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jasonr.brown
1 Posts |
 Posted - 08/25/2008 : 11:21:24 AM
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| What are the best sources, such as bond money and grant money programs, that you have found to replace it? I do business primarily in Missouri and Kansas and am looking for programs and solutions that would be able to be used in those states. |
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tktmsa
131 Posts |
Posted - 08/25/2008 : 11:39:26 AM
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Nothing will replace it. Many state bond programs have ceased operations, and federally funded programs are limited in scope regarding how mant times a loan officer can use them and when the money for the year runs out, there isn't anymore till the next year. Support HR 6694 and reform and restore Charitable DPA optionsquote:
Originally posted by jasonr.brown
What are the best sources, such as bond money and grant money programs, that you have found to replace it? I do business primarily in Missouri and Kansas and am looking for programs and solutions that would be able to be used in those states.
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powwow
385 Posts |
Posted - 08/25/2008 : 12:15:00 PM
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quote:
Originally posted by tktmsa
Nothing will replace it. Many state bond programs have ceased operations, and federally funded programs are limited in scope regarding how mant times a loan officer can use them and when the money for the year runs out, there isn't anymore till the next year. Support HR 6694 and reform and restore Charitable DPA optionsquote:
Originally posted by jasonr.brown
What are the best sources, such as bond money and grant money programs, that you have found to replace it? I do business primarily in Missouri and Kansas and am looking for programs and solutions that would be able to be used in those states.
I love that "Charitable DPA options". Tom you've been nothing but a gentleman regarding this topic, and believe me I appreciate it, but don't you have a horse in this race? If a builder gave a down payment to a buyer and tacked it onto the sales price 10 years ago it would have been called an "illegal DPA option". Down with DPA, it cannot be used responsibly. Especially, on new construction. The big builders would roll enough shiite downhill to keep everyone doing exactly what their not supposed to do. |
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topdollar
31 Posts |
Posted - 08/25/2008 : 12:15:41 PM
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| I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 12:17:24 PM
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Look at my thread and see what a moronic response i got from my local senator.
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
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powwow
385 Posts |
Posted - 08/25/2008 : 12:22:54 PM
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quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
The dirty little secret as Bestbet will tell you is that most of the people using it don't really need it. If 80% of your borrowers are using it, I'm guessing 80% of them could get by without it. That is about the percentage of DPA that I don't hit the inflated sales price on that still end up closing. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 12:42:47 PM
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I think we should bring back the Flex 100 fannie program or something like it.FHA is going to have a downward spiral that evn they can't avoid.....we'll see......
quote:
Originally posted by powwow
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
The dirty little secret as Bestbet will tell you is that most of the people using it don't really need it. If 80% of your borrowers are using it, I'm guessing 80% of them could get by without it. That is about the percentage of DPA that I don't hit the inflated sales price on that still end up closing.
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eric_veronica
282 Posts |
Posted - 08/25/2008 : 12:45:09 PM
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| There are some local grant programs probaly within your city housing departments that will provide DPA for low to medium income buyers. Usually around 80% of the HUD median annual income |
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tktmsa
131 Posts |
Posted - 08/25/2008 : 12:56:50 PM
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Hey Pow, of course I have a horse in the race - to some extent we all do. QuickDown is different . We don't market to builders/developers/realtors too much abuse there as you have described. We work with Loan Officers only. The "charitable DPA" comment refers to the class we do our best to serve:
here is the exact wording of our charitable summation and activities letter that earned us the 501c3 status:
"DPA Allliance provides financial aid (down payment assistance) to families and individuals who otherwise meet the guidelines to qualify for an affordable mortgage loan program, but who do not have the necessary down payment and/or closing costs required, and cannot otherwise afford to purchase a home without such assistance.
DPAA enters the transaction process after a potential buyer/donee has, enlisted a loan officer, pre-qualified for an affordable mortgage loan program, found an affordable home, negotiated an affordable purchase price, and secured a fully executed purchase contract with the seller, independent of DPA Alliance"
(DPA Alliance is the Non-profit we work with) Again, we are not in bed with builders/developers. quote:
Originally posted by powwow
quote:
Originally posted by tktmsa
Nothing will replace it. Many state bond programs have ceased operations, and federally funded programs are limited in scope regarding how mant times a loan officer can use them and when the money for the year runs out, there isn't anymore till the next year. Support HR 6694 and reform and restore Charitable DPA optionsquote:
Originally posted by jasonr.brown
What are the best sources, such as bond money and grant money programs, that you have found to replace it? I do business primarily in Missouri and Kansas and am looking for programs and solutions that would be able to be used in those states.
