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johnnyboy38109
2587 Posts |
 Posted - 05/05/2008 : 8:37:41 PM
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If I am correct these apply to agency only (Fannie and Freddie)
forgive my dry wit, but I cant remember the last FNMA or FHLMC deal I did.........the hits are tremendous and the pmi is outrageous.....and if you dont have a 680 you're gonna get either a refer or an EA 1 or 2, so I just forego all that grief and go FHA and wait 2 months for it to close....its better for the economy because its insured and better for the consumer because the MI is 1/3 of agency and isnt risk-based.......so the question is:
who cares......they're not booking the stuff anyway, who cares about their reforms if you cant sell to them anyhow..............?
someone please tell me where I miscalc......? |
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johnnyboy38109
2587 Posts |
Posted - 05/05/2008 : 8:44:58 PM
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| I did, it makes no sense to send anything over there, just none at all, not if they can go govie. |
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johnnyboy38109
2587 Posts |
Posted - 05/05/2008 : 8:49:22 PM
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quote:
Originally posted by Banker0679
It's not making sense why I should even be a broker anymore!
A lot of banks are trying to put us out, but they can't seem to stay intact.
agreed. |
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hmetcalf
276 Posts |
Posted - 05/05/2008 : 8:55:18 PM
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What are you goingto do wth people who put 20% down, or want an 80/15 or want LPMI. There are plenty of reason to not do FHA the entire time.
I am nottryingto be ignorant, but is FHA thebest loan for every one of your customers? Again, I do not want an argument, but dont you think that is you offer 1 product, you should do retail. 80% of my loans are FHA. I believe I give 80% of our customers the best deal by giving them an FHA loan. But 20% are not. Also, investment properties cant go FHA (non streamline).
Ignrant you however, that it is becomeing very tough to do the regualr agency fixed loan these days. But please, do not fal into that trap of only doing one product. That is what happened to 3/4 of the subprime brokers. They were just dumb. You are on this board/forum and talk like you care. Plus the fact that you havebeen doing this for almost 20 years says a lot. Good luck... |
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johnnyboy38109
2587 Posts |
Posted - 05/05/2008 : 9:27:58 PM
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quote:
Originally posted by hmetcalf
What are you goingto do wth people who put 20% down, or want an 80/15 or want LPMI. There are plenty of reason to not do FHA the entire time.
I am nottryingto be ignorant, but is FHA thebest loan for every one of your customers? Again, I do not want an argument, but dont you think that is you offer 1 product, you should do retail. 80% of my loans are FHA. I believe I give 80% of our customers the best deal by giving them an FHA loan. But 20% are not. Also, investment properties cant go FHA (non streamline).
Ignrant you however, that it is becomeing very tough to do the regualr agency fixed loan these days. But please, do not fal into that trap of only doing one product. That is what happened to 3/4 of the subprime brokers. They were just dumb. You are on this board/forum and talk like you care. Plus the fact that you havebeen doing this for almost 20 years says a lot. Good luck...
Mr. Metcalf, we've had similar discussions before, if you want to take shots at me you've indeed picked a good target, but can you not do a better job than that?
My post was a bit tongue in cheek and satirical.
Apples to apples for the great bulk of my customers, yes, FHA is the way to go. But we're all aware, even you regardless of your careless diction and spelling, that one size doesnt fit all, I'm just being a bit sarcastic. |
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