Aaron Opfell's Discussions

Indymac bank still does superjumbo to 2.0 mil loan amount.Interesting reading your replies. I felt as among fellow warriors rather than ruthless competition.  Now back to the requests ;)

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.

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?

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)?

Bank of America has been competitive in the purchase market for some time. I cant believe none of you mentioned fighting with them over the ACORN program, that program crapped on us from such a height it was as if from god himself.  A solid 1% in rate below their wholesale rate every time and no MI....they started requiring 10% down though.  For their clients that have 100K plus invested in their accounts they will make some startling exceptions.

Damn you Andrew, now your wasting my time LOL.Your point about the VA funding fee is quite valid.  Lack of mortgage insurance argues in favor of a VA loan at any ltv over 80%. That being said, it does not always make sense to put 20% down on a house, even if you easily can. But, (and i  speak only for me) sometimes there can be disconnect between what we PERCIEVE to be in the best interests of our clients, and what they DESIRE.  I look at it like I am only the advisor, I present the facts, point out the positives and negatives associated with each choice, and let them make their own decision. There are too many factors here to judge this one particular scenario. IE: need for interest tax writeoffs, need for quick access to money, time actually going to stay in house, job, kids, expected rate of inflation etc etc.bad news about overlays on VA but everyone does it to FHA (though not to streamlines) so its not unexpected...

Pretty much all mortgage insurers have stopped doing stated income loans all together in declining markets, and thus, everywhere.  So, aside from the portfolio lenders with LPMI that is internal, not contracted to MGIC or such stated is gone over 80% LTV. Despite the opinions of some, subprime is still alive (if you want to call it that) and will happily do up to 85% stated in rare cases. The hit varies widely on business channel and papergrade, could be .25, could be 5 points, could stack on other hits, who knows.  Underwriters are not only using the conservative side of salary.com but also 3rd party verifications.  Not to mention microscope on your credit, higher scores and more, longer tradelines. Basically your borrower needs to poop roses.

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__oAnyways, 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

This is a lucrative loan as it requires some skill on part of the loan officer. It doesnt get shopped and I make a fair bit for my time and trouble. Plus I get an free automatic streamline refinance after 6 months. Thank you, but I think I'll keep at it. I'm fairly stubbon.

I think like maybe the first few lines should be viewable, in the summary. That would make sense. But, as far as getting as analitical as you are Jennifer, I wouldnt.  I dont write from scratch for every qoute, but I have a fast and efficient system for getting customized notes in. As someone else pointed out elsewhere, the rate of "click through" is going to be bad no matter what. Take Lending Tree leads for example. They've put in social, d.o.b., work, cell, email, address etc and still it is an uphill battle to get them on the phone sometimes let alone close the deal. This is the polar opposite of that and so, is much like putting out cheese baited mouse traps. You can put as expensive cheese as you want in it, but you are going to catch more mice overall with more traps, no matter how you slice it(bad pun sorry)