| Author |
Previous Topic | Next Topic |
|
neversaynever
776 Posts |
 Posted - 03/27/2008 : 9:19:35 PM
|
I closed it today, laughing all the way to the bank.
Streamline FHA with 480 credit, resident alien,
11 x 30 and 1 x 60 in December, oh how I mourn the investor who buys that one...
|
|
CoralSnake
9153 Posts |
Posted - 03/27/2008 : 9:21:28 PM
|
quote:
Originally posted by neversaynever
I closed it today, laughing all the way to the bank.
Streamline FHA with 480 credit, resident alien,
11 x 30 and 1 x 60 in December, oh how I mourn the investor who buys that one...
FHA investor?
Its backed by the unconditional guarantee of the Federal Government of the United States of America and their ability to raise our taxes to cover.
So in essence, you bought it. |
|
|
CoralSnake
9153 Posts |
Posted - 03/27/2008 : 9:22:19 PM
|
| What was the ltv by the way? |
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 9:23:07 PM
|
you are a loser dude.
|
|
|
mortgagemessiah
6635 Posts |
Posted - 03/27/2008 : 9:26:21 PM
|
| Kyle is just jealous! |
|
|
CoralSnake
9153 Posts |
Posted - 03/27/2008 : 9:27:04 PM
|
quote:
Originally posted by mortgagemessiah
Kyle is just jealous!
Yup. |
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 9:27:38 PM
|
It's like shaking President Bush' Hand!
You all bought it as well! But ask yourself this, especially those of you in CO, would you rather see them forclosed on now ?(might affect that next appraisal you were going to order) Or see them have a new shot at things and maybe get 2 more years out of it? |
|
|
CoralSnake
9153 Posts |
Posted - 03/27/2008 : 9:28:37 PM
|
quote:
Originally posted by neversaynever
It's like shaking President Bush' Hand!
LMAO!! |
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 9:29:15 PM
|
quote:
MJM Capital *Commercial Finance and Cost Segregation
Nova Home Loans *Mortgage Banker
Financing In Mexico: www.carefreepartner.com/KyleHufford
I see, you just want them out of a house and back in mexico so you cna do their loan! |
|
|
hherrm
1204 Posts |
Posted - 03/27/2008 : 9:30:31 PM
|
FHA Streamline does not have a minimum score, but how did you pull of the 1/60 in December of 07?
Got it..DUH!!! I'm slow tonight.lol |
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 9:34:19 PM
|
| Not really sure, just took a shot at it. UW last condition was credit supplement to see if there had been any 60 day lates. ( the loan was submitted 3 months ago by an broker no longer working with us)The condition didn't say she couldn't have any, so I sent up the supplement showing a 60 in 12/07, surrounded by 30s of course, and next day I get a call from closing department asking me to fill out the fee sheet. Life is good today... |
|
|
CoralSnake
9153 Posts |
Posted - 03/27/2008 : 9:35:34 PM
|
| NeverSayNever- it fits... |
|
|
rtrefflich
1777 Posts |
Posted - 03/27/2008 : 10:05:10 PM
|
How? I have a guy trying to close a loan for me in UT on an FHA and cannot. The guy has like a 630 FICO SE with about 50% dti 97% ltv (or more, I am the owner/seller and will help with some type of down payment assistance program or whatever we need to get it done. Can you help me?
And btw, those are our tax dollars when this guy defaults on this loan.
quote:
Originally posted by neversaynever
I closed it today, laughing all the way to the bank.
Streamline FHA with 480 credit, resident alien,
11 x 30 and 1 x 60 in December, oh how I mourn the investor who buys that one...
|
|
|
Quicksilver
4267 Posts |
Posted - 03/27/2008 : 10:13:15 PM
|
| Thats definitley odd.....since Wells Fargo actually denied one of my FHA's b/c u/w said they do not allow grossed up income (retire benefits, VA benefits etc). Like wtf??? I couldn't argue it with them, they were hearing nothing of it. Obviously took it elswhere and had to show why Wells denied it and lender was shocked. I used to like Wells, untill that. |
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 10:22:00 PM
|
| Key words here boys, "Streamline" FHA, no income, appraisal, and they only look at mortgage history no credit report. And everyone keeps saying "its our tax dollars when it defaults...." guess what? They are alread in a FHA loan that would have defaulted, so this atleast is a stay of foreclosure, if you will. |
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 10:43:07 PM
|
quote:
Originally posted by mortgagemessiah
Kyle is just jealous!
You are a loser dude.
|
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 10:43:42 PM
|
quote:
Originally posted by CoralSnake
quote:
Originally posted by mortgagemessiah
Kyle is just jealous!
Yup.