I love that "Charitable DPA options". Tom you've been nothing but a gentleman regarding this topic, and believe me I appreciate it, but don't you have a horse in this race? If a builder gave a down payment to a buyer and tacked it onto the sales price 10 years ago it would have been called an "illegal DPA option". Down with DPA, it cannot be used responsibly. Especially, on new construction. The big builders would roll enough shiite downhill to keep everyone doing exactly what their not supposed to do.
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GSE_
776 Posts |
Posted - 08/25/2008 : 1:25:41 PM
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just ignore Powwow he is here to do nothing but stir trouble.
Here is Powwow Quote about Mortgage Brokers:
"If they had any sense they would call someone like Suntrust or First Horizon. You know, someone with a good reputation and who isn't going to tear them a new one"
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powwow
385 Posts |
Posted - 08/25/2008 : 1:47:50 PM
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| Now, now GSE. Who is trying to stir up trouble? Taking things a bit out of context aren't you? |
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MarkIFC
915 Posts |
Posted - 08/25/2008 : 1:48:18 PM
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quote:
Originally posted by eric_veronica
There are some local grant programs probaly within your city housing departments that will provide DPA for low to medium income buyers. Usually around 80% of the HUD median annual income
We have a couple of local banks and S&Ls with these programs = fertile source of leads for me I've found. Most are part of their CRA requirement. Basicly, the only people though that they are approving right now are borrowers that don't really need the assistance. Unless it's a "Sure-thing/ Slam-dunk" loan that has almost zero risk of default they are passing on them.
I got referred a couple with 795 middle score who went to a local bank for the free $5,000 Down Payment Grant they were offering. The bank declined them because he did not have a full two years on his job and they had little savings. They got a gift from Dad and I took them FHA. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 2:03:27 PM
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Great advice Mark,I will check that out immediately.
quote:
Originally posted by MarkIFC
quote:
Originally posted by eric_veronica
There are some local grant programs probaly within your city housing departments that will provide DPA for low to medium income buyers. Usually around 80% of the HUD median annual income
We have a couple of local banks and S&Ls with these programs = fertile source of leads for me I've found. Most are part of their CRA requirement. Basicly, the only people though that they are approving right now are borrowers that don't really need the assistance. Unless it's a "Sure-thing/ Slam-dunk" loan that has almost zero risk of default they are passing on them.
I got referred a couple with 795 middle score who went to a local bank for the free $5,000 Down Payment Grant they were offering. The bank declined them because he did not have a full two years on his job and they had little savings. They got a gift from Dad and I took them FHA.
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AK__47
1629 Posts |
Posted - 08/25/2008 : 2:14:04 PM
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quote:
Originally posted by bestbet123
Look at my thread and see what a moronic response i got from my local senator.
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
What thread? |
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cabehead1
110 Posts |
Posted - 08/25/2008 : 4:22:28 PM
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| The is a second from the NHF. Have anybody heard of the access programs? |
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jstar
1229 Posts |
Posted - 08/25/2008 : 4:33:08 PM
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quote:
Originally posted by jasonr.brown
What are the best sources, such as bond money and grant money programs, that you have found to replace it? I do business primarily in Missouri and Kansas and am looking for programs and solutions that would be able to be used in those states.
HUD "block grant programs" |
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GSE_
776 Posts |
Posted - 08/25/2008 : 4:39:08 PM
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Tom,
Can u explain ur quickdown program? I do not understand how it is exempt from the new housing bill.
Thank You,
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RANDY P
4163 Posts |
Posted - 08/25/2008 : 4:40:02 PM
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One question-
how do you know that 80% of those who use it don't need it?
Where do you get your facts? Or more aptly, your opinion on this?
