
Profile picture for Kenton Becker
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We can go up to 95% for an FHA cash-out refi with a 680 mid fico. Also depends on the rest of the scenario, but might be worth a look.

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May 04
Not sure I envy "delegated" underwriting on any files these days with the agency's attitude of heavily scrutinizing every delinquency, incorrect MI, valuation compliance or default for repurchase. The turn times and expectations are manageable. Mistakes can take you off the map.
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May 04
Profile picture for yaegermike
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Clay, They can fund your loan even before you apply. God is underwriting the files.
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May 04
Profile picture for Georgia Loans
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We are Brokers. I stated your wholesale division is running 4 days in underwriting so based on the previous loans we have closed there, it averages about 12-14 days to fund, so I dont see a 45 day spread between you and me, as you stated in this thread.  

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May 04

Actually less. 48 hours max underwriting period and we close in 10 days average. I was under the impression that this was the standard in Direct Correspondent Lending? What is your licensing?

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May 04
Profile picture for Georgia Loans
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Your Wholesale Div is running 4 days in U/W and they consistently close in 15 days.
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May 04

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