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UTigerNow
27 Posts |
 Posted - 05/14/2008 : 10:15:47 AM
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I have a borrower who is self employed living in MA and he wants to go Stated. His credit score is 716. He is looking to take cash out of his primary single family residence in order to buy a Pizza and Beer shop. The proposed loan amount is $279,500 and we have an appraisal in hand for $445,000 (Approx. 65 LTV). The borrower has roughly $34,000 in liquid assets.
I've tried C.W. but their Appraisal Review department is making opinions of value based on "Withdrawn local Listings" rather than recent Comparable Sales.
I will send $100 CASH to the first person that hooks me up with a lender that will do this loan.
NO B.S. |
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Tim Thompson
283 Posts |
Posted - 05/14/2008 : 10:22:04 AM
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quote:
Originally posted by UTigerNow
I have a borrower who is self employed living in MA and he wants to go Stated. His credit score is 716. He is looking to take cash out of his primary single family residence in order to buy a Pizza and Beer shop. The proposed loan amount is $279,500 and we have an appraisal in hand for $445,000 (Approx. 65 LTV). The borrower has roughly $34,000 in liquid assets.
I've tried C.W. but their Appraisal Review department is making opinions of value based on "Withdrawn local Listings" rather than recent Comparable Sales.
I will send $100 CASH to the first person that hooks me up with a lender that will do this loan.
NO B.S.
Run DU and see what the findings are. |
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swlucev
12 Posts |
Posted - 05/14/2008 : 10:24:02 AM
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| Wachovia should be able to do this under their Alt products. According to their product matrix, with that credit score, they could go to an 80% LTV on a SIVA. |
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UTigerNow
27 Posts |
Posted - 05/14/2008 : 10:29:42 AM
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DU comes back Approve/Eligible
Got a call into Wachovia now - We shall see... |
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dkendall1979
8743 Posts |
Posted - 05/14/2008 : 10:32:00 AM
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| CITI will do this loan. |
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djorge44
1206 Posts |
Posted - 05/14/2008 : 11:05:20 AM
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| Did you run it through DU. I sent an email to you to |
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Tim Thompson
283 Posts |
Posted - 05/14/2008 : 11:21:41 AM
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quote:
Originally posted by UTigerNow
DU comes back Approve/Eligible
Got a call into Wachovia now - We shall see...
What does it say for income docs? |
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UTigerNow
27 Posts |
Posted - 05/14/2008 : 11:21:52 AM
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Wachovia caps cash out at $100K and they won't use our Appraisal.
Citi is looking good - just got off the phone with the rep
dkendall1979 shoot me your address; you're in the lead! |
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swlucev
12 Posts |
Posted - 05/14/2008 : 11:37:03 AM
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| UTigerNow...the restrictions you describe are for Wachovia's portfolio products. Wrong place to be. Make sure you talk to someone about doing it under their conforming Alt A products. I just confirmed with my AE that those restrictions would not apply on the comnforming products. |
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jakeh@loanpacifi
103 Posts |
Posted - 05/14/2008 : 11:39:41 AM
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| If you got an approved eligible we will waiver verification of income and do this deal. |
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jasonstoeser
98 Posts |
Posted - 05/14/2008 : 11:41:24 AM
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| we can do it. Call me so we can discuss |
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EMScommercial
4700 Posts |
Posted - 05/14/2008 : 11:50:00 AM
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| wow... waive income verif.... sounds like a good deal! |
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CoralSnake
10298 Posts |
Posted - 05/14/2008 : 11:55:19 AM
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| I agree that Wachovia AltA should be able to do this. |
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CoralSnake
10298 Posts |
Posted - 05/14/2008 : 11:55:54 AM
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| HSBC will also do it SIVA. |
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MortgageMadnessI
294 Posts |
Posted - 05/14/2008 : 11:56:25 AM
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| VERTICE! |
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UTigerNow
27 Posts |
Posted - 05/14/2008 : 12:02:22 PM
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| Vertice cut their Cash Out Max LTV on SIVA to 60% |
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rab33
178 Posts |
Posted - 05/14/2008 : 12:27:58 PM
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Utigernow...
You should call back the Countrywide Appraisal Review Department and simply explain to them that you are now using your new "Comcast Digital Voice" phone system.
If that doesn't get you and immediate approval I don't know what will.
Sorry Roger u loan suspended! |
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neversaynever
1020 Posts |
Posted - 05/14/2008 : 12:32:14 PM
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BEAR STEARNS!!
You can prequal w/o a password, go to
https://www.beardirect.net/BrokerConnect/Home.aspx?ReturnUrl=%2fBrokerConnect%2fPipe.aspx
LET ME KNOW!!!
