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Rene Viloria
1888 Posts |
 Posted - 04/28/2008 : 1:22:22 PM
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Am i a fool or somebody is making stuff up??????
how did this happened, i have a client born 7/6/1935 in florida, lets assume zip 33175, house appraised 195k she owes 83k, we can not go fannie mae cause condo assoc. does not have master policy insurance units owner carry their own insurance, so she can not go fha for reverse(since townhouse attached), how the hell some other broker approve her without her having to come with cash to close braking even????????????When all the calculators tell me she has to come up with cash to close since is not fha?????????I hate when i know the loan is not possible, and then someone else closes and make me look like a fool. So i want to make sure i did not make a mistake???????/ |
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Rene Viloria
1888 Posts |
Posted - 04/28/2008 : 1:25:03 PM
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| it is not fha, it can not go fha... |
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Rene Viloria
1888 Posts |
Posted - 04/28/2008 : 1:28:30 PM
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| It did not close it is a good friend of the family, it has not closed... |
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lunarhamster
4437 Posts |
Posted - 04/28/2008 : 1:30:48 PM
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hate when i know the loan is not possible, and then someone else closes and make me look like a fool. So i want to make sure i did not make a mistake???????/
If it didn't close, then how are you a fool? |
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Rene Viloria
1888 Posts |
Posted - 04/28/2008 : 1:38:42 PM
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| k i am best friends of the granddaughter, she came to me first, i was doing the loan, but because they have individual flood instead of master flood and condo attached, fha does not approve that, if i went conventional she has to come to closing with about 24k, but the other granddaughter is a broker too, she said she can do it without having to come to cash to close????????I try every way possible to see how she is doing it, i can not figure it out?????So i think is bs??and i am trying to find out if she does not know what is she talking about, or there is a lender out there that can do it??????About 60%ltv???? |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 09:08:00 AM
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| This loan closed with countrywide RETAIL, i am sign up with Countrywide Wholesale, and they say they could not do it...At least i got the appraisal/counseling money back, how did this close omg! |
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ski2313
762 Posts |
Posted - 07/09/2008 : 09:12:36 AM
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Is this a purchase? Refi?
A $1,000,000 master liability policy is inexpensive, like $150/year to set up. Was that the hang up?
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hoangad
2937 Posts |
Posted - 07/09/2008 : 09:15:20 AM
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rene, maybe retail has different guidelines?
there's nothing you could do about it. let it go. |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 09:16:43 AM
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quote:
Originally posted by ski2313
Is this a purchase? Refi?
A $1,000,000 master liability policy is inexpensive, like $150/year to set up. Was that the hang up?
Really where did you get your info. From, it is like 10k for what i heard...So that is what they did???????Plus the association has to request it, this association did not want to do that... |
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808
2871 Posts |
Posted - 07/09/2008 : 09:20:48 AM
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| no disrespect intended but when are you people gonna learn to stop using Countrywide Wholesale. All you are is Retails best lead generators. Maybe this loan that you lost is/will be your wake up call. Countrywide is in survival mode w billions of Option Arm recasts and lawsuits staring them in the face over the next 5yrs and could care less about playing by the rules are far as you or any broker in wholesale is concerned |
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ski2313
762 Posts |
Posted - 07/09/2008 : 09:23:18 AM
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I don't know the size and scope of your particular condo association, but the one I worked on was small (4 units). It was just a pair of duplexes on one lot, with no formal association (and no monthly dues). They just set up a master liability insurance policy, and it only cost them $150. Actually, I split the cost with them to get it closed. The other 3 units were bank financed locally.
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velecico
4206 Posts |
Posted - 07/09/2008 : 09:29:44 AM
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the association is the " owners " , you need the owner of your unit to put the squeeze on them to do the master policy , even if you have to pay for it , a master policy is very cheap , you could have even added it to the HUD |
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nowbroker
1485 Posts |
Posted - 07/09/2008 : 09:32:32 AM
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| My guess is that when it was run through CLUES (Countrywide underwriting engine) it got a limited review, which waives many of the usual condo stips. You probably could have done the same through wholesale- I have received many limited reviews on condos with Countrywide. |
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downtime
233 Posts |
Posted - 07/09/2008 : 09:36:55 AM
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Let me get this straight. If CW (or BOA now I suppose) says they cant do a loan wholesale -but then does it retail, its a pretty easy way t swipe borrowers and is a conflict of interest.
