Need Broker/Lender help!

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mortgagegirl1010

205 Posts

Posted - 05/23/2008 : 06:21:22 AM

One of my brokers (New client) is nice but the deals are mot turning out to be real deals. I am shopping and pricing the loans for him ( Which is Ok as he pays a higher fee for that) but this is the state of Florida where the MI companies consider the entire state a declining market regardless of what findings or appraisal indicate.

That being said, he is sending me credit reports with scores in the high 500's needing high LTV's. He is NOT set up for FHA.
I explained since he can not go FHA he is wasting our time with deals under a 620 score. I do not know of any companies that can do these deals. ( I thought possible Equifirst but they are not taking any deals. They will only be doing FHA)

Even after telling him that I got an email to find a home for
85%/90% ltv - stated / verified - self empolyed - primary res
with a 596 score! Told him no way.

Also, he is only set up with 4 lenders and in the process of getting approved with more lenders but regardless they wont touch these deals. I explained even if a lender would even do it they will not be able to get MI!

I hope this does not sound rude but as a contract processor time is money. I explained that I don't have the time to shop deals that just wont work hoping for a miracle and to not send loans under a 620 but I keep getting some. I dont get that extra fee until the loan closes and these wont close. Once I look at the credit I am not wasting time looking at anything else.

Does anyone besides FHA touch deals under a 620?? Am I right here?

Thanks for any input.

CoolMtgGuy

4109 Posts

Posted - 05/23/2008 : 07:05:51 AM

The concept of relying on a processor to shop deals is foreign to me. That is the LO's resonsibility period. Sounds like you are doing more than a typical processor and I hope that you charge for the level of service you perform. Good luck with those lazy, incompetent LOs.

brokaw716

33 Posts

Posted - 05/23/2008 : 07:40:06 AM

Hi Melissa,

If he only has 4 lenders it's hard to compete in this market period ... your hands are tied.

If you want, tell him to contact me ... I can originate in 48 states and do FHA in FL, GA, MS, AL currently ... I have 100% commission plans for him as well.

Also, please email me a list of your services and fees as some of my brokers are looking for a processor that offers shopping/pricing.

Thanks,
Brian Rokaw

South Shore

453 Posts

Posted - 05/23/2008 : 07:44:53 AM

Hi Melissa;

Please give me a call, as your non-FHA approved Brokers should know that our Company (est. 1987) has a well established Affiliate Program for non-FHA approved Brokers where you can assist your existing client with FHA product.

FHA guidelines provide for 95% on cashout refinances. Purchases are up to 97% LTV w/ up to a 6% seller's concession. No declining market reductions either!

Our focus is to work hard to close your clients loans and to build a long term relationship with your company. You are recognized as the Broker, can make up to 2% Broker Fee, payable right on HUD; no ysp.

Most of your EA-I, EA-II and EA-III scenarios would be much better closing with FHA product as FHA rates and monthly MI are MUCH lower! HUD has also raised their loan limits and we can now save even more of your deals that will not work conforming but will FHA!

I am directly available to discuss our Program and your scenarios for properties in FL, MD, DE, NY, CT, MA, ME, IL, MN, AZ, and CO.

Neely Mondello; DE
South Shore Mortgage
866-237-7452 x242
FAX: 631-574-1442
neelymondello@myfastmortgage.com

wolsen3129

66 Posts

Posted - 05/27/2008 : 5:22:42 PM

Give your guy my name and number. I lend in 50 States. I'll look at what he has.

davidfr

1274 Posts

Posted - 05/27/2008 : 5:32:16 PM

quote:
Originally posted by wolsen3129

Give your guy my name and number. I lend in 50 States. I'll look at what he has.

Hey Willy, are you a lender? If no, why are you spamming all of these posts?

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