| Author |
Previous Topic | Next Topic |
dromanski
92 Posts |
 Posted - 05/19/2008 : 5:03:36 PM
|
| Iv'e heard from two diffrent sources that Indy Mac may be days away from BK. And has major funding issues. With there stock under 2.00 I'm not suprised.I'm flipping the few files I have with them to be on the safe side. |
|
|
|
1stintegritymort
1786 Posts |
Posted - 05/19/2008 : 5:51:43 PM
|
| i am waiting for them to drop big one more day and then im buying some IMB. they will get bought out before they file BK. financial freedom is worth too much money for them to implode. |
|
|
dromanski
92 Posts |
Posted - 05/19/2008 : 6:03:52 PM
|
| From what I was told by one of their employee's. Their current debt and loan portfolo performance has prevented a sale. From what I was told they are running out of capital quick and with their credit rating at junk. They cannot borrow any additonal capital. It's a shame because they were the ALT A kings for years. |
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 6:07:22 PM
|
One word: Countrywide
quote:
Originally posted by 1stintegritymortgage
i am waiting for them to drop big one more day and then im buying some IMB. they will get bought out before they file BK. financial freedom is worth too much money for them to implode.
|
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 6:11:00 PM
|
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone? |
|
|
dromanski
92 Posts |
Posted - 05/19/2008 : 6:17:11 PM
|
| I'm in the same boat as you. I just want the deals I have with them to fund. It's hard enough to get a loan to fit with the programs everyone is offering today. The last thing I want to think of is the bank is not going to write the check after they make me jump through hoop's the file to get clear. |
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 6:19:15 PM
|
Ugghhhhh!
I detest going to World/Wachovia on anything. I "MIGHT" have the room in the value, but don't want to pay that BS fee. Guess I might not have a choice? |
|
|
racerx
12112 Posts |
Posted - 05/19/2008 : 6:25:27 PM
|
quote:
Originally posted by dkendall1979
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone?
I thought you were an AE. I'm confused. |
|
|
bobabrahamson
135 Posts |
Posted - 05/19/2008 : 6:35:26 PM
|
| I am trying to understand the Countrywide reference. They did not declare bky. Are you refrerring to the fact that they got bought out instead? |
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 6:39:00 PM
|
I did loans for several years before becoming an AE. My referal clients go to a processor (who I owe my life to!) to get done. Plus many brokers give me referals (for free of course :) in states they don't do loans in.
Countrywide may "NOT" be bought out Abraham. It's still questionable.
quote:
Originally posted by racerx
quote:
Originally posted by dkendall1979
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone?
I thought you were an AE. I'm confused.
|
|
|
bobabrahamson
135 Posts |
Posted - 05/19/2008 : 6:41:55 PM
|
| Correct, they are still in the due dilligence stage. Think B of A will come to their senses? |
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 6:45:22 PM
|
It's looking more and more like that every day. Going to turn the industry upside down (even more than it is) if so.
quote:
Originally posted by bobabrahamson
Correct, they are still in the due dilligence stage. Think B of A will come to their senses?
|
|
|
mykal5
6130 Posts |
Posted - 05/19/2008 : 6:53:55 PM
|
quote:
Originally posted by Banker0679
probably before the end of this week
I sure hope not, however if they do what do you suppose will happen with Financial Freedom? I have a Jumbo Reverse I am placing with them next week. |
|
|
hherrm
1418 Posts |
Posted - 05/19/2008 : 6:57:33 PM
|
quote:
Originally posted by mykal5
quote:
Originally posted by Banker0679
probably before the end of this week
I sure hope not, however if they do what do you suppose will happen with Financial Freedom? I have a Jumbo Reverse I am placing with them next week.
I would like to know also. I submitted a loan today even after my AE quit Friday. I sure hope this is just a rumor. |
|
|
mykal5
6130 Posts |
Posted - 05/19/2008 : 7:01:00 PM
|
quote:
Originally posted by crazyguy
i would send it to someone else....
if you want to send it to my company we do reverse mortgages... we will be in business for a long time.....