Underwriting criteria cant be different for retail and wholesale. If thats the case I would never send a loan there.
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808
2871 Posts |
Posted - 07/09/2008 : 09:44:50 AM
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quote:
Originally posted by downtime
Let me get this straight. If CW (or BOA now I suppose) says they cant do a loan wholesale -but then does it retail, its a pretty easy way t swipe borrowers and is a conflict of interest.
Underwriting criteria cant be different for retail and wholesale. If thats the case I would never send a loan there.
it happens all the time yet people keep sending them loans. Appraisals that come back $75k too low get done on the retail side. PPP's get waived on the Retail Side. One of the LO's I work with has been burned 3 times by retail in the last yr yet continues to send files there because 'she knows how their system works'. We joke w her and tell her she should sue them for spousal abuse the next time this happens because everybody else is suing them, why should she miss out.
Some people just bounce thru life learning everything the hard way, Oh well. |
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darkstar
19272 Posts |
Posted - 07/09/2008 : 09:52:40 AM
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quote:
Originally posted by downtime
Let me get this straight. If CW (or BOA now I suppose) says they cant do a loan wholesale -but then does it retail, its a pretty easy way t swipe borrowers and is a conflict of interest.
Underwriting criteria cant be different for retail and wholesale. If thats the case I would never send a loan there.
BofA cut an appraisal last January that killed my deal then used their AVM to make the deal... |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 09:57:57 AM
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quote:
Originally posted by nowbroker
My guess is that when it was run through CLUES (Countrywide underwriting engine) it got a limited review, which waives many of the usual condo stips. You probably could have done the same through wholesale- I have received many limited reviews on condos with Countrywide.
wow! i did not know this my friend... |
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slants
4301 Posts |
Posted - 07/09/2008 : 09:59:26 AM
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quote:
Originally posted by Rene Viloria
This loan closed with countrywide RETAIL, i am sign up with Countrywide Wholesale, and they say they could not do it...At least i got the appraisal/counseling money back, how did this close omg!
regardless of the master policy, how did they do it with $0 cash from buyer? |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 10:01:39 AM
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quote:
Originally posted by nowbroker
My guess is that when it was run through CLUES (Countrywide underwriting engine) it got a limited review, which waives many of the usual condo stips. You probably could have done the same through wholesale- I have received many limited reviews on condos with Countrywide.
Nowbroker, i have another one turn down by james b nutter, because out of a 600 people appartment, someone felt and put a claim not even a sue for 25k, but is been there for 4 years, and the condo is doing renovation but has 0 in reserves, how do i get around this one...I am giving up with reverses and condo, it is a waste of my time and money... |
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lunarhamster
4437 Posts |
Posted - 07/09/2008 : 10:24:15 AM
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It is very true what people here are saying about Countryweird, I worked there for a brief period of time, they are thieving A holes, stealing deals left and right, my goal is to steal every loan I can away from them by telling people the truth.
They lie about appraised values, get people roped in then change the terms, they do it ALL THE TIME!!!
Thats why one of their programs is called "fast and sleazy". |
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CindyJo440
126 Posts |
Posted - 07/09/2008 : 11:59:01 AM
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| Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed. |
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slants
4301 Posts |
Posted - 07/09/2008 : 12:01:58 PM
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quote:
Originally posted by CindyJo440
Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed.
Wouldn't the prelim dictate whether the county designated it as a condo or a townhouse? |
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nowbroker
1485 Posts |
Posted - 07/09/2008 : 12:03:49 PM
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quote:
Nowbroker, i have another one turn down by james b nutter, because out of a 600 people apartment, someone felt and put a claim not even a sue for 25k, but is been there for 4 years, and the condo is doing renovation but has 0 in reserves, how do i get around this one...I am giving up with reverses and condo, it is a waste of my time and money...
