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enerro
104 Posts |
 Posted - 07/22/2008 : 1:45:22 PM
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Has anyone heard about First Horizon going down the tubes?
Thanks
enerro |
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austinmp
309 Posts |
Posted - 07/22/2008 : 1:47:28 PM
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they are still here, they are selling their mortgage operations outside TN to another company though and they have stopped originating one time close loans.
So they were/are on the brink. But still open :) |
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justinbayle
118 Posts |
Posted - 07/22/2008 : 1:49:18 PM
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Total opposite. They've been purchased by Met Life with the deal to close first week of Sept. Met Life is buying them specifically for the purpose of having a wholesale mortgage distribution channel as they did in the early 90s. They are cutting ties with Bank of TN I believe.
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lemeuss
471 Posts |
Posted - 07/22/2008 : 1:50:49 PM
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quote:
Originally posted by justinbayle
Total opposite. They've been purchased by Met Life with the deal to close first week of Sept. Met Life is buying them specifically for the purpose of having a wholesale mortgage distribution channel as they did in the early 90s. They are cutting ties with Bank of TN I believe.
right you are...Ive done a lot of FHA business with them and have noticed recently UW seems to be giving out more conditions, being more picky w/stips, and doing other things that lead me to believe it may not be a pleasant transition. |
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financeone
1646 Posts |
Posted - 07/22/2008 : 6:08:01 PM
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Decipher please.
quote:
Originally posted by tcrate
...
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VVance
2489 Posts |
Posted - 07/22/2008 : 8:16:06 PM
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| Sure seems as if they're ok for now. |
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chrismcdermott
241 Posts |
Posted - 07/22/2008 : 8:16:15 PM
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Well I am working with a client and First Horizon sold their mortgage to Midland Mortgage Company.
I do not know if they means good or bad things...
Probably selling off mortgages before the sale??? |
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rad
1403 Posts |
Posted - 07/23/2008 : 11:31:44 PM
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| Satisfied all conditions and was waiting for a doc order form this week but received a decline instead. Borrower had an 800 FICO, good assets, 17 years on the job, DU Approval. As always I had triple-apped the file so I submitted all outstanding conditions to TBW and should have docs tomorrow. First Horizon never gave me a verbal or written explanation for the denial. I don't think I'll send them another deal for a very long time if ever again. I had forgotten how great TBW is. Their service is White Glove. First Horizon is the Provident of FHA! The lowest interest rate deal doesn't close. |
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VVance
2489 Posts |
Posted - 07/24/2008 : 05:02:44 AM
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quote:
Originally posted by rad
Satisfied all conditions and was waiting for a doc order form this week but received a decline instead. Borrower had an 800 FICO, good assets, 17 years on the job, DU Approval. As always I had triple-apped the file so I submitted all outstanding conditions to TBW and should have docs tomorrow. First Horizon never gave me a verbal or written explanation for the denial. I don't think I'll send them another deal for a very long time if ever again. I had forgotten how great TBW is. Their service is White Glove. First Horizon is the Provident of FHA! The lowest interest rate deal doesn't close.
Ouch. No idea why they declined it? |
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kmikkola
798 Posts |
Posted - 07/24/2008 : 06:22:49 AM
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quote:
Originally posted by rad
First Horizon is the Provident of FHA! The lowest interest rate deal doesn't close.
They are your best paying FHA Lender? |
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Goingstrong
7 Posts |
Posted - 07/24/2008 : 07:08:46 AM
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| There has to be more to the story. What was the reason for the decline? |
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Agitator
16 Posts |
Posted - 07/24/2008 : 07:17:20 AM
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| Maybe they got tired of being triple-apped. |
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calspach1972
10 Posts |
Posted - 07/24/2008 : 07:54:56 AM
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| Love TBW, however there turn times are killing me. Just started using New Line and it is goinf great. 48 in U/W 6 hrs to clear conditions and pricing is better then TBW. For all of my under 580 stuff Equifirst is now a FHA lender. They have on a 1.25% hit for under 580, most companies have 2.25% you should check them out. |
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nowbroker
1384 Posts |
Posted - 07/24/2008 : 07:58:25 AM
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| Ever since the announcement of the sale First Horizon pricing has been horrible. I gave the rep this week an example that they were one full point out on a 6.5% FHA a couple of days ago. |
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slants
4274 Posts |
Posted - 07/24/2008 : 08:04:43 AM
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quote:
Originally posted by calspach1972
Love TBW, however there turn times are killing me. Just started using New Line and it is goinf great. 48 in U/W 6 hrs to clear conditions and pricing is better then TBW. For all of my under 580 stuff Equifirst is now a FHA lender. They have on a 1.25% hit for under 580, most companies have 2.25% you should check them out.