Can you do a Jumbo Reverse, and if so what is the name of your company? I have a loan with a principal limit of $980,000.
Thanks. |
|
|
mykal5
6130 Posts |
Posted - 05/19/2008 : 7:17:34 PM
|
| CA, $2,000,000 Value, with an existing balance of $625,000 for a 79 year old borrower. |
|
|
Xpatriot
335 Posts |
Posted - 05/19/2008 : 7:18:46 PM
|
| gah, i have two loans with them now, both on lock extensions. i really wish we could get more clarification on this...i thought IMB was FDIC? i have been hearing they were going under for years, but so far it has always amounted to specualtion. need sources folks. |
|
|
hoangad
3036 Posts |
Posted - 05/19/2008 : 7:30:22 PM
|
quote:
Originally posted by dkendall1979
I did loans for several years before becoming an AE. My referal clients go to a processor (who I owe my life to!) to get done. Plus many brokers give me referals (for free of course :) in states they don't do loans in.
Countrywide may "NOT" be bought out Abraham. It's still questionable.
quote:
Originally posted by racerx
quote:
Originally posted by dkendall1979
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone?
I thought you were an AE. I'm confused.
wow, kinda fishy when AE's talk about doing retail loans...
hope you're a good man dave |
|
|
MisterVA
8643 Posts |
Posted - 05/19/2008 : 7:59:28 PM
|
| Well, I politely listened to the IndyMac recruiter last week. And I politely refrained from exclaiming what a great dividend payout ratio they had. |
|
|
velecico
5309 Posts |
Posted - 05/19/2008 : 8:05:21 PM
|
quote:
Originally posted by racerx
quote:
Originally posted by dkendall1979
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone?
I thought you were an AE. I'm confused.
So am I , how can an AE also do retail , it would seem to be a big conflict , especially if you are brokering and a correspondent with the same lender , you could get a prelim from a broker and get the same deal as a prequal as a lender
|
|
|
dkendall1979
13278 Posts |
Posted - 05/19/2008 : 9:31:00 PM
|
Is it really that hard to understand?
I've been doing loans for 8yrs now. I have a lot of clients built up over the years that call on me here and there and I also have a lot of brokers that would like their loans done, but are not licensed in the state, not signed up with a particular lender, or whatever else the reason is. They "GIVE" me loans. I, in turn, give those loans to a processor to get closed. That processor does every bit of work on the files, I never make outbounds, I never follow up on stips, I never even market for loans, they just come to me from years of doing this and I've got a good system in place to get those referal clients loans closed.
If you'd actually worked with me as an AE, you would see that I hardly have time in my day to breath, much less originate loans. I own separate companies as well, outside the mortgage business. Beleive me, there's no muddying the waters. It never hurt someone to have separate streams of income coming in. Actually, since I put very little time into anything but being an AE, it's nice to know that I don't "NEED" the job. I do it because I love what i do.
quote:
Originally posted by velecico
quote:
Originally posted by racerx
quote:
Originally posted by dkendall1979
I'm scrolling through the post on Implode-O-Meter on IMB and can't find an intelligible answer.
Does anyone know what's really going on? I have a couple deals there that I need to start rolling out a backup if they aren't going to fund them next week.
Anyone?
I thought you were an AE. I'm confused.
So am I , how can an AE also do retail , it would seem to be a big conflict , especially if you are brokering and a correspondent with the same lender , you could get a prelim from a broker and get the same deal as a prequal as a lender
|
|
|
velecico
5309 Posts |
Posted - 05/20/2008 : 11:49:38 AM
|
I actually find it quite intersesting , if you can build a following on the net , I guess its alright since you are not in the same territory as where you are a loan officer , I just dont see how two seperate companies can knowingly hire a retail loan officer and a wholesale AE , if you are the broker/owner of your own shop I guess you can do whatever you want , but I know you could not work retail and wholesale with a major company |
|
|
Layne Jones
1478 Posts |
Posted - 05/20/2008 : 11:56:46 AM
|
| Just spoke to an Indymac rep this morning and they said they were still looking to hire new A/Es in the area and ramping up FHA by hiring a lot more DE underwriters. Maybe not? |
|
|
djorge44
3699 Posts |
Posted - 05/20/2008 : 12:03:44 PM
|
Someone in BOA told me that with the CW purchase they were sifting through the loans they wanted. They would take those under BOA.
