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highland_runner
49 Posts |
 Posted - 04/10/2008 : 10:57:27 AM
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Just received this from my AE.. Some good news
"WACHOVIA" IS BRINGING BACK ALT-A!!!!!!!
Effective Tuesday APRIL 15th, we'll be ready to close all of your SIVA or SISA deals!!
PRODUCT HI-LITES INCLUDE:
* O/O, N/O/O & SECOND HOMES
* SIVA OR SISA DOC TYPES
* 80/10/10 - Max CLTV with OUTSIDE 2ND LIEN
* 6% SELLER CONTRIBUTION
* FTHB's Excluded
* PURCHASE, REFI OR TEXAS CASH OUT
* Conforming Loan Limits Apply
* NO PROPETY LIMIT with an O/O SUBJECT!
* N/O/O & 2ND HOME - Max 5 Financed Properties
* NON-ARMS LENGTH SIVA - O.K.!
* 5% GIFT ALLOWED with 5% Borrowers Funds OR 20% GIFT FUNDS ALLOWED with NO Borrower Contribution
* Custom DU Approved Eligible/Meets Guideleins Findings Required
* RURAL Properties Eligible to 20 Acres
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habsfan
704 Posts |
Posted - 04/10/2008 : 10:59:03 AM
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| holy crap |
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:00:15 AM
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That's right. Please let me know if anyone would like information about getting signed up on our conventional side for Alt-A.
Thanks |
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sithburns
835 Posts |
Posted - 04/10/2008 : 11:01:57 AM
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| I LOVE WACHOVIA!!!!!!!!!!!1 |
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bfrey
101 Posts |
Posted - 04/10/2008 : 11:03:21 AM
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| Is the 2nd through Wachovia or another lender? Can a W2 wage earner qualify to 90%? |
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bbbbenny
263 Posts |
Posted - 04/10/2008 : 11:05:30 AM
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| Is this Wachovia/World or Wachovia/Vertice? |
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highland_runner
49 Posts |
Posted - 04/10/2008 : 11:06:39 AM
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| It states 2nd can be outside. I don't know about W2s. Call your rep |
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brandie
3260 Posts |
Posted - 04/10/2008 : 11:06:49 AM
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| And the crowd goes wild! |
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highland_runner
49 Posts |
Posted - 04/10/2008 : 11:07:32 AM
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Wachovia/World  |
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:11:53 AM
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Wachovia/World
quote:
Originally posted by bbbbenny
Is this Wachovia/World or Wachovia/Vertice?
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hoangad
3036 Posts |
Posted - 04/10/2008 : 11:23:44 AM
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| you guys still doing your own appraisals though ? |
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jkennedy1234
187 Posts |
Posted - 04/10/2008 : 11:26:31 AM
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| nothing about a 4506T - executed? |
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:32:27 AM
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Not on this product... Only on portfolio side.
quote:
Originally posted by hoangad
you guys still doing your own appraisals though ?
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:34:43 AM
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W-2 will work on this program.
quote:
Originally posted by highland_runner
It states 2nd can be outside. I don't know about W2s. Call your rep
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:35:20 AM
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No 4506
quote:
Originally posted by jkennedy1234
nothing about a 4506T - executed?
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brokaw716
34 Posts |
Posted - 04/10/2008 : 11:35:29 AM
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Only conforming though right? No Jumbo?
I need a Jumbo SISA product ... none left it appears. |
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toddblue
4343 Posts |
Posted - 04/10/2008 : 11:41:16 AM
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| What are the FICO requirements? |
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sithburns
835 Posts |
Posted - 04/10/2008 : 11:51:35 AM
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Yes my rep is unavailable as always. Can't ever get them on the phone. I just submit through Insite and deal with processing dept. My rep never talks to me or helps but gets checks of my deals :)
PLEASE PROVIDE DETAILS |
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jennylilp
149 Posts |
Posted - 04/10/2008 : 11:56:43 AM
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quote:
Originally posted by re_manager
Not on this product... Only on portfolio side.
quote:
Originally posted by hoangad
you guys still doing your own appraisals though ?