Calspach, can you post a website or contact for New Line? Thanks! |
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slants
4274 Posts |
Posted - 07/24/2008 : 08:07:06 AM
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quote:
Originally posted by slants
quote:
Originally posted by calspach1972
Love TBW, however there turn times are killing me. Just started using New Line and it is goinf great. 48 in U/W 6 hrs to clear conditions and pricing is better then TBW. For all of my under 580 stuff Equifirst is now a FHA lender. They have on a 1.25% hit for under 580, most companies have 2.25% you should check them out.
Calspach, can you post a website or contact for New Line? Thanks!
Nevermind. I just noticed they are on our lender list www.newlineadvantage.com |
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rad
1403 Posts |
Posted - 07/24/2008 : 9:53:12 PM
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quote:
Originally posted by VVance
quote:
Originally posted by rad
Satisfied all conditions and was waiting for a doc order form this week but received a decline instead. Borrower had an 800 FICO, good assets, 17 years on the job, DU Approval. As always I had triple-apped the file so I submitted all outstanding conditions to TBW and should have docs tomorrow. First Horizon never gave me a verbal or written explanation for the denial. I don't think I'll send them another deal for a very long time if ever again. I had forgotten how great TBW is. Their service is White Glove. First Horizon is the Provident of FHA! The lowest interest rate deal doesn't close.
Ouch. No idea why they declined it?
None. |
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rad
1403 Posts |
Posted - 07/24/2008 : 9:54:15 PM
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quote:
Originally posted by kmikkola
quote:
Originally posted by rad
First Horizon is the Provident of FHA! The lowest interest rate deal doesn't close.
They are your best paying FHA Lender?
So is Provident but try closing a deal with them! And how about the cost of time. This bottom fisher learned a big lesson. |
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rad
1403 Posts |
Posted - 07/24/2008 : 9:55:28 PM
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quote:
Originally posted by Goingstrong
There has to be more to the story. What was the reason for the decline?
There wasn't an explanation. I never received any communication verbal or written. |
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rad
1403 Posts |
Posted - 07/24/2008 : 9:57:03 PM
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quote:
Originally posted by Agitator
Maybe they got tired of being triple-apped.
Sent them my first two deals in a CA office; I had been doing my NY deals through their NY office and never triple-apped over there. Just in Kali. |
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rad
1403 Posts |
Posted - 07/24/2008 : 9:59:35 PM
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quote:
Originally posted by calspach1972
Love TBW, however there turn times are killing me. Just started using New Line and it is goinf great. 48 in U/W 6 hrs to clear conditions and pricing is better then TBW. For all of my under 580 stuff Equifirst is now a FHA lender. They have on a 1.25% hit for under 580, most companies have 2.25% you should check them out.
Never heard of New Line but will definitely check them out! Do you have a contact. I have a great rep at Equifirst. Actually I have a handful of good FHA lenders today. I have a spectacular rep at Nations Direct. I've definitely rotated my lenders. |
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rad
1403 Posts |
Posted - 07/24/2008 : 10:05:27 PM
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| The issue is not that FH is not closing a deal I can close else where and will, the issue is the absence of communication. Every other polished lender picks up the phone, conditions or emails. |
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ZoolanderMSM
213 Posts |
Posted - 07/24/2008 : 10:06:43 PM
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quote:
Originally posted by chrismcdermott
Well I am working with a client and First Horizon sold their mortgage to Midland Mortgage Company.
I do not know if they means good or bad things...
Probably selling off mortgages before the sale???
Sometimes lenders will sell of servicing to infuse some cash. That can be a warning sign of struggle. Especially, if they are selling their A+ product. Usually, that's the last you want to get rid of. Those are the type of clients lenders want to keep a relationship with if they can. |
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ZoolanderMSM
213 Posts |
Posted - 07/24/2008 : 10:09:41 PM
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quote:
Originally posted by nowbroker
Ever since the announcement of the sale First Horizon pricing has been horrible. I gave the rep this week an example that they were one full point out on a 6.5% FHA a couple of days ago.
