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Replies (21)
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Well Hot Damn...
- James Richards, "James Richards GA"
- Contributions:53
Well the adjustments for score and cash out pretty much killed the conforming anyway
- MartyPF3785
- Contributions:24
Not like they are doing anything better than Genworth, Radian or anyone else anyway.
- Andrew Adams, "203K Specialist"
- Contributions:9349
I would comment but some brokers would accuse me of bashing!
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Don't be surprised to see similar followings.. Just as the biggies have too pulled out of wholesale, the MI companies may be wanting to consolidate for capital reasons and "buddy up" to the now RETAIL ONLY large lenders (ie CHAMU... pronounce Shamu)... The bigboys may be knuckling down the MI partners to make a decision to align with "them or us".. Time will tell.. I had gotten wind of it a little early, but here in FL, MI (although people think they hate it) will be begging for it if their home purchase is above FHA limits. The ironic part about MI in general... we built entire marketing schemes painting them to be the "bad guys" and replaced them with piggybacks and 80/20's as MI was "just a license to steal".. Be careful what we wish for.. We wanted it gone and now... it is.... murmur is more are moving that direction..... good luck and keep rockin'.
- Barry Dalton, "Barry Dalton"
- Contributions:492
The memo stated TPO, not sure that means it's exclusive to the broker channel. MGIC is requiring the account to be set up with them as to "identify" the TPO. These type decisions should be a concern for anyone not designated as a seller servicer.
- Rob Cochems
- Contributions:3523
PMI will still accept correspondent originations. All on the theory that a correspondent lender can actually absorb a loss. Good luck with that.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Combine that with the shrinking warehouse lines...I wish I was just watching this stuff unfold rather than actually being in the middle of it!
I decided to revive this because I just got the first of what probably will be many notifications.
Ineligible for Mortgage Insurance:
* Manufactured Homes
* Interest Only Loans
Any Third Party Originated Loan Over 80% LTV:
* Minimum FICO 740
* Maximum DTI 38
* Maximum LTV 90
* 1 Unit Primary Residence ONLY
So, my question. With this stimulus package and "helping" homeowners in trouble. How exactly and who exactly will be "helping" these 7-9 million Americans with their refinancing? If their LTV is over 80%, which I assume 100% of them will be, will they be walking into Wells Fargo to git' er' done? They are already at 90 day locks.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Gregorio,
What you posted, that came from TBW right? I haven't gotten that notification from anyone else except them. I know TBW is having some funding issues and ended up on Mortgage Implode yesterday. Maybe it's all around, I don't know, but I just checked a couple other lenders MI guildelines and they said nothing of that fact.
What you posted, that came from TBW right? I haven't gotten that notification from anyone else except them. I know TBW is having some funding issues and ended up on Mortgage Implode yesterday. Maybe it's all around, I don't know, but I just checked a couple other lenders MI guildelines and they said nothing of that fact.
Tammy, from what I understand, finding MI across the board is going to be very difficult from a TPO standpoint. Yes TB&W may have other issues (don't want to start rumors about them because they need to fund a few for me) but I don't believe this issue only pertains to them.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
I just checked on MGIC's site, they have nothing on any updated guideline changes. However, RMIC says this:
NON RETAIL ORIGINATIONS
Non Declining Markets 95% 700 min fico eff 3-9-2009
Enhanced Declining Market 90% 740 min fico eff 3-9-2009
Standard Declining Market 90% 740 min fico eff 3-9-2009
A- Loans are ineligible eff 3-9-2009
NON RETAIL ORIGINATIONS
Non Declining Markets 95% 700 min fico eff 3-9-2009
Enhanced Declining Market 90% 740 min fico eff 3-9-2009
Standard Declining Market 90% 740 min fico eff 3-9-2009
A- Loans are ineligible eff 3-9-2009
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Gregorio, just fund it prior to EOM and you should have NO problems!
- Andrew Adams, "203K Specialist"
- Contributions:9349
PMI made these same changes and would not be suprised when the others follow...
Tammy, my point was on a broader scale and the hope was to point out that the powers that be have no idea how to solve the problems that actually plague homeowners. If I hear about this stimulus package and how it will help people one more time I may vomit!
How do you refinance these people at 105% or 97% or 95% or even 91% in a declining CA market if the MI companies are saying no go to TPO. Are these being done without PMI? Are they all going to be done retail? Are they reporting that even with the refi they may not save anything on their payments at all if the value dropped from when they purchased it at 80%. No one is telling the truth, they are raising false hope and not one person seems to ask a rational question:
HOW ARE THEY GOING TO DO THIS?
Brokers are losing access to MI, turn times are through the roof. Borrowers are confused and misinformed and everyone is acting like something valuable was accomplished.
- Rob Cochems
- Contributions:3523
The market knows it Gregorio. Just have till wait till March to see if this is something different or more of the same from Washington.
In the meantime drown your sorrows with a little:
In the meantime drown your sorrows with a little:
- Andrew Adams, "203K Specialist"
- Contributions:9349
H4H all over again....just a bigger bill!
Rob, that looks delicious!
H4H was not my thing and this is not either, I just keep getting calls about it and I'm skeptical.
Who wants to bet that there will be a new influx of scammers looking to dupe people into refis that don't do anything but line their pockets?
H4H was not my thing and this is not either, I just keep getting calls about it and I'm skeptical.
Who wants to bet that there will be a new influx of scammers looking to dupe people into refis that don't do anything but line their pockets?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
I'm hungry.
- Rob Cochems
- Contributions:3523
You know Gregorio I read somewhere that if you put less then 30% down in 2003 when you bought in California you are upside down.
What happens to all those people in between that are over 105%? I have a feeling these are the people that will be taken advantage of.
What happens to all those people in between that are over 105%? I have a feeling these are the people that will be taken advantage of.
"You know Gregorio I read somewhere that if you put less then 30% down in 2003 when you bought in California you are upside down. "
That sounds about right.
I don't even know how they are going to help the people at 97.75% that don't need a special program. I have had so many people that bought with 20% down and want to refinance now and it makes no sense to do so. Sure, they can get a better FHA rate, but you add the premium, the insurance and the impounds and you have done nothing to address their reason for wanting to refinance.
Is everyone in Washington a moron, or are they just so out of touch that they are being advised by the wrong people?
That sounds about right.
I don't even know how they are going to help the people at 97.75% that don't need a special program. I have had so many people that bought with 20% down and want to refinance now and it makes no sense to do so. Sure, they can get a better FHA rate, but you add the premium, the insurance and the impounds and you have done nothing to address their reason for wanting to refinance.
Is everyone in Washington a moron, or are they just so out of touch that they are being advised by the wrong people?
PMI pulls out of broker originations
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- 4.7/5.0
- (9 reviews)
Contributions:3523Link
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