Hey Phil, I'm currently approved with you guys on the portfolio end, can I submit stuff to you for the Alta-A stuff? Do I need to fill out a broker package? |
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Chris Clark
5967 Posts |
Posted - 04/10/2008 : 11:56:46 AM
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this has to be a joke?
i'm setup with wachovia, but of course, my ae sucketh... |
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re_manager
2637 Posts |
Posted - 04/10/2008 : 11:59:36 AM
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This is for conforming loan limits. SISA is 680+ FICO and SIVA is 660+ FICO.
Thanks
quote:
Originally posted by brokaw716
Only conforming though right? No Jumbo?
I need a Jumbo SISA product ... none left it appears.
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re_manager
2637 Posts |
Posted - 04/10/2008 : 12:01:14 PM
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Yeah, we need to do a broker package for you since you are only setup for portfolio (World Savings).
Please shoot me an e-mail.
Thanks
quote:
Originally posted by jennylilp
quote:
Originally posted by re_manager
Not on this product... Only on portfolio side.
quote:
Originally posted by hoangad
you guys still doing your own appraisals though ?
Hey Phil, I'm currently approved with you guys on the portfolio end, can I submit stuff to you for the Alta-A stuff? Do I need to fill out a broker package?
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Chris Clark
5967 Posts |
Posted - 04/10/2008 : 12:01:36 PM
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| any clue what the rates are going to look like? |
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benjamin
6966 Posts |
Posted - 04/10/2008 : 12:03:55 PM
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| time to take a look. Those lenders that are broker friendly will do extremely well. Will we be able to use our appraisers next year? |
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JaneD
1 Posts |
Posted - 04/10/2008 : 1:46:27 PM
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I'd like to get a look at the rates too.
745 SISA O/O 260k. 100% in CA waiting in the pipeline. |
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jfink46
572 Posts |
Posted - 04/10/2008 : 2:15:24 PM
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| JaneD - I don't see anything about 100% financing here, unless I am missing something. |
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WaMuAE
33 Posts |
Posted - 04/10/2008 : 4:00:50 PM
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| note to self- sell Wachovia stock, buy more walmart. |
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AndrewSoss
906 Posts |
Posted - 04/10/2008 : 4:02:45 PM
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quote:
Originally posted by WaMuAE
note to self- sell Wachovia stock, buy more walmart.
i hear they are hiring.. |
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Chris Clark
5967 Posts |
Posted - 04/10/2008 : 7:11:14 PM
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quote:
Originally posted by WaMuAE
note to self- sell Wachovia stock, buy more walmart.
that might have been funny, except for the fact that you're out of a job as of about three days ago... |
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808
4508 Posts |
Posted - 04/10/2008 : 7:19:59 PM
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quote:
Originally posted by re_manager
This is for conforming loan limits. SISA is 680+ FICO and SIVA is 660+ FICO.
Thanks
quote:
Originally posted by brokaw716
Only conforming though right? No Jumbo?
I need a Jumbo SISA product ... none left it appears.
sounds like Citi's Alt-A Agency SIVA/SISA. What's your max # of properties allowed for n/o/o???? |
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FundStar14
1006 Posts |
Posted - 04/10/2008 : 7:21:29 PM
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quote:
Originally posted by AndrewSoss
quote:
Originally posted by WaMuAE
note to self- sell Wachovia stock, buy more walmart.
i hear they are hiring..
LMAO |
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BigFire
2963 Posts |
Posted - 04/10/2008 : 7:22:53 PM
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Anyone needing any Wachovia / World answers on our new offering of SISA / SIVA - please call me to discuss, these products will complement our portfolio side.
310.498.2332, thanks, Jay |
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velecico
5311 Posts |
Posted - 04/10/2008 : 7:34:23 PM
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| Probably a good LO gig , anyone know how the pay structure is ? , they are looking for LOs on Monster |
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superthor1022
2799 Posts |
Posted - 04/10/2008 : 8:08:26 PM
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We actually ARE looking for good relationship driven Mortgage Consultants for our Retail operation in MN. Give me a call or shoot me an email if you want any information.
Sorry for the solicitation outside of the announcement section.
