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rondelu
290 Posts |
 Posted - 08/16/2007 : 4:31:10 PM
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closed on 08/15/2007 and no funding as of 7:30 P.M. 08/16/2007.
N/O/O property.......
The borrower and title company are blowing up my phone...
Anyone knows what's going on? I know they just merge with Bankers but where the money? |
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dkendall1979
8742 Posts |
Posted - 08/16/2007 : 4:33:36 PM
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| If it's in a dry state (which it probably is) I wouldn't worry too much at this point. Give it a little more time before freaking out. |
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mfisher
387 Posts |
Posted - 08/16/2007 : 4:34:47 PM
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| I've done 2 loans with them. Funding is usually a little slow. Have you called them? |
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Dana Point
2820 Posts |
Posted - 08/16/2007 : 4:35:38 PM
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| what state? |
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rondelu
290 Posts |
Posted - 08/16/2007 : 4:36:29 PM
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| The state is Maryland, but investment properties are funded the same day on refinance. |
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quazmoto
796 Posts |
Posted - 08/16/2007 : 4:37:13 PM
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| We are open! I am at work right in the office right now! |
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dkendall1979
8742 Posts |
Posted - 08/16/2007 : 4:39:44 PM
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quote:
Originally posted by rondelu
The state is Maryland, but investment properties are funded the same day on refinance.
Investment properties "MAY" fund/record the same day on investment properties. It's not a rule. Investment property just means there is no recission, but we all know they can still rescind if they choose to, even after the loan is funded.
However, if I'm not mistaken, their biggest line provider/investor was/is Countrywide... |
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dstout
919 Posts |
Posted - 08/16/2007 : 4:43:10 PM
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quote:
Originally posted by dkendall1979
However, if I'm not mistaken, their biggest line provider/investor was/is Countrywide...
Wow, I didn't realize that. It's terrifying how many lenders rely on Countrywide. |
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rondelu
290 Posts |
Posted - 08/16/2007 : 4:45:09 PM
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quote:
Originally posted by quazmoto
We are open! I am at work right in the office right now!
I know that Quality is still up and running. I trying to find out is there something wrong. I was told both yesterday and today funding should be within a few hours. Being the L/O, I'm the last to get paid.
thanks |
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dale
328 Posts |
Posted - 08/16/2007 : 4:45:20 PM
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| Md is a wet state by the way |
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dkendall1979
8742 Posts |
Posted - 08/16/2007 : 4:47:25 PM
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quote:
Originally posted by dale
Md is a wet state by the way
Then there "might" be issues. |
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Dana Point
2820 Posts |
Posted - 08/16/2007 : 5:02:00 PM
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| you still have to usually fax the docs back and the underwritter goes over them before funding usually i thought that was the way it worked. sign, fax docs,underwritter funds after going over them, then closing attourney sends the origionals back. but that does sound a little slow, update us tomorrow first thing if this has not funded |
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TheBigGuy
380 Posts |
Posted - 08/16/2007 : 5:06:52 PM
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| quality is a bit slow on fundings...i have had problems with them on investment refinances as well....that being said, in the end they all funded |
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rsipe
41 Posts |
Posted - 08/16/2007 : 5:32:46 PM
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We are not out of business. Investment properties in Wet States often present delays, especially (actually mainly) because of the time difference. The funds have to be wired by noon usually, and in order for that to happen, everything has to be lined up correctly that morning. Believe me, I've ran into it a few times, and it's always a pain.
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rondelu
290 Posts |
Posted - 08/16/2007 : 5:55:49 PM
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| Thanks Rob |
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rsipe
41 Posts |
Posted - 08/16/2007 : 6:06:19 PM
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| Who's your AE? I'll go kick him in the butt for you and tell him to get moving. Doesn't he know all BO subscribers/posters get priority on funding :) |
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rondelu
290 Posts |
Posted - 08/16/2007 : 6:12:04 PM
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My AE is cool with me...... I sure there is nothing he can do....
Thanks anyway... |
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rondelu
290 Posts |
Posted - 08/17/2007 : 09:26:02 AM
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| Well, it's 12:24 pm, Friday no funds.... I'm sure it coming but they are blowing my phone up! |
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Mike Pessell
1623 Posts |
Posted - 08/17/2007 : 09:44:09 AM
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Yeah... we're not going anywhere.
