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MBG
257 Posts |
 Posted - 05/15/2008 : 07:25:37 AM
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Anyone have a loan there trying to close? They implemented tech review on all appraisals, which is ok, but didn't inform brokers of this. They are u/w three times. Mistakes their own u/w are making as well as Sr. Audit Personnel are being blamed on the broker.....what the hell are they trying to do? On appraisal, they are reducing value, but requiring insurance based upon higher value? I won't let them attack my client nor my company this way this has shaken out..........anyone else experiencing this with them? I sincerely wish them well, but if they had informed us of their final u/w issues, I would have withdrawn my last file weeks ago and moved on.
They have issues with insurance premium (I calculated correctly and they are adding in more $$ which affects DTI). They have issues with income, which has been confirmed and reconfirmed with employer. And, this is a familiar file.......they wrote another loan for this borrower two mos. ago, which closed with no problems at all.
I think thry wrote some bad bidness and trying to pass it off on brokers right now........ |
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nowbroker
1386 Posts |
Posted - 05/15/2008 : 07:47:58 AM
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| I thought they closed wholesale, they pissed off most brokers years ago. |
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Carpet Muncher
1385 Posts |
Posted - 05/15/2008 : 08:01:06 AM
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WAMU shut down wholesale....
http://www.businessweek.com/bwdaily/dnflash/content/apr2008/db2008047_550389.htm?chan=top+news_top+news+index_businessweek+exclusives |
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MBG
257 Posts |
Posted - 05/15/2008 : 08:12:44 AM
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Yep, yep, yep.....however, any files they had that were locked, they honored to u/w, close and fund. I should have withdrawn it, but I had no idea they would become so vigilant like this......
All it's done is wasted my client and my time...... |
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FLProcessor
429 Posts |
Posted - 05/15/2008 : 08:31:43 AM
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| What's really interesting... After they shutdown wholesale, they lowered their wholesale pricing to be equal with PFG, even though they were discouraging the business. It was so odd. |
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808
2605 Posts |
Posted - 05/15/2008 : 08:54:29 AM
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| why didn't you withdraw the loan and take it elsewhere??? If I was your borrower I'd be having issues w you right now, not WAMU. Cut bait and move on |
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pdasher
7 Posts |
Posted - 05/15/2008 : 09:19:55 AM
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| We had 2 loans and fortunately we just funded the last 1. It was an absolutely miserable experience. To the guy who said "just move it", Customer qualified for an affordable housing program with an interest rate that he could not get in the open market. |
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MBG
257 Posts |
Posted - 05/15/2008 : 09:30:07 AM
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808, you aren't my borrower/client. This file was underwritten prior to their announcement and I had a commitment as submitted. With the $5B injection, someone dictated to them certain issues, which my branch did not communicate to the broker community. A tech review is basically a new appraisal. OK, fine. However, that appraiser reduced the value of my appraisal by 27%. We rebutted - it was ridiculous! Their appraiser admitted he was too low and came up some. I pointed out to them that they have a fickle appraiser and should probably order yet another appraisal! Then, they underwrote it again and I had another approval. The day of closing, they reconfirmed employment and sent the file to Sr. Auditor who completely miscalculated PITI and ultimately DTI and attempted to tell me these were initially mistakes on my part. She simply wants to decline the file. Then, the head u/w sends it to risk review and she tells me they will want the bank statements overnighted to them (they want originals, etc.) along with other items. Anyone experienced in this industry knows that they are trying to decline the file and/or claim fraudulent activity or misstatement on the part of my co., my client, etc.
Oh, and on that reduction in value, they aren't allowing my client to reduce the amount of hazard......they actually want it increased.
My client has complete trust and respect in me (repeat client) and has no issues with me....in fact, has stated that she should have followed my advice and closed this loan back in Feb prior to her other purchase.
Thank you for your input, though......perhaps you needed the full story before commenting. |
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