I've been noticing this pricing issue as well. Guess what kind of loans they'll attract with crummy pricing? |
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KHufford
5993 Posts |
Posted - 07/24/2008 : 10:16:26 PM
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quote:
Originally posted by rad
quote:
Originally posted by Goingstrong
There has to be more to the story. What was the reason for the decline?
There wasn't an explanation. I never received any communication verbal or written.
You obviously have no clue how to do your job then. Sorry, but thats as fact as they come, you are not doing your job if that is your answer. NEXT..
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rad
1403 Posts |
Posted - 07/24/2008 : 10:18:14 PM
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| You're still the same pompous ass you've always been here! |
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KHufford
5993 Posts |
Posted - 07/24/2008 : 10:23:59 PM
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quote:
Originally posted by rad
You're still the same pompous ass you've always been here!
I call em like I see em! You are a complete tool if you dont know why your loan was declined. I fight tooth and nail for my deals and never need to triple submit, they always close.
You are pathetic dude, I cant believe you posted that publically...I hope your clients dont see this.
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rad
1403 Posts |
Posted - 07/24/2008 : 10:26:47 PM
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| There's a lot of projection you've got going in your post on an issue that isn't even yours or is it? Too much identification or haven't you taken your meds today, Kyle? |
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rad
1403 Posts |
Posted - 07/24/2008 : 10:28:23 PM
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| Actually your clients are reading your posts - you're the wholesale lender! You're a jackass. |
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KHufford
5993 Posts |
Posted - 07/24/2008 : 10:32:18 PM
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quote:
Originally posted by rad
Actually your clients are reading your posts - you're the wholesale lender! You're a jackass.
I am not wholesale. And yes, clients do read this stuff, I get calls from it frequently for clients needing help. I come across rude, but seriously man, are you serious?
How could, "I dont know" be an answer? That doesnt even make sense to me. From the first loan I ever closed or got declined I know EVERYTHING about it. I just dont get how that is an answer?
Even if you hate me, I honestly hope I have inspired you to become more involved and better at your job. It will make you more money and benefit your clients as well.
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Goingstrong
7 Posts |
Posted - 07/25/2008 : 04:08:56 AM
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"There wasn't an explanation. I never received any communication verbal or written."
...and you didn't pickup the phone or send an email? I have to agree with Kyle, without the name calling, that you aren't fully doing your job if you can blindly accept a denial without knowing why. Makes no sense to me.
And yes, First Horizon is selling off servicing, in fact they have sold the whole company to Met Life. Pricing is a little out of the market during their transition. |
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rad
1403 Posts |
Posted - 07/25/2008 : 08:16:36 AM
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quote:
Originally posted by Goingstrong
...and you didn't pickup the phone or send an email?
Hey Melissa, you can't be going that strong because you're using another poster as primary information to analyze my situation. Did I ever in any one of my posts say I did not pickup the phone or send an email? I could have picked up the phone 30 times but I owe you absolutely no response. Read my lips: I said I did not receive an explanation why the loan was declined, which implies a rational explanation that EXPLAINS why it was denied. Even if I did it could have been b.s., correct? Do you accept everything at face value? Did you accept that IndyMac was in good financial condition because they could pay an above market 5% interest rate on deposits before the FDIC took them over. Don't be a simpleton with your 5 posts and this is what you choose to post for #6. Crawl back under your rock. |
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ZoolanderMSM
213 Posts |
Posted - 07/25/2008 : 10:01:08 AM
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| Does anyone know if Met will keep the retail channel open along with wholesale? Or just wholesale? |
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Slimmex
34 Posts |
Posted - 07/28/2008 : 12:51:21 PM
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| Zoolander- Both, can't wait for the switch.............. |
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vburek
522 Posts |
Posted - 07/28/2008 : 1:00:47 PM
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| If anyone ever wonders why lenders are slow now, thank Rad, who will submit a loan to 3 lenders, allow each one of those lenders to register, underwrite, condition, cleare conditions, get into closing and draw docs. But only 1 of the lenders get to close the loan and get compensated. I have been in the business for 7 years and have never even double submitted a loan. Rad, not calling you any names but you are causing problems and slow underwriting for everyone. Rethink your policy of triple submitting. You say they never explained the denial which i would have a big problem with, but do you explain to the other lenders who do all the work but dont get to close the loan cause you tripled submitted? Do you give them an explanation? |
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rad
1403 Posts |
Posted - 07/28/2008 : 9:52:04 PM
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quote:
Originally posted by vburek
If anyone ever wonders why lenders are slow now, thank Rad, who will submit a loan to 3 lenders, allow each one of those lenders to register, underwrite, condition, cleare conditions, get into closing and draw docs.
