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Dana Point
2820 Posts |
 Posted - 07/11/2007 : 2:12:24 PM
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similar to you know your a redneck when?
You know your subprime when? the borrower calls in and has a f i c o ( all spelled out) of Four
You know your subprime when? When the Borrower doesnt know there loan amount, intrest rate or mortgage payments (no joke i just had one)
Man, how did these people get homeloans in the first place |
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Oracles
194 Posts |
Posted - 07/12/2007 : 01:26:24 AM
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| You know you are sub prime when you have a loan amount of $650,000 on a house you bought 15 years ago at $200,000 and bought your kids a $50,000 Benz and a $30,000 Corolla when they graduated from High school. |
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U812
289 Posts |
Posted - 07/12/2007 : 04:08:33 AM
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| When you have borrowers call you to hopefully bail them out of foreclosure. They tell you their credit is bad do to missing payments but upon further investigation you find out that they are not on title, nor are they on the note. They just don't pay their bills. Luckily I found this out before pulling credit with some in debth questioning. |
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keysfunding
255 Posts |
Posted - 07/12/2007 : 06:05:19 AM
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You know you have a subprime loan if...
- Your borrower wants to quit claim his 98 year-old mother-in-law to the property so she can be a co-signer.(happened)
- Your borrower walks in to your office in his Waffle House uniform and wants a stated income loan.(happened)
- Your borrower asks you if he can (personally) borrow the appraisal money. (HAPPENED!)
- You pull the borrower's credit and instead of giving you a report it returns the message "Please retain applicant - Law enforcement dispatched" (No that didn't really happen but it's darn funny – this is a spin on my ongoing joke about the consumer who’s credit is so bad “he should be in jail”)
- When you ask your borrower for his last 2 tax returns he gives you 2001 and 2004 (because he ain't filed the rest yet).(HAPPENED!)
- When your borrower calls and asks you to bail him from his foreclosure, but when you pull public records, the house was titled to the bank 6 weeks ago (happened).
PS: Still laughing at the Fingerhut comment! :-D
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nanah007
197 Posts |
Posted - 07/12/2007 : 06:23:44 AM
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You know you are subprime when: Borrower asks, if they still have to pay their mortgage and bills since they are going to be paid off.
Yeah Fingerhut and Castlepoint comments classic!!! |
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mudshark
3737 Posts |
Posted - 07/12/2007 : 07:03:55 AM
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You know it's subprime when:
**The borrower lives in a 5th wheel in the driveway because all of the rooms and the garage are being being rented out weekly to day laborers
**When the borrower keels over with a heart attack after you pull the credit and discover that there's still $143 left on one of the 9 tradelines
**When the borrower hasn't worked for 6 years because of the lawsuit he filed against Steven Spielberg for stealing his ideas. He also has a backup suit against Bill Gates as he was the true inventor of Windows
**When you call on the job reference for the investment firm where they make $22k a month and it turns out to be a new age bookstore. (That's true. I went in and asked the owner if she had any books on magic. / Sure, what do you need. / I need a book that can teach me how to make a bookstore into an investment bank)
**When the paint is peeling, the lawn is brown and uncut, the house stinks of cat pee but the 24's on the new H2 are immaculate
**When they feel that they're entitled to the 5.5 fixed their brother in law got 3 years ago with 3x the score at 80 ltv |
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yanks26
127 Posts |
Posted - 07/12/2007 : 07:24:46 AM
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| You're trying to help a foreclosure bailout and she brings you a garbage bag full of documents that smell like cat urine. Then you have to copy the original docs and throw them out so that you can work the the docs. |
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jenalpha
643 Posts |
Posted - 07/12/2007 : 07:29:07 AM
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| when you have a 525 and the score drops to a 508 and you need to do a 80% refi, BUT the DTI is over 60% (happening as we speak)! |
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jwolfe1
20 Posts |
Posted - 07/12/2007 : 07:33:43 AM
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Borrower walks away from closing a refi that is saving her $300/month because she refuses to pay a $25 collection placed by a dentist for skipping an appointment without 24hr notice. Borrower insisted the 4 hour notice was sufficient and she wasn't paying and wouldn't let me pay it because it wasn't about money, it was the principle.
