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ericaldridge
211 Posts |
 Posted - 05/21/2008 : 11:14:08 AM
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Has anyone read this? Where is our report?
http://www.mortgagebankers.org/files/News/InternalResource/62646_Paper.pdf |
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anthonyt2325
1408 Posts |
Posted - 05/21/2008 : 12:17:01 PM
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| Same story.....different day. |
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HonestNJBroker
360 Posts |
Posted - 05/21/2008 : 12:28:34 PM
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| SICKING SICKING SICKING. There are just as many band Bankers out there as Brokers. The YSP thing really pisses me off. This is complete CRAP! |
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lukyk22
1700 Posts |
Posted - 05/21/2008 : 12:32:39 PM
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| i think there are more band loan officers, than brokers. |
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MoneyLenderP
1688 Posts |
Posted - 05/21/2008 : 12:43:37 PM
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| such power to be a banker in todays market....underwriting and funding all loans..cant be beat. |
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clarenceworley
4360 Posts |
Posted - 05/21/2008 : 12:47:04 PM
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| How do you become a band banker? |
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CoralSnake
11208 Posts |
Posted - 05/21/2008 : 1:07:29 PM
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quote:
Originally posted by clarenceworley
How do you become a band banker?
You can come here and start some crap, youll be band in no time (must be a banker first though) |
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katbunk
2393 Posts |
Posted - 05/21/2008 : 1:10:46 PM
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| I got this in my e-mail yesterday, didn't even bother looking at. Same old **** |
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michellec
151 Posts |
Posted - 05/21/2008 : 1:11:51 PM
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quote:
Originally posted by lukyk22
i think there are more band loan officers, than brokers.
Better strike up the band because the "band" discussion is going to be started. |
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CoralSnake
11208 Posts |
Posted - 05/21/2008 : 1:17:42 PM
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| What is the big deal with this? |
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scramsey
562 Posts |
Posted - 05/21/2008 : 1:48:28 PM
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http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=223177
Irony at its finest. Once there's a link for this, someone need to shoot it over to these "trustworthy" bankers. |
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itsmeant007
48 Posts |
Posted - 05/21/2008 : 2:01:17 PM
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| Broker got a bad rap in this..... the banks made so easy that you could almost get anyone approved with very little documentation and now they throw up there hands and say we didn't know!!!!! BS the just wanted to keep making there pockets fat. |
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MoneyLenderP
1688 Posts |
Posted - 05/21/2008 : 2:04:47 PM
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| its everyones fault. |
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clarenceworley
4360 Posts |
Posted - 05/21/2008 : 2:04:53 PM
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| Bankers generally do a little more due diligence when hiring someone than a broker. That said, we need more stringent licensing requirements and better testing. |
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Tsnyder
8312 Posts |
Posted - 05/21/2008 : 2:13:40 PM
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quote:
Originally posted by clarenceworley
How do you become a band banker?
Well... one way would be... "Forget all about that
macho s.hit and learn how to play guitar..."
Tsnyder |
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Tsnyder
8312 Posts |
Posted - 05/21/2008 : 2:17:19 PM
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quote:
Originally posted by HonestNJBroker
SICKING SICKING SICKING. There are just as many band Bankers out there as Brokers. The YSP thing really pisses me off. This is complete CRAP!
The only reason the "YSP thing" would piss you off
would be because you, like most, don't understand it...
SICKING?
Tsnyder |
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LOANGUYNYC
105 Posts |
Posted - 05/21/2008 : 2:55:17 PM
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| I have my own company and personally have beat banks like countrywide, bank of america, wachovia, chase, amerisave...it all comes down to how much money brokers/loanofficers want to make...so what if bankers use their own money...you guys still have to pay the loan officer, rent, electric etc. just like I do each month...I've never seen a loan quote I couldn't beat (except maybe from a credit union the client is already with)...the only ones I can't beat are when other brokers and lenders are lying...in that case I get the borrower to work with me and the competition simultaneously until the other guy shows his true colors...who says being honest and upfront doesn't pay? |
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CoralSnake
11208 Posts |
Posted - 05/21/2008 : 3:01:39 PM
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quote:
Originally posted by clarenceworley
we need more stringent licensing requirements and better testing.