The bad loans would be put into another offshoot company that would soon after file BK.
I have no idea if this is true or legal, it is what I was told by a BOA employee |
|
|
EMScommercial
5141 Posts |
Posted - 05/20/2008 : 12:23:05 PM
|
| Maybe i should know this answer.... but let's say indymac goes under.... what happens to all the individual mortgages out there? (like mine).... |
|
|
hoangad
3036 Posts |
Posted - 05/20/2008 : 12:24:42 PM
|
quote:
Originally posted by EMScommercial
Maybe i should know this answer.... but let's say indymac goes under.... what happens to all the individual mortgages out there? (like mine)....
it will be bought out. you will probably get another service company. |
|
|
velecico
5309 Posts |
Posted - 05/20/2008 : 12:28:04 PM
|
quote:
Originally posted by EMScommercial
Maybe i should know this answer.... but let's say indymac goes under.... what happens to all the individual mortgages out there? (like mine)....
part of the new bail out will forgive all those mortgages so consumers can now go out and spend more money to prop up the economy
and then I woke up LOL , its nice to dream |
|
|
velecico
5309 Posts |
Posted - 05/20/2008 : 12:31:06 PM
|
quote:
Originally posted by Banker0679
i just find it difficult to understand that a processor who is probably unlicensed doing 'all' of the work. I didnt know they were allowed to negotiate mortgage rates/terms.
Its actually quite simple , just a legal way to co broker , if you are going to be on the net 24/7 , what a great way to get both ends of the deal , retail and wholesale , just think , you could loose a deal on the retail say , say someone called and for whatever reason they did not apply with you , they then call ABC broker , they hit off and he wholesales the deal to you , sweet , or better yet , if you feel the deal is slipping away just give the 1003 info to 2-3 of your brokers and have them fight it out , you will get the deal on the wholesale side |
|
|
dkendall1979
13278 Posts |
Posted - 05/20/2008 : 12:37:57 PM
|
Actually she holds a brokers license.
quote:
Originally posted by Banker0679
i just find it difficult to understand that a processor who is probably unlicensed doing 'all' of the work. I didnt know they were allowed to negotiate mortgage rates/terms.
|
|
|
monarchdad
2172 Posts |
Posted - 05/20/2008 : 12:38:04 PM
|
| This thread has been somewhat derailed. The topic is Indy Mac going out of business. |
|
|
bbbbenny
263 Posts |
Posted - 05/20/2008 : 12:45:04 PM
|
quote:
Originally posted by velecico
I actually find it quite intersesting , if you can build a following on the net , I guess its alright since you are not in the same territory as where you are a loan officer , I just dont see how two seperate companies can knowingly hire a retail loan officer and a wholesale AE , if you are the broker/owner of your own shop I guess you can do whatever you want , but I know you could not work retail and wholesale with a major company
In CA at least, the old-World-now-Wachovia reps have done both sides as long as I can remember and the company endorsed it. I think it's a poor policy myself and did everything I could to avoid sending them a loan because of it. |
|
|
dkendall1979
13278 Posts |
Posted - 05/20/2008 : 12:57:49 PM
|
If you guys are actually accusing me of stealing brokers loans, you're not just out of line, you'd get knocked on your azzes if you were here in front of me.
