Better Loan Officers, Cleaner Loans Yet More Declines?
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One of your advertisers is CRAZY!!!
Appraisals in 4 days? Are they nuts?? Those appraisals aren’t worth the paper they are printed on if they are completed in only 4 days. In this market it takes a minimum of 6-7 hours PER APPRAISAL to write up. House of research goes into an accurate competent appraisal. If you do 3 appraisal inspections in per day, do the math. It is impossible. Sometime it can take up to 2-3 days to get into a property. And we aren’t even talking about what is going to happen in September. Have you heard of UNIFORM APPRAISAL DATASET? Turn around is out the window with the implementaton of this. Also it will make the appraisal form virtually unreadable by the the average homeowner or loan officer, causing reams of additional addenda to explain this crap. Get ready for a real turn time nightmare. REMEMBER, TIME PRESSURE IS JUST AS DAMAGING TO THE APPRAISAL PROCESS AS IS VALUE PRESSURE. WAKE UP PEOPLE!!!
So many views, so many opinions. Some good, some not so good. All of my fallout this year has been due to appraisals not making it, or the appraisal going into review. So not only did the client have to come upwith the 400 for the appraisal, they had to pay 300 for the review! So it becomes a crapshoot for a buyer or a homeowner. This is nonsense.
It would be less conflicting if home values were based upon tax assessed values. You could look it up and know exactly if you could buy or refinance.
The home would have to pass an inspection, this being the responsibility of the homeowner for a sale or refinance. A buyer would not have to shell out hundreds on a big maybe. all of this appraisal nonsense would be gone, the cities and counties would get the fair tax value, and the banks and homeowners could all look at the same numbers.
Wonderful insite, but good luck with this …….
Are you nuts? Have you looked at assessed values by the assessor in you area? They are not even close to real market value. Market value is NOT assessed value. Wake up!!
Haven’t we turned enough over to the government? Yikes!! Socialism is a philosophy of failure, the creed of ignorance and the gospel of envy. It’s only accomplishment is the equal sharing of misery.
Another, better way to “get foreclosures off the books” is to create an environment where people can get good paying jobs and start paying their mortgages again. Homelessness is not the solution Frank and Brian.
That’s 100% accurate. What are you doing to make that happen? Cause the gov’t isn’t going to get it done, only the private sector can.
Thank you so significantly for your personal decent suggestion.I am going to give it a have a go with.
The promotion came out 5/15/11 for offers submitted between 5/16/11 & 7/31/11 and they must close before 9/30/2011. I thought ya’ll knew about this but it just wasn’t newsworthy. Next time I’ll post a note the day I get my Homesteps Newsletter.
Time to get an offer in on the FM homes if you want to cash in on a bonus. The bonuses seem to come around yearly at this point, but the amount varies. The REO listings are fighting tooth and nail right now to sell before each other! It is a fight to the bottom. This bonus aka sales promotion is technique to get FM homes off the books asap. REO’s are seeing high DOM just like normal sales unless they are really priced to move from the get go. Like “punch in the stomach” prices to the next door neighbor.
OK here is a doitright fact all the good loan officers had the moxy and smarts to get out so you are left with the bottom of the pile out there. Plus you have to love all the same marketing , everyone is doing the same boring marketing , the best part is to people that could care less. Every place to get a loan is the same with all the overlays and lets tell the truth to the customers all loans end up with the top five lenders . People should just go direct to Wells, BOA , Citi and avoid the broker that is just a middle person making the whole process take longer. who would buy a home now anyway , they would have to be nuts . But back to my point any loan officer that had a good image, smarts , and a backbone bagged out of the real estate and is selling or doing something so much better in life. Take my advise people wht people left in the business are a major part of the problem. Since they are no good at anything or can not land another job in another line of work are stuck looking for louser customers to con . Thank you !
doitright:
I learned long ago that statements peppered with what I term “absolute” words lack substance…unless you’re talking science or math. You used several: all, everyone, every, and any in your post and it’s hard to take you seriously. Your opinion is obviously passionate but biased and reflects how FEEL about the industry but it doesn’t reflect my experience at all.