Be patient... your loan will fund!!! |
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rondelu
290 Posts |
Posted - 08/17/2007 : 09:52:58 AM
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quote:
Originally posted by Mike Pessell
Yeah... we're not going anywhere.
Be patient... your loan will fund!!!
The funding dept. has computer problems.. |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 10:33:09 AM
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i heard they sent out another BPO and wanted to make sure it was occupied. hehe 
quote:
Originally posted by rondelu
quote:
Originally posted by Mike Pessell
Yeah... we're not going anywhere.
Be patient... your loan will fund!!!
The funding dept. has computer problems..
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jmilano15
101 Posts |
Posted - 08/17/2007 : 10:47:15 AM
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Ouch! Words like that are known to cause high blood pressure!! Go easy on him
quote:
Originally posted by Dana Point
i heard they sent out another BPO and wanted to make sure it was occupied. hehe
quote:
Originally posted by rondelu
quote:
Originally posted by Mike Pessell
Yeah... we're not going anywhere.
Be patient... your loan will fund!!!
The funding dept. has computer problems..
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rsipe
41 Posts |
Posted - 08/17/2007 : 11:16:22 AM
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| Yeah, the BPO came back, and at a different angle of the back yard, than the appraiser shot, there's 2 upside down cars in the lawn. Also, he looked through the window, shot some interior photos, and there's no carpet on the floors, trash everywhere, pipes sticking out of walls, and drywall everywhere. :) |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 11:19:03 AM
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haha from the pictures it looks like a rusty subaru brat and a Chevy Love,
quote:
Originally posted by rsipe
Yeah, the BPO came back, and at a different angle of the back yard, than the appraiser shot, there's 2 upside down cars in the lawn. Also, he looked through the window, shot some interior photos, and there's no carpet on the floors, trash everywhere, pipes sticking out of walls, and drywall everywhere. :)
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dkendall1979
8742 Posts |
Posted - 08/17/2007 : 11:25:39 AM
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| I had an appraisal come back for a "manufactured home" when i was working at New Century years ago. The house was in the middle of a swamp on the top of a telephone pole with electric lines/telephone lines running to it. There where 2x4 steps nailed into the telephone pole and a hatch in the bottum of the manu home for a front door. Absolutely hilarious! I had to hold back tears when I was trying to tell the guy, "Uhhhhh, sorry sir. The telephone pole doesn't count as "permanentaly affixed"'. |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 11:30:18 AM
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I have a copy of an old man. home appraisal in hernando FL, the worst conditions i have ever seen, Bryco refied her and there had to be fraud on this deal to get it done, lady died half way through the process. sad stuff
quote:
Originally posted by dkendall1979
I had an appraisal come back for a "manufactured home" when i was working at New Century years ago. The house was in the middle of a swamp on the top of a telephone pole with electric lines/telephone lines running to it. There where 2x4 steps nailed into the telephone pole and a hatch in the bottum of the manu home for a front door. Absolutely hilarious! I had to hold back tears when I was trying to tell the guy, "Uhhhhh, sorry sir. The telephone pole doesn't count as "permanentaly affixed"'.
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Mike Pessell
1623 Posts |
Posted - 08/17/2007 : 12:11:55 PM
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| I had a borrower die during the process once... clean file too. Sad. |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 12:15:51 PM
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yeah her husband called in and was like where are we at, it was dead deal because the condition of the home. a double whammy
quote:
Originally posted by Mike Pessell
I had a borrower die during the process once... clean file too. Sad.