-thor
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sc312001
1107 Posts |
Posted - 04/10/2008 : 9:09:27 PM
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| Will the 90% 2nds be through Wachovia? |
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re_manager
2637 Posts |
Posted - 04/10/2008 : 9:15:57 PM
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No, outside 2nd's
quote:
Originally posted by sc312001
Will the 90% 2nds be through Wachovia?
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brianconner
354 Posts |
Posted - 04/10/2008 : 9:43:57 PM
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quote:
Originally posted by re_manager
No, outside 2nd's
quote:
Originally posted by sc312001
Will the 90% 2nds be through Wachovia?
Uhhh huhhh, where is this "outside 2nd" going to come from? I knew there was a catch... |
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mantixmortgage
3368 Posts |
Posted - 04/10/2008 : 10:25:03 PM
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quote:
Originally posted by JaneD
I'd like to get a look at the rates too.
745 SISA O/O 260k. 100% in CA waiting in the pipeline.
uh you might want to let that one marinate a little longer |
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brianconner
354 Posts |
Posted - 04/10/2008 : 10:28:11 PM
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| Yeah, Robert, like until 2009! |
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propertylender.c
1627 Posts |
Posted - 04/10/2008 : 10:44:21 PM
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I am assuming it will be $729,000 max. in Los Angeles.
I have to be honest and say I never thought it went away on your retail side in this area.
Please let us know the rates.
Thanks
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mantixmortgage
3368 Posts |
Posted - 04/10/2008 : 10:50:58 PM
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quote:
Originally posted by brianconner
Yeah, Robert, like until 2009!
ehhhh im not so optomistic about that..maybe 2012 at the end of the mayan calendar, heh |
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SirThomas
290 Posts |
Posted - 04/11/2008 : 01:25:15 AM
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| Not for first time buyers... |
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RDwyer
3308 Posts |
Posted - 04/11/2008 : 07:50:16 AM
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quote:
Originally posted by propertylender.com
I am assuming it will be $729,000 max. in Los Angeles.
I have to be honest and say I never thought it went away on your retail side in this area.
Please let us know the rates.
Thanks
$417,000 max - regardless of area. Rates haven't been released yet. |
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velecico
5311 Posts |
Posted - 04/11/2008 : 07:55:29 AM
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quote:
Originally posted by superthor1022
We actually ARE looking for good relationship driven Mortgage Consultants for our Retail operation in MN. Give me a call or shoot me an email if you want any information.
Sorry for the solicitation outside of the announcement section.
-thor
thanks , but too cold , anything close to Philly or Atlantic City ? |
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propertylender.c
1627 Posts |
Posted - 04/11/2008 : 08:05:44 AM
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quote:
Originally posted by RDwyer
quote:
Originally posted by propertylender.com
I am assuming it will be $729,000 max. in Los Angeles.
I have to be honest and say I never thought it went away on your retail side in this area.
Please let us know the rates.
Thanks
$417,000 max - regardless of area. Rates haven't been released yet.
So much for my area-(LOL).
Yet anyway.
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WaMuAE
33 Posts |
Posted - 04/11/2008 : 11:22:44 AM
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quote:
Originally posted by Chris Clark
quote:
Originally posted by WaMuAE
note to self- sell Wachovia stock, buy more walmart.
that might have been funny, except for the fact that you're out of a job as of about three days ago...
I switched over to retail six months ago after the first wave of layoffs, so I am employed- just don't know how to get rid of the screen name.
Anyway, still would not invest a dime in a company that is pushing these types of programs. One of the reasons (and their are many) that my former employer stopped wholesale was from POA POS's, SIVA's and SISA's. I will feel better at night financing those that can demonstrate the ability to pay. And for SE people who write everything off (thus not paying taxes) and can only go stated well they can go F*themselves, I will let someone else do their loan. I saw too many of these loans go bad on the wholesale side.
Its amazing how banks, lenders, brokers and borrwers will lower themsleves just to pick up a check. |
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mykal5
6130 Posts |
Posted - 04/11/2008 : 11:35:03 AM
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Its amazing how banks, lenders, brokers and borrwers will lower themsleves just to pick up a check.