Certainly, many excellent, mediocre, AND poorly trained individuals have left the industry or traded in their loan officer’s hat for a realtor’s cap but not all. Similarly, you can find the same level of competency at every B of A, Chase, Citi, or Wells branch on the planet. Do you really think that a label makes someone do a better job? That a direct lender automatically is the best choice for a borrower? I don’t. As a very seasoned AE with 30 years in the business) working for a pretty terrific wholesaler, I see first hand individuals in our industry who excel at what they do and perform a much valued and needed service in our industry. I don’t share your poor opinion of mortgage brokers at all because I learned that you can’t lump everyone together like that.
Do B of A loan officers do a great job? Some do, some don’t. You suggested that the mortgage broker be eliminated: “avoid the broker that is just a middle person making the whole process take longer”. Your comment doesn’t ring true to me or for my brokers that I represent. Perhaps you had a bad experience in the past but for every bad experience, there are other amazing stories of success. Last month I spoke with a loan officer whose borrower had been so upset with his B of A loan officer that he went to the broker for his loan. The B of A rep misrepresented program guidelines and the cost of the loan. The loan is approved with us and in line for docs. The big box lender rep didn’t care enough to do his job correctly and the broker did.
The true measure of one’s professionalism has nothing to do with the name of the employer on the business card. It’s the attitude and willingness of the professional to do the job with integrity and concern for the well-being of the client. Those are the people I work with and surround myself with.
I’m sorry if your experience is different but your reality doesn’t begin to match mine.
Feel better big guy?
That’s not fair doitright. There still are good, honest loan officers in business. Yes, good people left but so did the “in-it-for-the-fast-cashers”. Yes, some people stay in because getting a job today, no matter what your credentials, isn’t easy – especially with the word “mortgage” on your resume but some people just love the business.
That is what I mean all the smart loan officers with other options and good sales people are out and making good money at other jobs , thanks for backing my point. I did not say it was a good thing in fact it is sad they can not find better work but you have to admit the losers are in it . It was one day cool to be a loan officer now it is like OH are things OK ?
I think that the bigger reality is that the so called ones with moxie leaving the business for greener pastures is partially true. However, many left to simply decimate and slash and burn other industries that are much less regulated; the very ones that did it to the mortgage industry. Admirable…..
I just sold a Freddie Mac home recently and they only give the $1200 bonus to an agent ONLY if the buyer is owner-occupied. Also the 2-year home protection plan that they offer is also ONLY to owner-occupied.
I ask this….what does it matter WHO buys a home. Let everyone buy and…..who cares. Freddie Mac gets their money and everyone is happy. Quit putting restrictions of WHO the buyer is…..I say….
Wow, that’s good to know. Are there any other restrictions?
Seems like they need to just get the hell out of the way with all these restrictions and fine-print.
Maybe it is to allows more owner occupied homes to be bought with goverment back home loans. this limits the amount of buy and hold investors, which lower the amount of available rental units, which in turn raise rents and makes the renter more apt to purchase……naw the goverment would not do that, that would just create artifical demand.??
I really appreciate you guys and the information you give out on a daily basis.
This is in response to your show 06/29 I do not think it’s a RESPA violation for seller /owners to set commissions or bonuses to Realtors. I think throwing money at Realtors is a good thing to reduce their inventory and helps my bottom line. The last time I sold a Freddie Mac home path house was in November , my clients got the house $ 20 k under appraised value 3.5% closing costs and a 1 year warranty, and I received a $1200.00 bonus these house are mostly good deals for everyone involved .
When I have a buyers and we go out looking at homes ,When I search out the MLS for homes to see, you can bet I also include these bonus homes look at .
