Aaron Opfell's Discussions

I locked a loan friday- but the lock has a float down option.  If pricing improves by .500 or more we get the new pricing.  Which it will inevitably before closing. And if it doesn't, then I made the right decision regardless.  Win win either way.I have stolen many a loan with that little piece of work.

Perhaps we are placing too much emphasis on the prospects input. Remember they are not a borrower or even an application yet because a 1003 has not been taken not a credit report ran. Bait and switch is one thing, but this is not a RESPA disclosure here.  Myself, I do not have time to deeply analyze each qoute, though I am not up in the thousands of qoutes made like some.  My loan request filters only bring to me the narrow range of material I qoute- primarily FHA loan amounts and LTV's.Philosophically, I will qoute to a loan request with a 400% debt ratio. The prospect may have keyboard fudged a $1000 dollar monthly debt into a $10000 one.  In cases where I have qouted something that did not align with the prospects scenario, I screened this prior to running a report and we parted ways friends. This has happened just twice.I keep 3 things in my mind at all times. 1) No prospect information submitted to Zillow is never 3rd party verified 2) said information is submitted to an online form which can be confusing or difficult to some 3) prospect may be inclined to over/under exaggerate, leave out/forget things or make typos.  I am not overly concerned with the accuracy of this portion of the loan request. I am concerned instead with terms, loan amount and loan to value. Say for example someone requests 100% LTV purchase loan amount 400,000.  I will qoute standard FHA pricing and offer DPA but only with a disclaimer loan amount must be $362,250 or less.

You need to make sure you are talking to the right department. If a CSR picked up the phone even you are not calling the right people.  Loan Modification can be a long, difficult task that your average homeowner is ill equipped to handle.  Reccomend you get a refferral from someone to a loan mod specialist who can handle it for you.  My experience indicated that by far Wachovia is the hardest lender to deal with in this regard and would counsel you to seek expert advice.

If you can make the payments, you are good.  Understand that mortgage loans, and the collateral that backs them(your house for example) are simply assets on a balance sheet.  No matter what happens to the owner the asset still exists. Its value may go down, but your terms will never change.Consider a jewlery shop.  Owner of the jewlery shop has cash flow problems, files bankruptcy, and closes the shop down.  All his diamonds and merchandise etc are sold to pay creditors.  The jewlery store is no more, but the jewels still exist: they just have new owners. Your loan is like that.This a simple explanation for where your loan fits into the scheme.  If you aren't looking to refinance or purchase a new home, current events will not affect you directly.

You will see that I have rarely, maybe once participated in those threads. This is because it is near impossible to discern the true intentions of the prospect AND the lender. If someone is caught making large errors consistenly, this is a case of terminal stupidity or malicious intent. As a lender who spends at least 30 minutes on each and every 1003 that I take, and furthermore that I pay out of my own pocket for credit pulls @ 17.21 per, rest assured that I am not "betting on the come" when I run credit.  My point was if for some reason If i misqoute, borrower contacts me, it is caught before any damage is made. Can you honestly fault this strategy?  If my motive was at fault, maybe. But honestly I don't have time to microscope each loan request. I don't know about you but I am having to put in 1-2 hours of cold calls and 2-3 of groundpounding and networking everyday to keep food in the fridge these days. Time is money, and for the amount of qoutes made vs funded loans I'd say I have my origination efforts on Zillow priced about right. 

Sockpuppet

Chad- great idea. Let's fully automate zillow. And by the way, there already is a box to designate investment property. You can exclude it from your search with the filters.

You are going to most likely have to take that to a D paper/small commercial lender.  Property is way out of whack for the gun-shy A lenders.  You'll get funded at that LTV but rate/points won't be as attractive as conventional paper. Also, don't do hard money in this scenario, there are other ways to get it done.

You all just do not understand what will happen once the Fed is forced by inflationary pressures to raise rates.  These low rates are dependant upon the expectation that the Fed will continue to react to the banking crises and keep Fed rates low. The second the Fed indicates they are going to switch policy we will see rates spike immediately 200-300 basis points across the board. Does anyone here remember the 80's following the S&L crisis?

http://www.zillow.com/mortgage/LenderQuoteDetail.htm?qid=X1-ZQz1onblfgeg3p_4ok8hCan someone else flag this fool? About a month ago I helped get his profile deleted for having 3 different names on it and 2 different email addresses. Now he's back to the bait & switch qoutes he's qouted 6.125% at .75 total cost, if we assume FHA on today's ratesheet BEFORE the reprice 6.125%, 30 day lock is .947 cost. Somehow I doubt he will be paying the bank to close the loan. Also, if someone could enlighten me as to how his being a "Honorably discharged Army Infantry Veteran" and the amount of loans he's closed (both 100% nonverifiable by most consumers) have any relevancy to his qoute, i'd appreciate it.