As an appraiser since when do you get to see the 1003 and assets?
rjpquote:
Originally posted by powwow
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
The dirty little secret as Bestbet will tell you is that most of the people using it don't really need it. If 80% of your borrowers are using it, I'm guessing 80% of them could get by without it. That is about the percentage of DPA that I don't hit the inflated sales price on that still end up closing.
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 4:48:13 PM
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This one
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=237855
quote:
Originally posted by AK__47
quote:
Originally posted by bestbet123
Look at my thread and see what a moronic response i got from my local senator.
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
What thread?
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bwp4u
125 Posts |
Posted - 08/25/2008 : 4:50:24 PM
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| I would also state that about 80% of the people I work with could come up with their own down payment. For example, I had a couple with a 560 credit score, only found one lender that would do it and they would not allow DPA. I called the lady and told her we could not do her loan unless she coughs up the cash. She threw a fit and said that she could not come up with it. Then what do ya know, called back an hour later and said she would just take the 6k out of their 30k 401k that they did not tell us about. You will be amazed how quick people will come up with the cash when they have no other choice. |
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RANDY P
4163 Posts |
Posted - 08/25/2008 : 4:54:23 PM
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I highly disagree and it's irresponsible to say something like that without facts. Perpetutating myths like this are a sure way to end these which we need to continue to do biz.
There are no facts around it. Given the cost of money say, leave the money in a properly set up 401K or pay for it through a DPA it makes better financial sense in to use the DPA.
I also work in an area where the average home purchase price is over $300K as well. Keep that in mind - we all have differing loan amounts as well.
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 4:54:29 PM
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If you're such an authority on selling DPA's and fthb's why would you put down that you are a processor?We need DPA's , but only for the people who deserve it.Your 560 renter....should be doing just that,renting.You don't want to get rid of them,just regulate them.
quote:
Originally posted by bwp4u
I would also state that about 80% of the people I work with could come up with their own down payment. For example, I had a couple with a 560 credit score, only found one lender that would do it and they would not allow DPA. I called the lady and told her we could not do her loan unless she coughs up the cash. She threw a fit and said that she could not come up with it. Then what do ya know, called back an hour later and said she would just take the 6k out of their 30k 401k that they did not tell us about. You will be amazed how quick people will come up with the cash when they have no other choice.
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powwow
385 Posts |
Posted - 08/25/2008 : 5:08:29 PM
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quote:
Originally posted by RANDY P
One question-
how do you know that 80% of those who use it don't need it?
Where do you get your facts? Or more aptly, your opinion on this?
As an appraiser since when do you get to see the 1003 and assets?
rjpquote:
Originally posted by powwow
quote:
Originally posted by topdollar
I am looking for the same thing. About 80% of my business has been utilizing the Nehemiah Program on purchases. I am getting a little nervous on what’s going to happen after Oct. 1st.
The dirty little secret as Bestbet will tell you is that most of the people using it don't really need it. If 80% of your borrowers are using it, I'm guessing 80% of them could get by without it. That is about the percentage of DPA that I don't hit the inflated sales price on that still end up closing.
You don't mind a little hyperbole do you? I pulled that number out of a hat. But based on my experience, the majority of them that don't make it due to the appraisal eventually close. I don't need to see a 1003 to know whether the loan closes. Also, I've heard several people on this forum say that most of their DPA borrowers have money in the bank they had just rather keep it as opposed to using it as down payment. |
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powwow
385 Posts |
Posted - 08/25/2008 : 5:12:03 PM
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| That's another little secret that probably even you LO's don't know. Proccessors and underwriters hate DPA programs. They would just never say it out loud because of fear of offending production staff. |
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GSE_
776 Posts |
Posted - 08/25/2008 : 5:13:15 PM
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"You don't mind a little hyperbole do you? I pulled that number out of a hat."
This should not surprise anyone. You seem to make up statistics and call them facts all the time. You call it "hyperbole", in the real world it is called BS'ing......
"Proccessors and underwriters hate DPA programs."
Some more of the "hyperbole/BS'ing"....Can you link any data to back to statement up? Or did you use that same hat to pull that information out of that where you got that 80% stat above?
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 5:26:17 PM
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Who effen cares what an underwriter thinks?I pay my processors to do the job,if they don't like it,pound sand.
quote:
Originally posted by powwow
That's another little secret that probably even you LO's don't know. Proccessors and underwriters hate DPA programs. They would just never say it out loud because of fear of offending production staff.