Thanks Mike
Why wasn’t my comment posted? Nothing offensive in it – except, “The inmates are still running the asylum”… Now that’s sad, but true.
Was my comment blocked by an inmate? HMMM?
26% of all loan apps declined in 2010 leaves room for many assumptions….purchase or refi? How many were declined due to appraisal value coming in low and borrower doesn’t have $10K of extra cash to throw at the home…..whether purchase or refi. How many were declined due to specific investor overlay but actually met FHA or Fannies guidelines?
Sure, instead of denying them, they could reduce the max DTI but by then it’s too late after borrower is in contract for that loan amount.
My guess is the actual denial rate is much higher than 26%…….how many times has a loan been classified as ‘withdrawn’ to avoid the denial stamp?
I was thinking that same thing! Most loans that the appraisal comes in short, they just condition it for more money to the table and since that never happens…. But it is called “withdrawn” at that point, not denied!
Frank and Brian, first! how many of these 23-25% declines were sent to another investor or found another property and closed…i can bet a large portion.
major over supply of housing and these guys think losser credit is the the resolution. in reality, loose credit (aka, excess demand) is what created the speculators exit stragies and allow the nation to increase its supply. STOP tring to fix the market. the goverment has done enough damage, with your comments how could any homeowner ever think housing/shelter is good investment when thier value/price is controled by the available financing.
do a report on household income, if household income is declining how in the hell are home price going up…….easy answer – loose risky credit allowing artifical demand ala 2002-2008………
I have been a loan officer for 11 years now and my track record has been 100% until this month and I have had two loans declined within the last few days. The TBWS guys are always on point and it’s comforting to hear that other LO’s are feeling the same pain, I wish they would put the brains back into the underwriters and let them make commom sense decisions.
11 years, 100% = not a lot of loans originated….BUT congrats on your track records. You are now entering the real world.
Jim–couldn’t agree more.
Three problems: 1) The AMCs are getting more powerful 2) Schmucks at FRB getting more power, and making more rules 3) The incompetent decision makers are oh…getting more power, and making MORE regulations!
Well, I just love how once again HUD is making sure realtors get more money somehow. I cannot believe I was dumb enough to become an appraiser. Simply stated we are suppossed to be the non-profit “monks” of the real estate world. Think about it, There are a million ways we are NOT allowed to advertise, work or be compensated so that we are not influenced by money. BUT every other part of the real estate world is totally about getting as much as they can for themselves. ONLY appraisers have to work through these mafia style profit scalping AMC’s that take AT LEAST 30% of the gross or more. Think about that! What business can survive is someone takes 30% of the gross??? WalMart, grass cutters, lawyers, any small biz, etc. you take 30% and you just took ALL the profit. Soon they fold up. Even Tony Soprano knew not to take too much, if the deli goes bankrupt they cannot pay protection. Unfortunatly the AMC’s know there are plenty of us suckers still around to use and abuse. I am looking for any way out, just like may other appraisers. I can’t wait to see the @#&$ storm coming in a few years from bad appraisers. Truth is I could care less if the guy gets the loan, I cannot even get/keep clients but working extra hard to find the comps anyway. Plus I can’t pay MY bills lately so screw him for all I care. That is the reality of appraisal today.
Under the topic of “no common sense”… Ready to fund a loan. Need short extension. FNMA is the seller. Contract has the 3.5% closing cost incentive to buyer in it. Old incentive program ends June 30th but FNMA just extended this program. FNMA rep. won’t sign an extension past June 30th unless the borrower forfeits the 3.5% credit. I thought FNMA needed to sell homes?
