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juando67
115 Posts |
 Posted - 08/12/2008 : 11:22:28 PM
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Some late night idle curiosity.....
Now that the mortgage dust has started to settle (a little), it seems like more and more new wholesalers are starting to come out of the woodwork. Of course, the newer ones appear to be a little less selective in deciding which brokers they'll work with.
Among the old-line wholesalers, though, to the extent that there are that many left, which are the hardest to get signed up with.... the most selective in deciding which brokers they'll partner with? |
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Nico
3056 Posts |
Posted - 08/13/2008 : 01:17:24 AM
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quote:
Originally posted by juando67
Some late night idle curiosity.....
Now that the mortgage dust has started to settle (a little), it seems like more and more new wholesalers are starting to come out of the woodwork. Of course, the newer ones appear to be a little less selective in deciding which brokers they'll work with.
Among the old-line wholesalers, though, to the extent that there are that many left, which are the hardest to get signed up with.... the most selective in deciding which brokers they'll partner with?
Usually the larger and older the institution, the more selective they are in regards to a broker's balance sheet, his resume, and his commitment to volume with that company. |
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KHufford
5998 Posts |
Posted - 08/13/2008 : 01:21:13 AM
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Option One is hard to sign up with right now..
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juando67
115 Posts |
Posted - 08/13/2008 : 01:34:34 AM
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| Well goooolllllly Kyle, you're a veritable Jim Nabors..... I just *couldn't* stop laughing when I read that extra-clever remark.....do the moderators give you double-secret bonus points for your wry sense of humor? |
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Nico
3056 Posts |
Posted - 08/13/2008 : 01:35:16 AM
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| It was amazing some of the brokers that got approved with some companies. No interview, no sit-down, no commitment, just the broker had a license and the AE dropped off a package. Unbelievable. No standards whatsoever. |
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KHufford
5998 Posts |
Posted - 08/13/2008 : 01:36:35 AM
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quote:
Originally posted by juando67
Well goooolllllly Kyle, you're a veritable Jim Nabors..... I just *couldn't* stop laughing when I read that extra-clever remark.....do the moderators give you double-secret bonus points for your wry sense of humor?
Come on man, don't hurt my feelings...please.
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CoolMtgGuy
3710 Posts |
Posted - 08/13/2008 : 04:28:36 AM
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"Now that the mortgage dust has started to settle (a little), it seems like more and more new wholesalers are starting to come out of the woodwork."
OK ... I'll defer to your opinion that the "dust has started to settle". However, what are the names of the "more and more wholesalers" you refer to? I see a lot of junk posts on BO that are made by wacky people looking for attention and pretending to be lenders able to do just about any type of loans ... but where are the new, real wholesale lenders? |
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jasonstoeser
112 Posts |
Posted - 08/13/2008 : 05:51:56 AM
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You have to admit that was funny!!
quote:
Originally posted by juando67
Well goooolllllly Kyle, you're a veritable Jim Nabors..... I just *couldn't* stop laughing when I read that extra-clever remark.....do the moderators give you double-secret bonus points for your wry sense of humor?
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Mandyvilla
3453 Posts |
Posted - 08/13/2008 : 06:22:09 AM
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I must second CoolMtgGuy's raising of the eyebrows on, "dust has started to settle". .....The fact Toll Bros. is celebrating their cancellation rate is down 37% is good news indeed.
I think you are wise to inquire who else is out there given speculation that more wholesalers will retreat to retail only or revert to a model used in the past - another back to the future move - the forward commitment. <danger, danger, story of the past alert>.
In the dark ages, when one bank wanted another bank's loan product, they bought forward commitments or open ended commitments with a dollar limit. Example: SunTrust would purchase a 20M forward commitment from BAC of the Doctor Loan product. Typically a non-refundable fee (1% was normal) would be put up and a delivery date agreed upon. (That agreement would be a bi*ch to write today). Obviously, the higher the risk, the greater the upfront fee. This was the birth of wholesale, using each other's money. Many of the large insurance companies use to invest their holdings this way. Like today, the retail side had the source's money with better terms.
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