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Brianquigley
1635 Posts |
 Posted - 03/26/2008 : 9:08:27 PM
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Is everyones production going up, up, up, or getting worse as lenders keep tightening up?
Just curious. |
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mortgagemessiah
6549 Posts |
Posted - 03/26/2008 : 9:18:45 PM
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| I swamped! |
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Ruby2sdae2
143 Posts |
Posted - 03/26/2008 : 9:33:47 PM
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| I'm pretty busy. My health is trying to get in the way but i'm not letting it. |
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hherrm
1200 Posts |
Posted - 03/26/2008 : 9:40:36 PM
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I'm swamped also....with calls!!
If I could put all of them in my pipeline (pipeline to me means loan has potential of closing), I would be posting how I made a million in one month.
I've started March with 16 in my pipeline and now down to 5 and none have closed so far.
I'm sure that in April some fence sitters will realize that whatever the rate advertised on the media is not the actual rate that is available in todays market and some N/O/O realize that the 5% down is no longer around either. And some parents of grown up children will realize that FHA is not at 5.5% today for their children that can't even make their car payment on time.
So, April seems promising to me at this time..lol |
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rtrefflich
1720 Posts |
Posted - 03/26/2008 : 9:42:19 PM
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| I've got a ton of business, but a lot of it is backed up with lenders, I am working a lot in the short sale market as well as helping people buy as prices are low(er) and interest rates are amazing. |
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EMScommercial
3512 Posts |
Posted - 03/27/2008 : 3:57:04 PM
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residential... nada
commercial.... we are very very busy (always room for more of course!)...
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katbunk
1124 Posts |
Posted - 03/27/2008 : 3:58:30 PM
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| swamped with originations. Working like a dog to get them closed. |
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NobleHouse
208 Posts |
Posted - 03/27/2008 : 4:02:13 PM
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Swamped on the Real Estate end purchase money loans for new homes going to the builders preferred retail lender because of closing incentives, not so much on the refis  . |
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mustang05
177 Posts |
Posted - 03/27/2008 : 4:05:29 PM
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| Just as busy as I have ever been. I think there is plenty of business to be had, but maybe thats just because I am in a small town. We have not been hit with the declining market thing as hard. |
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rtrefflich
1720 Posts |
Posted - 03/27/2008 : 4:18:43 PM
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Are you in Cedar, I thought the So. Utah market has crashed, we are doing a lot of foreclosure/shortsale lease backs in the St. George area.
quote:
Originally posted by mustang05
Just as busy as I have ever been. I think there is plenty of business to be had, but maybe thats just because I am in a small town. We have not been hit with the declining market thing as hard.
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darkstar
13777 Posts |
Posted - 03/27/2008 : 4:47:48 PM
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>>>What's in your pipeline?
Capitol One...Oh wait, that's my wallet, hmmm..... |
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ppulatie
1792 Posts |
Posted - 03/27/2008 : 4:59:53 PM
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| A lot of crap, and a few good loans. |
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808
1198 Posts |
Posted - 03/27/2008 : 5:57:24 PM
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| a lot of files I cant get done because of current home prices. |
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rccorphomes
104 Posts |
Posted - 03/27/2008 : 6:00:12 PM
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Busier that ever but slower to closing
I used to close deals from begin to end in 7 days, now its at lease a month
debbie all Credit |
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zizou510
206 Posts |
Posted - 03/27/2008 : 6:01:19 PM
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| vodka with fresh grapefruit, then when I fund that I'm going to submitt a shot of vodka and redbull and when that funds, I still have a big ass bong that I'm taking FHA SECURE!!!!!!!!!!!!! |
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j_mahaska
248 Posts |
Posted - 03/27/2008 : 6:01:43 PM
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What a supprise everyone on this forum is sooo busy.
I would doubt any of you would admit you were not busy |
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hherrm
1200 Posts |
Posted - 03/27/2008 : 6:23:33 PM
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Being busy and actually closing loans are 2 different animals these days.
