| Author |
Previous Topic | Next Topic |
|
adamlp
215 Posts |
 Posted - 03/28/2008 : 3:53:12 PM
|
And is that even legal? I don't think it is in Washington state.
Provident wants $20 for the AU to look at the file, and World (or maybe Wachoiva, I don't remember which) wants $100 for processing? |
|
katbunk
1542 Posts |
Posted - 03/28/2008 : 3:54:52 PM
|
| Provident has always charged for their D.U. They keep their overhead low. Most lenders do not charge, but want to see a good pull thru percentage. |
|
|
liverichly
3662 Posts |
Posted - 03/28/2008 : 3:55:07 PM
|
| Why wouldn't it be legal? |
|
|
wdasilva
14 Posts |
Posted - 03/28/2008 : 3:57:49 PM
|
| Indy Mac doesn't charge for running it through them. |
|
|
katbunk
1542 Posts |
Posted - 03/28/2008 : 3:58:37 PM
|
| The only lender that does charge is Provident that I know of. None of my lenders charge. |
|
|
cblaskoski
467 Posts |
Posted - 03/28/2008 : 4:01:42 PM
|
| the processing fee for wachovia should pay for your appraisal as well. That's how it works with my rep. Those are only on their portfolio pick-a-pays though. I just get my clients cc # and have them pay for it. They are very tight on values though but 100 is not too bad of a risk compared to a standard appraisal cost. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 4:03:23 PM
|
Just pisses me off that I had a 761 borrower and the coborrower with no income has a 711, and I got dinged from an eighth buydown to 7/8ths, and I had to pay $20 to do so. I'd never used them before, and never will again after that.
And it may not be legal because Washington has strict laws on prepaid fees. It's just crap since it should be a customer service to us and I would think if a lender charges, it shouldn't be a DU decision but rather to submit. They didn't have to pull credit on it or anything else that might cost a decent amount to them. |
|
|
katbunk
1542 Posts |
Posted - 03/28/2008 : 4:04:37 PM
|
| When I run my own D.O, it's 15 bucks a pop. Adds up.Just put it on your credit card and charge the client at close on the docs. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 4:04:56 PM
|
quote:
Originally posted by cblaskoski
the processing fee for wachovia should pay for your appraisal as well. That's how it works with my rep. Those are only on their portfolio pick-a-pays though. I just get my clients cc # and have them pay for it. They are very tight on values though but 100 is not too bad of a risk compared to a standard appraisal cost.
I understand, just really venting more than anything. The art of any customer service is long gone and I miss it :( |
|
|
cblaskoski
467 Posts |
Posted - 03/28/2008 : 4:08:11 PM
|
| not an easy game anymore. gotta hustle like crazy. I have free Du/LP with most of the lenders I work with. they should sponsor you if you ask them. Keeps the costs down. |
|
|
benjamin
1634 Posts |
Posted - 03/28/2008 : 5:40:08 PM
|
I believe most lenders will take DO/LP findings if you have your own account with Fannie or Freddie, which is a pay per underwrite service.
Provident charges $20 per LP or DU, you don't need to have been previously approved through Fannie or Freddie. Quit yer *****in. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 5:55:26 PM
|
quote:
Originally posted by benjamin
Quit yer *****in.
Wow. Very classy. Thanks for making me feel stupid about what I thought was a legitimate question, especially considering I already listed it was the first time I'd used them. |
|
|
moneyluck
3738 Posts |
Posted - 03/28/2008 : 6:17:36 PM
|
| might want to take the no-income coborrower off . . .? |
|
|
FundStar14
684 Posts |
Posted - 03/28/2008 : 6:37:06 PM
|
quote:
Originally posted by moneyluck
might want to take the no-income coborrower off . . .?
He should, but would have to pay another $20 to run DU thru Provident again ;-) It would be well worth it and just pass it on to the borrower. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 6:40:55 PM
|
| Thanks guys, but it's a matter of principle and I'd rather go through another lender than through Provident again. Besides, the last month or so their rates have been on par with other lenders as of recent. I checked Lion this morning and you know it's a sad day when Indymac has the conforming rate of the day. |
|
|
RANDY P
2294 Posts |
Posted - 03/28/2008 : 6:46:16 PM
|
There are no other lenders around here that are worth anything. THey're all F'd up right now.