I just love how once again HUD is making sure realtors get more money somehow. I cannot believe I was dumb enough to become an appraiser. Simply stated we are suppossed to be the non-profit “monks” of the real estate world. Think about it, There are a million ways we are NOT allowed to advertise, work or be compensated so that we are not influenced by money. BUT every other part of the real estate world is totally about getting as much as they can for themselves. ONLY appraisers have to work through these mafia style profit scalping AMC’s that take AT LEAST 30% of the gross or more. Think about that! What business can survive is someone takes 30% of the gross??? WalMart, grass cutters, lawyers, any small biz, etc. you take 30% and you just took ALL the profit. Soon they fold up. Even Tony Soprano knew not to take too much, if the deli goes bankrupt they cannot pay protection. Unfortunatly the AMC’s know there are plenty of us suckers still around to use and abuse. I am looking for any way out, just like may other appraisers. I can’t wait to see the @#&$ storm coming in a few years from bad appraisers. Truth is I could care less if the guy gets the loan, I cannot even get/keep clients but working extra hard to find the comps anyway. Plus I can’t pay MY bills lately so screw him for all I care. That is the reality of appraisal today.
I do not understand this at all. For me, it is extremely rare to have a loan declined. I don’t “cherry pick” only the easiest loans, but I do assess my packages for viability. Perhaps even “seasoned” LOs may not yet have learned how to evaluate, package and submit loans properly?
It’s not rocket science, but loan origination today does require a keen attention to detail. Are there 2106 expenses on the tax returns? If the borrower has a “hobby” business showing a schedule C loss, is that being taken into account? Is a detailed cover letter being included with every submission? Is the LO evaluating the borrower’s income and debts in the same way the underwriter will?
Sure, we are getting far more conditions than we have before, but these stories I hear about borrowers being declined “at the last minute” for ridiculous conditions just don’t square with my experience–not at all.
Where are these horror stories coming from?
Joe I agree with you in part. It would be interested to know how many of those “declines” are coming from bank “in house” LOs (or what ever they call them)
Also your comment did not address the underwriters increasing concern about falling property values. You can hardly blame them. Down payments can loose their purpose very quickly in a falling market.
Until the banks (that is – the the entity that offers the warehouse lines) feel they are not lending on collateral that is losing vaue, the continued “scrutiny” (with overlays and idiotic conditions) will continue. Can we PLEASE just flood the market with the shadow inventory (agency/bank foreclosures), bite the freakin’ bullet and get on with our lives? RT
You said it all, brother. House prices would take a major hit but then would be over. I’ll also bet that short sells would speed up as banks face falling offers if they delay.
WOW!! as an appraiser, it is wonderful to hear that Fannie/Freddie are offering such great incenitives to the prospective buyers and RE Agents.
Yet the appraiser assigned from the AMC/Lender…is probally only getting $150-300 (max) & most likely $150-$225 for the appraisal report (with a 24 hr turn-around time)!!
Prior to F/F placing the home on the market, the Asset Management, requested a BPO and maybe an appraisal (most likely not), and had a RMV (Reconciliation Market Valuation) – where a “Slave/Appraiser” was asked to reconciliate the BPO with the appraisal report &/or current market value…(they are required to do this in ~ 10 minutes (they have to preform like an assembly line production meeting a volume quota)…- they are doing these nation wide – with no geographic competency)…..sign & place their license in jeporady, cause you know that some day these will be reviewed, and it will come back to the “Appraiser”.
There are so many issues in the current system that are not helping, that will only continue to cause harm for years to come.
Amen brother
I know underwriting is a pain in the ass right now, but I have yet to see a qualified borrower declined for a loan. Yes, we jump through some really stupid hoops to get these loans and maybe some good borrowers give up out of frustration, but if you want a loan and you are well qualified you will get one. Has anyone see the crap loans FHA is funding? 57% DTI, non-occupant co-borrowers with 620 fico’s? Loan officers are not screening their clients enough before the application to keep their numbers up. Income is usually the most common mis-step. LO’s are forgetting to check 2106 deductions and such. There are still plenty of great loans to be had.
multiple offer up in the SUNNY state of Worshington
I’ve seen more qualified buyers denied loans in the past couple of years than I can believe. People with very little debt, lots of money, and the ability to buy, but they are denied over some ridiculous condition at the last minute. Hearing you say that an experienced loan officer looks for reasons to turn people down to save him time really makes me angry. I certainly don’t want to do business with that guy. Unfortunately I think there are a lot of loan officers that are on that band wagon. The banks want control, they don’t want people with money to buy houses, they want to keep that money in those investments accounts so they can throw more money at the problem rather than allowing it to be fixed. As long as the foreclosures dominate, the banks have control of the market.
