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tenbody
134 Posts |
 Posted - 02/25/2008 : 1:40:36 PM
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Hey folks,
I have been in a crazy search for a federally chartered bank setup that does not kill you with fee's and allows you to broker if needed. I have talked to several and get close but they are either super expensive or you can't broker or you can't use your own processor..Am i looking for something that is not there?? If anyone has any ideas that they could share or you are set up with a place right now that fits what I am looking for I would appriciate the help..6 years plus in the biz small office of 5 guys about 3 mill avg...but mainly doing Michigan biz..so avg loan is is bad..could do way better with other states!! Thanks
you can email me at tenbody@comcast.net |
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tenbody
134 Posts |
Posted - 03/04/2008 : 8:07:18 PM
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| WoW..it's been several days nobody has any info for me about FCB's..I would like any help..I'm pretty new to this outpost so if I should post this else where please let me know thanks.. |
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NNMS
992 Posts |
Posted - 03/04/2008 : 8:13:07 PM
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| I don't think you're going to find one that lets you use your own processor. They are taking on all of the risk, if a loan has to be bought back it's on them. For the risk they are taking on, they want, and rightfully so, to QC each and every file. Of course there will be a cost for them to take on that risk. It's not an easy decision and you lose a lot of control but you also don't have the risk either. *shrug* |
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ChiHlava
854 Posts |
Posted - 03/05/2008 : 06:00:38 AM
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Ronda's right on, there were 2 fed banks allowing what you describe, one went under and the other canceled all their branch office agreements and shut down the system after taking a huge hit from bad deals.
Recently, Eagle National Bank has created a branch system but I have not investigated it very much. From what I saw, it works like a broker more than a bank. They took over all the sunset mortgage branches in the Chicago area (3 branches).
I just went to find them and the guys who had gone to Eagle are now with another company (opened with eagle and closed within 3 months - not a good sign). |
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1003s.com
2979 Posts |
Posted - 03/05/2008 : 06:49:37 AM
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Tim,
#8 below, requires 95% of loans to be bankered, they allow branches to
process, banker pricing is transparent the house takes .500
average loan size required at 225K, most of a branches business
must be referral
Opportunity #8
FED Charter
This is a banker opportunity
2.5 million MIN per month required.
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tenbody
134 Posts |
Posted - 03/05/2008 : 8:14:01 PM
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| I understand that I can't have everything..I am just trying to prepare for the future..I work out of GR, Michigan and I have sold over 25 deals that values were short in the last 3 months alone..I keep seeing several companies that say they offer all the goods but then I check into them and the cost is extreme and mark ups in the rates..I will continue to search..I have heard of Eagle national and have spoke to them not to bad.. |
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mgd
107 Posts |
Posted - 03/05/2008 : 8:59:33 PM
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| E-mail me off the board I can give you more info on what you seek! |
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kenvphan
452 Posts |
Posted - 03/06/2008 : 12:39:01 AM
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| For commercial deals contact me. |
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chrismcdermott
217 Posts |
Posted - 03/06/2008 : 06:53:46 AM
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| Try Gateway Funding |
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u7urtp
22 Posts |
Posted - 03/06/2008 : 07:23:33 AM
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HI Guys -I'm new (as you can see) but wanted to give a shout out to COFED. They are a federally charted bank.
I have a friend going through their start up process to become a branch as I type this (in Dallas for their training). He has nothing but good things to say about them. |
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