Another meathead who gets in his own way with his assumptions, assuming all three lenders approved the loan! And better yet - all three drew docs!
quote:
Originally posted by vburek
... you are causing problems and slow underwriting for everyone.
You're reasoning is as specious as the SEC's -- banning short selling due to the stock market decline. The stock market tanked anyway! What does that tell you? |
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Mandyvilla
3445 Posts |
Posted - 07/28/2008 : 10:48:03 PM
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quote:
Originally posted by ZoolanderMSM
Does anyone know if Met will keep the retail channel open along with wholesale? Or just wholesale?
RUMOR HAS IT..........
Both, I think, but definitely retail. They just hired a someone from a troubled Ohio Bank to run the east coast retail operation. Several heavy hitters have returned to the retail branches.
Stay tuned, it should be announced the end of this week. |
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rad
1403 Posts |
Posted - 07/28/2008 : 10:58:12 PM
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| I can't imagine which troubled Ohio Bank! And I love that they're going to run the East Coast operation! They are the quintessential decentralized organization. My broker approval in CA literally had to be disabled to become approved to do a loan in an East Coast state and then I couldn't do loans in CA so I had to become approved again in CA. I kid you not. They told me there isn't a broker licensed in one state without an office in another state doing business in that other state. A classic cluster****. |
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MortgageBoarder
4015 Posts |
Posted - 07/28/2008 : 10:58:30 PM
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So I won't say which city, but at one of the Caravan's last week one of the LOs decided to speak out a bit. We all introduced ourselves as usual, and he proceeded to say, First Horizon Home Loans, soon to be MetLife yadda yadda.
He then decided to chit chat with me after the pitch session and informed me of their "big plan" with both Wholesale and Retail set to launch, along with a new one of a kind Portfolio product that is going to sweep the market.
It was very interesting to hear his take on the situation, for he has been with the company for 10+ years as a top agent. But as always, talk is talk so we must wait to see what unveils. |
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rad
1403 Posts |
Posted - 07/28/2008 : 11:03:09 PM
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| Well if anyone could come up with a spectacular Portfolio product MetLife is it! |
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rad
1403 Posts |
Posted - 07/28/2008 : 11:10:00 PM
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MetLife reporting earnings tomorrow, Tuesday. Note the "undisclosed" price they paid for First Horizon.
http://biz.yahoo.com/ap/080728/metlife_earnings_preview.html?.v=1
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MortgageBoarder
4015 Posts |
Posted - 07/28/2008 : 11:13:20 PM
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Oh, and just my .02, it doesn't matter who you are at whatever shop in whatever situation, approval or denial, triple submitting is definitely frowned upon.
And that is no "stab" at you rad, that is my opinion for everyone and anyone who uses the same system. And no you can't justify it, so just keep it to yourself. ; ) |
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egamarro
81 Posts |
Posted - 07/28/2008 : 11:21:24 PM
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| I didnt read all the posts maybe about 5 of them FHHL is good to me, DU approvals w/out UW input is good. |
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rad
1403 Posts |
Posted - 07/28/2008 : 11:23:15 PM
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quote:
Originally posted by MortgageBoarder
Oh, and just my .02, it doesn't matter who you are at whatever shop in whatever situation, approval or denial, triple submitting is definitely frowned upon.
So you wait, four or five weeks to obtain a decline from, say, TBW on a Manual Underwrite, and then another two weeks for a second decline, and by then I have your client who is sick of getting jerked by you. And I'm not sure who your audience is regarding "frowned upon"? That is, who is doing this frowning to you? Sounds like a Super Ego character. The day a lender guarantees they will close all my loans I will send them all my business. Otherwise the buyers I am working with pay $100 per diem for not closing escrow on time and that bill can mount up quickly. I haven't heard a better solution yet but I'm interested. |
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downtime
228 Posts |
Posted - 07/28/2008 : 11:27:45 PM
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quote:
Originally posted by rad
quote:
Originally posted by MortgageBoarder
Oh, and just my .02, it doesn't matter who you are at whatever shop in whatever situation, approval or denial, triple submitting is definitely frowned upon.