You can be very busy taking calls and telling people, nope, can't do, or you can be very busy re-submitting files that you got back from one lender and you will give it 1 or 2 or 3 more shots with another lender. You also can be very busy chasing the goose for some loans without knowing that the goose has left the building.
I'm very reluctant to believe that most of the people on here or where ever are busy actually closing loans.
We are all in the same boat, same lenders, same guidelines, same banks to compete with. There are only so many perfect buyers out there and I'm sure that they don't just flock to one LO. |
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MALIZNA
416 Posts |
Posted - 03/27/2008 : 6:54:06 PM
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Telephones a few a day...
loans that closed this month 4
should have 4 more close next month....
Not really looking for business, if someone calls, they call, if they don't I am currently not "hunting" for it.... Too mnay borrowers are upside down on refi's and home prices still need to go down a bit in my area for purchases
Taking it one day at a time, actually it feels good to have some piece and quiet now instead of a non stop ringing phone
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Chris Clark
5861 Posts |
Posted - 03/27/2008 : 7:11:53 PM
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ok, i'll bite.
business this month is slow. has been for the last three months.
of course, i'm chained to a desk now, we don't advertise (at all), and i have no leads to call on.
every day that goes by i feel more and more like i'm being forced into becoming an order taker. which is fine when you've got customers to take orders from, but when crickets chirp all day, it's depressing!
but, that's ok. i'm working on making it "better"...  |
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CoralSnake
9061 Posts |
Posted - 03/27/2008 : 7:15:05 PM
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| Slowish the last 3 months, but seems to be picking up in the last couple of weeks. |
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actionjackson
1109 Posts |
Posted - 03/27/2008 : 7:17:31 PM
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It was Dead in Jan, Feb, seems to be picking up and leveling off. Biggest problem is dealing with program and guideline changes almost everyday.
Jason J. Miles
Cornerstone Bancor Mortgage Corp
1-866-WE-LEND-U/1-631-225-7096
1-800-538-0794/E-FAX
1-631-943-9807/1-631-991-1665/CELLS
jason@cmbank.net
www.cmbank.net |
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NNMS
990 Posts |
Posted - 03/27/2008 : 7:27:04 PM
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quote:
Originally posted by hherrm
Being busy and actually closing loans are 2 different animals these days.
You can be very busy taking calls and telling people, nope, can't do, or you can be very busy re-submitting files that you got back from one lender and you will give it 1 or 2 or 3 more shots with another lender. You also can be very busy chasing the goose for some loans without knowing that the goose has left the building.
I'm very reluctant to believe that most of the people on here or where ever are busy actually closing loans.
We are all in the same boat, same lenders, same guidelines, same banks to compete with. There are only so many perfect buyers out there and I'm sure that they don't just flock to one LO.
We're in this boat, we do our own fliers and we get plenty of calls, but the real truth is if the call actually becomes a closed loan. The biggest problem for us is being in a depressed, not declining but depressed market and lack of sales for the appraisers to use as comps is running a close second. It's a tough time, but we did have 4 signings this month which is good because there were ZERO in Jan/Feb... April will be ok so far. |
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CoralSnake
9061 Posts |
Posted - 03/27/2008 : 8:25:04 PM
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The bigggest problem is converting into a closed laons.
It seems like most of them is an uphill battle and weeks in UW. |
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msancheznj
2044 Posts |
Posted - 03/27/2008 : 8:26:41 PM
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quote:
Originally posted by zizou510
vodka with fresh grapefruit, then when I fund that I'm going to submitt a shot of vodka and redbull and when that funds, I still have a big ass bong that I'm taking FHA SECURE!!!!!!!!!!!!!
WHOA!!! DUDE!!! That's exactly what my pipeline looks like. |
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jcanepa
783 Posts |
Posted - 03/27/2008 : 8:26:58 PM
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| It's starting to pick up!! |
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smoothlid
269 Posts |
Posted - 03/27/2008 : 8:46:48 PM
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getting busier, lots more calls, crazy nonworkable deals, lots with no equity....feelin bad for lotsa folks lately...but we have closings going on thru April.....