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powwow
385 Posts |
Posted - 08/25/2008 : 5:28:13 PM
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bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tale. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 5:31:23 PM
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But you and bwpfu are retarded,so your opinion is of no consequence to me.
quote:
Originally posted by powwow
bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tail. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook.
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powwow
385 Posts |
Posted - 08/25/2008 : 5:33:12 PM
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quote:
Originally posted by GSE_
"You don't mind a little hyperbole do you? I pulled that number out of a hat."
This should not surprise anyone. You seem to make up statistics and call them facts all the time. You call it "hyperbole", in the real world it is called BS'ing......
"Proccessors and underwriters hate DPA programs."
Some more of the "hyperbole/BS'ing"....Can you link any data to back to statement up? Or did you use that same hat to pull that information out of that where you got that 80% stat above?
I challenge you to find one instance where I've made up statistics and tried to pass them off as facts. My statement which you misrepresented in your post was "If 80% of your borrowers are using it, I'm guessing 80% of them could get by without it."
Man you guys are awfully sensitive. For whom does the bell toll? |
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powwow
385 Posts |
Posted - 08/25/2008 : 5:34:33 PM
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quote:
Originally posted by bestbet123
But you and bwpfu are retarded,so your opinion is of no consequence to me.
quote:
Originally posted by powwow
bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tail. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook.
It tolls for thee. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 5:36:44 PM
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LOL....gotcha goin didn't I??????????
quote:
Originally posted by powwow
quote:
Originally posted by bestbet123
But you and bwpfu are retarded,so your opinion is of no consequence to me.
quote:
Originally posted by powwow
bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tail. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook.
It tolls for thee.
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GSE_
776 Posts |
Posted - 08/25/2008 : 5:37:49 PM
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Thank you for not continuing to make up facts/statistics Powwow. Please refrain from posting what is truly your opinion with "Fictitious Statistics". Your credibility has taken a serious hit, maybe just use some discretion when making items up.
Just asked my processor about your DPA analysis. She said and this is a quote "I would rather process a DPA File, then have no job at all." That is the only sample of processors I have, but I will ask my Underwriter in the morning. If she agrees with my processor, just think I can use your "Statistical Analysis" and say 100% of the Processoors & Underwriters like DPA's.
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powwow
385 Posts |
Posted - 08/25/2008 : 5:41:16 PM
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quote:
Originally posted by bestbet123
LOL....gotcha goin didn't I??????????
quote:
Originally posted by powwow
quote:
Originally posted by bestbet123
But you and bwpfu are retarded,so your opinion is of no consequence to me.
quote:
Originally posted by powwow
bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tail. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook.
It tolls for thee.
LOL, don't take much. |
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powwow
385 Posts |
Posted - 08/25/2008 : 5:44:38 PM
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quote:
Originally posted by GSE_
Thank you for not continuing to make up facts/statistics Powwow. Please refrain from posting what is truly your opinion with "Fictitious Statistics". Your credibility has taken a serious hit, maybe just use some discretion when making items up.
Just asked my processor about your DPA analysis. She said and this is a quote "I would rather process a DPA File, then have no job at all." That is the only sample of processors I have, but I will ask my Underwriter in the morning. If she agrees with my processor, just think I can use your "Statistical Analysis" and say 100% of the Processoors & Underwriters like DPA's.
You can say what you want to but your production staff right? Get back to me on what your U/W says. LMAO.
I've said it before, you guys that have built your business on DPA and B & C aren't going to be around much longer. I can tell who you guys are too. I can feel the desperation. You haven't been around very long but it's real easy to sell water to someone who's dying of thirst. Don't get me wrong there will a lot of johnny-come-lately appraisers who will be in the unemployment line with you. |
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GSE_
776 Posts |
Posted - 08/25/2008 : 5:47:26 PM
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Again, any link to cite this - "Proccessors and underwriters hate DPA programs."
Again, please refrain from posting your opinion as fact. Maybe when you're stretching a homes value you can justify your opinion as fact, but not in the non-uspap world.
Again, thank you for complying.....
