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mgraham224
1008 Posts |
 Posted - 07/19/2008 : 2:20:57 PM
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Alright ya bunch of bastiges... you far-king ice-holes...
I know your tricks! OK now, show of hands, and mine is as high as anyone's...
WHO HERE (and be honest please) KNEW ABOUT M&I BANK'S 100% HELOC and was slightly hesitant to say anything on a public forum?
I'm sure there were plenty of PM's about them though and I think I sent 3 or 4 myself.
Anyway, the industry's most glorious secret faded into darkness this monday as the 100% cash out HELOC is gone...
I closed 3 this week.
64k, 732 mid at 6.75%
49k, 703 mid at 7.25%
75k, 740 mid at 6.75%
$149 in lenders fees and $500 flat broker premium regardless of loan amount.
All I can say is that I am very very sad they are gone. (well, just that program is gone). Their underwriting was not bad. Their turn times were very fast. Their AE is one of the best I ever worked with. Hopefully they come up to 95% at least from the 90% I think they went down to, or even better if the board can figure out a way to keep offering 100% to the best qualified borrowers, especially once the market bottoms out.
Rest in peace 100% HELOC....
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VVance
2288 Posts |
Posted - 07/19/2008 : 2:27:54 PM
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| I've known about these forever..I have a few friends who were there... One of the funniest things about their format, upon submitting the thumbnail package to them, like 90% are rejected up front, prompting me to have to make a call to find out why, then remedying the situation in order to proceed. |
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quick_n_low
291 Posts |
Posted - 07/20/2008 : 01:13:23 AM
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Where ya been
Remember the 103 and 125 loans? |
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