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acitymortgagelj
40 Posts |
 Posted - 05/05/2008 : 11:51:37 AM
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For a no cash out refi.
I've got a client with no mortgage lates, no other lates except to old collections with a 651 mid score. Chase was poised to do it but changed to not accept A- as did IndyMac...he's at 8.5 and deserves to be in the 6's...Thanks.. |
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talivo
104 Posts |
Posted - 05/05/2008 : 12:02:55 PM
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| guuarantybank, i dont know if they lend in your state though |
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South Shore
125 Posts |
Posted - 05/05/2008 : 12:35:21 PM
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Most of your EA-I, EA-II and EA-III scenarios would be much better closing with FHA product as FHA rates and monthly MI are MUCH lower! HUD has also raised their loan limits and we can now save even more of your deals that will not work conforming but will FHA!
Our Company (est. 1987) has a well established Affiliate Program for non-FHA approved Brokers where you can assist your existing client with FHA product.
FHA guidelines provide for 95% on cashout refinances. Purchases are up to 97% LTV w/ up to a 6% seller's concession. No declining market reductions either!
Our focus is to work hard to close your clients loans and to build a long term relationship with your company. You are recognized as the Broker, can make up to 2% Broker Fee, payable right on HUD; no ysp.
I do not cover TX, but I am directly available to discuss our Program and your scenarios for properties in FL, MD, DE, NY, CT, MA, ME, IL, MN, AZ, and CO.
Have a scenario? FAX or e-mail me your 1003 and credit for same day review.
Neely Mondello; DE
South Shore Mortgage
866-237-7452 x242
FAX: 631-574-1442
neelymondello@myfastmortgage.com
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EquitySmart
236 Posts |
Posted - 05/05/2008 : 1:17:24 PM
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quote:
Originally posted by acitymortgagelj
he's at 8.5 and deserves to be in the 6's...Thanks..
Since when does someone getting EA III from AUS findings DESERVE a low rate?
If the borrowers risk profile is strong, they will not get EA III. Perhaps you should approach the 1003 from all angles, to see if you can get a stronger approval (perhaps there is bonus or overtime income or additional reserves or lower LTV) - if the borrower still gets EA III then there is signficant risk to the lender, so the borrower needs to work on improving the risk profile if they think they DESERVE a lower rate...
AUS findings are not perfect, but they can generally do a good job of separating EA III borrowers from PRIME borrowers - if the borrower is strong, try an FHA loan |
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Carpet Muncher
1055 Posts |
Posted - 05/05/2008 : 1:21:02 PM
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quote:
Originally posted by acitymortgagelj
For a no cash out refi.
I've got a client with no mortgage lates, no other lates except to old collections with a 651 mid score. Chase was poised to do it but changed to not accept A- as did IndyMac...he's at 8.5 and deserves to be in the 6's...Thanks..
lol |
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acitymortgagelj
40 Posts |
Posted - 05/05/2008 : 1:58:19 PM
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| Are there any lenders/affliate branches that have programs where brokers that are not FHA approved can run files through for TX? |
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jcanepa
791 Posts |
Posted - 05/05/2008 : 2:26:48 PM
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| I deserve a lot of things but I don't get them. What's the rest of the story? LTV? I don't lend in TX, but if you post the rest of the scenario, then you would probably get better feedback! |
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smithami
139 Posts |
Posted - 05/05/2008 : 2:33:58 PM
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Try Perfect FHA
they are out of the box and have great pricing. |
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Clr2close
81 Posts |
Posted - 05/05/2008 : 2:43:46 PM
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Hello my name is Damon Laylock from Ideal Mortgage Bankers I would like to discuss this loan further please email me at Dlaylock@idealmb.com
DAMON LAYLOCK
SR. ACCOUNT EXECUTIVE
IDEAL MTG. BANKERS
OFFICE 631-944-4555 EXT. 2125
DIRECT LINE 631-944-4016
CELL 718-749-2112
FAX 631-944-4977
IDEALMB.COM
DLAYLOCK@IDEALMB.COM |
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acitymortgagelj
40 Posts |
Posted - 05/05/2008 : 3:04:13 PM
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| 95% ltv rate/term. 651 mid score full doc, 197,000 loan amount getting as close to 6% as possible. |
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Jonas
196 Posts |
Posted - 05/05/2008 : 3:20:22 PM
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quote:
Originally posted by acitymortgagelj
95% ltv rate/term. 651 mid score full doc, 197,000 loan amount getting as close to 6% as possible.
