Why is Seterus referring their clients to a company capped at 125%?

Don't waste your time calling the mortgage company that Seterus will refer you to for a HARP 2.0 refinance if you are over 125% loan to value.

 The company they will refer you to has a cap of 125% and you will be wasting your time.

 I only Lend in Florida!

  • April 21 2012 - US
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Answers (9)

They refer people to Quicken and they are capped at 95% - than Quicken in returns strings the borrower along for months saying they can do the loan to ultimately declines it. Not sure how the place is still in business.
  • April 21 2012
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I'd be very curious to know the terms of the Seterus/Quicken referral  agreement.   
  • April 21 2012
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to change the subject on Quicken, they ran a commercial touting loans at odd amortizations, such as 8 year, 27 year, etc with the tagline that "Only Quicken offers this".

Most lenders offers it.

It looks like they crossed the line from hype to outright lie.
  • April 22 2012
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Prez, hearing that Quicken commercial bothered me too. It reminds me of the mortgage company that used to run No Closing Cost ads, highlighted on CNN ( Gerri Willis Show ) claiming they had something special when it was a loan structure that every single Lender or Broker could do , usually at a lower rate :) from what I saw. A 7 Year Amortization SOUNDS great when thinking about lowering your rate from 5% to 3% and maintaining the same number of payments left but there really isn't much benefit in that example. Using a $200K 30 Year at 5% the P & I payment would be $1073.64 and the new 7 Yr payment at a 3% rate would be $1043.85. Assuming $2200 in hard costs plus 1% origination, the savings from the refi would be $29.79/month. I guess the guy that sells the Little Schticky's could make it more attractive.    

BTW, one can also calculate the mortgage interest deduction " loss" and may find it's only about a net savings of $15 - $20/month so at that point we will throw in the Big Schticky AND the personal Schticky too.     
  • April 22 2012
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I have a HARP refinance that I am doing and Seterus is the current servicer.  The loan is processed and clear to close.  I also processed a subordination that I received a week ago.  I still can't get a pay off from this company because they keep losing my authorization.  I have had the client call twice and still no pay off.  I feel sorry for anyone serviced by this company!

 

I only Lend in Florida!

  • May 07 2012
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I've seen that soap opera before with Seterus. Some payoffs they allow 3rd party to order and then fax right away, others seemingly need 5 levels of security clearance to obtain.
  • May 07 2012
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Profile picture for lc35201

We received a refinance offer through qucik and loans and it has only been 2 days and our refinance is with the under writer and it is a no loan to value rate because we are 136% under water . We qualified and have had nothing but a good experience. I do have to add that our laon is a Freddie Mac Fannie mae loan and maybe this makes a different with the process. Not only this but I file BK 2 years alone, just on my own not my spouse and we we're stil lable to refinance with both of us on the loand and we did nto have to reaffirm it at all.. I can say I am happy wit hsaving 800.00 dollars a month.

  • November 07 2012
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^^^^^^^ What a response!  That would be a first!
  • November 07 2012
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Quicken can go over 125% ONLY for Seterus loans this is due to a servicing arrangement with their retail branch.   
  • November 07 2012
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