Our origination, underwriting and closing business is a “Professional Service”, yet if you just don’t fit in the box… Today we are not helping nearly as many as is possible to become homeowners or reposition existing financing and leveraging the current market condition. Perhaps this is why or compensation is under pressure…
I have been an appraiser for around 20 years and have recently changed directions have obtained a RESNET Home Energy Certification. I am wondering how many of you out there take advantage of the (EEM) Energy Efficient Mortgage programs. If you have yet to hear of them visit my website, which is informational for entities within this industry. This is an awesome industry that I am trying to jump start due to the fact that my 20 years of appraisals experience is, for the most part, worthless. I am done with being a data entry employee for the AMC’s. The guys getting all the work are those that are turning jobs around in 24 hours. To do that, the data could not be verified properly and many corners are being cut. In other words, most of the appraisals being written are crap. Well, I just had to get my 2 cents in with regards the appraisal industry. Keep on Keep’n on. http://www.supergreenhomes.com.
Home PRICES!!!
What is so hard about this? Between you guys and talking heads at Tout TV.
Guys its really simple. Price-2-Income. They are turning away buyers because prics are too damn high and real incomes have been stagnant for over a decade.
Nobody wants to talk about home prices … geezus. Oh, Sorry Rev. Frank no offense.
Gentlemen, I was happy to see you embraced Nehemiah’s higher default rate last week. Underwriting is tough now, we brought it upon ourselves by letting part time LOs and part time Realtors dictate the rules, along with Fannie and Barney. “Fannie and Barney” – sounds like cartoon names. That said, let’s start making money again!
Right now, underwriting matters less than the lack of economice activity. I don’t see housing driving us out of this recovery. Gov’t and consumers still have way too much debt. We need jobs.
We’re still a year from having all of the Frank-Dodd rules and regs written, so companies and small biz don’t know the landscape yet. The impact of healthcare reform won’t be known until 2014. We need to create some positives.
US corps have $1T sitting offshore. They’d rather park it or invest it abroad than bring it back to the US at a 35%+ tax rate. How about we do a one time tax break for companies wanting to bring cash back into the US? Make that tax rate 10%. Investment and dividends will spike and we’ll pick up $100B in tax revenue where none exists now.
How about we allow drilling in the Gulf, in Wyoming and in ANWAR? Those are high paying jobs. Oil happy ND and TX economies look great. There is a SHORTAGE of housing in ND!
Historically, home values follow job growth. The tail wagged the dog from 2001 – 2007. I don’t think it will happen again. People are sitting on the sidelines wrestling with fear. We need policies that stimulate economic growth so the gov’t and consumers can pay off debt, build confidence, and buy that new home.
Go get ‘em, boys -
I like your comments Bono Vox!
Thank you. I love your beer!
Guys – re-read the WSJ article. Denials are not at an all time high. It wsa 32.5% in 2007. http://online.wsj.com/article/SB10001424052702304569504576405660006330644.html?KEYWORDS=bank+denials
Yes, but if you read below it was “due to LO’s pushing the limits of underwriters. They were trying to give their pets loans…that worked at McDonalds…and made $110K a year..and had $1M in the bank.
TroyBarnum – if anyone really believes that “LOs pushing the loans for their dogs” is the reason for this mess we’re in, they need to watch the movie, “Inside Job”. Worse yet, the stars of that Oscar-winning documentary are still running the asylum….
Are there any “powers that be” hearing any of this? This is good stuff that makes good sence, especially the part about reducing the dti qualifications and reducing the amount of money that is thrown back into the economy! I hope that TBWS is getting heard!