Maybe Plaza may be OK if you can get around the sissy underwriting. America Home Key just lost their ONLY Local FHA underwriter in case you're wondering why it's taking 3 days to get status updates.
Wells Fargo is garbage, TBW is lying about turn times, Flagstar, who knows? THe lenders are just cherrypicking the best deals they see.
rjp
quote:
Originally posted by adamlp
Thanks guys, but it's a matter of principle and I'd rather go through another lender than through Provident again. Besides, the last month or so their rates have been on par with other lenders as of recent. I checked Lion this morning and you know it's a sad day when Indymac has the conforming rate of the day.
|
|
|
liverichly
3662 Posts |
Posted - 03/28/2008 : 6:48:08 PM
|
quote:
Originally posted by adamlp
Just pisses me off that I had a 761 borrower and the coborrower with no income has a 711, and I got dinged from an eighth buydown to 7/8ths, and I had to pay $20 to do so. I'd never used them before, and never will again after that.
And it may not be legal because Washington has strict laws on prepaid fees. It's just crap since it should be a customer service to us and I would think if a lender charges, it shouldn't be a DU decision but rather to submit. They didn't have to pull credit on it or anything else that might cost a decent amount to them.
Washington has strict laws about pre-paid fees that the broker has to pay for? Interesting...
I think you should've checked the pricing guidelines before you ran DU, Provident lets you price out loans without even running DU or pulling credit... and most lenders are going to start hitting loans for the new Freddie & Fannie adjustments. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 6:49:10 PM
|
quote:
Originally posted by RANDY P
There are no other lenders around here that are worth anything. THey're all F'd up right now.
Maybe Plaza may be OK if you can get around the sissy underwriting. America Home Key just lost their ONLY Local FHA underwriter in case you're wondering why it's taking 3 days to get status updates.
Wells Fargo is garbage, TBW is lying about turn times, Flagstar, who knows? THe lenders are just cherrypicking the best deals they see.
rjp
quote:
Originally posted by adamlp
Thanks guys, but it's a matter of principle and I'd rather go through another lender than through Provident again. Besides, the last month or so their rates have been on par with other lenders as of recent. I checked Lion this morning and you know it's a sad day when Indymac has the conforming rate of the day.
You're absolutely right. Flagstar, amid their horrible rates, have given me the most success in closing loans lately (and First Horizon). I'd much rather take my chances with another lender (besides the fact that this is my second job and I really only do loans for extra income).
Thanks for the help everyone, but this was more of a venting thread than anything else. |
|
|
adamlp
215 Posts |
Posted - 03/28/2008 : 6:57:46 PM
|
quote:
Originally posted by liverichly
quote:
Originally posted by adamlp
Just pisses me off that I had a 761 borrower and the coborrower with no income has a 711, and I got dinged from an eighth buydown to 7/8ths, and I had to pay $20 to do so. I'd never used them before, and never will again after that.
And it may not be legal because Washington has strict laws on prepaid fees. It's just crap since it should be a customer service to us and I would think if a lender charges, it shouldn't be a DU decision but rather to submit. They didn't have to pull credit on it or anything else that might cost a decent amount to them.
Washington has strict laws about pre-paid fees that the broker has to pay for? Interesting...
I think you should've checked the pricing guidelines before you ran DU, Provident lets you price out loans without even running DU or pulling credit... and most lenders are going to start hitting loans for the new Freddie & Fannie adjustments.
Washington is really weird. We get fined if we mail a check for the credit report (we have to mail it back to escrow), we can't touch any of the checks unless they are made out to us, title/escrow/appraisal has to be ordered specifically a certain way, etc...I know most of these are laws that nobody will enforce, but I do this part time and don't want to screw it up over something stupid.
As far as they go, sure...I didn't read the guidelines before submitting. I'll admit it, but unless you learn the mistake, who really knows that? It's a double standard...you don't know unless you screw up, but who gets charged to submit (except maybe 2-3 lenders tops?). It's something that just p***ed me off more because of principle of being charged $20 out of my pocket to find out that they use the lower score of either borrower...although the market is changing, it's something that I haven't run across ever (again, never using provident before). Oh well, live and learn. |
|
|
csmgcorp
616 Posts |
Posted - 03/28/2008 : 7:01:56 PM
|
Wait till you use Flagstar........ they don't charge you for running deals through automated underwriting IF you don't close the loan with them.
