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Aaron Opfell's Advice

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  • 242 Contributions
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  • 13 Helpful

Aaron Opfell wrote:

what number can i call to get my id as a lender

Answer
Zillow reviews your information and then confirms you- you'll receive an email and the confirmed lender icon. This can take anywhere from 12 to 48 hours in my experience.
August 06 2009
(0)

Do any of these auto quotes include high-balance conforming rates?

Answer
From someone that does use Auto Quote API, the answer is at least for us yes. We process a number of different sources of leads through our API, some of which we shell out a lot of money for, so it is important that it be accurate.According to my count there are at least 6 different API providers doing auto quoting on Zillow. Each of course will have its own way of responding and evaluating requests. And since it is all automated, the API can sometimes make mistakes, which is why it is important to clarify things right away with the loan officer you contact. Even manual qoutes (I did these for a few months) are done in batches and can contain an error.
August 03 2009
(0)

Anyone know of a home for this loan?

Response
@RudyI was aware of the thread age. Figured I would help the guy out seeing as nobody else responded.Portfolio lending is an expansive term that can mean a lot of different funding sources. However, in my experience it is almost always more expensive than traditional channels, plus the fact that in this context the originator will have to broker. You disagree?
August 03 2009
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Can I streamline refi to 5 ARM?

Answer
Yes, technically since it is FHA to FHA you can streamline. However, going from a Fixed to an ARM (reverse of most) will be a little harder to get an underwriter to sign off on. It would really depend on the terms of the current loan, i.e. rate. But yes, a FHA Streamline has no appraisal, minimal closing costs and only 6 items of paperwork needed from you. Since underwriting turn times are fast now, if you acted quickly a closing before the end of the month is still possible.
August 03 2009
(0)

Advice on what the contents of Hardship letter should have for Loan Modification

Answer
A company I am involved with is working on a hardship letter generator. It's online and really simple just enter maybe 5 fields of info and check a few boxes. They plan to release it free AFAIK and I will link to it here when they do.
August 03 2009
(0)

Anyone know of a home for this loan?

Response
Tough one to place. Looks like a portfolio deal- look for a regional bank or small commercial type lender to fund this. port money is expensive but less so than hard money. You could also try www.mortgagegrapevine.com or www.weirdloans.com which are the traditional hail mary's of the mortgage broker.
August 03 2009
(0)

Identical borrower response through ZMM

Response
@Rudy-I meant to say 10 responses in the last week. You could look in my reviews to see my Zillow fundings but I have funded 3. I was very active on this site last year but have only been on it about a month total in 2009. We are using a quote API now and it has been very frustrating getting the kinks worked out.@everyone elseThanks, that makes more sense. I think it's a little obnoxious that Zillow gives user a demand for a GFE as a contact option. It should at least ask if the lender requires any additional information first.
August 03 2009
(0)
Identical borrower response through ZMM
I've been seing responses to my quotes, while emails are different, that are the exact same. They say "Please provide me with a Good Faith Estimate, which I will compare to other GFEs I am requesting.Name: Phone:Best time to reach me"This looks kind of like automation to me when you see the exact same formatted response more than once and I've seen it at least 10 times.Anyone else seen this? Is it maybe a default in the response method through Zillow?
July 31 2009
(1)

Zestimate API in iFrame help

Response
Iframes are actually pretty easy. Try doing a google search for 'how to use iframe' or 'iframe html code'. You can usually copy and paste examples with minor modification. If you search around you can usually find ones that control the size of the iframe using java.
June 18 2009
(0)

FHA appraisers; How do they come about the value of the home?

Answer
I second Mr. Adams here- FHA appraisals are conducted the same as any other, except HUD(the regulatory body for FHA) places some extra restrictions on the appraiser to report obvious health & safety issues.
June 18 2009
(0)