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peter
3188 Posts |
Posted - 03/27/2008 : 10:33:20 PM
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I've been very picky about the loan files that I will
spend my time on and indeed I've turned away those marginal
loans that could fail to fund due to declining values or
credit/income issues. Out of about 12 files, I only manage
to fund 2-3 modestly profitable loans and spending my time
doing program research instead. It's not a propsperous year
for me by any means, but I am managing to keep my office and
my processor employed so that when business picks up I will
be able to recoup my investments in the long run.
I believe there are hard times in any business and we
must stand up and lose money like any businessman would. I've
been in this business 18 years and I've lost money before as
much as I have made money. So, it is a fair game if you still
have passion for this business.
Stand up and suffer. Suffering is indeed a good medicine.
Peter |
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benjamin
1056 Posts |
Posted - 03/28/2008 : 04:35:39 AM
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| Lots of activity, not having decent comps is a big problem. Investor purchases. |
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darkstar
13777 Posts |
Posted - 03/28/2008 : 05:33:45 AM
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>>> Stand up and suffer. Suffering is indeed a good medicine.
OMG, is this what you tell those that work for and depend on you?... |
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jvanpetten
1631 Posts |
Posted - 03/28/2008 : 05:46:14 AM
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Lots of activity, just like everyone else. Most people need FHA due to 2/28's or 3/27's when they purchased a couple years ago and barley have any equity. My biggest obstacle is credit issues.
Have seen a spike in purchases recently.
My pipeline is 90% FHA and most should close, but the lenders turn time has killed me for March. I guess I will have a great April. Now that I think of it, April & October have always been the best two months of the year in the past. |
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anthonyt2325
1307 Posts |
Posted - 03/28/2008 : 06:10:06 AM
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Dead in the water. In all the years I've been in this business I've never been this slow. Getting plenty of applications but not much in fundings.
In all honesty, I'm a bit worried about what the future holds for myself and my company. For the first time in 4 years I actually purchased internet leads and managed to pull a few loans out but it's getting more difficult to pay the bills let alone pay myself.
I used to have plenty of referral partners relying on mostly real estate brokers and agents to fill my pipeline but many of the agents have left the business and brokers who used to have 20+ agents each, have gone under or are now down to about 5 agents or so.
I have a new marketing concept I'm working on and will be cold calling most of the day today, have a networking party to attend on Monday but the reality may be that I'm done for in the next few months. Hard to imagine that things have gotten this bad but the only thing that makes me feel a bit better is that I know that the majority of people in my market are not doing well right now either. |
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hherrm
1200 Posts |
Posted - 03/28/2008 : 06:26:12 AM
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Like I said, we are all in the same boat. I think when you face up to it instead of keeping on dreaming, it is the first step to turn it around.
I have contacted every DPA that is available. A couple of them gave me a special deal, where as, if the Seller or Builder deals with my company, the fee is a lot lower. They even made very nice brochures with my name on it.
Next week I'm set up to do several seminars with Realtors about it. I've approached some Builders this week and everyone of them asked me to drop off my brochures.
Don't know yet if it will pay off, but if it does not, at least it did not cost me a dime. |
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CoralSnake
9061 Posts |
Posted - 03/28/2008 : 06:47:12 AM
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Let me guess, every bum that calls me who is upside down and 3 months down, their savior is American Rescue Trust???
This sounds like Superman coming to save the day....(and about as believable) |
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goodguy1
1321 Posts |
Posted - 03/28/2008 : 06:58:22 AM
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I've got a couple million in the pipeline, but it is just that...a pipeline; until they fund, nothing's for sure.
Values are the toughest thing I'm dealing with..oh yeah guidelines too, and UW turn times..and crazy borrowers...and..
Been pretty busy with applications and trying to get things to close. That's a whole nother thread though.
keep the sunny side up and the rubber to the road! |
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BusinessGrowthCa
2 Posts |
Posted - 03/28/2008 : 07:19:29 AM
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If you are slow or just looking for something to add to your belt....Merchant Advancing is a great product to sell right now.
