SIVA / SISA Wholesale lenders?

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khachdovlatyan

7 Posts

Posted - 10/04/2008 : 2:45:22 PM

I have heard that there are small lenders that offer 10% Down SIVA...Anyone knows one?

propertylender.c

1276 Posts

Posted - 10/04/2008 : 8:42:52 PM

No way.
I just talked to a broker today. The only SIVA is 25% down, own your own business, and steller credit.

Oh, and a 4506

scottee10

43 Posts

Posted - 10/04/2008 : 8:59:22 PM

Just funded one. They absolutely exist. Amazing how uninformed some lo's are. Knowledge is power boys and girls......

chuckec1204

33 Posts

Posted - 10/06/2008 : 05:33:55 AM

HI I CAN HELP YOU WITH THIS LOAN SIVA.I CAN DO PURCHASE OR R/T 700 FICO

85% PURCHASE OR R/T 720 FICO

90% PURCHASE OR R/T 740 FICO

75% CASHOUT 700 FICO

80% CASHOUT 720 FICO

ALL OWNER O/O

NON-OWNER SIVA

80% PURCHASE OR R/T 720 FICO

75% CASHOUT 720 FICO

CHUCK CRAWFORD

CCRAWFORD1204@AOL.COM

937-414-6191

RobStorm

482 Posts

Posted - 10/06/2008 : 05:50:10 AM

quote:
Originally posted by chuckec1204

HI I CAN HELP YOU WITH THIS LOAN SIVA.I CAN DO PURCHASE OR R/T 700 FICO

85% PURCHASE OR R/T 720 FICO

90% PURCHASE OR R/T 740 FICO

75% CASHOUT 700 FICO

80% CASHOUT 720 FICO

ALL OWNER O/O

NON-OWNER SIVA

80% PURCHASE OR R/T 720 FICO

75% CASHOUT 720 FICO

CHUCK CRAWFORD

CCRAWFORD1204@AOL.COM

937-414-6191

I have some questions.

1) Who are you?
2) Are you a broker or Lender?
3) Why are you using an AOL account as opposed to company email?
4) What is with the "All Caps" (Very annoying)

Aloha

294 Posts

Posted - 10/06/2008 : 12:33:53 PM

quote:
Originally posted by RobStorm

quote:
Originally posted by chuckec1204

HI I CAN HELP YOU WITH THIS LOAN SIVA.I CAN DO PURCHASE OR R/T 700 FICO

85% PURCHASE OR R/T 720 FICO

90% PURCHASE OR R/T 740 FICO

75% CASHOUT 700 FICO

80% CASHOUT 720 FICO

ALL OWNER O/O

NON-OWNER SIVA

80% PURCHASE OR R/T 720 FICO

75% CASHOUT 720 FICO

CHUCK CRAWFORD

CCRAWFORD1204@AOL.COM

937-414-6191

I have some questions.

1) Who are you?
2) Are you a broker or Lender?
3) Why are you using an AOL account as opposed to company email?
4) What is with the "All Caps" (Very annoying)

yes, i would like to see answers too!!!!

chuckec1204

33 Posts

Posted - 10/06/2008 : 2:19:33 PM

YOU CAN CALL ME AT 937-414-6191

RobStorm

482 Posts

Posted - 10/06/2008 : 2:27:35 PM

Well, I got my answer. Chuck called me and he explained he is a correspondent that has a federal charter. If I had a deal he could do, he would split it with me 50/50.

When I inquired about a cobrokering issue, he replied that he pays out of his marketing company for marketing services.

I told him no thank you.

dkendall1979

10147 Posts

Posted - 10/06/2008 : 2:45:51 PM

Are you really surprised?

There are no "True" Siva loans available right now as there are no investors for them. GMAC is offering SIVA up to $2M (but lets get real, it's probably more like $1M max) but the rates/terms make it unreasonable to pursue.

There is no secondary market for stated loans right now. Portfolio products only and even then, those with their own money to lend aren't lending to high LTV's right now.

