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CoolMtgGuy
7200 Posts |
 Posted - 08/27/2008 : 7:04:24 PM
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loans done??
Just curious that more deals are going to the retail channel but borrowers with less than perfect ... correction steller ... credit would never make it past initial screening. So what happens to those people? Do the retail LOs counsel them about their credit the way good, experienced brokers do? Do the retail LOs refer them to credit repair companies so they have access to assistance to get their credit moving in the right direction?
Anyone know for sure? There are some retail LOs on BO so how about it? |
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MisterVA
8011 Posts |
Posted - 08/27/2008 : 7:47:56 PM
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| I refer them to the Neighborworks HomeOwnership Center if I cannot help them right away. It is $40 to take the class which includes a tri-merged credit report and the clasrom materials. Makes them better buyers down the road and I get referrals back all the time from the HOC. |
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bestbet123
1690 Posts |
Posted - 08/27/2008 : 7:52:23 PM
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I would use Alina now , she is hot and evedently knows what she is doing.I'm a sucker for a pretty face.
quote:
Originally posted by CoolMtgGuy
loans done??
Just curious that more deals are going to the retail channel but borrowers with less than perfect ... correction steller ... credit would never make it past initial screening. So what happens to those people? Do the retail LOs counsel them about their credit the way good, experienced brokers do? Do the retail LOs refer them to credit repair companies so they have access to assistance to get their credit moving in the right direction?
Anyone know for sure? There are some retail LOs on BO so how about it?
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syndicator
381 Posts |
Posted - 08/27/2008 : 8:16:51 PM
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| I now CW had Landsafe Credit to resolve any discrepencies on a credit report. They can turn things around in a couple of days and sometimes as quick as 24 hours. then repull credit for your new score. I'm sure that most large lenders have this available through there own in house company. |
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Mandyvilla
5405 Posts |
Posted - 08/27/2008 : 8:38:46 PM
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At BofA, we had a contact that charged by the tradeline - but the way the system is over there, once a score is pulled, the borrowers are stuck w/ that score for 90 days in their system.
I can do rapid rescores where I am now, but most likely will not do too many. I have offered to work with borrowers to do repair credit, they act enthusiastic and then are no shows for their first appointment. I do not offer this option to many of my customers and do not charge a dime....they all bomb. (I can't charge for it).
So to answer your question, I have the ability, but don't. |
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CoolMtgGuy
7200 Posts |
Posted - 08/27/2008 : 9:38:02 PM
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I saw you posted that before and thought it was a great idea. Good for you bud.
quote:
Originally posted by MisterVA
I refer them to the Neighborworks HomeOwnership Center if I cannot help them right away. It is $40 to take the class which includes a tri-merged credit report and the clasrom materials. Makes them better buyers down the road and I get referrals back all the time from the HOC.
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CoolMtgGuy
7200 Posts |
Posted - 08/27/2008 : 9:39:16 PM
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Hey ... whatever turns you on ... I mean work for you!
quote:
Originally posted by bestbet123
I would use Alina now , she is hot and evedently knows what she is doing.I'm a sucker for a pretty face.
quote:
Originally posted by CoolMtgGuy
loans done??
Just curious that more deals are going to the retail channel but borrowers with less than perfect ... correction steller ... credit would never make it past initial screening. So what happens to those people? Do the retail LOs counsel them about their credit the way good, experienced brokers do? Do the retail LOs refer them to credit repair companies so they have access to assistance to get their credit moving in the right direction?
Anyone know for sure? There are some retail LOs on BO so how about it?
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CoolMtgGuy
7200 Posts |
Posted - 08/27/2008 : 9:42:01 PM
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LandSafe was my only credit report and services provider for many years. They never did the type of stuff that credit repair companies do so I would not consider them for credit repair work.
quote:
Originally posted by syndicator
I now CW had Landsafe Credit to resolve any discrepencies on a credit report. They can turn things around in a couple of days and sometimes as quick as 24 hours. then repull credit for your new score. I'm sure that most large lenders have this available through there own in house company.