What else is wrong with the file? Someone doesn't get an EA3 based on those numbers alone...LTV is a bit high, though. |
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acitymortgagelj
40 Posts |
Posted - 05/05/2008 : 3:34:53 PM
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| The only thing buggy about the file is that he has two old collections...not more than $2500 that he doesn't want to pay off because it will lower his score...so I think the ratios are off a bit on his reserves when it comes to paying those off...he has 4 months reserves... |
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Jonas
196 Posts |
Posted - 05/07/2008 : 11:44:11 AM
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quote:
Originally posted by acitymortgagelj
The only thing buggy about the file is that he has two old collections...not more than $2500 that he doesn't want to pay off because it will lower his score...so I think the ratios are off a bit on his reserves when it comes to paying those off...he has 4 months reserves...
lol |
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JasonAaron1
943 Posts |
Posted - 05/08/2008 : 5:21:33 PM
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| What is so funny? It will lower his score. |
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jcanepa
791 Posts |
Posted - 05/08/2008 : 5:24:19 PM
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| You won't get MI on that deal. I would move on. |
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Jonas
196 Posts |
Posted - 05/08/2008 : 5:27:43 PM
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quote:
Originally posted by JasonAaron1
What is so funny? It will lower his score.
Hows about payoff the debt he owes because, I don't know...he owes it.
I laughed because I pictured him calling the creditor he owes to say, "I would pay you off, but I don't want my FICO to drop from 580 to 560. You understand, right?"
lol |
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JasonAaron1
943 Posts |
Posted - 05/08/2008 : 5:42:19 PM
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| I agree that a debt should be paid...but the damage has already been done. His mid score is 651, and paying off the collection will tank his credit and make it even harder to get him a loan. If he managed to get his score up to 651, I would just leave the collection alone. |
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jasonstoeser
21 Posts |
Posted - 05/08/2008 : 5:55:35 PM
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Wow, where is your compassion?
Just kidding.
quote:
Originally posted by EquitySmart
quote:
Originally posted by acitymortgagelj
he's at 8.5 and deserves to be in the 6's...Thanks..
Since when does someone getting EA III from AUS findings DESERVE a low rate?
If the borrowers risk profile is strong, they will not get EA III. Perhaps you should approach the 1003 from all angles, to see if you can get a stronger approval (perhaps there is bonus or overtime income or additional reserves or lower LTV) - if the borrower still gets EA III then there is signficant risk to the lender, so the borrower needs to work on improving the risk profile if they think they DESERVE a lower rate...