I'll take a lot of sh*t, but if you're seriously accusing me of stealing brokers loans that are sent to me as the AE on the file, you can come accuse me to my face. You have my address! That's the last I want to hear about any of that sh*t!
quote:
Originally posted by bbbbenny
quote:
Originally posted by velecico
I actually find it quite intersesting , if you can build a following on the net , I guess its alright since you are not in the same territory as where you are a loan officer , I just dont see how two seperate companies can knowingly hire a retail loan officer and a wholesale AE , if you are the broker/owner of your own shop I guess you can do whatever you want , but I know you could not work retail and wholesale with a major company
In CA at least, the old-World-now-Wachovia reps have done both sides as long as I can remember and the company endorsed it. I think it's a poor policy myself and did everything I could to avoid sending them a loan because of it.
|
|
|
Layne Jones
1478 Posts |
Posted - 05/20/2008 : 12:58:56 PM
|
[/quote]
In CA at least, the old-World-now-Wachovia reps have done both sides as long as I can remember and the company endorsed it. I think it's a poor policy myself and did everything I could to avoid sending them a loan because of it.
[/quote]
That is really only for the portfolio programs, but for what its worth no AE's that I know actively go out and look for retail business. Just get the occasional phone call up at the office. Normally refer them to brokers that I work with.
So back to Indymac... Any more insight? |
|
|
Krishtian
72 Posts |
Posted - 05/20/2008 : 1:04:34 PM
|
that's tuff... I have a few friends that still work there.
Blessings, |
|
|
PGifford
39 Posts |
Posted - 05/20/2008 : 1:26:25 PM
|
[quote]Originally posted by dkendall1979
If you guys are actually accusing me of stealing brokers loans, you're not just out of line, you'd get knocked on your azzes if you were here in front of me.
I'll take a lot of sh*t, but if you're seriously accusing me of stealing brokers loans that are sent to me as the AE on the file, you can come accuse me to my face. You have my address! That's the last I want to hear about any of that sh*t!
[quote]Originally posted by bbbbenny
[quote]Originally posted by velecico
Ohhhhh Scary, you sound like a real bad ass. Now go suck your thumb baby boy.
And for the record, I would not do business with an AE that also does loans. Why haven't you disclosed this before? Sounds Shady. |
|
|
PGifford
39 Posts |
Posted - 05/20/2008 : 1:32:56 PM
|
quote:
Originally posted by Banker0679
i knew he did both from reading his other posts.
it doesnt seem to bother other ppl who have used him.
Maybe I'm slow and didn't pick up on it, but I still think there is a conflict of interest. |
|
|
velecico
5309 Posts |
Posted - 05/20/2008 : 1:36:44 PM
|
Someone has a short fuse , what do you do when an LO calls you with a problem , " knock them of their azzes " ?
|
|
|
reliable
61 Posts |
Posted - 05/20/2008 : 1:41:31 PM
|
| Every AE has done and always will do their personal referrals through a broker, it is nothing new and any AE that say they gave away referrals and turned down retail loans that "fell" on their lap are full of ****. |
|
|
davidfr
2244 Posts |
Posted - 05/20/2008 : 1:48:15 PM
|
quote:
Originally posted by PGifford
[quote]Originally posted by dkendall1979
If you guys are actually accusing me of stealing brokers loans, you're not just out of line, you'd get knocked on your azzes if you were here in front of me.
I'll take a lot of sh*t, but if you're seriously accusing me of stealing brokers loans that are sent to me as the AE on the file, you can come accuse me to my face. You have my address! That's the last I want to hear about any of that sh*t!
[quote]Originally posted by bbbbenny
[quote]Originally posted by velecico
Ohhhhh Scary, you sound like a real bad ass. Now go suck your thumb baby boy.
And for the record, I would not do business with an AE that also does loans. Why haven't you disclosed this before? Sounds Shady.
Dave Kendall is one of the most informative posters on the BO. He has helped countless people, including myself over the years. People sure are uptight lately. I sure as hell don't care what else he is doing besides being an AE. I just hope he keeps being a strong resource in this tough market. |
|
|
reliable
61 Posts |
Posted - 05/20/2008 : 2:01:37 PM
|
quote:
Originally posted by Banker0679
well well....if it isn't all the dave's sticking together lol
You could learn from his posts on this forum. Over half of your posts are negative, completely of subject, or just worthless responses. 6000 plus post in a year, damn dude find a hobby or take up drinking. |
|
|
dkendall1979
13278 Posts |
Posted - 05/20/2008 : 2:04:38 PM
|
You guys are calling me the tough guy?
