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Originally posted by dtabar

?

Your story sounds very one sided, and it seems like there were many opprtunties for you to stop the bleeding. It's mostly his fault for being such a douche, however you should carry some of the blame as well. Not all of us are like that, just the ones who have generally poor ethics. Next time around do a more detailed interview.

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Originally posted by KHufford

Sounds like he quit the biz and doesnt care anymore. You need to work with a BROKER. Not an in house retail guy, brokers are generally much more dedicated as its 100% commish, they are available more, do less volume, provided better service, better rates, more options, more pull with lenders, title, appraisers, on and on...

Sorry to hear that mess, call or find on BO, a good local mortgage broker ASAP and have them get this straightened out!

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Originally posted by evperry

I found a guy at a local bank that appeared to be great. Returned calls, told me he had 20 years in the biz and ran a few offices, etc. Was very informed about FHA and when the new limits were changing, etc. I must have sent this guy 15 people to qualify within 2-3 weeks. Finally I accept a deal on one of my flips from a choice of like 5 buyers, the strongest candidate of the bunch. He tells me they have 110k income, clean credit, w2 salaries and 15k to put down. A slam dunk FHA deal, 2-3 weeks to close. Contract is 60 days with a 45 day mortgage rider. Turns out that the slam dunk people have all of the above but the primary has a 518 mid!!!! I just find this out 2 days ago and we now have essentially a dead deal. This fantastic guy has not returned my call in months, wouldnt return the atty call or the purchaser call. The mortgage commitment that showed up 2 months ago had a "price range"?!?!? No one I know has ever seen a commitment with a price range before. I guess the commitment was bogus.

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Originally posted by vburek

I would be willing to bet on your search for an LO, you were probably asking about how much they will make. I have had realators call but they always want to make sure we make as little as possible. You get what you pay for.

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Originally posted by j_mahaska

I can list 50 reasons as to why I hate realtors. Whats your point?

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Originally posted by evperry

To the guy that said that its all my fault....You are 100% right, I referred them to this guy. I switched them from BOA because on the 2 prior deals I had with them it took forever to close. Since I switched to them I felt awkward about trying to switch them to someone else. I am setup to do loans now but I wasn't at the time and i didnt want to confuse the situation.

Somehow I was talking about PMI and the purchaser asked me what that was. This dope didnt explain that she had to pay PMI or that there was even an MIP charge on a fha deal. Lord knows if he factored that into the ratios. The weird thing is that since Point does it automatically, how can anyone miss that?????

The timeline was such that it took him 2 weeks to get the original case number reassigned to him from BOA. The flag went up when they did the appraisal BEFORE he got the case number. I didnt think an appraiser would go out without a case number. Then it was another 2 weeks of whatever, then came the commitment. At this point we are at about 5 weeks, i have seen this before so i was OK with the situation, yet annoyed. Now for the last 60 days he wont return anyones call. The buyer claims her busbands credit dropped from 575 to 517 since we have started but he hasnt paid anything late or done anything different. Even if that is the case he told my that the credit was fine and it was a easy cakewalk type of deal. I didnt ask to see the FICOs since FHA was is not credit driven and then had good income and only a car note (so he said) I thought the deal would make it. At the time I knew NOTHING about ratios and the nitty gritty with how to get someone qualified. Keep in mind that my primary business was and is building and doing spec deal and I just happen to be a licensed realtor.

The guy suckered me because my last retail in house guy at wells fargo was an animal. That on top of that fact that he didnt charge points! This is important because I always pay closing costs and that would save me like 5-10k a deal. His rates were ALWAYS better than the broker I was dealing with and he loved his job.....To put it simply the broker I was working with probably has never gotten a referral and the bank guy lives on referrals. I thought the new guy at the small local bank would be just a good as the other guy...I was wrong.

Vburek: In terms of counting someones money. I could care less what anyone makes on a deal as long as im getting what i supposed to be getting. Typically when Im selling theres allot of money flying around the room (NYC deals) and everyone is happy. As long as each individual does their job im happy as pie. Ive seen guys walk out with 28k on a Hud and didnt blink. I will admit that a few times i did find myself thinking, what did they do for that money..

