| Author |
Previous Topic | Next Topic |
|
bestbet123
1577 Posts |
 Posted - 07/08/2008 : 1:45:23 PM
|
| DOES ANYONE HAVE A CONTACT OR NUMBER FOR THE MONEY STORE CORRESPONDENT CHANNEL? |
|
TheMoneyStoreguy
315 Posts |
Posted - 07/09/2008 : 08:27:03 AM
|
Currently there is no correspondent channel.. wholesale broker only..
If you need any assistance, here is my info.. |
|
|
SolarMTG
393 Posts |
Posted - 07/09/2008 : 5:06:56 PM
|
| i have seen the rate sheets. i have never seen an FHA close with up to a 60 DTI. how are you able to do that when no one else can? |
|
|
bestbet123
1577 Posts |
Posted - 07/09/2008 : 5:12:14 PM
|
| i'm curious about that too. |
|
|
dkendall1979
10261 Posts |
Posted - 07/09/2008 : 6:48:00 PM
|
That's not 100% true that "nobody else can".
I've closed a 62% back end DTI FHA loan here at Trust One. It's all about the total scenario. |
|
|
SolarMTG
393 Posts |
Posted - 07/09/2008 : 6:54:37 PM
|
quote:
Originally posted by dkendall1979
That's not 100% true that "nobody else can".
I've closed a 62% back end DTI FHA loan here at Trust One. It's all about the total scenario.
I find that VERY hard to believe. |
|
|
TheMoneyStoreguy
315 Posts |
Posted - 07/09/2008 : 7:07:54 PM
|
| I agree, FHA allows for higher dti's as long as there are compensating factors. Our underwriters are trying to get the make sense deals done, and we have found this to be a considerable niche. If you think of it this way, what is the difference between a 41 and a 45 ratio... really nothing, but to most lenders it is the difference between approving and declining. What we try to do is look at the entire picture, and make a logical decision. Sometimes a 60 back end makes sense. Income may be going upward, there may be income that we cannot count, but know it is there. There could not be a complete 2 year history of overtime, etc.... We may have a borrower with adequate reserves that is going to a 52% dti.. stable employment, etc... This will be a better performing loan then the borrower with the 36 dti, with no reserves and some consumer lates. |
|
|
waynepbright
3678 Posts |
Posted - 07/09/2008 : 7:53:05 PM
|
ERIC,
YOUR WEB SITE IS SET UP, OR IT SEEMS LIKE IT'S SET UP TO SERVICE CONSUMERS DIRECTLY AND I CAN'T FIND ANY INFO FOR BROKERS SPECIFICALLY? DO YOU HAVE A DIFFERENT WEB SITE FOR WHOLESALE USE?
THX |
|
|
TheMoneyStoreguy
315 Posts |
Posted - 07/10/2008 : 08:16:17 AM
|
Yes we do... The Money Store opened up wholesale operations 2 months ago, and our website for brokers is still under construction. It should be up and running by the first of next week with a full pricing engine, and real time loan status. The website address is www.moneystorebrokers.com. Our retail website is up and it is www.moneystore.com
If you have any further questions, let me know |
|
|
bestbet123
1577 Posts |
Posted - 07/10/2008 : 10:15:54 AM
|
| the site is down for maintenence. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