[/quote]
You can't be too amazed as you proudly worked for a Lender who lowered themselves just to pick up a check, and worse yet continue to use their name. Glad you have moved on but there is no need to be so sanctimonious.
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chasjh46
213 Posts |
Posted - 04/11/2008 : 11:53:15 AM
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quote:
Originally posted by re_manager
No, outside 2nd's
quote:
Originally posted by sc312001
Will the 90% 2nds be through Wachovia?
Hey Phill, I got a call from your retail side here in San Diego. Said she could do a Wachovia piggy back second behind a Wachovia first. Just so you folks know, Phill is one of the better Wachovia AE's and is easy to get in touch with. He always calls me back and is very knowledgeable. |
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WaMuAE
33 Posts |
Posted - 04/11/2008 : 2:19:37 PM
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quote:
Originally posted by mykal5
Its amazing how banks, lenders, brokers and borrwers will lower themsleves just to pick up a check.
You can't be too amazed as you proudly worked for a Lender who lowered themselves just to pick up a check, and worse yet continue to use their name. Glad you have moved on but there is no need to be so sanctimonious.
[/quote]
If I knew 3-5 years ago the the end result of all these exotic programs was the huge amount of loss in income (stock holder, employees, home owners), loss of jobs, and destruction of our industry I would have happily not sold any of those products. But no, investors thought they were good products (kinda trusted the MBA's on wall street), borrowers thought they were good products and loan officers convinced themselves that they were good products. Now that I know the damage they can do, I would not offer these products at all.
And while congress and the Fed are trying to figure out how to fix the problem we still have banks offering the programs that got us here in the first place. Hey Phil, please have Wachovia pick up my tab once the us taxpayers have to bail out more of these borrowers.
People all of this board are saying that loan offcers don't deserve to be accused of the current problems, that we do have standards and have great customer service, and look out for the borrower, to the point that is looks like some script from NAMB. And now anything that is stated shows up you rats are all over it. Hell, someone wanted to know if it is for w-2 borrowers (because it is so hard to get your W-2 and current paystub).
If using these programs is the only way to make a living, then I should probably do something else that actually benefits the customer.
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lucky1s
3986 Posts |
Posted - 04/11/2008 : 2:22:05 PM
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| Funny, I just got an e-mail tightening their guidelines as of 4/26. |
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MortgageBoarder
6494 Posts |
Posted - 04/11/2008 : 2:24:08 PM
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How come every time I ask you about your fradulent post replies you run away and never respond? I have seen several posts where LO's are looking for AE's to help and you constantly pitch them like you are an AE. And here it is, you just laid it out in the open that you ARE A RETAIL LO!!!
I sure hope you stop asking LO's to hand you over their clients from here on out dude, definitely not cool.
quote:
Originally posted by WaMuAE
quote:
Originally posted by mykal5
Its amazing how banks, lenders, brokers and borrwers will lower themsleves just to pick up a check.
You can't be too amazed as you proudly worked for a Lender who lowered themselves just to pick up a check, and worse yet continue to use their name. Glad you have moved on but there is no need to be so sanctimonious.
If I knew 3-5 years ago the the end result of all these exotic programs was the huge amount of loss in income (stock holder, employees, home owners), loss of jobs, and destruction of our industry I would have happily not sold any of those products. But no, investors thought they were good products (kinda trusted the MBA's on wall street), borrowers thought they were good products and loan officers convinced themselves that they were good products. Now that I know the damage they can do, I would not offer these products at all.
And while congress and the Fed are trying to figure out how to fix the problem we still have banks offering the programs that got us here in the first place. Hey Phil, please have Wachovia pick up my tab once the us taxpayers have to bail out more of these borrowers.
People all of this board are saying that loan offcers don't deserve to be accused of the current problems, that we do have standards and have great customer service, and look out for the borrower, to the point that is looks like some script from NAMB. And now anything that is stated shows up you rats are all over it. Hell, someone wanted to know if it is for w-2 borrowers (because it is so hard to get your W-2 and current paystub).
If using these programs is the only way to make a living, then I should probably do something else that actually benefits the customer.
[/quote] |
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