There are multiple reasons why deals are getting declined. Poor appraisals, strict and unbending guidelines, underwriter interpretation of guidelines, market pressures, underwriter fear, and perhaps most important, lack of common sense.
Something that really needs to happen is to allow those who are making their payments as agreed, a streamline refi like the FHA streamline used to be. No appraisal, no income – basically just sign here for rate & term only. Allow these people who are making their payments but have suffered from the declining values the opportunity to get the lower rates and lower payments.
THEY know something most people don’t and THEY are preparing…the banks and the rest of the elite aren’t going help things get better because of the earth changes and fulfillment of ALL the ancient prophecies this year. Don’t be wrapped up in your day to day business and be caught off guard…Jesus said not to let Him find you asleep when the day comes. The poles are due to shift this year…science has been tracking it for years. Airport runways have been re-marked due to the gradual shift. The queen of England has been buying up properties in the Denver, CO area. Why?
http://www.thewatcherfiles.com/denver.html
I tried to leave this comment but I don’t see it –
So what’s the reason these loans are getting denied? Low credit score? Because that’s a pretty decent indicator of repayment risk right? What other factors are you seeing for denials? Simply saying “yes” all the time won’t fix the problem any better than offering cash bribes…I mean incentives to everyone involved!
http://www.amerifirst.com
HIPO T K – that’s a definite frustration on the boyfriend’s income. Ouch!
So what’s the reason these loans are getting denied? Low credit score? Because that’s a pretty decent indicator of repayment risk right? What other factors are you seeing for denials? Simply saying “yes” all the time won’t fix the problem any better than offering cash bribes…I mean incentives to everyone involved!
http://www.amerifirst.com
I am in Orange County, CA. I have been an appraiser for 18 years. I am currently trying to refinance my home. I have lived in it for 14 years. The conservative appraisal came in, making our LTV 50%. Credit score 800+. I submitted 1 year’s tax returns (year before wasn’t so great). Underwriter seems to be having a problem with our lot size. Public record shows it as a 12,000 sq. ft. lot. Plat map and appraisal show it as a 60,000 sq. ft. lot, which is correct. They haven’t actually declined it yet, but it sems they are leanng that way. Can anybody shed some light for me or give me some advice? Please e-mail me directly at Lamdeas1@cox.net. I really need to refinance! Dan
Dan, the U/W will take the assessors office information over your or your appraisers ON SITE DATA. I have had this happen to me in Colorado, by a Chase U/W and pretty much no matter what data I supplied, or how much I rebutted or explained or tried to prove my on site measurements,I was informed the loan was rejected due to the ambiguity. I stated to the U/W that I was on site on the day of the appraisal and I did ALL of the measuring and photographs etc., whereas the Assessors Office had not seen or been into the property in 22 years and I was also the appraiser on THEIR approved appraiser list and the expert eyes and ears on site FOR the investor, but it made no difference. I was overruled at every turn. I eventually was instructed to get the data from the Assessors Office to prove that the Assessors Office data was incorrect. I refused, BUT I gave the U/W the Assessors Office telephone number and contact name so that they could do their own running around and I lost a client.I also joined the long list of blacklisted appraisers on the amc list due to my being difficult to work with….sucks….Now I dont do any work for amc’s at all and I am much much happier.
Remember the days when loan officers would promote their “common sense” underwriting dept. Unfortunately, common sense was thrown out when the reactionary politicians and their cronie regulators decided their changes would make lending better. NOT! These changes have lead us to the worst Real Estate market in 70 years. When will this industry learn: The government is NOT here to help. We need less government, not more!
And all that money Fannie wants to throw at buyers and realtors, if were used to create jobs, Fannie would not have the REO inventory that it has now.