MAKE SURE you click SIVA
I closed one just like this within past 6 months, appraisal was not strong.... |
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UTigerNow
27 Posts |
Posted - 05/14/2008 : 12:40:16 PM
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rab33
Nobody should listen to someone who doesn't even know their own fax number :)
445 |
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neversaynever
1020 Posts |
Posted - 05/14/2008 : 1:07:02 PM
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| Did you try Bear? |
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dkendall1979
8743 Posts |
Posted - 05/14/2008 : 1:14:31 PM
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I'll take my $100 dollars in 1's. Email is below.
The reason I know CITI will do this loan is we carry the product, but don't lend in MA. |
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neversaynever
1020 Posts |
Posted - 05/14/2008 : 1:16:38 PM
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quote:
I'll take my $100 dollars in 1's. Email is below.
I know where DK is going to celebrate... |
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ss5547
249 Posts |
Posted - 05/14/2008 : 1:19:15 PM
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| HSBC |
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swlucev
12 Posts |
Posted - 05/14/2008 : 1:20:34 PM
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| dkendall1979....all UTigerNow has to do is call back Wachovia to get the correct info and those 100 singles are mine. LOL |
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rab33
178 Posts |
Posted - 05/14/2008 : 1:30:53 PM
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| Unless I'm missing something...which happens...I thought Bear Stearns didn't lend in Massachusetts any longer. |
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dkendall1979
8743 Posts |
Posted - 05/14/2008 : 1:43:46 PM
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quote:
Originally posted by neversaynever
quote:
I'll take my $100 dollars in 1's. Email is below.
I know where DK is going to celebrate...
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cblaskoski
467 Posts |
Posted - 05/14/2008 : 2:10:57 PM
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| wachovia has cash out restrictions in MASS for old people. what is your borrower's age? I just had one denied for that. |
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CoralSnake
10298 Posts |
Posted - 05/14/2008 : 2:14:06 PM
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quote:
Originally posted by cblaskoski
wachovia has cash out restrictions in MASS for old people. what is your borrower's age? I just had one denied for that.
Sounds like discrimination to me. |
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clearwaterny
294 Posts |
Posted - 05/14/2008 : 2:20:14 PM
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| Am I off or are you not allowed Stated loans in MA anymore? Did they overturn this legislation? I would like to know. Thanks. |
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neversaynever
1020 Posts |
Posted - 05/14/2008 : 2:56:56 PM
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quote:
CoralSnake
Mortgage Agent
9165 Posts
Posted - 05/14/2008 : 2:14 PM
--------------------------------------------------------------------------------
quote:
--------------------------------------------------------------------------------
Originally posted by cblaskoski
wachovia has cash out restrictions in MASS for old people. what is your borrower's age? I just had one denied for that.
They should be sued if this is true, |
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UTigerNow
27 Posts |
Posted - 05/14/2008 : 3:26:31 PM
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quote:
Am I off or are you not allowed Stated loans in MA anymore? Did they overturn this legislation? I would like to know. Thanks.
I personally went to the AG and was like... "Dude - that rule *****" and he was like "Woooooah there TIGER - I'll change it right now, just don't turn this into some kind of craziness." So then he changed it!
In reality all the talk about "Legislative Changes" in the state of MA was the result of different interpretations of an unenforceable set of examples outlined by the A.G.'s consumer protection division which was ultimately only put out in order to Look as if they were doing something in this state to help the "Less Sophisticated Borrowers," as they put it.
Different Lenders have had different changes as a result of the Examples given by the Agency. Some have stopped doing Stated loans in MA while still others have stopped paying any YSP all together.
- The Broker must have a reasonable expectation that the borrower has the ability to re-pay a Stated Income Loan.
**We asked: Should we have a "Stated Loan Disclosure" They said: If you want to you can but you don't have to - in fact we're taking away the Attorney General Disclosure.
The Division of Banks is still in charge - Gotta love Chicken Little though! |
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j.touch
199 Posts |
Posted - 05/15/2008 : 01:17:45 AM
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| I THOUHT MA BANNED STATED LOANS!? |
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UTigerNow
27 Posts |
Posted - 05/15/2008 : 07:42:06 AM
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quote:
Posted - 05/15/2008 : 01:17 AM I THOUHT MA BANNED STATED LOANS!?
Nope... and it was never their intention to.
Certain Lenders stopped offering Stated products in MA due to their MIS Interpretation of an updated AG Regulation.
Just a good ol example of people scaring each other and its only hurt the customers.
Stated Loans are a necessary solution until the current tax code stops penalizing self-employed people and small business owners for their success.
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maclin
515 Posts |
Posted - 05/15/2008 : 08:16:59 AM
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The SWAMJI senses a table dance in your future David
quote:
Originally posted by dkendall1979
I'll take my $100 dollars in 1's. Email is below.
The reason I know CITI will do this loan is we carry the product, but don't lend in MA.
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EMScommercial
4700 Posts |
Posted - 05/15/2008 : 08:19:05 AM
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| anyone win the $100? |
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UTigerNow
27 Posts |
Posted - 05/15/2008 : 09:03:20 AM
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| David Kendall looks to be the winner. |
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