Greg Darlin's Discussions

Chase2327,The only thing you can, currently, do is to sell your home via a short-sale.  it avoides a foreclosure and the ugliness of a Bankruptcy.A short sale is simple.  The bank agrees to accept what the sale price of your home and will forgive the remaining mortgage balance.  Please check with your Lender and/or Bank for details.Also, please check with your tax advisor as to make sure that current tax code allows for the, "forgiven," portion of the loan not to be included in your income for tax purposes.Good Luck!

Many Lenders will use online statements today because the important information such as name, account number etc., will be on the statement.  If all you have are online statements then the Lender can do a Verification of Deposit instead.  They contact the institution and verify funds. The form 4506T gives the Lender the ability to request tax transcripts from the IRS.  In today's market, If you are doing a Stated Income loan, expect the Lender to check with the IRS.  If you are a W2 employee, then the chances of the Lender checking is pretty unlikely.  Almost all Lenders requite it to be signed and keep it in the loan file for compliant reasons. If you have any more questions, feel free to e-mail me at: greg@choicefinance.net  

I will move to Florida is the guy can do 5% on a 30 yr fiex Agency Jumbo with no points!!!  Is the guy an esacpee from the local hospital?  :-)

I have flagged hundreds of quotes.  It doesn't seem to stop the offenders at all because the next day, and after that, they keep quoting rates that are impossible to get: 729k, cash-out at 88 LTV, in a county whose max FHA, FNMA is 560k!  They don't read the loan criteria, or do and don't give a sh&#.  I made a mistake or two on some quotes, went back and deleted them without anyone ever contacting me.  I was rushing through and didn't notice investment property etc.  An honest mistake once in a while is okay and forgiveable.  But, the constant bait-and-switch is insulting.  Worse yet is the that Johhny/Jane Borrower calls the liars and they get business after all the fast talk.I keep flagging because I hope that somone from Zillow will kick them off.  It really degrades the integrity and quality of Zillow.com as well as honest Lenders/Brokers who are quoting straight.

Have a borrower who insists that another Lender can give him---get this, a Agency Jumbo, 30 yr fixed rate at 6.375 with only 1.8 points.  Sounds like the Lender is swinging from the heels . . .  But, the property is a 2 unit investment property in D.C., selling for 960k and the mortgage is 625k.  I have searched high and low and cannot find a Lender who will do that: not part of the deal with Agency Jumbo.  In otherwords, the 2 unit investment property doable for normal FNMA didn't carry-over for the Agency Jumbo.  Too many Lenders and Brokers simply assume that the guidelines for the normal FNMA, Freddie and part of the Stimulis Act crap.  Just look at the stupid quotes on this site as testimony!  And yes, the Lender is on Zillow! I can't find the guidelines online and I am not in my office.  Can anyone point me to the website that I can gain access to tonight?I would appreciate the help.

Thanks guys,I wanted my borrower to see it.  He did and is in agreement to put down more money, making loan amount $533,000 and giving him the FNMA rates because two unit properties go up to $533,000 and change.Gotta love the Lenders on Zillow who make life hard for the rest of us by the bait and switch!  Speaking of that . . .I flag the fraudulant, arrogant Lenders and their quotes all the time.  They make Zillow and us look like a bunch of crooks by their deception.  My stance is I am settling extra loans monthly through Zillow so I want to help protect the integrity of all who are honest and competitive.  So, I finally got two responses from Zillow on some of the flagged quotes.  Maybe they are getting sick of me flagging crap quotes and are doing something about them.  Take a look at some of the quotes I flagged and they are looking into:ZQ-VJKDBFC, ZQ-QKKBBWJ, ZQ-CMLJNTZ, ZQ-LRCSRBC, ZQ-NMFNCYQ, ZQ-TMZXCDJ, ZQ-PMMWPBRThe quotes are as pathetic as the Lenders who quoted them! 

I receieved the e-mail questionaire a few days ago, filled it out and gave, what I thought, were some suggestions. My biggest sugggestion was to monitor quotes and get the sleezy lenders off the site that are misquoting every day.  It really peeves me to lose business to slimy business practices.  There is a guy from Fairfax, Va who misquotes ALL THE TIME and he has been flagged over a hundred times by me.  But, I still see his quotes.  It is hard to compete with someone like that. Second suggestion is to clean-up things where the Lender puts closing costs.  There is no room for a credit by Lender.  Last time I checked a Lender/Broker cannot waive normal fees but has to give a credit on the GFE.  If they don't do it that way they could be opening themselves up to a huge discrimination suit. Lastly, I suggested they don't start charging us for quotes etc. Hopefully, they will listen.  It is a great site and I have gotten some good extra business from it. 

Lender fees very.  Typcial Lender fees are:1.  Processing: $450.002.  Underwriting: $425.003.  Doc Prep: $275.00 So, if you are talking about strictly lender fees, then your figure is average.  However there are many more fees to the loan . . . State Fees: recordation, transfer taxes. Title Fees: too many to list! States very in their fees.  So, really the only fees to compare with lenders are their fees.  Everything else will be misc., pass-through fees. All in all, if a lender is not charging points, the variance in fees from lender to lender is plus or minus a few hundred dollars.  So, stop all the shopping around, pick a good rate and lock it in!

What is the rate?  I see alot of BS quotes in Maryland!

[off topic, removed by moderator]