Lots of Decent Fha Manual UW files

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jkurland

261 Posts

Posted - 04/09/2008 : 08:26:46 AM

TBW just started hitting us 1.5% on these. Looking for any lender that can do these in the following states w/little or no pricing hit: GA, FL, MD, MO, IN, AL, CO, KY.

These are not "garbage" refer files. They are all 0x30 with <45% back end DTI. Most have old BK's or small collections (<$500) and few have some explainable beat up trade lines. These loans have been our niche for a long time (our manually UW pull through rate w/TBW has been 85%). We have very low default rates and a high HUD rating. I would hate to have to re-sell those files in process or even worse, do them for free.

jblakeleycook

131 Posts

Posted - 04/09/2008 : 08:31:54 AM

I'm looking for this too. Security Atlantic will do them, but the hits are outrageous. Have you tried M&T?

Scrooge McDuck

9714 Posts

Posted - 04/09/2008 : 08:40:11 AM

the hits are not outrageous. if they were subprime, do you know what kind of rates and terms they would be facing. just getting any FHA loan is better then all that.

MoneyLenderP

1681 Posts

Posted - 04/09/2008 : 08:44:15 AM

JUST GET THE LOAN DONE!

jkurland

261 Posts

Posted - 04/09/2008 : 08:45:30 AM

quote:
the hits are not outrageous. if they were subprime, do you know what kind of rates and terms they would be facing. just getting any FHA loan is better then all that.

Agreed. I am only referring to those files we have in process that were not locked. Our new customers will just have to suck up the additional costs.

dkendall1979

10975 Posts

Posted - 04/09/2008 : 08:47:36 AM

I Talked with Gary at Perfect FHA. They seem to be having success with FHA Manuals.

FHAdiva

33 Posts

Posted - 04/09/2008 : 09:04:10 AM

Are you working on the credit to get the score up before submitting.
Optoutprescreen.com as soon as you get a file, then correcting repository mistakes. Customer can pull and dispute for free at annualcreditreport.com.

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