As for why i didnt get a referral, ive done that before and you can strike out. I spoke with a referral but he is/was left over from the subprime nonsense and he doesnt understand anything about FHA. Very easy to learn but as the time I didn't want to deal with him learning on my time and money. In retrospect he would have been better because he is greedy / broke and if there was a way to get done he would have gotten it done.

Bank v. Broker. I have dealt with both and had problems with both. I like the fact that with the LO that works for a Broker, they dont get paid unless the deal closes. I figure I dont get paid unless it closes, why should anyone else? The incentive to close on the broker side is much better. For the record I have had more problems with brokers than with bankers, I dont know why this is though. In the last 9-10 years I have only used 2 guys multiple times. I cant tell you the amount of times Ive been in the middle of a deal and a guy goes on vacation for a week and leaves me hanging.

To scrooge: I agree with you that if i stuck with wells i would not have had a problem but wells fargo is a nightmare now a days. The bank LO is only as good as his bank. A broker has choices, lots of choices.


To the guy who hates realtors. So do i sometimes. As a realtor the only thing I was ever concerned about was knowing the progress of a file, thats it. When a mortgage guy feels like im not entitled to know because he is some genius thats when I get annoyed. I don't want to be lied to and I want things done quickly. Keep in mind that when i get jerked around it costs me money. No one involved in the deals loses money expect me, i hate that.

My new biz is that I try not to work with realtors on the deals where I own the property. I do all the mortgage quals on any deal, regardless of whether or not im gonna do the mortgage. The saying, if you cant beat them join them, well I joined them. I need MLS and the realtors were annoying so i got my RE broker license. Contractors are horrible so I got licensed for that also...The idea of learning another business makes me want to vomit but so far, learning mortgage side of things is a cakewalk. Best kept secret in America as far as im concerned. Its the easiest of all the things that I do.

-e

P.S. When I think about it contractors make the worst mortgage guy look like Jesus. A contractor will see a 15k job and charge you 10k for that job and then come up with an addtional 20k that must be done while he is working. Grand total = 30k. Scumbags.

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Originally posted by evperry

Im a realtor / speculator.

In february of this year I was shopping around for new LO or Mortgage Broker. At the time I was stuck in an amazing underwriting hell with Wells Fargo. I had 3 deals with my LO on the retail side of Wells. The guy was / is the fantastic but it was when Wells was starting to get very conservative, so i jumped ship. I decided to start sending the new business somewhere else while my deals were clearing up at Wells. I put an ad on the internet and even cold called a few mortgage brokers to see how long it would take for someone to call back and if the person was informed. I was looking for a new hungry fresh guy / gal that was willing to put in some work. This is when my current nightmare started.

I found a guy at a local bank that appeared to be great. Returned calls, told me he had 20 years in the biz and ran a few offices, etc. Was very informed about FHA and when the new limits were changing, etc. I must have sent this guy 15 people to qualify within 2-3 weeks. Finally I accept a deal on one of my flips from a choice of like 5 buyers, the strongest candidate of the bunch. He tells me they have 110k income, clean credit, w2 salaries and 15k to put down. A slam dunk FHA deal, 2-3 weeks to close. Contract is 60 days with a 45 day mortgage rider. Turns out that the slam dunk people have all of the above but the primary has a 518 mid!!!! I just find this out 2 days ago and we now have essentially a dead deal. This fantastic guy has not returned my call in months, wouldnt return the atty call or the purchaser call. The mortgage commitment that showed up 2 months ago had a "price range"?!?!? No one I know has ever seen a commitment with a price range before. I guess the commitment was bogus.

The purchaser is packed and ready to move, im thinking im about to close, ive wasted 3 months of hard costs while im holding the house. The purchaser was scared to death i was going to keep her deposit (im not), the atty didnt know what to do, the guy still doesnt want to return calls.

Since I started with him, I have since set myself up to do mortgages and I checked all of the ones that he gave preapprovals on. The first deal has a 350 midscore, 35k in income, loaded with debt and he gave her preapproval for 300k.....Every other deal I checked was just as insane, like 5 of them.