So you wait, four or five weeks to obtain a decline from, say, TBW on a Manual Underwrite, and then another two weeks for a second decline, and by then I have your client who is sick of getting jerked by you. And I'm not sure who your audience is regarding "frowned upon"? That is, who is doing this frowning to you? Sounds like a Super Ego character. The day a lender guarantees they will close all my loans I will send them all my business. Otherwise the buyers I am working with pay $100 per diem for not closing escrow on time and that bill can mount up quickly. I haven't heard a better solution yet but I'm interested.
Ok, this is probably one of the best posts I have seen on outpost in a long long time. Honest and straight forward.
We would all send a lender our business if they close the loans like they say they will when we submit it.
Getting jerked over by stalls, denials, and stips to kill it or wreck the rate lock is just a waste of time. |
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MortgageBoarder
4015 Posts |
Posted - 07/28/2008 : 11:37:01 PM
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LOL oh really, in a long long time? That must have been ONE long month for you on here.
Get a clue alright. Banks don't EVER gaurantee they will close ANY of your loans. It is your responsibility as a Broker/LO submitting loans to them to do your diligence in making sure the loan is suitable for that lenders guides at that given time.
Denials happen, and you take it as it is, and just like every other buyer in America, sometimes you HAVE to go through 2 or 3 submittal processes to get a loan approved, deal with it like we all do!! What would be your approach if your client ONLY could qualify for an FHA loan?? You are going to submit that to 3 different lenders all to see which one sticks?? I'm sure HUD would like to hear about that one.
Why do you think there are such systems like DU, LP, and resources like matrices, guidelines, daily bulletins, & direct contacts given to you in order to AVOID wasting you and your clients time?
And hey, if you don't like the 2-4 week turn times, FIND ANOTHER LENDER!!! You don't have the money, they do, if you don't perform on your end, they won't! The only thing that should be questionable is collateral review. Everything else should be covered on your end as a DILIGENT LO, who knows what he is doing. But apparently you don't, so you will continue to practice your uneducated methods.
Good Luck!
quote:
Originally posted by downtime
quote:
Originally posted by rad
quote:
Originally posted by MortgageBoarder
Oh, and just my .02, it doesn't matter who you are at whatever shop in whatever situation, approval or denial, triple submitting is definitely frowned upon.
So you wait, four or five weeks to obtain a decline from, say, TBW on a Manual Underwrite, and then another two weeks for a second decline, and by then I have your client who is sick of getting jerked by you. And I'm not sure who your audience is regarding "frowned upon"? That is, who is doing this frowning to you? Sounds like a Super Ego character. The day a lender guarantees they will close all my loans I will send them all my business. Otherwise the buyers I am working with pay $100 per diem for not closing escrow on time and that bill can mount up quickly. I haven't heard a better solution yet but I'm interested.
Ok, this is probably one of the best posts I have seen on outpost in a long long time. Honest and straight forward.
We would all send a lender our business if they close the loans like they say they will when we submit it.
Getting jerked over by stalls, denials, and stips to kill it or wreck the rate lock is just a waste of time.
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rad
1403 Posts |
Posted - 07/28/2008 : 11:40:19 PM
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Thank you, downtime. Nice to hear a kind word. What does a broker get paid for anyway?
Function:
noun
Etymology:
Middle English, negotiator, from Anglo-French brocour
Date:
14th century |
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rad
1403 Posts |
Posted - 07/28/2008 : 11:41:18 PM
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| You just gave yourself away MortgageBoarder - you don't do FHA. 'Night. |
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MortgageBoarder
4015 Posts |
Posted - 07/28/2008 : 11:54:54 PM
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| Nope, never. |
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rad
1403 Posts |
Posted - 07/29/2008 : 12:01:45 AM
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Oh, I apologize, I misjudged - you do everything and know everything. LOL.
quote:
Originally posted by MortgageBoarder
I agree 180% Charles, SO many LO's have no clue how to dissect a credit report or how to UW a loan period. Being an AE for a year was such an eye opener for me, I couldn't believe some of the corrections and breakdowns I had to provide LOs. Some LOs really are just trained to get on a phone and sell, which to me should be viewed the same as malpractice!
I'm down for continued education, testing, whatever is needed to weed out the rest of the junk! And as far as fingerprinting goes, CA does LiveScan and I'm pretty sure that is a National registry which even the FBI has access to. Doesn't really matter though seeing as how only 1 out of every 50 LOs in CA is actually licensed lol.
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enerro
104 Posts |
Posted - 07/29/2008 : 12:42:32 AM
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wow... look what I started!! What's up Justin....
Ed |
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