AUS findings are not perfect, but they can generally do a good job of separating EA III borrowers from PRIME borrowers - if the borrower is strong, try an FHA loan
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acitymortgagelj
40 Posts |
Posted - 05/09/2008 : 05:58:58 AM
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| For the record this is a really nice human being that got screwed literally by his ex wife and is still cleaning up the mess. He does intend to pay off the debt like all the other debts she created. He'd like to stay in great shape with his mortgage and improve it if he can. My job is to use the rules at hand and offer him the best advice for his goals, not judge him for being naive in his personal life. If more of us had some compassion and actually used the knowledge we have to "advise" our clients maybe they would be in better shape in the longrun instead of sucking every last dime out of them and leaving them to pick up the aftermath. |
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tmooney
11 Posts |
Posted - 05/09/2008 : 06:21:48 AM
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| To avoid hitting his score, pay the debts at closing with out of pocket funds. Or pay them as a condition of closing and you will still be using the same report. Tthis is not that difficult if the collections are the only issue. |
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tmooney
11 Posts |
Posted - 05/09/2008 : 06:23:23 AM
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| To avoid hitting his score, pay the debts at closing with out of pocket funds. Or pay them as a condition of closing and you will still be using the same report. Tthis is not that difficult if the collections are the only issue. |
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tmooney
11 Posts |
Posted - 05/09/2008 : 06:24:42 AM
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| Sorry hit this twice reviewing it. This of course is going FHA. |
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acitymortgagelj
40 Posts |
Posted - 05/09/2008 : 06:28:23 AM
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| Will it make a difference on my DU if I show that those collections are to be paid off? |
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JasonAaron1
943 Posts |
Posted - 05/09/2008 : 06:30:37 AM
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| What is the min. FICO for EA 3 at most places? |
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Lee3370
65 Posts |
Posted - 05/09/2008 : 06:33:58 AM
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| You are aware ofcourse that there is no longer MI available anywhere for expanded approval products. I am sure you keep up on those things. The only way that loan can close is FHA, Period. If you dont have fha, and really do care about the guy, give the lead to someone on here who does FHA in Texas so they can get the guy the rate he "deserves". |
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acitymortgagelj
40 Posts |
Posted - 05/09/2008 : 07:07:54 AM
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| Thanks everybody... |
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bobbydoyle-TX
23 Posts |
Posted - 05/09/2008 : 08:13:15 AM
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| We are in Texas, VA, FHA approved. Mtg Bankers not Brokers. Call me, if need help 972-908-3770. |
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oscar
870 Posts |
Posted - 05/09/2008 : 09:42:45 AM
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Sorry if you're not approved FHA, but that's going to be the person's best shot. The AUS may not mandate to pay the collections afterall, unless they are judgments.
God BLESS America!
Oscar. |
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hjames1908
29 Posts |
Posted - 05/09/2008 : 09:47:17 AM
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I find this one of the more interesting threads on this site. And, I have a personal appreciation for just about everyone's opinion on this LO and his "deserving" client.
This is a classic story loan. In this case, personal problems, ex-wife issues, the divorce from hell, he's "planning" to pay everything, and on and on. And I feel for the LO here, because I too have run into more than my share of these potential clients, and have fallen for these same stories. I say "fallen" because he may well be a fine fellow who has simply been caught in one of life's traps (who of us hasn't) and who probably does "deserve" something better.
But it's not the LO's job to do it. Or handle it. Or get involved. For myself, I don't care about clients in this way. I care about the deal. I think that if I work my b*tt off to get my clients the best possible deal -- and then to close that deal, if they choose to go forward -- then I've done what I can and deserve to get paid. And they, in turn, get what they "deserve" which is what they qualify for, whatever that is.
I have agood friend who is an LO in northern Indiana. He's never done very well in large part, I think, because he almost thrives on clients who have these life "issues" and he spends more time commiserating with them (and repeating their tales of woe to countless AE's) that he closes fewer loans. He doesn't have time; he's playing Dr. Phil to these people.
If the guy is EA III, then that's what he is. And how he got there and whether life or his ex-wife has been fair, or what his future intentions are to his creditors is menaingless to me. It's my job, at this point, to be as fair as I can be to him...not try to adjust or manipulate the system in some way to make happen what probably cannot or will not. And that includes giving him my best advice on what he might be able to do now to come back later and qualify for a better deal. |
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oscar
870 Posts |
Posted - 05/09/2008 : 10:43:36 AM
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quote:
Originally posted by hjames1908
If the guy is EA III, then that's what he is.
If you can't get an M.I. Company to provide M.I. on an EA III, then there is no "EA III client". Just because you have an "approval" or even a "refer" doesn't mean that the file's going to close (preaching to the choir, I know). There have been many a file that I, too, have worked hours and hours and days and weeks, all to no avail (client leaves, value not there, client loses job, something happened). So, I hear ya, but that's the harsh reality of our work sometimes. My 2 cents.
God BLESS America!
Oscar.
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