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jeff@reliancelen
30 Posts |
 Posted - 07/01/2008 : 10:02:13 AM
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I've got a deal with ICON that I sent a doc request in last week, 6/26 (Thursday) after we were cleared for docs by underwriting. My rep has told me that the doc deparment has been busy with deals for month end. Of course rates have changed and the program doesn't look like it's even available. This is my first deal with them and they were the only investor I could find that would do 680 mid score Cash out Stated Verified in Montana.
Can someone tell me good news about ICON? |
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slants
4261 Posts |
Posted - 07/01/2008 : 10:20:40 AM
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| You might be right they were delaying docs because guidelines had changed. Their flyer today shows only 75% max. Not unusual these days for programs to get yanked before you can close. Bummer. Wachovia might still go to 80% on their Insite Marketable? |
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katbunk
1826 Posts |
Posted - 07/01/2008 : 10:22:17 AM
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| yes, I ordered docs 6/25 and as of last night they were still being "worked on". I was told because they had a person out. |
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ANTHONY6977
900 Posts |
Posted - 07/02/2008 : 1:00:28 PM
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Im considering submitting to ICON because they say 3 days to docs with complete full package.
Can you guys provide status please? thanks |
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katbunk
1826 Posts |
Posted - 07/02/2008 : 1:23:00 PM
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| my docs were ordered on 6/25 and sent to escrow on 7/1. So far no idea how the funding will go. |
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jeff@reliancelen
30 Posts |
Posted - 07/02/2008 : 2:03:40 PM
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We got Docs yesterday and signed. There are no funding conditions so it should be a smooth deal, we'll keep you posted.
Underwriting did go very well with this transaction, minimul conditions and we were able to work the file to the line for docs fairly quickly, not 3 days from submission but maybe 10... |
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katbunk
1826 Posts |
Posted - 07/02/2008 : 2:04:35 PM
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| Wow, that wasn't my experience at all. Exactly the opposite of your positive experience. |
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ANTHONY6977
900 Posts |
Posted - 07/02/2008 : 2:04:57 PM
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| yea, AE said with FULL FILE from initial submission, then they are 3 days. He said unless something is missing 5 to 7 day turn around |
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www.johnreiher.c
497 Posts |
Posted - 07/02/2008 : 2:05:45 PM
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| Hi guys, sorry to hear about the issues. Let me 1st tell you that we are doing our best to get all the docs out and fund in time. as you are aware we were one of the last lenders to still have the 80% stated product, as long as your loan is locked, we will honor it. loans need to fund by the 9th. we have prioritized the 80% stated loans in the doc department and funding department. We became swamped with loans because of this and im sorry to say that yes, service has slowed down but now that we are at 75%, we are catching back up and will be back to 24 hour turn times soon. My suggestion is to call your AE on your loan and they will tell you where it is in line. good luck and please be aware that this delay is only because of the mass influx of loans at the 80% Stated. |
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ANTHONY6977
900 Posts |
Posted - 07/02/2008 : 2:07:58 PM
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| ya my deal isnt stated, its a full doc purchase at 90% |
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slants
4261 Posts |
Posted - 07/02/2008 : 2:09:26 PM
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They say they still do SIVA to $1 mm:
http://b2b.MortgageClose.com
Please keep in mind our current product line for your next loan:
* 90% SISA at 680 FICO up to $417,000
* 95% 1 loan FULL DOC - at 620 FICO
* 97% 1 loan FULL DOC at 680 up to $417,000
* Jumbo SIVA - 80% LTV to $1,000,000
* Gift of Equity - OK
* Private VOR - OK
* Reverse Mortgage |
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www.johnreiher.c
497 Posts |
Posted - 07/02/2008 : 2:10:51 PM
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| it boils down to the number of loans in house to number of underwriters. we are catching up. |
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