Brokers Lose Another Resource
Click the post title above to watch today’s video! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com!
Subscribe
Coach Me!
Powered byReport Abuse
EMF Contact Form
-
Recent Posts
Show Archives
Video Cabinet
Associations
Blogroll
Credit
Education
Gov't Homes
Gov't Links
“Date or No Date” with Kelly…. Sheboygan, Wisconsin is not spelled with an “i” but rather a “y”. Free donuts and Kelly notwithstanding.
Guy’s,
Good tip, thanks. I don’t mean to be critical here. Just have a suggestion. Your site more often than not produces a slow playback and I have to wait during your videos. Sometimes it is twice as long as it should be. Perhaps it is all the flash going on that just eats into band width. I for one could do without it; I also find it is very annoying.
P.S. Solve the problems once and for all. Go Fair Tax!
I know they say three’s a crowd, but I think you should keep Kelly on your show! Well, once a week anyway, if you can’t afford her full time.
Countrywide? Nope. WaMU? Nah Dodd Frank? I think so…
It was B of A via Countrywide.
Did anyone hear that B of A is not accepting new home loans temporarily? I’m not just talking correspondent lending either.
I heard just last week that they’re soooooo behind (more like screwed up), that they can’t take on any new business until they get caught up on what they now have in thier pipeline. Oh and Kelly is absolutely gorgeous but I’m married too. Love your show.
I really love your great information.
Thanks so much!
I believe it was B of A
Love your show but have to correct you. It’s Sheboygan, WI not Sheboigan. But since I grew up an hour away from Sheboygan, WI, I will agree there is nothing to do there at any time of the year!
You are right on with the brokers getting the bad press when it is the banks that invented the programs and we just sold it faster and cheaper than they could. Since I do loans in Las Vegas, NV, I am in a situation that is kind of like “A Tale of Two Cities”. It is the best of times and it is the worst of times. Basically #1 in foreclosures and unemployment at any given time yet my business has doubled since April of last year when the changes went in effect. The easy thing for me was I never charged origination and YSP so I never made 5% on a loan like most of my colleagues did. Therefore the change didn’t effect me at all.
As far as Citi leaving the wholesale market. Who cares? I don’t know anyone that used them in wholesale, although I am sure some did. Whenever these “too big to fail” banks exit the wholesale market, a couple smaller banks fill the void. The smaller banks seem much more in tune with mortgage brokers plight and are willing to work with us. So to Citi I say, don’t let the door hit you in the ass on the way out!
WaMu, Wachovia, Countrywide Wholesale, OwnIt
VERY GOOD MESSAGE! And right on the point! As a former loan officer working for a mortgage broker, I could fund zero loans. BUT once that loan was underwritten and approved by the MORTGAGE BANK and met their guidelines, it was approved, funded, and recorded I had a happy client!
BUT there was a lot of ‘creative’ documentation by the mortgage brokers that I do not know (as I never worked for a bank as an originator) if the banks would have allowed their originators to do.
Countrywide and WAMU.
Met Life? On the other hand, there are plenty of mortgage brokers that left the business and I could not be happier. One that thought he was my buddy called me a couple of weeks ago to tell me he is now a financial adviser and wants to handle my money. Yeah, right! And by the way. What’s wrong with ice fishing?
Citi and the list goes on. Ill take the trip to Wi.
Anyway, How come you didnt mention the Presidents SOTU Speach? Didnt you notice that he didnt blame “Mortgage Brokers”. You can thank Marc Savitt for that one. He got to the speach writer.
Countrywide
Citi leaving wholesale is a non event. They are huge in correspondent business.
Its CITI!! And Wisconsin isnt that bad!! : ) Even though I moved away!! Yes, I noticed that mispelling of Sheboygan also. Funny!! Love your guys’ show!! Keep up the good work!
Bank of America and Citi are no longer in the wholesale business.
What if those renters are the ones that left the house for sale and the bank has still not foreclosed? Or they did a short sale and unable to get financing for 2-5 years depending on the overlays…? Just saying there is a large group of buyers that will be unable to buy due to increased overlays by lenders on credit issues. But noone seems to mention that these days.
Metropolitan
Actually, if the vacay is set when Sheboygan has its annual Brat Days, it would be quite fun.
Countrywide, keep the donuts and the date with Kelly, I’m married and female.
Country Wide. I can not wait till you send me my trip to Sheboygan. I hear the Ramada is awesome this time of year.
How about – Countrywide, Bank of America, Citibank, Wells Fargo, Huntington National Bank(in an interview the President of HNB actually said that brokers made up the loans and sold them to the banks. I still have a copy!) Just another reason for all Brokers to join their State Association and NAMB. Until our numbers increase nobody will listen.
fyi…it’s “Sheboygan”
Our good freind and buddy Angelo Mizzilo of B of A. By the way can’t wait to meet you guys in Michigan in August.
BOA
Great idea to turn renters to buyers! How about this one, contact the landlords to see if they want to sell the homes to the current renters, I have 3 homes now being sold to the renters that currently rent the homes. They can use there IRS refund check and their deposit for the down payment and the monthly mortgage payment is 30-40 % lower than the rent they have been paying for the last 3 years… and yum yum!!
Did Brian say “grrr” or “err”?
You guys rock! I noticed the hotel spelled Sheboygan with an i, not a y. Interesting!