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ggiallom
19 Posts |
Posted - 08/17/2007 : 12:23:57 PM
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| I wish I had the picture form the appraisal, but I had a loan 3 years ago and the lender wanted interior pictures, so the appraiser took pics inside the house. The picture in the master bedroom was classic...They had a Bounty Towel Dispenser Roll drilled in the Wall 6 inches above the top of the Headboard. No Joke!!! Hilarious, the office was in stitches and disgusted at the same time. Needless to say this loan was for a filthy home, no pun intended. True story |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 12:26:09 PM
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maybe they like to eat buffalo wings in bed
quote:
Originally posted by ggiallom
I wish I had the picture form the appraisal, but I had a loan 3 years ago and the lender wanted interior pictures, so the appraiser took pics inside the house. The picture in the master bedroom was classic...They had a Bounty Towel Dispenser Roll drilled in the Wall 6 inches above the top of the Headboard. No Joke!!! Hilarious, the office was in stitches and disgusted at the same time. Needless to say this loan was for a filthy home, no pun intended. True story
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missioncontrol
544 Posts |
Posted - 08/17/2007 : 12:27:11 PM
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| They owe me 7500 from a judgement I earned. They are not attempting to pay me. |
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dkendall1979
8742 Posts |
Posted - 08/17/2007 : 12:38:30 PM
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quote:
Originally posted by missioncontrol
They owe me 7500 from a judgement I earned. They are not attempting to pay me.
Just go pay the Sherrif's office $35 bucks and get your money. Collecting judgements is easy stuff, getting judgements is tough. |
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rsipe
41 Posts |
Posted - 08/17/2007 : 1:06:33 PM
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quote:
Originally posted by Dana Point
maybe they like to eat buffalo wings in bed
quote:
Originally posted by ggiallom
I wish I had the picture form the appraisal, but I had a loan 3 years ago and the lender wanted interior pictures, so the appraiser took pics inside the house. The picture in the master bedroom was classic...They had a Bounty Towel Dispenser Roll drilled in the Wall 6 inches above the top of the Headboard. No Joke!!! Hilarious, the office was in stitches and disgusted at the same time. Needless to say this loan was for a filthy home, no pun intended. True story
Ahahaha. Yeah, maybe......who are we to discriminate their Buffalo Wing eating lifestyle. We're an equal opportunity lender after all. |
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Dana Point
2820 Posts |
Posted - 08/17/2007 : 3:25:52 PM
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Its FL it wouldnt suprise me if there was saran wrap on that dispenser. hah yuk
quote:
Originally posted by rsipe
quote:
Originally posted by Dana Point
maybe they like to eat buffalo wings in bed
quote:
Originally posted by ggiallom
I wish I had the picture form the appraisal, but I had a loan 3 years ago and the lender wanted interior pictures, so the appraiser took pics inside the house. The picture in the master bedroom was classic...They had a Bounty Towel Dispenser Roll drilled in the Wall 6 inches above the top of the Headboard. No Joke!!! Hilarious, the office was in stitches and disgusted at the same time. Needless to say this loan was for a filthy home, no pun intended. True story
Ahahaha. Yeah, maybe......who are we to discriminate their Buffalo Wing eating lifestyle. We're an equal opportunity lender after all.
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Roberta
26 Posts |
Posted - 08/17/2007 : 4:12:33 PM
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I just called Quality Home Loans about an hour ago and was told that they are not doing NOO's. They are supposed to be doing so again shortly, but haven't been told when.
What's the distinction between "wet and dry" states? I'm from WA, so you can't get much wetter weatherwise, but I doubt that's what you mean.
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dstout
919 Posts |
Posted - 08/17/2007 : 4:18:53 PM
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quote:
Originally posted by Roberta
I just called Quality Home Loans about an hour ago and was told that they are not doing NOO's. They are supposed to be doing so again shortly, but haven't been told when.
What's the distinction between "wet and dry" states? I'm from WA, so you can't get much wetter weatherwise, but I doubt that's what you mean.
In a wet state, funding occurs at the table on purchases and NOO refinance transactions. Generally wet states are East of CO. Some states (like FL and NM) are not really wet but they still act as a wet state by custom.
For this reason, on wet transactions the lender will "front load" all conditions to PTD rather than have a list of PTD and PTF conditions. |
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rondelu
290 Posts |
Posted - 08/19/2007 : 6:52:27 PM
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| Here we go again.... Let's see if I could get paid this week.... |
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rondelu
290 Posts |
Posted - 08/20/2007 : 12:07:23 PM
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| I don't know what's going on with Quality. I was told that Lisa the VP and the others were in a meeting.... All I know is my closing did not fund, yet........ |
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Dana Point
2820 Posts |
Posted - 08/20/2007 : 12:47:19 PM
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geez what the heck is going on i have loans in underwriting there? what have they told you today?
quote:
Originally posted by rondelu
I don't know what's going on with Quality. I was told that Lisa the VP and the others were in a meeting.... All I know is my closing did not fund, yet........