If you'd like additional information, please contact me.
Have a great day!!
Why should I sell this product?
With the mortgage market and overall traditional credit markets in turmoil this product is a great tool to sell with earnings up to 6 points.
This product is not regulated by federal or state laws; therefore you can advance on a national level.
We fund normally within 14 business days or less.
Business Growth Capital a special financing opportunity.
Our program offer business growth capital for your borrower that is much easier than traditional lending.
*No Income or Asset verification.
*No collateral required.
*No personal guarantee needed.
*Good credit not necessary.
*Application to close in less than 14 days.
*Money from $10k to $500k.
*Easy one page application.
*Approvals in 48 hours.
Consider these advantages in earning money our way.
*Earn up to 6 points.
*All commissions are paid 1099.
*Nationwide with no license required.
Getting started is easy and we provide training and marketing materials to help you sell this new exciting product. We take pride in customer serivce- there is always someone available to speak with you.
What is the new lending product you are representing?
Merchant Cash Advancing
What is that?
We purchase a percentage of a merchant business owner's future credit card sales then discount to an amount for an advance.
Why would someone need this?
Use of our money varies but usually it is for improvement of the business, acquisition of equipment or property, buy out a partnership, expansion, marketing and advertisement. The money is discretionary.
What are the qualifications?
We do not require verification of income or assets.
There are no Personal Guarantees.
No Collateral or Security.
Fast, easy application process.
No Application Fees or Closing Costs.
Businesses must be open 6 months or longer (with the exception of restaurant/bar/tavern)
Current with rent or mortgage.
Good credit not necessary to qualify.
Accept Visa/MasterCard minimum of $8000 per month.
Advances up to $500,000.
What kind of businesses qualify?
Our target market is businesses that gross $500,000-$4,000,000 a year.
Restaurants, Bars, Motels, Hotels, Jewelry, Hair Salons, and retail stores- just to name a few.
Almost any business that accepts credit cards can be advanced-provided they meet the minimum requirements.
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Banker0679
6169 Posts |
Posted - 03/28/2008 : 07:25:27 AM
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wow BusinessGrowthCapital ... that is some post.
Have a great day....dont let the BO door hit you on the way out |
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808
1198 Posts |
Posted - 03/28/2008 : 07:34:52 AM
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quote:
Originally posted by Erv
quote:
Originally posted by hherrm
I'm swamped also....with calls!!
If I could put all of them in my pipeline (pipeline to me means loan has potential of closing), I would be posting how I made a million in one month.
I've started March with 16 in my pipeline and now down to 5 and none have closed so far.
I'm sure that in April some fence sitters will realize that whatever the rate advertised on the media is not the actual rate that is available in todays market and some N/O/O realize that the 5% down is no longer around either. And some parents of grown up children will realize that FHA is not at 5.5% today for their children that can't even make their car payment on time.
So, April seems promising to me at this time..lol
Take your turn downs to AMEWRICAN RESCUE TRUST. If the loans are at least 60 days delinquant and the borrower can verify 2 TDs, AMERICAN RESCUE TRUST may look at it for their foreclosure rescue or profit share programs.
Darin or someone needs to put this clown in his place for trying to hijack a thread w a half dozen shameless advertisements. No one said a word about loans being in default, yet Erv 'the thing that wouldn't leave' shows up uninvited. He's like those annoying flyers you find lodged in your front doorknob when you go outside to walk your dog. It used to be funny, however the humor is slowly turning into annoyance when he posts 6 times in a row |
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USLenderNetwork
106 Posts |
Posted - 03/28/2008 : 07:49:10 AM
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In this seriously jacked up market place, you have to have a new plan. That plan has to work and has to work the first time or the reality is that most companies have enough capital left on either a credit card or $ saved or borrowed, to last them maybe another 2 weeks.