Wait till they send you a bill in the mail for any loans you ran and didn't close. We got a $275 bill for loans we ran through starting in the middle of 2007. We do a good deal of business with Flagstar, at least $1-2m a month. I was pretty disturbed when we got a bill asking to pay for the DU submissions (note we had our own credit pulled and re-issued)
It would have been nice if they would have told us they would be charging and started at a new point instead of going through the pipeline for the last 9 months and sending us a bill. |
|
|
FundStar14
684 Posts |
Posted - 03/29/2008 : 11:01:29 PM
|
| Flagstar ***** all the way around, be warned.... |
|
|
adamlp
215 Posts |
Posted - 03/30/2008 : 12:32:32 AM
|
quote:
Originally posted by FundStar14
Flagstar ***** all the way around, be warned....
I've closed 3 deals with them in the last month. The only complaint I have about them is their doc/funder process, and the fact that there is no AE to help. You'd think they would pass a little of that savings on since the doc/funding is handled by the broker, and no AE collects a fee (at least not in our office, we have nobody assigned to help us). |
|
|
seanwright1
135 Posts |
Posted - 03/30/2008 : 10:00:33 AM
|
"Countryside?" - what a blatant & shameful attempt to rip off the branding of now disgraced lender, Countrywide.. I also know of a "Countyside" imploded broker. Have some self respect.
quote:
Originally posted by csmgcorp
Wait till you use Flagstar........ they don't charge you for running deals through automated underwriting IF you close the loan with them.
Wait till they send you a bill in the mail for any loans you ran and didn't close. We got a $275 bill for loans we ran through starting in the middle of 2007. We do a good deal of business with Flagstar, at least $1-2m a month. I was pretty disturbed when we got a bill asking to pay for the DU submissions (note we had our own credit pulled and re-issued)
It would have been nice if they would have told us they would be charging and started at a new point instead of going through the pipeline for the last 9 months and sending us a bill.
|
|
|
quick_n_low
291 Posts |
Posted - 03/30/2008 : 11:34:49 AM
|
| Speaking of Countrywide - when you run their DU-CLUES you can't use your credit report you have to buy a new Landsafe Credit report from them. |
|
|
CoolMtgGuy
1964 Posts |
Posted - 03/30/2008 : 11:56:06 AM
|
Not targeting anyone's post but ...
I have to say that it amazes me to see so much whining about the ongoing changes that require our industry to evolve and adapt. Who got into this business expecting that nothing will change? Anyone raising their hands, please note that no nobody is obligated to stay in this business. It costs $$ to be in business ... so maybe its a JOB you need if you expect to be in business without spending $$. |
|
|
csmgcorp
616 Posts |
Posted - 03/30/2008 : 12:00:07 PM
|
You are about the biggest loser on this forum from the posts I've read..... you come in first or second to Linda.
We've had this company name for over 20 years (in Cali and NV)
quote:
Originally posted by seanwright1
"Countryside?" - what a blatant & shameful attempt to rip off the branding of now disgraced lender, Countrywide.. I also know of a "Countyside" imploded broker. Have some self respect.
quote:
Originally posted by csmgcorp
Wait till you use Flagstar........ they don't charge you for running deals through automated underwriting IF you close the loan with them.
Wait till they send you a bill in the mail for any loans you ran and didn't close. We got a $275 bill for loans we ran through starting in the middle of 2007. We do a good deal of business with Flagstar, at least $1-2m a month. I was pretty disturbed when we got a bill asking to pay for the DU submissions (note we had our own credit pulled and re-issued)
It would have been nice if they would have told us they would be charging and started at a new point instead of going through the pipeline for the last 9 months and sending us a bill.
|
|
|
adamlp
215 Posts |
Posted - 03/30/2008 : 8:00:56 PM
|
quote:
Originally posted by CoolMtgGuy
Not targeting anyone's post but ...
I have to say that it amazes me to see so much whining about the ongoing changes that require our industry to evolve and adapt. Who got into this business expecting that nothing will change? Anyone raising their hands, please note that no nobody is obligated to stay in this business. It costs $$ to be in business ... so maybe its a JOB you need if you expect to be in business without spending $$.
I'll agree with you that money has to be spent, but I won't agree that it's costly to an investor to charge money for a computer generated approval. If I know the loan fits within the lender guidelines, sure, it's time to pull out the credit card. But not for a DU, that's taking it a little far. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