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 5:48:09 PM
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Not these days it doesn't,i was much more tolerable 2 years ago.lol
quote:
Originally posted by powwow
quote:
Originally posted by bestbet123
LOL....gotcha goin didn't I??????????
quote:
Originally posted by powwow
quote:
Originally posted by bestbet123
But you and bwpfu are retarded,so your opinion is of no consequence to me.
quote:
Originally posted by powwow
bwpfu backs me up. My own experience tells me it's true. I have substantial experience.
I have figures from HUD and GOA which you guys say are BS. Maybe they are, but you guys don't have any figures at all. Your 700 credit score guy that gets DPA may default just as often as 580 guy. I do know this, retail lenders a falling down trying to get out of the DPA business. Their servicing portfolios do tell the tail. Also, 29% of DR Hortons sales in July utilized DPA. That means that 29% of DR Hortons customers started on their American Dream underwater. That is one national builder in one month. How many is it for all the builders in the last 10 years? I don't know exactly, but it's a lot. You don't have to be a rocket scientist to know that it's not a good idea. You only have to put the blinders on because it will hit you in the pocketbook.
It tolls for thee.
LOL, don't take much.
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 5:59:40 PM
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I am the greatest LO/MB ever!!!!!You will have to deal with me and DPA's forever!They will be back,just in anaother package.The public will demand it.you'll see John....
quote:
Originally posted by powwow
quote:
Originally posted by GSE_
Thank you for not continuing to make up facts/statistics Powwow. Please refrain from posting what is truly your opinion with "Fictitious Statistics". Your credibility has taken a serious hit, maybe just use some discretion when making items up.
Just asked my processor about your DPA analysis. She said and this is a quote "I would rather process a DPA File, then have no job at all." That is the only sample of processors I have, but I will ask my Underwriter in the morning. If she agrees with my processor, just think I can use your "Statistical Analysis" and say 100% of the Processoors & Underwriters like DPA's.
You can say what you want to but your production staff right? Get back to me on what your U/W says. LMAO.
I've said it before, you guys that have built your business on DPA and B & C aren't going to be around much longer. I can tell who you guys are too. I can feel the desperation. You haven't been around very long but it's real easy to sell water to someone who's dying of thirst. Don't get me wrong there will a lot of johnny-come-lately appraisers who will be in the unemployment line with you.
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powwow
385 Posts |
Posted - 08/25/2008 : 6:04:05 PM
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quote:
Originally posted by GSE_
Again, any link to cite this - "Proccessors and underwriters hate DPA programs."
Again, please refrain from posting your opinion as fact. Maybe when you're stretching a homes value you can justify your opinion as fact, but not in the non-uspap world.
Again, thank you for complying.....
Whether I seem credible to you means very little to me. I talk to a lot of both processors and underwriters face to face, almost every day. Most of my friends are in the business, most of my family is in the business. I have been making contacts for almost twenty years. I'll admit that maybe the fact that I'm in The South skews my perception somewhat. We are a conservative bunch and believe that the best things in life are earned.
Again, show me where I've posted my opinion as fact.
By the way, in case you didn't notice "I would rather process a DPA File, than have no job at all." isn't exactly a ringing endorsement. |
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bestbet123
1690 Posts |
Posted - 08/25/2008 : 6:09:15 PM
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LOL...i just got that.We are the borg,resistance is futile.
quote:
Originally posted by GSE_
Again, any link to cite this - "Proccessors and underwriters hate DPA programs."
Again, please refrain from posting your opinion as fact. Maybe when you're stretching a homes value you can justify your opinion as fact, but not in the non-uspap world.
Again, thank you for complying.....
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tktmsa
131 Posts |
Posted - 08/26/2008 : 09:52:29 AM
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Oh no, we are not exempt from the bill, not sure how I implied we were. We're just operate a differently than most DPA's.quote:
Originally posted by GSE_
Tom,
Can u explain ur quickdown program? I do not understand how it is exempt from the new housing bill.
Thank You,
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GSE_
776 Posts |
Posted - 08/26/2008 : 09:56:10 AM
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NP Tom, just wondered.......
Powwow, spoke to my Underwriter this morning. She said "No differece in verifying a DPA, or someones assets to close." I guess using your statistics that 100% of Processors and Underwriters like FHA Loans with DPA.
Best of luck Mr. Credibility.................
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