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dkendall1979
8742 Posts |
Posted - 08/20/2007 : 12:50:33 PM
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Quality's main line provider is/was Countrywide. (so I've heard)
FYI... |
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rondelu
290 Posts |
Posted - 08/20/2007 : 12:54:17 PM
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Dana, they would not talk to me. Lisa 818-206-7075 the VP, told me Friday that it would fund on Monday..... I'm just fu%Ked! Banker Express is apart of Quality.
Good luck with your Dana |
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Dana Point
2820 Posts |
Posted - 08/20/2007 : 1:11:41 PM
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i guess its a good thing you dont live in calabasas. haha
quote:
Originally posted by rondelu
Dana, they would not talk to me. Lisa 818-206-7075 the VP, told me Friday that it would fund on Monday..... I just fu%Ked! Banker Express is apart of Quality.
Good luck with your Dana
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rondelu
290 Posts |
Posted - 08/20/2007 : 2:45:33 PM
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Hello,
Quality Home Loans is in the process of re-writing its warehouse accommodations. Unfortunately, this has resulted in a temporary inability to fund loans. We expect this to be completed shortly, and be able to resume funding. Your Quality Home Loans funder or account manager will inform you when funding is available for your loan. We apologize for any inconvenience resulting from this delay. Please accept our apologies and feel free to give me a call with any questions.
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Dana Point
2820 Posts |
Posted - 08/20/2007 : 2:52:25 PM
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wow those are some clever words re-writing its warehouse accommodations. that is better than saying our lines where pulled and we are trying to find another source for money.
quote:
Originally posted by rondelu
Hello,
Quality Home Loans is in the process of re-writing its warehouse accommodations. Unfortunately, this has resulted in a temporary inability to fund loans. We expect this to be completed shortly, and be able to resume funding. Your Quality Home Loans funder or account manager will inform you when funding is available for your loan. We apologize for any inconvenience resulting from this delay. Please accept our apologies and feel free to give me a call with any questions.
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teamlend
339 Posts |
Posted - 08/20/2007 : 4:04:40 PM
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I want a reply from the A/e's from QHL. Friday 3 were on here defending the company- I haven't seen even 1 reply today. What's up? Why can't you give us the scoop? You are here recruiting for loans, but once we need some info- "Poof" you are no where to be found. I have the same issues as rondelu regarding a loan with you funding.
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rondelu
290 Posts |
Posted - 08/20/2007 : 4:09:23 PM
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I guest the AE didn't see it coming.... No pay checks for anyone.......
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rsipe
41 Posts |
Posted - 08/20/2007 : 4:12:00 PM
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| We're still here, it's just that we can't disclose any info about Quality because we don't want to get fired. They have people that monitor these sites to make sure nobody is disclosing any proprietary information. |
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teamlend
339 Posts |
Posted - 08/20/2007 : 4:13:06 PM
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| I do appreciate the reply Rob |
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Dana Point
2820 Posts |
Posted - 08/20/2007 : 4:16:02 PM
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yes i where your boss i would give you .05 BPS raise
quote:
Originally posted by teamlend
I do appreciate the reply Rob
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rsipe
41 Posts |
Posted - 08/20/2007 : 4:17:07 PM
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no worries. Everyones on eggshells right now with all these lender going down.
A posting like "Quality is done" can impact the business huge because people freak out, and then stop sending loans over, etc etc. Even if it's fake, it still can hurt. So our managers have made it clear not to say anything negative or potentially negative. |
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ewood
166 Posts |
Posted - 08/20/2007 : 4:19:19 PM
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quote:
Originally posted by dstout
quote:
Originally posted by dkendall1979
However, if I'm not mistaken, their biggest line provider/investor was/is Countrywide...
Wow, I didn't realize that. It's terrifying how many lenders rely on Countrywide.
Countrywide on average did 42 BILLION per MONTH! Now, thats A LOT of loans! Scary part is the option arm was their #1 program. - Thats terrifying. |
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