| Author |
Previous Topic | Next Topic |
|
CoolMtgGuy
3658 Posts |
 Posted - 08/27/2008 : 7:06:28 PM
|
| other brokers for their own home financing or do they go to the retail channel? |
|
clearwaterny
347 Posts |
Posted - 08/27/2008 : 7:09:01 PM
|
| I did one for another broker a couple of years ago but good luck with the lenders these days getting a broker loan done. |
|
|
waynepbright
3660 Posts |
Posted - 08/27/2008 : 7:09:45 PM
|
YEP |
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/27/2008 : 7:26:47 PM
|
I know from my own experience that it is extremely difficult to for an originator to get a loan. I got mine from a retail Wachovia rep when my wholesale World rep screwed up the submission of my file. It cost me $8k!!! I was hapy that the schmuck from World lost his job!
So where are brokers going for their own financing these days? |
|
|
Liquidgirl
104 Posts |
Posted - 08/27/2008 : 8:16:40 PM
|
quote:
Originally posted by CoolMtgGuy
I know from my own experience that it is extremely difficult to for an originator to get a loan. I got mine from a retail Wachovia rep when my wholesale World rep screwed up the submission of my file. It cost me $8k!!! I was hapy that the schmuck from World lost his job!
So where are brokers going for their own financing these days?
I wish I was making enough to buy something new! |
|
|
Mandyvilla
3405 Posts |
Posted - 08/27/2008 : 8:44:51 PM
|
| I have closed a few loans over the past two years for BO members while working at BofA. |
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/27/2008 : 9:19:41 PM
|
I know the feeling as I am trying to unloan even the far-from-new things that is costing me money that I would rather use elsewhere. The last new thing that I bought is a friggin lawn mower!
quote:
Originally posted by Liquidgirl
quote:
Originally posted by CoolMtgGuy
I know from my own experience that it is extremely difficult to for an originator to get a loan. I got mine from a retail Wachovia rep when my wholesale World rep screwed up the submission of my file. It cost me $8k!!! I was hapy that the schmuck from World lost his job!
So where are brokers going for their own financing these days?
I wish I was making enough to buy something new!
|
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/27/2008 : 9:22:05 PM
|
And you were/are a retail LO.
I am wondering if the lack of responses mean that many originators on BO do not own homes. What do you think?
quote:
Originally posted by Mandyvilla
I have closed a few loans over the past two years for BO members while working at BofA.
|
|
|
Mandyvilla
3405 Posts |
Posted - 08/27/2008 : 9:29:30 PM
|
| No idea...I know several that are homowners....but, I don't own right now. I was bought out of my marital home in a divorce (based on late 2006 values - *snicker). Uh, I do believe there is a bit more room to slide down in value, especially after October 1. That sounds like a good time, October to January. |
|
|
Ruby2sdae2
279 Posts |
Posted - 08/27/2008 : 9:33:41 PM
|
| My boss at the time did my loan when I bought the home I'm in 8 years ago. |
|
|
1003s.com
3346 Posts |
Posted - 08/27/2008 : 11:19:25 PM
|
quote:
Originally posted by CoolMtgGuy
other brokers for their own home financing or do they go to the retail channel?
I talked directly with the CEO of a local bank, and he cut me a better deal
than I could find anywhere. As a result, over the years, I sent that bank
a decent amount of business. So, I think in the long run, it was a winning deal
for both of us. |
|
|
lemeuss
463 Posts |
Posted - 08/28/2008 : 05:55:35 AM
|
| I just bought a new home 2 months ago using PNC Bank...the process sucked, and my loan terms changed at the table (2 hours after the scheduled settlement time), but at least it closed |
|
|
darkstar
18087 Posts |
Posted - 08/28/2008 : 06:05:23 AM
|
I created my own income docs, I didn't trust the one I used to get them right...
