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How's my good friend John Arvanitus. I love that greek son-of-a-bitch!
Used to work for him and miss him dearly!
Haha that crazed greek is getting by, FHA saved all of our asses. Lot of turnover since I came on a few years back, even Rich left. I'm still in business, so, can't complain. Where do you know John from?
Lender rating
Since January 2009
I have closed several. They are not as complicated as they make it seem.
I have never heard so much wining come out of a lender in my life. Do you mind sharing a competent wholesale lender that can actually close these smoothly? And how long is normal for an underwriting turn time (submission to approval, assume complete package)?
Lender rating
Since January 2009
We do them correspondent through Cwide and Chase. I am not sure if Countrywide will do them through a broker channel, I know chaase won't. The options are limited, that's why Wells gets away with charging 104.5 to do them.
Lender rating
Since January 2009
We do them correspondent through Cwide and Chase. I am not sure if Countrywide will do them through a broker channel, I know chaase won't. The options are limited, that's why Wells gets away with charging 104.5 to do them.
Hey Andrew! I experienced the 203k training this afternoon. There is a lot of paperwork involved! But, like anything, you get used to it and become more efficient. You do have to make sure that the borrower, the builder, the appraiser, and etc fill out the documents completely or you will get it sent right back to you. I don't think it's a bad program, but I probably won't be doing a ton of them. By the way, our pricing is capped at 103.
Jim Behrmann
Lender rating
Since January 2009
That would be a change from what it was.
Did Tina L do the training?
We do them retail but I'm not sure we wholesale them. It takes us on average 60 days from app to closing. If the buyer is on the ball about getting their bids etc. it can go so much faster....
Lender rating
Since January 2009
I do them through you E.
Ok, if I have to....
So nobody knows a reliable wholesale channel for these abatrosses? Thats sweet. I guess it is a blessing in disguise because apparently a total of about 7 people have ever heard of this loan HAHA and, I also attended a training and thought, "you know, this looks pretty simple". Months later, 0__o
Anyways, the file is supposedly at the doc drawer now. We shall see what is what.
and no offence, I dont like wells fargo at all, product, pricing, turn times, none of it
Lender rating
Since January 2009
Lender rating
Since January 2009
Who said anything about Wells?
Lender rating
Since January 2009
Andy did....
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Has any LO here actually CLOSED a 203(k) rehab loan?
Aaron Opfell, "SunriseVistaMortgage"
Mortgage Lender
Lender rating
4.8/5.0
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Contributions: 247
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Long time FHA correspondant here. Recently I had to delve into a 203(k) rehab loan for a property that had looter damage (missing toilets, cabinets, light fixtures). Normal FHA wouldn't touch the property. We allready had a complete package (appraisal, title, contract stips etc) So, we did it up as 203(k)s and submitted it to a brand new 203(k) approved lender.
After 5 days I call the lender to see what the deal was and their response was "broker package not approved". So, we wait for another few days and then supposedly the file goes into U/W. Well, two weeks later we get our "approval" which apparently was done in 1993 becuase thats time period the conditions came from 0_o , there was 2 full pages of conditions in size 12 font I am not even kidding you. Turns out also the 'lender' was a bunch of co-broker net branch bull**** front of mason mcduffie mortgage company. No wonder it took so long there were two sets of underwriters....
So now, we put it into someone who looks a lot more legit, conditions are a lot lighter. All PTD's in, 3 business days go by. Underwriter gets "sick". 4 more days go by. Instead of our docs out, we instead get an approval, which somehow DOUBLE the amount of conditions it had before. One of the conditions was, (direct qoute) "XX. Maybe subject to additional conditions". ??? Rep is pretty cool but come to find out he has never done a 203(k) either. Supposedly we go into line for docs tommorrow but I'm sweating bullets.
Has anyone actually closed one of these? I need some advice/consolation.
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