Aaron Opfell's Discussions

Our office has a few in proccess over there and everyone's wigging out. I had one I pulled over concernon this exact issue.  It's a shame really; not really a suprise though after they aquired AHM's people AND portfolio and then proceeded to make wildly agressive Alt-A and construction deals. Run on the bank anyone?

Hey- i'm not confused, are you?The websites main goal is to make money- by providing information.You have the cart before the horse.You are also taking my words out of context. I meant OUR goal on here, NOT the websites, is to close deals.Zillow has no skin in whether deals on here get closed or not; only that the customers are happy and it draws more of them.  The whole thing is essentially free, which is why we have the exact situation we are in now.I am not sure why you are off on this tangent, I never said anything remotely close to "The main goal of this site has nothing to do with closing mortgage deals! "

Another tree falling. They recruited me about 6 months ago and I'm glad I didn't go. This could tank interest rates for a bit if the Fed kneejerks.

This is a complete failure in communication.We are on the exact same page about Zillow's goal. You are somehow percieving I was orignally making a statement about Zillow's goals, where instead I was talking about individual lender's goals on zillow. I should have perhaps said instead "We've fallen away from our main goal as lenders on this site".I say its out of context because I then went on to describe lender's actions on the site. I thought that was enough to explain where I was going with that. Apparently not.

AA do you have a link to the source of your original post? Colorado lender that program is for HUD repos, also known as the Good Neighbor programhttp://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfmReason it is mostly unknown is that there are i think there are all of about 5 repos in all of Northern CA, guess why, because almost no FHA loans were written in last 5 years. I predict in 2-3 years this program will come back with a vengance. It's great if you can get it.Oh and yes, I was one of those gravely dissapointed Senator Paul bowed out of the presidential race. That guy is the best thing out there right now for the economy.  I love how he makes Ben look like an ingnorant fool when he goes head to head with him. Now, if we could just get him to compromise a little on the gold standard and some social issues, he wouldnt be such a fringe candidate. 

Derek it may interest you that FHA underwriters are personally liable for loans they underwrite and subsequently default.  Let me say that again: FHA underwriters are on the hook for bad loans.Granted, the standards are loose compared to where they were 10 or even 5 years ago but it is a far stretch to compare them to subprime standards[or lack thereof].The new MIP premiums should help to level a bit- and for some enlightening reading you should go find the historical default rates of FHA loans over the years and compare them to any other class of loan. Salem you, as [almost ;)] always you are correct. The good neighbor and $100 down are separate FHA programs. I get an F in reading comprehension today.

I like it as well. Gives one a fighting chance. Now, if they would only display the NUMBER of reviews on the details section, so that a borrower could discern between a lender with one 5 star review and a lender with 10 reviews averaging 4.5 that would be excellent.

Well, that is about the extent of it, except they will never write FHA loans again, but you must admit it is certainly an incentive that is not present in the rest of the industry.  As far as what FHA insures I think the free market is making the decisions for them; most FHA paper is graded according to what will sell on the secondary and thus ends up being far more restrictive then FHA will allow.Case in point: FHA technically does not have a minimum credit score. So, theoretically you should be able to do a loan with a 480 fico, so long as compensating factors are present as outlined in the FHA "bible", and get it insured by FHA. However, there is no lender in existance that I know of that fund below a 550 or 530 (in rare cases).What I am concerned about is a year or two down the line when other financing is still weak but the money faucet turns back on.  If the dumb money is there FHA will get pushed to its intended guidelines and then I think the problem will start.

Looking for someone who has and can provide feedback on different companies/setups.  I need something preferably on unlimited billing that can transfer to a cell or a land line with an easy interface. Any input welcome.

This is the sick, twisted causation/effect cycle the markets have with the Fed.  The devastation in the bond markets friday and general loss of confidence, now forces the Fed to run in and save the day.  This is like bear stearns all over again, i'm having deja vu. Once Bernanke announces for how long and how much he's going to turn the money faucet on, the market will chill back out.  I would wager rates open monday morning 50 basis points lower than it closed at friday.