Aaron Opfell's Discussions

This is a funny thread in so many different ways. To 12 pages in a day, very nice.

Sadly, the above is why the securities has been, and is currently crapping their pants.  For years lenders funded stated income and/or stated asset loans, verifying occupancy in passing or not at all, often with AVM's (stated value). Even when "full doc" they were accepting bank statements for income and not requiring sourcing or seasoning etc etc, I'm sure everyone knows. Plus, a chunk of the full doc doc loans was forged in whole or part anyway.So, the only thing all these MBS can accurately be judged on is FICO score. Which, turns out is not even that accurate. 0__o Add this to puppeteered and compromised ratings agencies, MBS insurers with woefully lacking amouts of capital to cover losses, the fact each mortgage was "cut up" into "tranches" and spread over hundreds or thousands of securities and you have a really, really big problem.

I propose making the "sort by" option in the loan request view able to save in the search. It is irritating if it is not. For example, say lender wanted to qoute all the poor credit loans in CA, but only those with low loan to values. To do this, he would first filter his search to exclude only bad credit, and then sort his search with Loan to Value Ascending. Putting those at the top of the list.  What happens though, after qouting and clicing the return to results link, the page refreshes and the sort is lost.  This makes it necessary to sort the search after each and every qoute made.  The sort interface is designed to find qoutes and it works fine for that but please flesh it out so us lenders can have easier access to more unique loan requests. Please make the sort options saveable Admins!!!If you are a lender that agrees, please respond with your support so that the thread may be noticed.

can anyone who finds this worth bumping please go bump it?http://www.zillow.com/forum/site/ViewThread.htm?tid=32682Its a change request to Zillow for the sort option, it will make sense once read

Dont you think that there are a few degrees of seperation between you and DOnald?For example, he could buy the entire subdivision of houses you are lookin in cash.And for you casino scenario, no one knows except the dealmakers whether or not other consideration or kickbacks were involved. Possibly the lender wished to avoild excessive short term interest tax liability and crosschanged for an equity stake is one example.Bottom line is, he who has the gold, makes the rules. If you need a loan, you follow the rules. Your scenario (taken at face value) will get you an exceptionally low rate compared to others. But in and of itself it will not make a bank, credit union, direct, portfolio or wholesale lender bend the rules for you.

Unfortuantely, this is not a RESPA violation (in and of itself). It chafes me to no end that all the smug self assured builders continue to openly and blatantly hijack each and every one of the independant loan officer's clients. So frustrating. The worst words I can hear out a clients mouth was "Hey! good news, i was driving by a builder this weekend and we ended up signing papers..." AAAGGHHIf they singed a contract, your smoked. In each contract theres a provision they sign forcing them to use their lender in exchange for the big fat credit. The builder rep will snicker and still claim "its the client's choice" and "well, nobody is forcing them to choose our lender"This is why neither I nor my realtors will reccomend built homes to my clients. If they want to see them, then fine, but I am going with them. Harder for the builder to put the screws in like that.The other thing those snakes love to do is start nickel and diming the upgrades after the contract has been signed.  Oh, you wanted a garage door? 5K. Oh ,the roof is extra, no one told you SORRY, also you will need toilets etc etc etc. Bottom line, premptive action or dont bother. Educate your clients (and agents) instead. In contract, I have tried to swing that builder credit over about 12 times and only been sucessfull twice. And one of those times, the builder's lender couldnt do the loan.

This topic is not about the searches themselves, but rather about the sort and view options.I am well aware that you can save searches, I am looking to make the sort option saveable also.

Andrew Adams, "SalemFive" :::"even if it does I have not heard that any mortgage insurance companies will insure a mortgage that is above 95% in a declining market. " Same here. There is only one MI company willing to go even 95% in a declining market that I know of.  Everyone else is capped at 90%. Really, I can't blame them given the astronomical loss of capital they have been experiencing. First the portfolio witholding is removed for fannie freddie(you, know, what they are supposed to hold on reserve for defaults) and now they are artificially forced to accept riskier deals.  Perfect, it is complete- these are now Government controlled and managed. Oh and did you hear? There has been a new branch of the government set up with the sole purpose to exchange suprime securities for US treasury bonds. Mr Wareing, I think you underestimate the toll these last few years have taken on our financial system. I doubt we will see the above 90-95% conventional financing return for some years, if ever.  The dollar has been thoroughly drug through the mud, and I wonder if I might be buying my groceries with Ameros soon...

MGIC has been and continues to do 95% in declining markets.

The CalFHA is a very frustrating product to sell. I know a few that specialize in it and even get leads sent to them from CalFHA themselves.Unfortunately, it is not really worth orginating most broker's split.  The time lost processing the file would be better spent originating new business.  The various DPA/grant programs, the highly finnicky property condition requirements, the immense processing time at CalFHA (90+ days on new packages) all require an increased amount of time and effort on the part of a loan officer.  It is more complicated and difficult than your standard loan.The other issue is people will want what they want. I was given some excellent counsel by my mentor when I worked internet Lending Tree leads, and it was this: "price the deal, at the minimum you are willing to work for". To that my experience has added, "and dont be pissed if they walk away". Shopping is difficult for a consumer simply becuase a large percentage of lenders/brokers now will say anything to get your business.  Sure, what they say may be true, but what happens when you sit down at the closing table and 1.0% morphs back into 1.5%? What if you have per diem breach of COE penalties in the contract, you are screwed! Can you guarantee this won't happen? NO!For every 5 people that walk away, one comes back to me.  I just find it highly disturbing the commodization of the lending industry. It is treated damn near like Burger King "Hi, I'd like to order a FHA with a side of DPA, hold the points". People dont question anything else like they do mortgages, often with little grasp of the variables involved. You get what you pay for, but not always. And honestly, I wonder if a lot of this isnt caused by the injustices of Ameriquest and the Suprime era. Painted a warning for the latter generations. And if so, we only have our own industry to blame.