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refiguy123
247 Posts |
 Posted - 08/19/2008 : 1:41:12 PM
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| My AE just stopped by and told me that CW retail stealing deals is a thing of the past. He did say to send the payoff in last. I am looking for some feedback here. Has CW tried to steal deals from anyone lately? If you have used them recently what has your experience been like? I have used BOA allot in the past and have never had a problem, nor has CW ever stolen a deal from me. Please advise. I do like my AE and would like to send him some biz. |
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refiguy123
247 Posts |
Posted - 08/19/2008 : 1:59:13 PM
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| Bump |
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commhm
21 Posts |
Posted - 08/19/2008 : 2:00:27 PM
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I have been dealing with them for 15 yrs and have never had that problem. Countrywide sends out a ton of solictation, but has never been able to compete with what I can do on wholesale. The clients are doing it on their own.
Carrie |
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benjamin
2196 Posts |
Posted - 08/19/2008 : 2:15:12 PM
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| Send them everything you can, they are totally legitimate and have whats best for the customer as their number one priority. |
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jcoggiola
135 Posts |
Posted - 08/19/2008 : 2:18:17 PM
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| There's a real good reason your AE told you not to request the payoff till last...I have had that problem with Countrywide for some time now. I can think of two I lost in the last couple months. They didn't even require an appraisal for a cash-out refi... |
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commhm
21 Posts |
Posted - 08/19/2008 : 2:28:58 PM
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| It is not Countrywide, it is Landsafe! Landsafe is selling off every bureau you pull. My clients tell me every time I do a loan about how they are besieged by Mortgage Co. calls. If it is not Landsafe it is the credit agency doing it. |
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rugreedy
30 Posts |
Posted - 08/19/2008 : 9:47:24 PM
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They tried to steal 2 deals from me, but my clients were loyal.
One LO called my client and said mortgage brokers are "Evil".
The client is a good friends father, and he told the guy " According to
the Media, you (Countrywide) are The Evil Ones". He hung up on the LO, and I closed
the deal.
Be cautious using them because my clients were bombarded with CFC LO's |
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refiguy123
247 Posts |
Posted - 08/20/2008 : 06:55:41 AM
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| Thanks for the feedback everyone! |
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lonewolf
87 Posts |
Posted - 08/20/2008 : 07:21:52 AM
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| Been dealing with CW for over 12 years. I don't send them everything but I do use them when the offer the best deal for the customer. One customer in 12 years refinanced with them without going through me. I was slack and didn't follow up and they choose to take the high rate CW offered. I blame myself for the loss. I've had mortgages with CW before so they send me email and mailings but I have no problem with it. I talked with those customers right after the refinanced and I could have done a $0 cost deal compared to the $2,500 they had to pay CW. It was the customer and my loss. |
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carl292
93 Posts |
Posted - 08/20/2008 : 07:49:55 AM
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| That did happen to me 2 times afew years back 5-6 yrs ago. |
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808
2510 Posts |
Posted - 08/20/2008 : 08:03:27 AM
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quote:
Originally posted by refiguy123
My AE just stopped by and told me that CW retail stealing deals is a thing of the past. He did say to send the payoff in last. I am looking for some feedback here. Has CW tried to steal deals from anyone lately? If you have used them recently what has your experience been like? I have used BOA allot in the past and have never had a problem, nor has CW ever stolen a deal from me. Please advise. I do like my AE and would like to send him some biz.
send in the payoff last and he wants you to believe stealing is a thing of the past!!!! Nothing personal but are you really that dense or do you just want some attention today????
Why dont you just drive your borrower to the nearest CW branch. It'll make it easier for him and CW, while you can go find another prospect.
It's called reverse solicitation and I'm sure retail & the payoff depts have meetings figuring out ways to tweak their approach to maximize their hijacking. CW is in it for the money and could care less about you. |
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CoolMtgGuy
3658 Posts |
Posted - 08/20/2008 : 08:07:51 AM
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Wait a minute ... first you say it is Landsafe ... and then you say "if it is landsafe...". Which is it? Do you knoew for sure or don't you?