Im talking to a friend of mine who builds and is a realtor and he pointed out to me that some of the in house bank guys have to have a certain amoount of deals in their pipeline to keep a desk and this is why they can get so nuts.

Seriously, do any of you folks run an operation like that? If so, why?

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quote:

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Originally posted by evperry

Im a realtor / speculator.

In february of this year I was shopping around for new LO or Mortgage Broker. At the time I was stuck in an amazing underwriting hell with Wells Fargo. I had 3 deals with my LO on the retail side of Wells. The guy was / is the fantastic but it was when Wells was starting to get very conservative, so i jumped ship.Hello! Did you just wake up? Underwriting has been getting tighter and tighter and the lenders that are remaaining, especially those on solid footing, got more conservative more quickly. I decided to start sending the new business somewhere else while my deals were clearing up at Wells. I put an ad on the internet and even cold called a few mortgage brokers to see how long it would take for someone to call back and if the person was informed. I was looking for a new hungry fresh guy / gal that was willing to put in some work. You assume that a guy isn't working hard because underwriting is getting tougher? Guess what? SPECULATION IS ONE OF THE MAJOR PROBELMS. Do you know any speculators?This is when my current nightmare started.Were you on vacation all of 2007?

I found a guy at a local bank that appeared to be great. Returned calls, told me he had 20 years in the biz and ran a few offices, etc. Was very informed about FHA and when the new limits were changing, etc. I must have sent this guy 15 people to qualify within 2-3 weeks. Finally I accept a deal on one of my flips You haven't heard that flips are probably the toughest properties to finance? What kind of advice are you giving at listing presentations?from a choice of like 5 buyers, the strongest candidate of the bunch. He tells me they have 110k income, clean credit, w2 salaries and 15k to put down. A slam dunk FHA deal, 2-3 weeks to close. Contract is 60 days with a 45 day mortgage rider. Turns out that the slam dunk people have all of the above but the primary has a 518 mid!!!! I just find this out 2 days ago and we now have essentially a dead deal. This fantastic guy has not returned my call in months,you said you started looking for a new LO in February. Assuming it took a little while to find him, and that this 'deal' was put together after that, it seems hard to believe that 'months' is even possible. wouldnt return the atty call or the purchaser call. The mortgage commitment that showed up 2 months ago had a "price range"?!?!? No one I know has ever seen a commitment with a price range before. I guess the commitment was bogus.

The purchaser is packed and ready to move, im thinking im about to close, ive wasted 3 months of hard costs while im holding the house. The purchaser was scared to death i was going to keep her deposit (im not), the atty didnt know what to do, the guy still doesnt want to return calls.

Since I started with him, I have since set myself up to do mortgages and I checked all of the ones that he gave preapprovals on. The first deal has a 350 midscoreSince FICO came out in the mid-1990s, I have NEVER seen a score in the 300s. NEVER., 35k in income, loaded with debt and he gave her preapproval for 300k.....Every other deal I checked was just as insane, like 5 of them.

Im talking to a friend of mine who builds and is a realtor and he pointed out to me that some of the in house bank guys have to have a certain amoount of deals in their pipeline to keep a desk and this is why they can get so nuts.

Seriously, do any of you folks run an operation like that? If so, why?Seriously, are you related to Rip Van Winkle?

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Originally posted by CreditRepGal

How's this for a crappy real estate agent. Not only does our real Estate agent no show for open houses on several occasions but the other day I sat there and listened as a potential buyer thought the price on the house was a little steep, Our agent quickly solved the problem by telling the client to come see her house as it was cheaper. My jaw dropped and I turned and walked away shocked at the lack of professionalism. Question... We are selling our house valued at 1.4 mill in HI to move back to Oregon. The market out here is tough too so we now have it on the market for 1.19. is it ethical for her to be soliciting business out of our living room? It seems to me that when people come by our open house she always asks if they have a buyer’s agent and that she can show them numerous properties in the area. I've voiced my concerns to my fiancé... is this normal business practice? I'd love to throw her a** out of my house but now she just sends her unlicensed associate (guy she pays a salary too) to come do our open houses. I realize this thread was about a crappy banker but there are morons in every field.