Agreed. |
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velecico
4209 Posts |
Posted - 05/21/2008 : 4:21:58 PM
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quote:
Originally posted by LOANGUYNYC
I have my own company and personally have beat banks like countrywide, bank of america, wachovia, chase, amerisave...it all comes down to how much money brokers/loanofficers want to make...so what if bankers use their own money...you guys still have to pay the loan officer, rent, electric etc. just like I do each month...I've never seen a loan quote I couldn't beat (except maybe from a credit union the client is already with)...the only ones I can't beat are when other brokers and lenders are lying...in that case I get the borrower to work with me and the competition simultaneously until the other guy shows his true colors...who says being honest and upfront doesn't pay?
You must have some crappy bankers around your area LOL |
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MisterVA
6767 Posts |
Posted - 05/21/2008 : 4:35:01 PM
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| Under the bus is where the luggage is. Stow away if you need to. Don't need to lay under the tires. |
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HonestNJBroker
360 Posts |
Posted - 05/21/2008 : 4:48:18 PM
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I do understand YSP. This article makes it sound like Bankers don't make any money off the back end of loans. That "they" have the clients best interest in mind BULLS--T.
quote:
Originally posted by Tsnyder
quote:
Originally posted by HonestNJBroker
SICKING SICKING SICKING. There are just as many band Bankers out there as Brokers. The YSP thing really pisses me off. This is complete CRAP!
The only reason the "YSP thing" would piss you off
would be because you, like most, don't understand it...
SICKING?
Tsnyder
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bobbek
4 Posts |
Posted - 05/21/2008 : 5:54:50 PM
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| Did I miss something in there? |
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khoiey
1709 Posts |
Posted - 05/21/2008 : 7:04:17 PM
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| I dont think the consumer give a crap about who is better than who except for "what's your best rate"? |
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juando67
115 Posts |
Posted - 05/22/2008 : 02:00:26 AM
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I once worked in a call center for a national lender with wholesale (broker), correspondent (banker) and retail lending channels. Some of the calls I took were "portfolio defense." Still makes me sick. What makes me even more sick, though, is when I think of some of the crap that was originally originated through the company's correspondent channel. I'd say that in the category of "option arms written on a glaringly overstated-income basis for unsophisticated borrowers that paid huge SRP" 7 out of 10 loans that I got the "I'm looking to refi" call on came from folks who talk about the "in-house underwriting" and "we're a direct lender" BS. I'd ask some of these borrowers how much money they made and they would admit to X. Then I'd pull up the original application data and see the income stated as X multiplied by a factor of anywhere from 1.5 to 6!
No doubt that there are bad apples in every barrel, but this was a huge eye-opener. Whenever I see one of these guys on the high-horse acting like they're the best thing since sliced bread I can't help but chuckle..... |
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clarenceworley
4360 Posts |
Posted - 05/22/2008 : 07:33:09 AM
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| I used to wholesale a little bit for a small mortgage banker back in the late 90's, although I was primarily a retail mortgage banker. Some of the crap brokers tried to pull on me was amazing. Some of the sheer idiocy of others was even more amazing. Some of the brokers were very good and ran a tight shop. Some brokers did mostly Fannie/FHA and had no clue about subprime. Some did mostly subprime and didn't know their FHA/Fannie guides from a hole in the wall. |
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mbrownusa
945 Posts |
Posted - 05/22/2008 : 08:05:54 AM
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quote:
Originally posted by clarenceworley
How do you become a band banker?
Have long hair, play guitar and be able to sing "Money" by Pink Floyd. |
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assassin17
4239 Posts |
Posted - 05/22/2008 : 09:21:27 AM
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quote:
Originally posted by Tsnyder
Well... one way would be... "Forget all about that
macho s.hit and learn how to play guitar..."
Tsnyder
Now that is some old Johnny Cougar Mellencamp, is it not? I know I have that album in my closet somewhere.
We're almost talking "Ain't Even Done With the Night" old. LOL |
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