You're sitting behind your computers and accusing me of stealing brokers business. That's a chicken sh*t move if you ask me!
There's no need to ever make accusations like that about me. The thought was so far out of my mind that I didn't even think the topic would come up, or I would have never mentioned it.
I don't know what the motive is behind making those accusations, but it's exponentially uncalled for! |
|
|
racerx
12112 Posts |
Posted - 05/20/2008 : 2:13:42 PM
|
quote:
Originally posted by reliable
Every AE has done and always will do their personal referrals through a broker, it is nothing new and any AE that say they gave away referrals and turned down retail loans that "fell" on their lap are full of ****.
Sorry, but you are incorrect. I have had an AE give me a loan. |
|
|
racerx
12112 Posts |
Posted - 05/20/2008 : 2:16:03 PM
|
quote:
Originally posted by dkendall1979
You guys are calling me the tough guy?
You're sitting behind your computers and accusing me of stealing brokers business. That's a chicken sh*t move if you ask me!
There's no need to ever make accusations like that about me. The thought was so far out of my mind that I didn't even think the topic would come up, or I would have never mentioned it.
I don't know what the motive is behind making those accusations, but it's exponentially uncalled for!
I don't recall anyone accusing you of stealing business. You are jumping to conclusions. Maybe that's what happens when you can't control your temper?
I'm the one that first asked the question. If you saw me, would you knock me on my azz?
|
|
|
dkendall1979
13278 Posts |
Posted - 05/20/2008 : 2:20:46 PM
|
No
quote:
Originally posted by racerx
quote:
Originally posted by dkendall1979
You guys are calling me the tough guy?
You're sitting behind your computers and accusing me of stealing brokers business. That's a chicken sh*t move if you ask me!
There's no need to ever make accusations like that about me. The thought was so far out of my mind that I didn't even think the topic would come up, or I would have never mentioned it.
I don't know what the motive is behind making those accusations, but it's exponentially uncalled for!
I don't recall anyone accusing you of stealing business. You are jumping to conclusions. Maybe that's what happens when you can't control your temper?
I'm the one that first asked the question. If you saw me, would you knock me on my azz?
|
|
|
hoangad
3036 Posts |
Posted - 05/20/2008 : 2:21:44 PM
|
| i challenge anyone here to phyical combat...including you racerx |
|
|
bbbbenny
263 Posts |
Posted - 05/20/2008 : 2:27:55 PM
|
For myself, I haven't accused anyone of anything. I was commenting on wholesale AE's doing retail business for the same establishment. I see that as a direct conflict w/ soliciting business from me.
DKendall's situation sounds different. I don't fully understand it and don't care to either. As long as it's legal he can do what he wants. BTW, kicking my azz is against the law in CA. |
|
|
mantixmortgage
3368 Posts |
Posted - 05/20/2008 : 2:55:33 PM
|
| all i have to say is that if you are in this industry and you aren't maximizing your revenue stream through a couple different avenues then you are doing yourself a disservice. |
|
|
racerx
12112 Posts |
Posted - 05/20/2008 : 3:29:42 PM
|
quote:
Originally posted by mantixmortgage
all i have to say is that if you are in this industry and you aren't maximizing your revenue stream through a couple different avenues then you are doing yourself a disservice.
I love that attitude. It's all about me. |
|
|
mantixmortgage
3368 Posts |
Posted - 05/20/2008 : 4:13:23 PM
|
| a/s/l? |
|
|
brad.easter
696 Posts |
Posted - 05/20/2008 : 4:16:46 PM
|
| What do the last 20 posts have to do with IndyMac? Come on people, take your petty quarrels to another thread! |
|
|
racerx
12112 Posts |
Posted - 05/20/2008 : 4:25:18 PM
|
| Hey! Bank and I are the BO police and you are not the boss of us. There is no rule that says one must stay on topic. |
|
|
|
Previous Topic | Next Topic |
|
Search for: 