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Originally posted by MisterVA

quote:

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Originally posted by evperry

Im a realtor / speculator.

In february of this year I was shopping around for new LO or Mortgage Broker. At the time I was stuck in an amazing underwriting hell with Wells Fargo. I had 3 deals with my LO on the retail side of Wells. The guy was / is the fantastic but it was when Wells was starting to get very conservative, so i jumped ship.Hello! Did you just wake up? Underwriting has been getting tighter and tighter and the lenders that are remaaining, especially those on solid footing, got more conservative more quickly. I decided to start sending the new business somewhere else while my deals were clearing up at Wells. I put an ad on the internet and even cold called a few mortgage brokers to see how long it would take for someone to call back and if the person was informed. I was looking for a new hungry fresh guy / gal that was willing to put in some work. You assume that a guy isn't working hard because underwriting is getting tougher? Guess what? SPECULATION IS ONE OF THE MAJOR PROBELMS. Do you know any speculators?This is when my current nightmare started.Were you on vacation all of 2007?

I found a guy at a local bank that appeared to be great. Returned calls, told me he had 20 years in the biz and ran a few offices, etc. Was very informed about FHA and when the new limits were changing, etc. I must have sent this guy 15 people to qualify within 2-3 weeks. Finally I accept a deal on one of my flips You haven't heard that flips are probably the toughest properties to finance? What kind of advice are you giving at listing presentations?from a choice of like 5 buyers, the strongest candidate of the bunch. He tells me they have 110k income, clean credit, w2 salaries and 15k to put down. A slam dunk FHA deal, 2-3 weeks to close. Contract is 60 days with a 45 day mortgage rider. Turns out that the slam dunk people have all of the above but the primary has a 518 mid!!!! I just find this out 2 days ago and we now have essentially a dead deal. This fantastic guy has not returned my call in months,you said you started looking for a new LO in February. Assuming it took a little while to find him, and that this 'deal' was put together after that, it seems hard to believe that 'months' is even possible. wouldnt return the atty call or the purchaser call. The mortgage commitment that showed up 2 months ago had a "price range"?!?!? No one I know has ever seen a commitment with a price range before. I guess the commitment was bogus.

The purchaser is packed and ready to move, im thinking im about to close, ive wasted 3 months of hard costs while im holding the house. The purchaser was scared to death i was going to keep her deposit (im not), the atty didnt know what to do, the guy still doesnt want to return calls.

Since I started with him, I have since set myself up to do mortgages and I checked all of the ones that he gave preapprovals on. The first deal has a 350 midscoreSince FICO came out in the mid-1990s, I have NEVER seen a score in the 300s. NEVER., 35k in income, loaded with debt and he gave her preapproval for 300k.....Every other deal I checked was just as insane, like 5 of them.

Im talking to a friend of mine who builds and is a realtor and he pointed out to me that some of the in house bank guys have to have a certain amoount of deals in their pipeline to keep a desk and this is why they can get so nuts.

Seriously, do any of you folks run an operation like that? If so, why?Seriously, are you related to Rip Van Winkle?

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Originally posted by Mandyvilla

quote:

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Originally posted by evperry

To the guy that said that its all my fault....You are 100% right, I referred them to this guy. I switched them from BOA because on the 2 prior deals I had with them it took forever to close. Since I switched to them I felt awkward about trying to switch them to someone else. I am setup to do loans now but I wasn't at the time and i didnt want to confuse the situation.

Somehow I was talking about PMI and the purchaser asked me what that was. This dope didnt explain that she had to pay PMI or that there was even an MIP charge on a fha deal. Lord knows if he factored that into the ratios. The weird thing is that since Point does it automatically, how can anyone miss that?????

