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kimberly98
8 Posts |
 Posted - 01/29/2008 : 2:59:51 PM
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| ARE THERE ANY LENDERS CURRENTLY OFFERING THE PICK A PAY PRODUCT. |
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hectorm
256 Posts |
Posted - 01/29/2008 : 3:03:37 PM
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| WORLD SAVINGS - I HEARD THE APPLICATION FEE IS $300 NOW SO YOU BETTER HAVE A CLEAN FILE AND NOT PUSH THE VALUE |
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rbnica28
45 Posts |
Posted - 01/29/2008 : 5:56:32 PM
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| Try also United Bank & Downey...Careful with the appraisal value with World |
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MortgageBoarder
3972 Posts |
Posted - 01/29/2008 : 5:58:38 PM
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| Yes... World has a Fixed Pick A Pay AND a Pay Option ARM. You must use their appraisal though, heads up. |
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re_manager
2625 Posts |
Posted - 01/29/2008 : 6:08:51 PM
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Wachovia offers the Pick-A-Pay loan at 80% LTV, SIVA with a 620+ FICO. We can do stated wage-earner, self-employed, and retired. We charge a $100 app fee and perform our own appraisals using our internal appraisers. We no longer accept outside appraisals due to rampant appraisal fraud in the industry.
Please let me know if I can help.
Thanks
Phil Koch
Wholesale Mortgage Banking Leader
Wachovia, 4th largest Bank in US
philip.koch@wachovia.com
Cell: 661-343-3556
Fax: 800-307-7614
*This is not a commitment to lend. Rates and terms are subjected to change without notice.
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dallasloangal
4 Posts |
Posted - 01/29/2008 : 6:43:07 PM
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| Contact Mike Chew... he is the Wholesale Banking Leader, he will get you the best Pick A Pay deal. His number is 972.788.3737. Tell him Shawn sent you. |
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kjake41
184 Posts |
Posted - 01/29/2008 : 7:09:03 PM
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While I don't mind Wachovia making a buck, I really resent having a representive from there state on here that they may do the loan, but only if you use their appraiser as we are a bunch of thieving, lying, underhanded L.O.'s that have brainwashed our appraisers to commit fraud to make a living. Fortunately for me and my company, we have other avenues for placing loans other than Wac,,,and you can believe after this i will be leaning on my fellow L.O.s to read this thread and make up their minds about using Wac...
Ken |
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re_manager
2625 Posts |
Posted - 01/29/2008 : 7:29:34 PM
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We portfolio our Pick-A-Pay loans so the value has to be right. We take the risk for the life of the loan.
The industry is finally realizing that inflated appraisals are a major reason for the nasty bubble we are experiencing. To that end, the Wachovia Appraisal Management Team is currently working with Fannie Mae on a consulting basis to help them figure out how to ensure accurate property valuations.
Phil Koch
Wholesale Mortgage Banking Leader
Wachovia, 4th largest Bank in US
philip.koch@wachovia.com
Cell: 661-343-3556
Fax: 800-307-7614
*This is not a commitment to lend. Rates and terms are subjected to change without notice. |
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jstar
709 Posts |
Posted - 01/29/2008 : 7:41:52 PM
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I would imagine that Banks and lenders offering SISA programs had much more to do with the bubble than inflated appraisals. I am not saying they did not happen or they have no affect however without one you would have not had the other.
Another thing I have always wondered is.. if an appraisal is an "proffesional opinion of value" and the market is increasing is it really fraud to overestimate the value. Using past comps in a increasing market is like having a reverse CLTV/LTV reduction in place. Would it be better to use pending sales?
To be more on topic Chevy Chase had great option ARMS... Not sure if they still do as I have not written any since market turned. As a matter of fact I have no idea if they are still around as I have not seen the rep for a while? Wachovia/World is good as well but the client will no longer be considered yours....They will market heavily to your past client and most likely do their next loan. |
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re_manager
2625 Posts |
Posted - 01/29/2008 : 9:46:46 PM
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Yeah, you would use pending and active sales to nail your value in an up market which may push value above highest closed sale. In many areas, ie. tract developments, there is little "opinion" involved in ascertaining value. An analysis of the right comps will produce a very accurate value. Unfortunately, 90% of the outside appraisals I have seen on the West coast were inflated by 20%+ using comps that were not comparable to the subject. That 80% loan was really a 100% loan and now is 125% loan. Sad really. People tend to stop paying their mortgages when they are at 125%+ LTV no matter what their FICO or income is.
Phil Koch
Wholesale Mortgage Banking Leader
Wachovia, 4th largest Bank in US
philip.koch@wachovia.com
Cell: 661-343-3556
Fax: 800-307-7614
*This is not a commitment to lend. Rates and terms are subjected to change without notice. |
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MOBroker
3 Posts |
Posted - 01/29/2008 : 10:02:37 PM
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| Try Chevy Chase. |
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chrisper
362 Posts |
Posted - 01/30/2008 : 05:30:45 AM
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quote:
[i]Originally posted by kjake41[/i]
[br]While I don't mind Wachovia making a buck, 1.(I really resent having a representive from there state on here that they may do the loan, but only if you use their appraiser as we are a bunch of thieving, lying, underhanded L.O.'s that have brainwashed our appraisers to commit fraud to make a living.) B.(Fortunately for me and my company, we have other avenues for placing loans other than Wac),,,3.(and you can believe after this i will be leaning on my fellow L.O.s to read this thread and make up their minds about using Wac...)
Ken
1. I don't know how you got this from Phil's response.
B. Good for you.
3. This is news to you?
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