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adubois1
695 Posts |
 Posted - 05/27/2008 : 09:32:45 AM
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| Are their lenders out there doing helocs? |
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MortgageBoarder
4016 Posts |
Posted - 05/27/2008 : 10:15:11 AM
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| US Bank up to 95%. |
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cbf2226
59 Posts |
Posted - 05/27/2008 : 10:16:14 AM
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| compass, GMAC (75%), Us Bank (not stand alone), AlTier Credit union - 89% CLTV to 500k w/ 720 fico, lower FICO with less money, great program all they do is Seconds, that is where I send most of my busniess |
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:21:41 AM
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| Thanks alot. Do u have a number or website for these guys |
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MortgageBoarder
4016 Posts |
Posted - 05/27/2008 : 10:26:21 AM
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US Bank does Stand Alone, I am doing one right now. Their only restrictions are a $250k max on a 1st position HELOC, and no subordinate 2nd's if you are requesting a 1st lien HELOC.
http://www.usbank.com/cgi_w/cfm/mortgagebrokers/general_rate_info.cfm
quote:
Originally posted by cbf2226
compass, GMAC (75%), Us Bank (not stand alone), AlTier Credit union - 89% CLTV to 500k w/ 720 fico, lower FICO with less money, great program all they do is Seconds, that is where I send most of my busniess
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:31:26 AM
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| Thaks, but the Property is in Louisiana, and they dont lend here. bummer |
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FLProcessor
429 Posts |
Posted - 05/27/2008 : 10:33:17 AM
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| US Bank Alternative Lending (the division that does most of the HELOC's) is very difficult anyway. You may lose your borrower by the time you get through the process, including the 12-day UW. |
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MortgageBoarder
4016 Posts |
Posted - 05/27/2008 : 10:36:15 AM
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I'm sure it depends on who you ask. Since I have been here I have closed 2 and they were slam dunks, closed in less than 10 days, even in declining markets... Currently have another one in process and UW turn time is 5 days.
quote:
Originally posted by FLProcessor
US Bank Alternative Lending (the division that does most of the HELOC's) is very difficult anyway. You may lose your borrower by the time you get through the process, including the 12-day UW.
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:37:45 AM
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They dont lend in Louisiana, so is there anyone else that you would know about.
Thanks for the help,
Chris |
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FLProcessor
429 Posts |
Posted - 05/27/2008 : 10:41:34 AM
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Justin - are you sure you're talking about the ALTERNATIVE division? I love US Bank, but the alternative division has always been a hassle. I just send them a borrower with $250/k annual income (physician, W2'd two years tax returns) for a $54k HELOC. It was 12 days in UW and they came back to request the last two stubs, one more year of W2's and returns.
I also have a $800k loan with them, after we get through three full years tax returns/etc, they kicked it (after 10 days in UW) because the borrower's income went up too significantly between the 2005, 2006 and 2007.
If you are talking about the ALT division, could I get a name of your rep / inside person? I'd prefer to know where/who is your inside processor, but even a rep would be good at this point -- ours is one of the most dishonest I've met (and that's saying a lot).
You can write me: mortgagesupport at (gmail dot com)
Thank you! |
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FLProcessor
429 Posts |
Posted - 05/27/2008 : 10:42:35 AM
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| adubois1 - Did you try Homecomings (GMAC) which was mentioned above, or the credit union? Just about everyone on my list has gone retail-only. |
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MortgageBoarder
4016 Posts |
Posted - 05/27/2008 : 10:45:38 AM
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Tiffany, until you mentioned this I was not aware that their Helocs are handled in their "alternative" division. First of all, Helocs are a Prime product, so not sure why they would source that loan with their Alternative division... maybe it is different in Florida?
My AE is Jeff Bartley here in SoCal. As far as I know, their 1st Prime loans and Helocs are handled there with Jeff and his Opps team, and the alternative stuff goes elsewhere. I only speak of my experiences so again, if things are different in FL, I would not know...
quote:
Originally posted by FLProcessor
Justin - are you sure you're talking about the ALTERNATIVE division? I love US Bank, but the alternative division has always been a hassle. I just send them a borrower with $250/k annual income (physician, W2'd two years tax returns) for a $54k HELOC. It was 12 days in UW and they came back to request the last two stubs, one more year of W2's and returns.
I also have a $800k loan with them, after we get through three full years tax returns/etc, they kicked it (after 10 days in UW) because the borrower's income went up too significantly between the 2005, 2006 and 2007.
If you are talking about the ALT division, could I get a name of your rep / inside person? I'd prefer to know where/who is your inside processor, but even a rep would be good at this point -- ours is one of the most dishonest I've met (and that's saying a lot).
You can write me: mortgagesupport at (gmail dot com)
Thank you!
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rf99k
112 Posts |
Posted - 05/27/2008 : 10:46:53 AM
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| Wells Fargo is still doing them, but only behind Wells 1st and as Simo with Wells 1st. |
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:48:10 AM
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No I cant find the website for the credit union, if any one has it It would be appreciated.
Thanks |
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bryanharrison
29 Posts |
Posted - 05/27/2008 : 10:50:06 AM
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| M&I Bank is doing them up to 100& providing it isn't a declining market. If it is, the drop it to 90%LTV. I just closed one in about 12 days. They are very easy to work with. |
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nowbroker
1384 Posts |
Posted - 05/27/2008 : 10:50:30 AM
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| Suntrust still does standalone HELOCS- refi only. No fees to borrower, they pay some compensation to broker. Max LTV though is 85% |
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:58:54 AM
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Bryan do u have a website for them?
Thanks |
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financeone
1646 Posts |
Posted - 05/27/2008 : 11:01:26 AM
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Thought Suntrust was out as of 5/16 (helocs)?
quote:
Originally posted by nowbroker
Suntrust still does standalone HELOCS- refi only. No fees to borrower, they pay some compensation to broker. Max LTV though is 85%
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bryanharrison
29 Posts |
Posted - 05/27/2008 : 11:06:53 AM
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| chris, email me and ill send you the info. bharrison@familyfirstmg.com |
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adubois1
695 Posts |
Posted - 05/27/2008 : 12:00:49 PM
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Bryan thanks for the email. Unfortunately they dont lend in Louisiana. Im still looking though so if anyone knows of a lender doing stand alone seconds in Louisiana. Im all ears.
Thanks,
Chris Dubois |
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lamontmikel
1 Posts |
Posted - 05/27/2008 : 12:14:41 PM
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I know US BANK does do them as Justin mentioned, but they do have a pre-pay on their HELOC's. I am not sure how much, I would think fairly minimal. I just did mine up to 95% CLTV and went with a local relationship bank.
Wells Fargo would not go over 80% on a stand alone second, nor would anyone else I checked with.
Tough times right now
Do you have access to M & I Bank, they will still go up to 100% stand alone 2nds too.
Rates are high.
Mike
New Millenium Mtge Partners
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bryanharrison
29 Posts |
Posted - 05/27/2008 : 12:17:26 PM
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| mike, they do....if you want the flyer just email me and i will shoot it back to you. |
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adubois1
695 Posts |
Posted - 05/27/2008 : 12:41:43 PM
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M&I only lends in a few states. Im in louisiana and they dont lend here.
Any other suggestions? |
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kmanc41
66 Posts |
Posted - 05/27/2008 : 12:56:12 PM
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Is Suntrust still doing HELOC's in NY?
I have an 80% ltv
self employed
full doc
787 fico
$380k loan amounts
first position!
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