The timeline was such that it took him 2 weeks to get the original case number reassigned to him from BOA. The flag went up when they did the appraisal BEFORE he got the case number. I didnt think an appraiser would go out without a case number. Then it was another 2 weeks of whatever, then came the commitment. At this point we are at about 5 weeks, i have seen this before so i was OK with the situation, yet annoyed. Now for the last 60 days he wont return anyones call. The buyer claims her busbands credit dropped from 575 to 517 since we have started but he hasnt paid anything late or done anything different. Even if that is the case he told my that the credit was fine and it was a easy cakewalk type of deal. I didnt ask to see the FICOs since FHA was is not credit driven and then had good income and only a car note (so he said) I thought the deal would make it. At the time I knew NOTHING about ratios and the nitty gritty with how to get someone qualified. Keep in mind that my primary business was and is building and doing spec deal and I just happen to be a licensed realtor.

The guy suckered me because my last retail in house guy at wells fargo was an animal. That on top of that fact that he didnt charge points! This is important because I always pay closing costs and that would save me like 5-10k a deal. His rates were ALWAYS better than the broker I was dealing with and he loved his job.....To put it simply the broker I was working with probably has never gotten a referral and the bank guy lives on referrals. I thought the new guy at the small local bank would be just a good as the other guy...I was wrong.

Vburek: In terms of counting someones money. I could care less what anyone makes on a deal as long as im getting what i supposed to be getting. Typically when Im selling theres allot of money flying around the room (NYC deals) and everyone is happy. As long as each individual does their job im happy as pie. Ive seen guys walk out with 28k on a Hud and didnt blink. I will admit that a few times i did find myself thinking, what did they do for that money..

As for why i didnt get a referral, ive done that before and you can strike out. I spoke with a referral but he is/was left over from the subprime nonsense and he doesnt understand anything about FHA. Very easy to learn but as the time I didn't want to deal with him learning on my time and money. In retrospect he would have been better because he is greedy / broke and if there was a way to get done he would have gotten it done.

Bank v. Broker. I have dealt with both and had problems with both. I like the fact that with the LO that works for a Broker, they dont get paid unless the deal closes. I figure I dont get paid unless it closes, why should anyone else? The incentive to close on the broker side is much better. For the record I have had more problems with brokers than with bankers, I dont know why this is though. In the last 9-10 years I have only used 2 guys multiple times. I cant tell you the amount of times Ive been in the middle of a deal and a guy goes on vacation for a week and leaves me hanging.

To scrooge: I agree with you that if i stuck with wells i would not have had a problem but wells fargo is a nightmare now a days. The bank LO is only as good as his bank. A broker has choices, lots of choices.


To the guy who hates realtors. So do i sometimes. As a realtor the only thing I was ever concerned about was knowing the progress of a file, thats it. When a mortgage guy feels like im not entitled to know because he is some genius thats when I get annoyed. I don't want to be lied to and I want things done quickly. Keep in mind that when i get jerked around it costs me money. No one involved in the deals loses money expect me, i hate that.

My new biz is that I try not to work with realtors on the deals where I own the property. I do all the mortgage quals on any deal, regardless of whether or not im gonna do the mortgage. The saying, if you cant beat them join them, well I joined them. I need MLS and the realtors were annoying so i got my RE broker license. Contractors are horrible so I got licensed for that also...The idea of learning another business makes me want to vomit but so far, learning mortgage side of things is a cakewalk. Best kept secret in America as far as im concerned. Its the easiest of all the things that I do.

-e

P.S. When I think about it contractors make the worst mortgage guy look like Jesus. A contractor will see a 15k job and charge you 10k for that job and then come up with an addtional 20k that must be done while he is working. Grand total = 30k. Scumbags.

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I would respectfully say you do not have a clue about how the mortgage business, bank v. broker is set up.

Every bank or broker has their sleezebags. I even know some real estate offices that have a couple.

Gee, and what, less than one year you think it's so easy? How many loans would you be juggling?

I just don't know how anyone can make such broad and sweeping statements and not accept any responsibility until someone calls them on it. It's attitudes like yours that has me tell a real estate agent, "sorry, don't think it will work" and know fully well, it can be done if packaged and presented correctly, but the attitude of the realtor just wasn't worth it. Not everyone chases the almighty dollar. (No offense Frank)

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