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glaksla
57 Posts |
 Posted - 07/11/2008 : 10:58:09 PM
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| I have a client that is approved for this particular loan. 2.35million hoem and no mortgage. He was taking a line of credit for 1.3 million. We have everything into Financial Freedom. They provided us with the suspension notice on July 7 which came with dates that any new loans had to be met. BY July 18th all conditions had to be into bank. We have all conditions into Financial Freedom as of July 10th, ready to go to docs early next week. Does anyone know what would happen in this case? It's my understanding this loan is a proprietary product and Indymack backed. Question is do your feel they will staill honor the suspension notice and close this loan out? Last week they said it would close....up in the air now I guess |
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MandTDean
239 Posts |
Posted - 07/11/2008 : 11:02:12 PM
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| There will be no news on this until Monday. It may take longer than that to sort out things at Financial Freedom. I'm sure you saw the FDIC seizure notice on their website this evening: http://www.financialfreedom.com/ |
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glaksla
57 Posts |
Posted - 07/11/2008 : 11:06:00 PM
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Yes I read the FDIC but feel bad for these clients and also was a sizeable commision. doesn't look good. I spoke with underwriter around 3PM and she said on Monday they would finalize the appraisal review. Indymac already looked at appraisal and was signed off. Just one condition that was desk review, then to docs! One week ahead of schedule or JULY18th all conditions in.
Cash Account Advantage Suspension
As the leader in Reverse Mortgages, we strive to provide you the highest levels of customer service, value-added products, marketing support, training and competitive pricing. Unfortunately, due to economic conditions impacting property values and the lack of secondary market interest for jumbo reverse mortgage products, we find it necessary to suspend the Cash Account Advantage product.
We recognize the benefit this product has brought seniors and are optimistic that market conditions will allow us to bring it back in the future. Financial Freedom remains firmly committed to our Correspondent partners by providing you products and services that will help you grow your business. FHA insured HECM products have always been the majority of our production and we will continue to lead with these products.
We are sensitive to your sales cycle and processing time which is why we have established the phase out schedule below.
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Monday, June 23, 2008 – Last day the Cash Account Advantage will be available on RMA and the last day the application package can be ordered from First American Nationwide Documents (FAND).
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Monday, June 30, 2008 – Last day for FF Production Operations Centers to receive complete credit packages for Cash Account Advantage files.
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Friday, July 18, 2008 – Last day for all prior-to-doc conditions to be received by FF.
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Tuesday, July 22, 2008 – Last day to draw loan documents
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Wednesday, July 23, 2008 – Last day to conduct a closing on a Cash Account (rescission expiration will be Saturday, 7/26/08).
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Thursday, July 31, 2008 – Last day for all Cash Account loans to be funded.
quote:
Originally posted by MandTDean
There will be no news on this until Monday. It may take longer than that to sort out things at Financial Freedom. I'm sure you saw the FDIC seizure notice on their website this evening: http://www.financialfreedom.com/
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MandTDean
239 Posts |
Posted - 07/11/2008 : 11:19:19 PM
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I feel for ya! This whole thing stinks. Are you signed up with Wells so that you might be able to flip it to their reverse division?
Psst...I'll tell you a secret. We broker all of our reverses to FF...that is why I'm watching this so close. We have a lot of LO's in limbo right now! |
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glaksla
57 Posts |
Posted - 07/11/2008 : 11:25:17 PM
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Maybe Wells will help. I am not approved with them, no.
quote:
Originally posted by MandTDean
I feel for ya! This whole thing stinks. Are you signed up with Wells so that you might be able to flip it to their reverse division?
Psst...I'll tell you a secret. We broker all of our reverses to FF...that is why I'm watching this so close. We have a lot of LO's in limbo right now!
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mykal5
995 Posts |
Posted - 07/11/2008 : 11:51:40 PM
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| Get a back up! They are turning Jumbo Reverse down for stupid, very stupid reasons. Don't be surprised if an appraisal review is ordered at the last minute or if you are told it needs to be signed off by a supervisor or administrator. |
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renash
54 Posts |
Posted - 07/12/2008 : 05:15:05 AM
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| I sent you email. |
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