[tic] |
|
|
SHABONE
356 Posts |
Posted - 08/28/2008 : 06:20:10 AM
|
| Paid Cash, you should try it. |
|
|
Scrooge McDuck
8753 Posts |
Posted - 08/28/2008 : 06:21:12 AM
|
1 house, my boss wrote the loan. my other 2 houses, 1 wrote the loans. 1 was with citi, the other was ith homecomings. all 3 were full doc.
the one the boss wrote was 3 years ago, the citi was 2 years ago. the homecomings was last summer.
i am in the market for a 4 fam right now and i dont know how ill get it financed. |
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/28/2008 : 06:23:51 AM
|
Wow ... that must have been quite an experience for an originator to be subjected to changed loan terms at the closing table. Glad it worked out for you.
quote:
Originally posted by lemeuss
I just bought a new home 2 months ago using PNC Bank...the process sucked, and my loan terms changed at the table (2 hours after the scheduled settlement time), but at least it closed
|
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/28/2008 : 06:25:45 AM
|
I trust you so will you create some for me the next time I have to buy? I want to see lots of zeros in those numbers.
quote:
Originally posted by darkstar
I created my own income docs, I didn't trust the one I used to get them right...
[tic]
|
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/28/2008 : 06:33:06 AM
|
The thought that triggered me to start this post is this...
SISA & SIVA loans were so easy to get a year ago that it really did not even make sense to spend time collecting income and tax documentation for application. Now everything is FULL DOC and originators' income is way down and the job market for unemployed originators stinks .... so it has to be very difficult for originators, and real estate agents for that matter, to qualify today to buy anything.
Since we pride ourselves in being the most creative people on the planet (ok ... only some of us do that!), how are we to address this situation? I wonder how many originators out there for more than a year has NEVER owned a property? If you have never OWNED a property, how can you truly understand the feeling of having the keys to your new home placed in your hand? If you have not had that experience, how can you say that you really know what this business is all about?
|
|
|
jillstatz
657 Posts |
Posted - 08/28/2008 : 06:42:15 AM
|
| I did one through Wells Fargo for on of the people in our company last spring...went really smoothly. |
|
|
Carpet Muncher
1385 Posts |
Posted - 08/28/2008 : 06:52:07 AM
|
quote:
Originally posted by CoolMtgGuy
And you were/are a retail LO.
I am wondering if the lack of responses mean that many originators on BO do not own homes. What do you think?
I think most members here own homes, unless they are young. A mortgage broker that doesn't own a home is kind of like a vegetarian butcher. I have a buddy in retail who did mine. No real hassle. 80/20 fixed full doc. This was 5 years ago. Probably would be a lot more hassle if I was buying now, plus I would need to actually put something down. |
|
|
Scrooge McDuck
8753 Posts |
Posted - 08/28/2008 : 06:54:02 AM
|
quote:
Originally posted by CoolMtgGuy
The thought that triggered me to start this post is this...
SISA & SIVA loans were so easy to get a year ago that it really did not even make sense to spend time collecting income and tax documentation for application. Now everything is FULL DOC and originators' income is way down and the job market for unemployed originators stinks .... so it has to be very difficult for originators, and real estate agents for that matter, to qualify today to buy anything.
Since we pride ourselves in being the most creative people on the planet (ok ... only some of us do that!), how are we to address this situation? I wonder how many originators out there for more than a year has NEVER owned a property? If you have never OWNED a property, how can you truly understand the feeling of having the keys to your new home placed in your hand? If you have not had that experience, how can you say that you really know what this business is all about?
take it a step further. i used to HATE mowing the lawn when my dad told me to. i never liked doing wood work stuff. now i love doing all that.
i built a fickin stone wall in front of my house this last weekend, limbed up a bunch of trees, which required me to sharpen the chain and tune up the chain saw. even after drinkin til 3am, feeling gross in the morning, i was still up at 8am to get crackin on my chores.
they have no clue.
another step further. they cant tell people how cool it is to be a landlord, without owning a rental either. |
|
|
CoolMtgGuy
3658 Posts |
Posted - 08/28/2008 : 06:55:57 AM
|
I like that ... do you mind if I use it?
I would add real estate people to the list. How can you tell people "it's a great time to buy a home!" when you have never owned one? I know many of these folks ...
"A mortgage broker that doesn't own a home is kind of like a vegetarian butcher."
|
|
|
jlgyork
308 Posts |
Posted - 08/28/2008 : 07:21:54 AM
|
| I am refinancing my current house to an FHA loan, and paying just about everything I have off, and my payment is about $20 higher then it was when bought it. I called my AE from the lender I wanted to use, and asked him for a referral to another broker that he thought would take care of me. I contacted the broker and told them what my terms were, and they were cool with it. I am paying them .5%, so I am pretty happy with the deal. This is full doc though, so I am sure SISA or SIVA would be a lot harder, but this process seemed to work out pretty good for me. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