I believe that ONLY the three respositories can sell trigger leads.
quote:
Originally posted by commhm
It is not Countrywide, it is Landsafe! Landsafe is selling off every bureau you pull. My clients tell me every time I do a loan about how they are besieged by Mortgage Co. calls. If it is not Landsafe it is the credit agency doing it.
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refiguy123
247 Posts |
Posted - 08/20/2008 : 08:16:37 AM
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quote:
Originally posted by 808
quote:
Originally posted by refiguy123
My AE just stopped by and told me that CW retail stealing deals is a thing of the past. He did say to send the payoff in last. I am looking for some feedback here. Has CW tried to steal deals from anyone lately? If you have used them recently what has your experience been like? I have used BOA allot in the past and have never had a problem, nor has CW ever stolen a deal from me. Please advise. I do like my AE and would like to send him some biz.
send in the payoff last and he wants you to believe stealing is a thing of the past!!!! Nothing personal but are you really that dense or do you just want some attention today????
Why dont you just drive your borrower to the nearest CW branch. It'll make it easier for him and CW, while you can go find another prospect.
It's called reverse solicitation and I'm sure retail & the payoff depts have meetings figuring out ways to tweak their approach to maximize their hijacking. CW is in it for the money and could care less about you.
Easy buddy! Is someone having a bad day? Way to bring some negativity to the thread idiot. Am I looking for attention? I used to send them most of my deals and I personally have never had a problem with them. I was looking for feedback, not negativity. Thanks for sharing your experiences with CW. |
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carl292
93 Posts |
Posted - 08/20/2008 : 08:25:46 AM
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| There's certain lenders that automatically solicate their current clients as soon as you order the payoff from them... |
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bcahoone
11 Posts |
Posted - 08/20/2008 : 09:49:58 AM
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| I have worked for CW on retention there and we did watch our portfolio when the customer had credit inquiries via Equifax or Experian they told us and we called outbound to try and maintain their business. Also, when a payoff is ordered they have a team for calling outbound to the customer on that as well. They are very aggressive about retaining their portfolio of customers, so once you send it there it may not come back. |
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808
2510 Posts |
Posted - 08/20/2008 : 11:12:58 AM
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quote:
Originally posted by refiguy123
quote:
Originally posted by 808
quote:
Originally posted by refiguy123
My AE just stopped by and told me that CW retail stealing deals is a thing of the past. He did say to send the payoff in last. I am looking for some feedback here. Has CW tried to steal deals from anyone lately? If you have used them recently what has your experience been like? I have used BOA allot in the past and have never had a problem, nor has CW ever stolen a deal from me. Please advise. I do like my AE and would like to send him some biz.
send in the payoff last and he wants you to believe stealing is a thing of the past!!!! Nothing personal but are you really that dense or do you just want some attention today????
Why dont you just drive your borrower to the nearest CW branch. It'll make it easier for him and CW, while you can go find another prospect.
It's called reverse solicitation and I'm sure retail & the payoff depts have meetings figuring out ways to tweak their approach to maximize their hijacking. CW is in it for the money and could care less about you.
Easy buddy! Is someone having a bad day? Way to bring some negativity to the thread idiot. Am I looking for attention? I used to send them most of my deals and I personally have never had a problem with them. I was looking for feedback, not negativity. Thanks for sharing your experiences with CW.
I've NEVER sent a loan to CW. Watching other LO's & Brokers get burned and counteroffered taught me not to play ball w them. Give me TBW, Wells, Chase, Citi, AmTrust, Plaza, Bank United, Senderra, Emigrant or even Flagstar over those thieving bullies anyday of the week. |
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kwinters
155 Posts |
Posted - 08/20/2008 : 11:41:20 AM
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Don't worry about them stealing from you. I had the problem in the past as well. Was about to close a loan when bam..the client says "Countrywide's home office told me they can do this for .5 less on the rate then you." I said: "Go for it, just watch for the $4,995 on the front they like to put in origination." They went to closing and sure enough, that exact number was there on the HUD from CW. They called me back and said..."Sorry, um, we'll take your deal now". hahaha
Also, Going to another clients house that has already closed with Countrywide, told them to get out their past HUD. It was that same number $4,995. I told them i'd only charge them half of that on the front for this one.....they we sooooo happy. :) So a previous Countrywide closing can be a good thing. |
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refiguy123
247 Posts |
Posted - 08/20/2008 : 11:50:36 AM
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quote:
Originally posted by 808
quote:
Originally posted by refiguy123
quote:
Originally posted by 808
quote:
Originally posted by refiguy123
My AE just stopped by and told me that CW retail stealing deals is a thing of the past. He did say to send the payoff in last. I am looking for some feedback here. Has CW tried to steal deals from anyone lately? If you have used them recently what has your experience been like? I have used BOA allot in the past and have never had a problem, nor has CW ever stolen a deal from me. Please advise. I do like my AE and would like to send him some biz.