You are a loser dude.
|
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 10:44:20 PM
|
quote:
Originally posted by neversaynever
quote:
MJM Capital *Commercial Finance and Cost Segregation
Nova Home Loans *Mortgage Banker
Financing In Mexico: www.carefreepartner.com/KyleHufford
I see, you just want them out of a house and back in mexico so you cna do their loan!
You are still a loser dude.
|
|
|
Tsnyder
7504 Posts |
Posted - 03/27/2008 : 10:47:21 PM
|
I don't really have anything to add... I just wanted
to post in the thread so Kyle can call me a loser... lol
Tsnyder |
|
|
racerx
10225 Posts |
Posted - 03/27/2008 : 10:48:16 PM
|
quote:
Originally posted by Tsnyder
I don't really have anything to add... I just wanted
to post in the thread so Kyle can call me a loser... lol
Tsnyder
I was thinking the same thing. I hate being left out. |
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 10:49:56 PM
|
quote:
Originally posted by Tsnyder
I don't really have anything to add... I just wanted
to post in the thread so Kyle can call me a loser... lol
Tsnyder
LOL...your not a loser dude.
unless you brag about closing deals, especially if its for the wrong reasons. Be happy you helped a client, not act like its funny as neversaynever did. FHA is was doing loans like that when he was in diapers.
ROOKIE.
|
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 10:52:56 PM
|
| Just trying to keep the rest of the BO world informed on what really is possible, I had everyone tell me I was a loser for not denying it, now I'm a loser for closing it and spreading the word! I can't win! |
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 10:55:37 PM
|
Who said I'm not happy it took 3 months...wrong reasons..... not brag about closing tough deals....? What, this is BO not Children's Hospital forum right?
Everyone who knew this was possible raise your hand... see, did everyone here a favor.
Lol I guess you could say I was a bit full of myself, but you're not like that at all are ya?
quote:
Bio: As one of the top mortgage professionals in Arizona, clients come to me with questions and leave with answers. I specialize in knowing how to get clients the best rates and fees, and if you have a tricky loan, I know how to get it done.
|
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 10:57:14 PM
|
quote:
Originally posted by neversaynever
Who said I'm not happy it took 3 months...wrong reasons..... not brag about closing tough deals....? What, this is BO not Children's Hospital forum right?
You bragged for the wrong reason...we are all glad you closed it and earned your money, which im sure you did. Just throwing the sorry for the investor part was stupid.
|
|
|
KHufford
3088 Posts |
Posted - 03/27/2008 : 11:02:49 PM
|
quote:
Originally posted by neversaynever
Who said I'm not happy it took 3 months...wrong reasons..... not brag about closing tough deals....? What, this is BO not Children's Hospital forum right?
Everyone who knew this was possible raise your hand... see, did everyone here a favor.
Lol I guess you could say I was a bit full of myself, but you're not like that at all are ya?
quote:
Bio: As one of the top mortgage professionals in Arizona, clients come to me with questions and leave with answers. I specialize in knowing how to get clients the best rates and fees, and if you have a tricky loan, I know how to get it done.
Thanks for the free plug!
LOL...chill out cool cat....
|
|
|
neversaynever
776 Posts |
Posted - 03/27/2008 : 11:10:25 PM
|
| My only point, every good MB is onry, |
|
|
directlending2u
436 Posts |
Posted - 03/27/2008 : 11:53:18 PM
|
well to throw in my 2 cents i no of people who are working 1x30 fha loans streamlines and killing it , working with title agency's on who gets a 1x30 and (trigger lead) and is absolutly killing the market streamlining these loans
its a whole new way of thinking and marketing, the hell with the 700 midfico r/t who we cant get financed go after fha refis that have a 1x30 streamline them and make $$$$$ and feel good about being there saving grace |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/27/2008 : 11:53:47 PM
|
| Soo... I don't know if this post is sarcastic or if everyone is being serious?? I am new to FHA so don't attack me, but I thought you had to be 0x30 in order to qualify for FHA Streamline? They don't look at income, appraisal, or anything else other than mortgage history... Clarification would be great! |
|
|
directlending2u
436 Posts |
Posted - 03/27/2008 : 11:55:47 PM
|
New fha guidline alow for a 1x30
so get with your local title rep and even title reps from other title companies ask for farm list / title leads on all fha 1x30 and hammer them.
just stay out of my states ! LOL |
|
|
Banker0679
6367 Posts |
Posted - 03/28/2008 : 06:31:48 AM
|
| loser or looser? |
|
|
crankyusi
83 Posts |
Posted - 03/28/2008 : 06:37:36 AM
|
quote:
Originally posted by neversaynever
And everyone keeps saying "its our tax dollars when it defaults...." guess what? They are alread in a FHA loan that would have defaulted, so this atleast is a stay of foreclosure, if you will.
