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Thats Devore
47 Posts |
 Posted - 05/08/2008 : 11:44:25 AM
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| Recently signed up with them |
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nowbroker
491 Posts |
Posted - 05/08/2008 : 12:12:31 PM
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Nice rep, but I refused to sign their FHA/VA broker agreement.
Read it, you as a broker are warranting to them that the loan you originate will be insured by FHA or VA. If they do not insure the loan after closing, you are on the hook. |
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jtm7332
374 Posts |
Posted - 05/09/2008 : 08:09:27 AM
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| Everbank has a office here in Des Moines. We close probably 10 loans there a month and never have had a problem. Due to this, I had to switch a loan over there 3 days before the end of the month and we were still able to close it before the end of the month. Pricing is OK but if you need numbers at the end of the month they are my go to. |
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d_damiano
272 Posts |
Posted - 05/09/2008 : 09:03:39 AM
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quote:
Originally posted by nowbroker
Nice rep, but I refused to sign their FHA/VA broker agreement.
Read it, you as a broker are warranting to them that the loan you originate will be insured by FHA or VA. If they do not insure the loan after closing, you are on the hook.
Wow did you bring that point up with them and how did they respond? |
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Thats Devore
47 Posts |
Posted - 05/09/2008 : 09:04:44 AM
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| From what I am reading it sounds like Everbank has good service but so-so pricing? |
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jtm7332
374 Posts |
Posted - 05/09/2008 : 09:04:59 AM
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| Yes |
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Thats Devore
47 Posts |
Posted - 05/09/2008 : 09:06:26 AM
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| I can live with so-so pricing if turn times and service are good. Turn times and service are a rare commodity from wholesalers these days. |
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nowbroker
491 Posts |
Posted - 05/09/2008 : 09:56:07 AM
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quote:
quote:
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Originally posted by nowbroker
Nice rep, but I refused to sign their FHA/VA broker agreement.
Read it, you as a broker are warranting to them that the loan you originate will be insured by FHA or VA. If they do not insure the loan after closing, you are on the hook.
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Wow did you bring that point up with them and how did they respond?
Just got off the phone with the rep this morning. Since we have a long strong history as a mortgage broker, they are allowing us to strike this clause.
I am now impressed, a company that actually reads and listens to concerns of a mortgage broker, I will give them a try for that ! |
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MoneyLenderP
960 Posts |
Posted - 05/09/2008 : 10:17:18 AM
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| thats quite the clause to waive. |
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lukyk22
1516 Posts |
Posted - 05/09/2008 : 10:59:33 AM
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| I am not trying to rain on your parade, but typically they have to have their attorneys approve waiving a clause in their binding agreements. Its not like some can and others dont have to abide by it. That would be discrimiation to a point, favoritism. Just be very very very certain that you have something in writing stating that because you have a good "relationship with them" that they are willing to take responsibility for you. I mean it sounds great, and if its true that's awesome. Now you have created a situation where every broker can say "i saw you guys waive the clause for THIS broker, why not me?" this is how law suits arise... just MHO |
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