Yeah lady, you showed them. Now you're letting the dentist do you for a lot more than $25, idiot.
Oh, and what kind of idiot Underwriter kills a deal over that? The next post should be- 'You might be an underwriter if...' |
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QUANTAM
216 Posts |
Posted - 07/12/2007 : 07:39:30 AM
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You tell the borrower what their payments are going to be on the new manufactured home and the five acres that go along with it and they say "Yeah, we can make a couple of those"!
I Kid you not. |
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GAcashflow
354 Posts |
Posted - 07/12/2007 : 07:44:13 AM
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quote:
Originally posted by hherrm
<when you refuse to be declined and keep calling in with more cosigners who also have no credit!>
LOL, I have one like that right now. Called today again and told me his sista wants to help him. I said *great*, how is her credit? He said, no problem there, she has good credit, pays for everything in cash.I thought hmmmm and ask, does she work? He said, oh no, she don't need to work, she gets a check every month from welfare.
LOLLLL |
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AGreene00
2734 Posts |
Posted - 07/12/2007 : 07:46:09 AM
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It might be a subprime deal if...
Customer brings bankruptcy paperwork to your office and the smell of smoke nearly knocks you over as you are making copies. |
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JamesH
209 Posts |
Posted - 07/12/2007 : 08:08:05 AM
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You might be subprime when....
Your broker told you on Monday that your new cash out loan will be set to close on Friday but calls you on Weds. to let you know that we should wait another 10 days to close because of a 12K pre-pay that just came across on the payoff but you insist on closing Friday anyaway...why?..because first thing Tuesday morning he put a 2K non-refundable deposit on an RV with the balance due on Friday. (loan closing on Friday, not funding). SO I took a chance, had my att. draw up a note, had borrower sign it when he picked up the 11,200 cashiers check I got from my own bank for him. He got his RV, we closed the loan after the pre-pay expired and I got all my money back..(thank god) Hopefully I will have a client for life, we shall see.
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Dana Point
2820 Posts |
Posted - 07/12/2007 : 08:08:15 AM
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When you get your disclosures back and they small like a pack of cigs and there is coffe spilled on them.
Oh and yes that fingerhut clarification was great i thought only i got those, Starting to day i am buying leads from finger hut for delinquint accounts. and at the close ill give them a $50 credit for finger hut |
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lucky1s
3339 Posts |
Posted - 07/12/2007 : 08:11:53 AM
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I would have paid the collection for her.
Maybe I'm a redneck. |
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jbrinson
565 Posts |
Posted - 07/12/2007 : 08:12:38 AM
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You know you are subprime when...
Your prequalification is stuck on my desk for longer than 48 hours. |
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Dana Point
2820 Posts |
Posted - 07/12/2007 : 08:18:26 AM
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| I know im subprime when they change the fico system in september and i go from 690 to 590 |
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lucky1s
3339 Posts |
Posted - 07/12/2007 : 08:20:46 AM
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Is that what happened?
They changed he fico system?
I knew something was different. |
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WorldWideWayne
1958 Posts |
Posted - 07/12/2007 : 08:37:18 AM
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quote:
Originally posted by Oracles
You know you are sub prime when you have a loan amount of $650,000 on a house you bought 15 years ago at $200,000 and bought your kids a $50,000 Benz and a $30,000 Corolla when they graduated from High school.
Oh no...you know that's true! |
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Dana Point
2820 Posts |
Posted - 07/12/2007 : 08:39:07 AM
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| well i think they did something because my mid droped like 18 points but they said they were nor going to change it till sep or may august. I read an article that says it is going to really affect people that have had previous lates the most you knwo a person that has like a 640 credit score but had an auto late in the last year or some other derog it would drop them a bit atleast that is whati read |
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WorldWideWayne
1958 Posts |
Posted - 07/12/2007 : 08:41:15 AM
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quote:
Originally posted by keysfunding
You know you have a subprime loan if...
- Your borrower wants to quit claim his 98 year-old mother-in-law to the property so she can be a co-signer.(happened)
- Your borrower walks in to your office in his Waffle House uniform and wants a stated income loan.(happened)
- Your borrower asks you if he can (personally) borrow the appraisal money. (HAPPENED!)