Thought those aren't "tax dollars", thought those are insurance premium dollars that FHA earns from borrowers that pay for having an FHA loan. Thought FHA functions financially similar to a "stand-alone entity". |
|
|
jpar994
617 Posts |
Posted - 03/28/2008 : 07:09:37 AM
|
| I will be pretty amazed if thsi deal funds? I had a similar thing happen at my correspondent side where we got a CTC and the deal never funded on the Streamline, they went 60 days late the month before but it was not reporting on the Credit! So I would keep your fingers crossed! |
|
|
CoralSnake
9153 Posts |
Posted - 03/28/2008 : 07:11:04 AM
|
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
|
|
|
jkennedy1234
132 Posts |
Posted - 03/28/2008 : 08:38:14 AM
|
feel sorry for the UWer,
most likly buried in files, made an error, might cost them a job.
check your broker agreement, loan might come back and bite like a rattlesnake. |
|
|
crankyusi
83 Posts |
Posted - 03/28/2008 : 08:46:22 AM
|
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
Coral Snake, per the Hud.gov website,
How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Coral Snake, do you have any references to support otherwise? |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/28/2008 : 08:49:26 AM
|
FHA is soley funded by their MI, no outside sources contribute to the operation. I don't know what other documentation you need, but that is the end all say all.
quote:
Originally posted by crankyusi
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
Coral Snake, per the Hud.gov website,
How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Coral Snake, do you have any references to support otherwise?
|
|
|
CoralSnake
9153 Posts |
Posted - 03/28/2008 : 08:59:57 AM
|
quote:
Originally posted by crankyusi
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
Coral Snake, per the Hud.gov website,
How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Coral Snake, do you have any references to support otherwise?
I am actually surprised by this, I was unaware.
There are so many other Governement agancies that are set up to be stand-alone entities, but then after some time, this doesnt end up being the case.
Having said that, with FHA being the new subprime, I wouldnt be surprised if the defaults (see loan from OP) dry up all the $$ in a couple of years. I hope this doesnt happen.
Who foots the bill then? |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/28/2008 : 09:02:44 AM
|
Don't call it the new sub-prime dude, FHA is the same as it always has been, there is nothing new about it. People were just uneducated on the program and went the easy Subprime route. FHA is a totally different beast than subprime.
And for those loans that do default, well that is paid for by American tax dollars since the Government fully gaurantees FHA.
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
Coral Snake, per the Hud.gov website,
How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Coral Snake, do you have any references to support otherwise?
I am actually surprised by this, I was unaware.
There are so many other Governement agancies that are set up to be stand-alon entities and this doesnt end up being the case.
Having said that, with FHA being the new subprime, I wouldnt be surprised if the defaults (see loan from OP) dry up all the $$.
Who foots the bill then?
|
|
|
CoralSnake
9153 Posts |
Posted - 03/28/2008 : 09:04:45 AM
|
quote:
Originally posted by MortgageBoarder
Don't call it the new sub-prime dude, FHA is the same as it always has been, there is nothing new about it. People were just uneducated on the program and went the easy Subprime route. FHA is a totally different beast than subprime.
And for those loans that do default, well that is paid for by American tax dollars.
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
quote:
Originally posted by CoralSnake
quote:
Originally posted by crankyusi
Thought FHA functions financially similar to a "stand-alone entity".
Think again.
Coral Snake, per the Hud.gov website,
How is FHA funded?
FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.
Coral Snake, do you have any references to support otherwise?
I am actually surprised by this, I was unaware.
There are so many other Governement agancies that are set up to be stand-alon entities and this doesnt end up being the case.
Having said that, with FHA being the new subprime, I wouldnt be surprised if the defaults (see loan from OP) dry up all the $$.
Who foots the bill then?
Its only the new subprime because people are sending deals there now.
Yes, its been around, but the volume wasnt ever close to what it is now.
And are you saying that the defaults are paid for by You and Me?
Because thats what i was originally talking about. |
|
|
crankyusi
83 Posts |
Posted - 03/28/2008 : 09:12:01 AM
|
Good paying FHA borrowers are paying for the defaults, not you and me and the taxpayer.
I thought that since inception in the Depression, there have been something like 34mil FHA loans + multifamily, and don’t know what the actual outstanding is as of today. Basically like any insurance company, FHA collect premiums (from good-paying FHA borrowers) and then pays losses against it. Attended a seminar 2 weeks ago and the speaker (not an official FHA rep though) said that something like less than 2% of the borrowers default, which seemed awfully low %. Don’t hold me to that 2% number though. So I guess the good paying 98% loans pay for the 2% bads. But keep in mind that the 2% bads aren’t total losses of principal though since when they’re resold as HUD foreclosures, some principal is recovered |
|
|
CoralSnake
9153 Posts |
Posted - 03/28/2008 : 09:13:44 AM
|
How bad could it be?