You forgot to point out that the $1,200 bonus is only on properties if you sale them to an owner occupant. So, if I sale it to an investor, which is more than likely, I don’t get the bonus. Here in Kentucky, we do have some bidding wars, but only on the great foreclosure deals and mostly between investors. Wells Fargo is also offering a $1,500 bonus on their foreclosures for the next couple of months and it doesn’t have to be an owner occupant. (Am I likely to show and try to sale their properties? Yes.)
And, HUD, is now lowering their minimum commission which use to be $1,250 to 3% or $500 depending on the asset management company. Being that HUD is so hard to deal with, just one more reason not to sale their properties.
In short, the bonuses overall are not really helping get the properties sold.
Sweetie, “sale” is what happens after you “sell” even in Kentucky.
Sweetie?? Don’t be a hater!
Honey, some of us are working and don’t have time to edit the misspellings in other folks’ posts. Glad to see you have time to be picky, sugar britches.
On another note, in the South, “sweetie” is actually a term of endearment. It’s only derisive in the unromantice Nawth.
Unromantice? Uhhh….we Yankees aren’t sure what that means
Hope y’all are fixin’ to have a great day!
I’ve closed 6 loans recently that were either denials or you-do-not-qualify-for-a-loan from other lenders. I do not tell a borrower “no”, I tell them “how”. Sometimes the “how” is paying off debt, increasing credit scores, opening new credit, or even seeing a bankruptcy attorney and coming back to me in 2-3 years. Those deals fill the pipeline, too; they sometimes take longer to come to full fruition than others. Folks want to buy, they just need to work with someone who shows them “how”.
Great post! I work the same philosophy. No prospect is a waste of time.
I too close many loans that are denials elsewhere and are referred to me by those LOs…. But I got to tell you, lately I’m burned out with loans that I have either massaged for months, even years, and “easy” loans that are met with less-than-common-sense underwriting. I’m finding that they’re getting so much pushback from lenders that don’t want to buy the loans, that their thinking is clouded by “what if’s” assumptions.
Case in point, I had a young lady write a budget letter to demonstrate she could, in fact, afford the home she’s buying. In the narrative, she wrote, “these income numbers do not include my boyfriend’s income.”. That got interpreted as she was relying on that income and “what if he leaves?”. Well, nevermind that he’s the father of their child and there’d child support to pay, DENIED!
That’s too bad someone wasn’t reading the letter more closely! Ugh!!
GREAT POINT – thank you for making it. Hey, buyers, if Chase, BofA, or Wells tells you “No”, that’s the start of your process, not the end. Those banks are the places I know of where inexperienced loan officers are being hired.
LOs I can show you how to make money using seller financing. No it is not an origination, it is pipeline and helping Realtor partners
how.
maschellhammer@yahoo.com
TELL US HOW.
I have seen bidding wars in the Orlando market….multiple offers abound.
You’re right about the loan declines. How about this one. Current appraised value, $270,000.00, credit score 780. Tried to refinance $70,000.00 with Wells Fargo, the current lein holder, to reduce the interest rate. DECLINED. What’s going on?
Been originating loans for 23 years. No sub-prime, no neg am. I have no problems with the % of loans being declined. Guess what? A large percentage of borrowers just cannot qualify. Had the big banks, Wall Street and our corrupt politicians reigned in tighter underwriting guidelines 6 years ago, we would not have the current mess. I have 3 problems with our industry today: 1) that seasoned appraisers are getting screwed by the implementation of AMC’s 2) that a bunch of schmucks at the FRB can dictate how much LO’s can earn for a living and 3) a complete lack of experienced/competant decision makers regulating our industry (i.e. NO MORTGAGE LENDING, APPRAISAL, REAL ESTATE experience)
That is the bottom line and absolute TRUTH.
No one wants to address this issue…just blame someone else…..sound familiar.
HOPE AND CHANGE is not cutting it.
send it to me… I will fix it…
Guys…stop worrying about making negative comments! Simply put…”You’re just speaking facts…not being negative.” Our industry is a mess becasue of the government.