Aaron Opfell's Discussions

I just had a deal which approved/elgible on scorecard at about 80% LTV, took quite a bit of tweaking. Appraser cut the value back quite a bit, so I re-ran it with the new value, resulting in a little less than 95% LTV.  Changing nothing except the LTV from 80% to 95% it approved on the first try. I'm not looking a gift horse in the mouth, but what gives?

This is not a guideline question. It is a AUS/Scorecard question. Thanks though.

FHA allows up to 95% cashout under statutory limits...which I am.i am curious as to why this happened though. one would think the amount of equity in the home would influence the AUS result, no?

Rob, you got what I was getting at :)I just thought it was interesting that it approved at 95% without any other change to the scenario. I mean, one would have thought that much equity would have been a compensating factor.

I have a contribution.http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1ih1nn3nh1h_1k6qpNew user, my neck of the woods.First issue: Qouting statutory (>$362,250) FHA pricing on FHA jumbo loan amounts.  If not FHA, then what possible loan program is qouted there?Second issue: Not disclosing type of loan (which I think it would be a good idea for Zillow to start doing) if FHA, as his rates seem to indicate, we have a large problem because his company doesnt seem to appear on the FHA approved lender list.Third and final: Advertises his company 8 years in business, but a DRE records check reveals his broker's license was issued in 2004*sighs*

Do not walk, RUN away. This will eat up your time and sanity like none other. I had deal I worked on for 5 months similar to yours and at the very end underwriting kicked it out due to the soil not being treated for section 1 pests. Builder did not and could not fix it. You should have seen the initial "approval" I got it had a full 4 pages of conditions in point 10 font. If all the borrower qaulifies for is FHA, tell them to go somewhere else.

-shapiroamg "A delined quote only means they cancelled their request."True, but not the only possible outcome. A borrower can decline qoutes at will, it is not neccessary for them to cancel first.  This happened to me once, the request at the time had +/- 5 qoutes. I checked back, my FHA qoute was declined, and noticed the borrowers info section mentioned he was a veteran. SO, I qouted a VA loan, and when I went back to the request there was only me and another lender and we were both offering VA.

At least in CA it seems to have been. I wonder if this is a symptom of Zillow's "grassroots" nature. In other words, will it trickle down and just maintain? Certainly Zillow can't bring deep marketing pockets to bear like LendingTree or LowerMyBills.  But, I hypothesize that most of the current traffic has been or is presently converted into Mortgage Marketplace activity, and a new stimulus of some kind is needed.  Other thoughts/opinions on this? Can this service remain at its current cheap price level forever(basically free)? Or, will Zillow owners be forced to make changes?  What are your thoughts?

Yes it was a new contstruction, non-FHA approved condo project in it's second phase. The deal singlehandly taught me everything I could wish to know about built condos.

"It got shot down because the builder was looking for a full approval on new construction."AA, Unsure if this was directed at my comment, but...The builder wasnt seeking full approval, this was a true spot approval for just this one condo. there were other developments nearby for the same builder that were FHA approved, but not this particular one.Even FMNA/FHLC spot approvals for condos have a tough time of it.  You can hardly blame them for being so strict in this market.