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hpmfinancial
1963 Posts |
Posted - 08/28/2008 : 12:03:50 AM
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| I work with contacts at Bank of America, Washington Mutual, and Wells. Many banks work with reputable companies. |
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CoolMtgGuy
7200 Posts |
Posted - 08/28/2008 : 06:50:01 AM
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Really??
This is what I have been trying to find out because it boggles my mind to think that retail lenders will simply turn away such borrowers with no guidance on what they should do next. I have always believed that the retail lender do some of the same things that they crticize 3rd-party originators of doing.
Borrowers' credit and property values have been the two key components of lending decisions of the past. Now add income (ability to repay) to that list. However the 1st two remain troublesome with credit profiles getting worse and property values continuing to drop, will there be a point where the market freezes? I now it looks bad now ... but I fear it will look much worse going forward so I am trying to figure out what source of home financing will rule the day?
quote:
Originally posted by hpmfinancial
I work with contacts at Bank of America, Washington Mutual, and Wells. Many banks work with reputable companies.
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MisterVA
8011 Posts |
Posted - 08/28/2008 : 06:57:53 AM
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quote:
Originally posted by CoolMtgGuy
I saw you posted that before and thought it was a great idea. Good for you bud.
quote:
Originally posted by MisterVA
I refer them to the Neighborworks HomeOwnership Center if I cannot help them right away. It is $40 to take the class which includes a tri-merged credit report and the classroom materials. Makes them better buyers down the road and I get referrals back all the time from the HOC.
There is a website for them as they are nationwide. Cannot remember the name of the webiste, but it comes up prominently in a search. |
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nationwide1156
27 Posts |
Posted - 08/28/2008 : 08:06:50 AM
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| The successful morgage broker that actually helps the customer with inaccurate tradelines on the reports are the ones that have repeat business and therefore are typically successful. Wed actually counsel our clients on how and what to do to help your clients with less than perfect credit correct inaccurate information. we are not a credit cleanup or repair company but a reporting company most of the time its free and easy to have your borrower correct information on his/her report themselves at no cost to them in a pretty timely manner. we actually educate our brokers to be able to spot these issues themselves and not rely on anyone to assist them with credit issues its mostly common sense. if anyone needs help with credit issues im always available... |
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BMONEY
299 Posts |
Posted - 08/28/2008 : 09:29:26 AM
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| Why would the bank want to manipulate the score to fit their guidelines? If you do that than why even have the credit guidelines? |
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Scrooge McDuck
13891 Posts |
Posted - 08/28/2008 : 09:31:18 AM
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| i get to work on the loan as i see it. |
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nationwide1156
27 Posts |
Posted - 08/28/2008 : 09:44:33 AM
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| I am not promoting increases in c=scores whatsoever but when inaccuracies appear then its only right that the borrower make any neccessary changes to his or her report to reflect the true history. Relying on the bureaus to report 100% accuracy when they rely on creditors to report to them the correct information. Having the ability to correct information that is incorrect is everyones right! who gave the bureaus permission to report credit information on people anyways? Who gives fair issac the right to calculate a score based on paying histories and data that they control the values on. All i have to say is if companies have the right to report and calculate information on you then you have the right to make sure that it is correct. the bureaus and fair issac have way to much power and control on credit decisions that others make based on their information. |
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hpmfinancial
1963 Posts |
Posted - 08/28/2008 : 09:57:36 AM
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quote:
Originally posted by CoolMtgGuy
Really??
This is what I have been trying to find out because it boggles my mind to think that retail lenders will simply turn away such borrowers with no guidance on what they should do next. I have always believed that the retail lender do some of the same things that they crticize 3rd-party originators of doing.
Borrowers' credit and property values have been the two key components of lending decisions of the past. Now add income (ability to repay) to that list. However the 1st two remain troublesome with credit profiles getting worse and property values continuing to drop, will there be a point where the market freezes? I now it looks bad now ... but I fear it will look much worse going forward so I am trying to figure out what source of home financing will rule the day?
quote:
Originally posted by hpmfinancial
I work with contacts at Bank of America, Washington Mutual, and Wells. Many banks work with reputable companies.
Many retail LO's want to get the deal done just as bad as the wholesale LOs. Many big banks still sell the loans on the secondary market.
One major reason is that the majority of clients that get turned down have inaccurate or unverifiable info. |
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