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skyminor
116 Posts |
 Posted - 07/14/2008 : 11:35:31 PM
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Hello All, I'm having a good summer for business in mortgage land. Despite all assertations about stated income loans being dead and gone I got a non-owner occupied purchase to 80% LTV done in Palm Springs (Citi DU). I love the mortgage business. When I'm making money it's a career and when I'm not, it's entertainment. I'm closing the largest purchase loan of my career for a 1.79m stunning contemporary house in the Hollywood Hills and I'm happy about that. THanks Brokeroutpost for turning to First Fed. This is also another in my line of quasi-celebrity clients who must, regrettably, remain nameless. Has anyone noticed that there is alot of stability now with smaller lending institutions who don't have to sell their loans again. With Indymac collapsing (the 2nd largest financial institution to implode in history) and speculation fanning the damaging rumors of Fannie and Freddie going down presents alot of opportunity for smaller lenders to gobble up market share. The system with huge national lenders was inherently flawed to begin with. Real estate lending is a local thing and no matter what kind of professional services a bank will use to verify and know what they can about a property and an area, nothing beats local knowledge when lending money with real estate as collateral. I hope this era marks the dawn of a new era of localized lending like it used to be before the Wall Street crew had their way with the business model.
Sky Minor, the lender. |
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velecico
3991 Posts |
Posted - 07/15/2008 : 04:47:46 AM
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| Good point , but did you think how small banks will be able to sell the loans they just made ? , they only have enough deposits vs what they can lend out , if we dont have stability or faith in MBS rates will go through the roof and you will need 20-30% to buy a home , I think read an article that Amercicans are the worst savers in the world , if you take the median sales price , say 250,000 , how many 25-40 year olds have 50,000 - 75,000 in the bank plus closing cost ? I would venture to say its less than 5% of the population that would qualify for a portofolio loan |
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