Even on a limited review they have a brief condo questionnaire that one of the questions asks about lawsuits against the condo association, this may kill a limited approval. There is no questions about financials, owner occupancy, homeowners assoc. turned over from developer, percentage sold, condo cash reserves, etc. |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 12:06:38 PM
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quote:
Originally posted by CindyJo440
Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed.
it is a condo-townhouse... Do not ask me why is it call like that, the appraisal and i were arguing about it, but that is what is called.. |
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slants
4301 Posts |
Posted - 07/09/2008 : 12:08:29 PM
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quote:
Originally posted by Rene Viloria
quote:
Originally posted by CindyJo440
Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed.
it is a condo-townhouse... Do not ask me why is it call like that, the appraisal and i were arguing about it, but that is what is called..
Not that it really matters now, but what did the prelim say it is? That's the desination that counts. The appraiser can call it anything, but the county decides what it is. |
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CindyJo440
126 Posts |
Posted - 07/09/2008 : 12:25:42 PM
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| It can't be both a condo and a townhome. How did the legal description read, as a condo or did it have a lot and block? |
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Quicksilver
4838 Posts |
Posted - 07/09/2008 : 12:50:11 PM
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quote:
Originally posted by Rene Viloria
quote:
Originally posted by nowbroker
My guess is that when it was run through CLUES (Countrywide underwriting engine) it got a limited review, which waives many of the usual condo stips. You probably could have done the same through wholesale- I have received many limited reviews on condos with Countrywide.
Nowbroker, i have another one turn down by james b nutter, because out of a 600 people appartment, someone felt and put a claim not even a sue for 25k, but is been there for 4 years, and the condo is doing renovation but has 0 in reserves, how do i get around this one...I am giving up with reverses and condo, it is a waste of my time and money...
How are they doing renovations with no reserves? In FL its the law that the association must maintain reserves. This just happened recently to another condo place here b/c for years they didn't keep reserves and hired a new accountant whose was basically like wtf are doing lol. |
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hjames1908
53 Posts |
Posted - 07/09/2008 : 1:03:35 PM
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OK, I'll wade in. It sounds to me like the property is a fee simple SFR. It is "townhome" in design with one or more common walls. Each owner handles their own insurance. The HOA is probably not responsible for the roof. (Could be, but with each owner providing their own insurance, I would guess not.) I suspect the HOA is handling things like parking, snow removal (if you're in a snow area), mowing and landscaping, etc., all related to common areas. So, it sounds like a fee simple townhome with HOA--NOT (necessarily) a condominium under the act. (My point is that just because you have an HOA in place does not a condo make.)
If this is the case, I can't imagine why you could not do this as a conventional loan. Who buys the insurance should not be an issue although many lenders will require data from the HOA and a common wall agreement. |
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hertz
911 Posts |
Posted - 07/09/2008 : 3:39:03 PM
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quote:
Originally posted by Rene Viloria
quote:
Originally posted by CindyJo440
Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed.
it is a condo-townhouse... Do not ask me why is it call like that, the appraisal and i were arguing about it, but that is what is called..
What is the actual legal description of the property? That would probably clear the air a bit. By the way, stop arguing with your appraisal, people will think you are nuts! |
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Rene Viloria
1888 Posts |
Posted - 07/09/2008 : 4:36:00 PM
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quote:
Originally posted by hertz
quote:
Originally posted by Rene Viloria
quote:
Originally posted by CindyJo440
Is it a condo or a townhouse? In one place you state condo and another you state townhouse. Older townhome projects did not have an HOA, did not collected HOA fees and did not have a master insurance policy. Each owner had to have their own individual homeowners policy. This may explain how they were able to get the it approved and closed.
it is a condo-townhouse... Do not ask me why is it call like that, the appraisal and i were arguing about it, but that is what is called..
What is the actual legal description of the property? That would probably clear the air a bit. By the way, stop arguing with your appraisal, people will think you are nuts!
THE LEGAL DESCRIPTION IS A CONDO-TOWNHOUSE... |
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