The "brokers" who come on here wanting to co-broker your stated loans are runnding DU/LP in the hopes to get a "perform verbal" finding. That is all.

quote:
Originally posted by RobStorm

Well, I got my answer. Chuck called me and he explained he is a correspondent that has a federal charter. If I had a deal he could do, he would split it with me 50/50.

When I inquired about a cobrokering issue, he replied that he pays out of his marketing company for marketing services.

I told him no thank you.

RobStorm

482 Posts

Posted - 10/06/2008 : 2:58:45 PM

quote:
Originally posted by dkendall1979

Are you really surprised?

There are no "True" Siva loans available right now as there are no investors for them. GMAC is offering SIVA up to $2M (but lets get real, it's probably more like $1M max) but the rates/terms make it unreasonable to pursue.

There is no secondary market for stated loans right now. Portfolio products only and even then, those with their own money to lend aren't lending to high LTV's right now.

The "brokers" who come on here wanting to co-broker your stated loans are runnding DU/LP in the hopes to get a "perform verbal" finding. That is all.

quote:
Originally posted by RobStorm

Well, I got my answer. Chuck called me and he explained he is a correspondent that has a federal charter. If I had a deal he could do, he would split it with me 50/50.

When I inquired about a cobrokering issue, he replied that he pays out of his marketing company for marketing services.

I told him no thank you.

David, I was definately not surprised. I was just forwarding the info to the rest of BO.

He even posted in a thread where the LO was asking for FHA below 580. Same exact reply about all credit scores needing to be over 700.... lol

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:03:06 PM

WELL THATS NOT TRUE. ALL SIVA PRODUCTS WITH MY INVESTORS ARE MANUAL UNDERWRITE AND IT'S NOT GMAC. 65% TO 2 MILLION WITH A 680 MIN SCORE. 70% TO 1.5 MILLION AND 75% UP TO 1 MILLION. IF ITS UNDER 417K THEN YES IT WILL BE LP OR DU. DON'T KNOW WHY CERTAIN PEOPLE ARE TRYING TO TALK DOWN ON EACH OTHER. IF ONE'S SERVICES DON'T MEET YOUR NEEDS THEN JUST KEEP IT MOVING AND HANDLE YOUR BUSINESS.

RobStorm

482 Posts

Posted - 10/06/2008 : 3:07:04 PM

quote:
Originally posted by chuckec1204

WELL THATS NOT TRUE. ALL SIVA PRODUCTS WITH MY INVESTORS ARE MANUAL UNDERWRITE AND IT'S NOT GMAC. 65% TO 2 MILLION WITH A 680 MIN SCORE. 70% TO 1.5 MILLION AND 75% UP TO 1 MILLION. IF ITS UNDER 417K THEN YES IT WILL BE LP OR DU. DON'T KNOW WHY CERTAIN PEOPLE ARE TRYING TO TALK DOWN ON EACH OTHER. IF ONE'S SERVICES DON'T MEET YOUR NEEDS THEN JUST KEEP IT MOVING AND HANDLE YOUR BUSINESS.

I'm not saying that you do not have the product. I am just questioning your professionalism in using the same exact reply for each thread.

And when posting a response telling them you can do a loan you should be upfront and tell them you can't sign them up as a broker but will do the loan for them for half of the money.

It's up to them if they choose to break respa guidelines. Not my problem. At least I know where I stand in the long run....... still in business.

Edit: And please ease up with the "all caps". We here are perfectly capable of reading upper and lower case.

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:07:34 PM

THE FHA UNDER 580 IS DIFFERENT FROM FROM THE SIVA PRODUCT. I HAVE 2-3 INVESTORS THAT ARE DOING FHA DOWN TO A 540 SCORE. SO WHY ARE YOU GROWN MEN PLAYING CHILDRENS GAMES. IN THIS BUSINESS IT'S ALL ABOUT WHAT INVESTOR YOU KNOW. AND AS IT SEEMS YOUR NOT SIGNED UP WITH THE RIGHT INVESTORS. SO STOP HATING AND BE A MAN. YOU KNOW NOTHING ABOUT ME.

dkendall1979

10147 Posts

Posted - 10/06/2008 : 3:08:18 PM

Because you have no concept of the banking industry or the MBS as a whole.