Until now, the loan limits have been so low! |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/28/2008 : 09:13:57 AM
|
That's exactly what I'm saying my friend... defaulted FHA loans are compensated by you and I.  |
|
|
crankyusi
83 Posts |
Posted - 03/28/2008 : 09:17:01 AM
|
More from HUD.gov........ http://www.hud.gov/offices/hsg/fhahistory.cfm
The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.
So, nearly 5 mil SFR and 13k multi-family on the books now..............don't know if anyone wants to speculate how much that is for annual insurance premium revenue for FHA. |
|
|
CoralSnake
9153 Posts |
Posted - 03/28/2008 : 09:18:34 AM
|
quote:
Originally posted by crankyusi
More from HUD.gov........ http://www.hud.gov/offices/hsg/fhahistory.cfm
The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.
So, nearly 5 mil SFR and 13k multi-family on the books now..............don't know if anyone wants to speculate how much that is for annual insurance premium revenue for FHA.
Its like shaking President Bushs Hand! |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/28/2008 : 09:19:14 AM
|
HMM... I am lead to believe different, and your default numbers sound low. The article from Delaware news journal was deleted, but here is a comment from the article posted on a real estate blog.
"The article above also has some interesting data for the default rates on loans held by various types of lenders including Prime loans, SubPirme loans, FHA, and VA. SURPRISE! While the news is concentrating on the subprime market, and congress is looking to play the blame game thinking it will help to correct the current market issues, no one is paying any attention to the default of FHA LOANS, the higest default rate. Total loans with any late payments is high at 12.87% for SubPrime loans, it is even higher at 13.54% for FHA loans. These are loans that are already regulated and INSURED by the government. So when lenders take losses on these loans the government covers those loses..... I mean tax payers cover these losses. |
|
|
MortgageBoarder
2133 Posts |
Posted - 03/28/2008 : 10:36:53 AM
|
| No response... does that mean I am correct?? |
|
|
crankyusi
83 Posts |
Posted - 03/28/2008 : 12:17:15 PM
|
The numbers I find relevant are more along the lines of the total FHA portfolio (denominator) versus the amount in default (numerator). Something along the lines of this 2003 report which showed a portfolio amount of $600bil for FHA. So, using that old number, a 2% default amount would be $12 bil in default if my source was correct. Those are the prove\disprove numbers I'm looking for. Bear in mind that even if $12 bil is in default, after the property is sold, sale proceeds would most likely be refunded back to FHA that would decrease the loss amount..........................
KENNETH M. DONOHUE INSPECTOR GENERAL
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
THE UNITED STATES HOUSE OF REPRESENTATIVES JULY 9, 2003
Program Background. FHA was created as a U.S. Government Corporation within HUD and administers active insurance programs designed to make mortgage financing available to the home-buying public. FHA insures private lenders against loss on mortgages that finance single-family homes, multifamily projects, health care facilities’ property improvements and manufactured loans. Ginnie Mae, through its Mortgage-Backed Securities Program, facilitates the financing of residential mortgages by guaranteeing the timely payment of principal and interest to investors. Ginnie Mae issuers pool FHA, VA and Farmers Home mortgages into mortgage-backed securities. The Ginnie Mae guarantee gives lenders access to the capital markets to originate new loans.
FHA insures more than a million loans each year. FHA’s outstanding insurance portfolio exceeds $600 billion. Last year, Ginnie Mae reached the $2 trillion mark in mortgage-backed securities issued since 1970. The outstanding portfolio of these securities now exceeds $587 billion. FHA and Ginnie Mae, from a financial standpoint, are both fiscally sound organizations. FHA mortgage insurance premiums more than cover any losses incurred through the foreclosure and note sales processes. The FHA insurance fund is actuarially sound and it more than exceeds the 2% capital ratio requirement set by the Congress. Ginnie Mae fees charged to issuers currently earn Ginnie Mae between $700 and $800 million annually.
|
|
|
neversaynever
776 Posts |
Posted - 04/03/2008 : 08:48:55 AM
|
| It Funded!!!!!!!! LOL, upon a closer inspection of the Mortgage history, she was actually 2x60 and was down 30 upon funding, due to a mistake by Wells admittedly for screwing up the MIP refund and delaying funding. |
|
|
Carpet Muncher
1055 Posts |
Posted - 04/03/2008 : 09:37:08 AM
|
quote:
Originally posted by neversaynever
I closed it today, laughing all the way to the bank.
Streamline FHA with 480 credit, resident alien,
11 x 30 and 1 x 60 in December, oh how I mourn the investor who buys that one...
So Wells Fargo doesn't have a min credit score? |
|
|
neversaynever
776 Posts |
Posted - 04/03/2008 : 10:32:15 AM
|
| Streamline = no credit score disclosed |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