The reason applications are up, is because everyone needs help, and they have already been turned down by a few other companies, so by the time you say hello, how may I help you? The first thing out of their mouth is their SS number, and where do I sign.
Apping the customer is NOT going to pay your rent/mortgage. With the lenders forever changing and tightening up, you have to have a solid goal and a good daily workable plan to obtain the goal.
Slamming your processor with 10-15 deals and hoping a few of them stick seems to have become commonplace. The days of walk in traffic and referrals that equal closed deals is pretty much a memory for most.
If you are going to get into a lead campaign to try and up the boredom factor of twittering your thumbs all day hoping that this one last stitch effort to stay in business actually works, I suggest you do it so that it benefits you as much as it benefits the lead company.
Take a good hard look at what you know the banks are going to fund, Take into account the declining market, the fact that most systems are self assesed by the customer, so leave room for error there as well.
Example: Customer says their credit is fair (probably means really that it is crap and they are trying, hoping, that the computer will spit out to whomever the internet sends this to will get it and magically make it true, at least it will be for the first few moments of the loan officers conversation, until he runs it only to find out, he just paid for a lead he can not close, spent time on the phone with hearing negativity form the borrower, and went on an emotional rollercoaster while the credit report was running, crossing his fingers and saying a couple of hail marry’s!
Now that a relationship has been built, he figures, well I am this far, I may as well get the signed app back and see what happens, try a DU, search the BO real quick to see if some Magical company that they never hear of, just happens to pay 3 points on that file because it is their niche.
Same goes for value, they still have visions of seeing in the Sunday paper that their neighbor's house sold for $684,000, and gee Joe, ours has a bigger back yard and a car port, so ours must be worth a little more than that. So you take that info from them and then do a quick zillow or realestateabc and blink your eyes a few times as you stare at the screen and it says $403,000. And you just want to pull out whatever hair you have left, scream at the idiot on the other end of the phone for being so clueless, then realizing it isn’t their fault, then apping them too.
Now you are wasting some serious time and money, especially your processor who is now supposed to somehow pull a David Copperfield on your files and make sure that you can pay her next week.
Sorry to rant, all I am saying is get real, choose filters that you know are going to be easier deals to do, that actually equal success for you. 80% ltv or less, that way you have room or the customer to be wrong by 5%, and the declining market of 5% and you are probably still ok.
Good and excellent credit only.
Min. Loan amount of whatever, only because if it is a low one, it is very likely that no one else wants that deal, so you have no competition!
If you have the ability to do all states, pick the ones that have LOW competition! Stop taking CA and FL leads all together! Why fight every time you talk to a customer and cut fees and rates to compete? Talk to someone from MI, or VA, or WI and make a few pts on the deal with a smile, rather than sweat out a skinny CA deal?
I want everyone to be successful. If I can help you be successful in this market, then give me a call, if you already have a relationship with a lead provider, I am NOT looking to steal you away! If your stuff is working, don't fix it!
But if your stuff is as broke as you are, give me a call and I will try and help!
Have a great day,
Jason
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goodguy1
1321 Posts |
Posted - 03/28/2008 : 07:52:56 AM
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what is with all of the ads on this topic??
come on guys, if you are going to play, read the rules and follow them..go to the announcement section! |
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hherrm
1200 Posts |
Posted - 03/28/2008 : 08:05:21 AM
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| That *BusinessGrowthCapital* is now spamming my mailbox also. |
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USLenderNetwork
106 Posts |
Posted - 03/28/2008 : 08:10:59 AM
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| That is not an ad, it is more of an infomercial, and I am just trying to help here! I have an opinion as well, and on an open forum I should be able to participate in open conversations and add to them trying to gain new friends and help others is how you build business. I am in business to do so, and that is what this forum is for. I have plenty of ads in the announcement section and have given FREE leads to people all over this forum trying to help. If others think that I am incorrect and should remove my post here, let me know and I will do so. |
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Chris Clark
5861 Posts |
Posted - 03/28/2008 : 08:27:58 AM
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quote:
Originally posted by Erv
Take your turn downs to AMEWRICAN RESCUE TRUST. If the loans are at least 60 days delinquant and the borrower can verify 2 TDs, AMERICAN RESCUE TRUST may look at it for their foreclosure rescue or profit share programs.