send in the payoff last and he wants you to believe stealing is a thing of the past!!!! Nothing personal but are you really that dense or do you just want some attention today????
Why dont you just drive your borrower to the nearest CW branch. It'll make it easier for him and CW, while you can go find another prospect.
It's called reverse solicitation and I'm sure retail & the payoff depts have meetings figuring out ways to tweak their approach to maximize their hijacking. CW is in it for the money and could care less about you.
Easy buddy! Is someone having a bad day? Way to bring some negativity to the thread idiot. Am I looking for attention? I used to send them most of my deals and I personally have never had a problem with them. I was looking for feedback, not negativity. Thanks for sharing your experiences with CW.
I've NEVER sent a loan to CW. Watching other LO's & Brokers get burned and counteroffered taught me not to play ball w them. Give me TBW, Wells, Chase, Citi, AmTrust, Plaza, Bank United, Senderra, Emigrant or even Flagstar over those thieving bullies anyday of the week.
If you have never sent CW a deal, you must have not been in the business long, or you are just not doing much business period. They used to be one of the best, if not the best I have ever dealt with. I backed off when I heard of them stealing deals, although it has never happened to me. Thanks for stating from the start that you have never dealt with them. So really you have no ground to stand on in this thread. I was looking for people with actual experience with them. Thanks for your input though! |
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808
2510 Posts |
Posted - 08/20/2008 : 12:21:33 PM
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Dude, 75% of my loans were n/o/o OptionArms back in '04-'07. Countrywide had a +2.500 price hit for a n/o/o > 70%. American Brokers Conduit had 0. There were dozens of lenders better than their rates/prices in that niche. As far as subrime New Century, BnC & Long Beach use to consistently kick their a*s. As far as conventional conforming TBW was always and still is better as well. As far as 5/1's and 7/1's Astoria and sometimes Chase used to put them to shame. CW is/was good for the lazy broker who wants to move on to the next loan. I have better things to do w my money than to give it to Mozilo.
Why dont you see if you can get an invite to their Christmas party this yr. |
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refiguy123
247 Posts |
Posted - 08/20/2008 : 12:27:44 PM
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| All of the companies you just mentioned kick their a*s, yet you have never used them. So basically you are speaking out of your a*s. You consider someone lazy for sending deals to them? How so? I am glad someone with so much experience with them decided to chime in on this thread! Thanks buddy! |
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808
2510 Posts |
Posted - 08/20/2008 : 12:33:31 PM
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| I can read a rate sheet, all you need is a user ID and a password to do that. I never said I didn't price out a loan w them. |
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TheFinancier
650 Posts |
Posted - 08/20/2008 : 6:59:21 PM
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| Thats a Lie... they are still stealing deals and refinancing our clients... Don't go for it!!! |
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velecico
3935 Posts |
Posted - 08/20/2008 : 7:05:58 PM
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quote:
Originally posted by 808
Dude, 75% of my loans were n/o/o OptionArms back in '04-'07. Countrywide had a +2.500 price hit for a n/o/o > 70%. American Brokers Conduit had 0. There were dozens of lenders better than their rates/prices in that niche. As far as subrime New Century, BnC & Long Beach use to consistently kick their a*s. As far as conventional conforming TBW was always and still is better as well. As far as 5/1's and 7/1's Astoria and sometimes Chase used to put them to shame. CW is/was good for the lazy broker who wants to move on to the next loan. I have better things to do w my money than to give it to Mozilo.
Why dont you see if you can get an invite to their Christmas party this yr.
the good old days !!!! , |
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