- You pull the borrower's credit and instead of giving you a report it returns the message "Please retain applicant - Law enforcement dispatched" (No that didn't really happen but it's darn funny – this is a spin on my ongoing joke about the consumer who’s credit is so bad “he should be in jail”)
- When you ask your borrower for his last 2 tax returns he gives you 2001 and 2004 (because he ain't filed the rest yet).(HAPPENED!)This one made me laugh out loud
- When your borrower calls and asks you to bail him from his foreclosure, but when you pull public records, the house was titled to the bank 6 weeks ago (happened).
PS: Still laughing at the Fingerhut comment! :-D
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Scrooge McDuck
7508 Posts |
Posted - 07/12/2007 : 08:52:52 AM
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quote:
Originally posted by AGreene00
Fingerhut
fingerhut, haha classic. fingerhut and fashion bug are my favorite. or 15 providians, 10 cap ones, and 4 target cards, 1 fingerhut, 1 fashion bug, all with 550 60 day past due balances and a chrysler lease for 850 a month on their hemi ram. |
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lucky1s
3339 Posts |
Posted - 07/12/2007 : 08:55:21 AM
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| I have noticed Ficos being especially sensitive lately. I have a borrower who had a 30 day late by accident on a credit card and she went from 680 to 560. |
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Dana Point
2820 Posts |
Posted - 07/12/2007 : 09:04:56 AM
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Or they got lucky once and went ona shopping spree with a macys card and blew $500 and never paid it back or the good ol gottchalks card i dont know if i spelt that right or not because i drove past one when i was like 12 years old on a drive cross country
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by AGreene00
Fingerhut
fingerhut, haha classic. fingerhut and fashion bug are my favorite. or 15 providians, 10 cap ones, and 4 target cards, 1 fingerhut, 1 fashion bug, all with 550 60 day past due balances and a chrysler lease for 850 a month on their hemi ram.
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lucky1s
3339 Posts |
Posted - 07/13/2007 : 08:01:37 AM
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I laugh when people call me wanting to refi out of their I/O's so they can get a P&I loan.
"Just pay more".
I suppose a more unethical lender would just refi them. |
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jbrinson
565 Posts |
Posted - 07/13/2007 : 09:22:48 AM
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quote:
Originally posted by lucky1s
I laugh when people call me wanting to refi out of their I/O's so they can get a P&I loan.
"Just pay more".
I suppose a more unethical lender would just refi them.
I get these a lot too as far as prequals! Goes to show some people have to be forced to pay a certain amount in order to actually do it! A lot of times they will be willing to take a higher rate just so it isn't interest only...crazy! I don't think we have closed any though. When the borrowers sees the new payment, then they realize why they are in an interest only loan. |
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CoralSnake
10291 Posts |
Posted - 07/13/2007 : 09:25:27 AM
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| When you are doing your 2nd Full Doc foreclosure bailout in as many years. |
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CoralSnake
10291 Posts |
Posted - 07/13/2007 : 09:35:40 AM
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When you statrt a thread on BO to make fun of Subprime borrowers, and name it:
"You know your subprime when?"
instead of:
"You know you're subprime when?"
...Sorry Dana  |
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Carlsbadd
743 Posts |
Posted - 07/13/2007 : 11:28:10 AM
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| bump |
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michelleangeline
19 Posts |
Posted - 07/17/2007 : 5:02:16 PM
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| When your borrower retires 1 week into the loan, (w/o telling), and the VOE comes in as "she no longer works here!?!" |
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reimtime1
5 Posts |
Posted - 07/17/2007 : 5:07:27 PM
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| You have your three friends write you reference letters for proof of self-employment. |
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rn4nz
101 Posts |
Posted - 07/17/2007 : 5:12:27 PM
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| when your borrower tells you about his multiple run ins with 'identity theft' that have ruined his otherwise great credit. |
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CoralSnake
10291 Posts |
Posted - 07/19/2007 : 08:54:44 AM
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| When you ask your LO for mortgage insurance or your 60ltv refi, even after he explains to you that it does not insure you against foreclosure when you do not make your mortgage payments. |
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