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Oolong
98 Posts |
 Posted - 05/16/2008 : 2:34:37 PM
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My company is looking to bring on another correspondent. We currently have Wells, Citi, Flagstar, New Line, Franklin American, American Sterling, Indymac and Taylor, Bean and Whitaker.
Who out there do you like that has good rates, good system and purchasses loans off of the warehouse line quickly. Thank you for your help with this. |
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Oolong
98 Posts |
Posted - 05/16/2008 : 3:26:30 PM
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| ttt |
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goodguy1
1649 Posts |
Posted - 05/16/2008 : 3:29:33 PM
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Oolong, you have a solid group of lenders; are you having problems with them? How many more do you need?
Obviously there isn't a perfect situation available (great turns, great rates, quick purchase)...pick one.
US Bank is pretty quick to buy, rates are average, turn times are lame. |
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Oolong
98 Posts |
Posted - 05/16/2008 : 3:40:59 PM
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| Well, as of now I represent Flagstar for our company. They take at least 7 days to purcahse loans off of the line and compared to the others that we have that is about twice as long. I am just concerned about how much longer my compnay will keep them around. I was actually thinking about US bank, but I don't know how their FHA is? |
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goodguy1
1649 Posts |
Posted - 05/16/2008 : 3:43:38 PM
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-They usually purchase off the line within 3 days.
-Their UW is currently 6-8 days, and clearing conditions are 3-5 days.
-Pricing is nothing great; there are consistently 3-4 companies with a better payout.
I guess you have to pick your battles. |
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bkladd
39 Posts |
Posted - 05/16/2008 : 3:56:51 PM
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| Amtrust and GMAC. Amtrust is my favorite lender, good pricing, quick purchases, great support. GMAC support *****, but their pricing is usually among the best. Flagstar is the worst in my book. |
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kalee3415
193 Posts |
Posted - 05/16/2008 : 4:05:03 PM
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I am with you. Amtrust and GMAC are our best and most used. Pricing is great, easy to deal with and get things purchased quickly. I am about done with GMAC's FHA turntime though. We have been sending some to US Bank for that reason. Love GMAC for conventional with MGIC underwriting. Sometime we have same day approvals. Same with Amtrust, we don't like their u/w so we send everything to MGIC even when there is no MI. We only use flagstar on the FHA's GMAC won't do.
quote:
Originally posted by bkladd
Amtrust and GMAC. Amtrust is my favorite lender, good pricing, quick purchases, great support. GMAC support *****, but their pricing is usually among the best. Flagstar is the worst in my book.
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bkladd
39 Posts |
Posted - 05/16/2008 : 4:16:13 PM
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GMAC FHA is a joke. They beat all our other lenders by at least a quarter, but they're running a month right now. I don't understand why they don't price themselves out of the market a bit to catch up.
MGIC is turning conv. packages in about 3 hours for us right now. Amtrust/GMAC with MGIC UW is the only way to go on conventional. They are both real quick on purchases too.
How anyone can deal with Flagstar and their nit-picky s**t is beyond me. It's not as if their pricing makes it worth it. |
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Oolong
98 Posts |
Posted - 05/17/2008 : 2:58:14 PM
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| Well, it is good to see some others that agree. I will have to think about some of this. The problem is over half of my business is FHA and if I am right Amtrust does not do FHA, right? Maybe I will have to bring on US bank and Amtrust in lieu of Flagstar. |
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velecico
3926 Posts |
Posted - 05/18/2008 : 10:11:31 PM
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The service you get is indicative of the value you bring to them , which obviously is not a lot based on your list of correspondents and the fact you even want to add more , we are banking over 2B per year and only had 2 main correspondents |
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Oolong
98 Posts |
Posted - 05/19/2008 : 11:20:09 AM
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| I understand the logic behind what you just said. I t does make sense and I feel we will actually move closer to that in the future. Many of our correspondents get such little volume more than likely they will be severed. However, for the time being, I have the chance to establish some strength amongst my competitors within the company by bringing on people that naturally handle their back end better. So that is my thoughts. |
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FINKY920
27 Posts |
Posted - 05/21/2008 : 12:06:37 PM
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| Oolong what company do you work for? I have my own net branch and looking to go with another net branch. We have one correspondent Countrywide.Looking for a company with alot more. |
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