You been drinking? |
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Chris Clark
5861 Posts |
Posted - 03/28/2008 : 08:30:30 AM
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quote:
Originally posted by hherrm
That *BusinessGrowthCapital* is now spamming my mailbox also.
Yeah, I got one as well.
SPAM ME = sure fire way to not be used by me... |
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Carpet Muncher
1030 Posts |
Posted - 03/28/2008 : 08:59:42 AM
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| Where is slants? She will put Erv in his place |
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mustang05
177 Posts |
Posted - 03/28/2008 : 10:21:18 AM
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quote:
Originally posted by rtrefflich
Are you in Cedar, I thought the So. Utah market has crashed, we are doing a lot of foreclosure/shortsale lease backs in the St. George area.
quote:
Originally posted by mustang05
Just as busy as I have ever been. I think there is plenty of business to be had, but maybe thats just because I am in a small town. We have not been hit with the declining market thing as hard.
Kind of a late resposne but I have been busy... I am in Cedar City and the Real Estate market has slowed, but I have had an increase in the number of folks looking for refi's out of ARM's or just looking to lower their payments. I have seen an increase in overall volume. |
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msancheznj
2044 Posts |
Posted - 03/28/2008 : 11:13:51 AM
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quote:
Originally posted by Erv
AMERICAN RESCUE TRUST has been in business since 1992, so they are not, but close to be Superman. They were publicly called the Messiah for families in foreclosure.
So if your "bum" is upside down, delinquant at least 60 days and can document 2 refie turndowns, AMERICAN RESCUE TRUST will consier those deals in their foreclosure rescue or profit share programs.
What is "delinquant" and whats a "refie"???
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moneyluck
3568 Posts |
Posted - 03/28/2008 : 11:18:02 AM
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FHA purchases and fthbs at prices I haven't seen since college in this area (urban metro boston)
actually, those are the only really fun, exciting loans left in my pipe. occasional r/t but its dime to dollar whether it goes anywhere. |
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USLenderNetwork
106 Posts |
Posted - 03/28/2008 : 11:19:35 AM
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| I think "delinquant" might be what he/she was in school when he/she was younger, and "Refie" is what he/she used to have to do at McDonalds when they were running low on fries? |
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msancheznj
2044 Posts |
Posted - 03/28/2008 : 2:21:50 PM
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quote:
Originally posted by Erv
quote:
Originally posted by Carpet Muncher
Where is slants? She will put Erv in his place
Hey CArpet, she has tried unsuccesfully to do that. She just dosent understand the concepts.
Regards
Dosent = Dose not or no dose. |
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EMScommercial
3512 Posts |
Posted - 03/28/2008 : 6:00:08 PM
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what's up with all of the dang car washes lately? i am NOT complaining at all, but it's funny how streaky things go... we have 9 car washes on the boards right now.... a few months ago it was strip clubs..... and before that it was Churches.....
i just want a string of closed {fill in the blank with your favorite properties here} and funded deals rather than all the drag on for weeks deals that seem to be happening lately....
it'll get better.... |
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ritabradley01
657 Posts |
Posted - 03/28/2008 : 6:22:52 PM
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quote:
Originally posted by USLenderNetwork
That is not an ad, it is more of an infomercial, and I am just trying to help here! I have an opinion as well, and on an open forum I should be able to participate in open conversations and add to them trying to gain new friends and help others is how you build business. I am in business to do so, and that is what this forum is for. I have plenty of ads in the announcement section and have given FREE leads to people all over this forum trying to help. If others think that I am incorrect and should remove my post here, let me know and I will do so.
I thought your post included a lot of good information, as well as being an announcement. If you keep out the selling part and gain a reputation for participating on the forum with more good info people will look you up and perhaps use your services. |
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