There is not some random institution lending their own hard cash for high LTV Stated right now. I can 100% gaurantee you that! You may think you have some rogue investor doing the funkiest of funky, but even they have to make a sellable security. Otherwise they will be a small portfolio lender that does very conservative lending, such as Union Bank of CA, Luther Burbank and Washington Federal. Just to name a few.

quote:
Originally posted by chuckec1204

WELL THATS NOT TRUE. ALL SIVA PRODUCTS WITH MY INVESTORS ARE MANUAL UNDERWRITE AND IT'S NOT GMAC. 65% TO 2 MILLION WITH A 680 MIN SCORE. 70% TO 1.5 MILLION AND 75% UP TO 1 MILLION. IF ITS UNDER 417K THEN YES IT WILL BE LP OR DU. DON'T KNOW WHY CERTAIN PEOPLE ARE TRYING TO TALK DOWN ON EACH OTHER. IF ONE'S SERVICES DON'T MEET YOUR NEEDS THEN JUST KEEP IT MOVING AND HANDLE YOUR BUSINESS.

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:11:15 PM

IM STILL IN BUSINESS AND DOING BUSINESS EVERYDAY AND NOT BREAKING ANY RULES OR LAWS. ROB JUST GO ABOUT YOUR WAY SIR AND LETS END THIS.

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:18:07 PM

FIRST OF ALL THIS IS NOT HARD MONEY. NEXT THESE ARE FAR FROM SMALL BANKS. BUT FOR SOMEONE TO USE THERE TIME TO TRY AND BE-LITTLE SOMEONE ELSE YOU MUST NOT BE VERY BUSY AND HAVE TO MUCH EXTRA TIME ON YOUR HANDS. LETS ALL HATERS AND NON-BELIEVERS JUST MIND PUT AS MUCH EFFORT IN YOUR OWN THAN THRYING TO PICK APART SOMEONE ELSES YOU WILL BE A LOT FURTHER AHEAD

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:21:59 PM

DKENDALL LUX MORTGAGE IS NOT THE ONLY BANK OUT HERE. DAVID L IS MY REP. AND YOUR BUYDOWN IS 2-3 POINTS ANYWAY. SO PLEASE DONT TELL ME HOW OR WHAT TO DO ABOUT MY BUSINESS. YOU BOYS ARE NOT THE ONLY INVESTORS ON THE BLOCK BY FAR.

RobStorm

482 Posts

Posted - 10/06/2008 : 3:24:47 PM

quote:
Originally posted by chuckec1204

THE FHA UNDER 580 IS DIFFERENT FROM FROM THE SIVA PRODUCT. I HAVE 2-3 INVESTORS THAT ARE DOING FHA DOWN TO A 540 SCORE. SO WHY ARE YOU GROWN MEN PLAYING CHILDRENS GAMES. IN THIS BUSINESS IT'S ALL ABOUT WHAT INVESTOR YOU KNOW. AND AS IT SEEMS YOUR NOT SIGNED UP WITH THE RIGHT INVESTORS. SO STOP HATING AND BE A MAN. YOU KNOW NOTHING ABOUT ME.

I know from talking with you that you are willing to break the rules. This has nothing to do with "hating". And I am being a man by standing by what I know is right.

chuckec1204

33 Posts

Posted - 10/06/2008 : 3:30:03 PM

THATS YOUR OPTION AND A OPTION IS JUST LIKE LEFT FOOT EVERYONE HAS ONE. GO CLOSE SOMETHING. I HAVE WORK TO DO UNLIKE YOU. SEE IF LUX MORTGAGE (DKENDALL) CAN CLOSE YOUR LOANS OR THE CLIENT OR THE LEAD THAT GAVE YOU THE LOAN OR LOANS WILL FIND ME ANYWAY. GO TOO A LENDER OUTING AND FIND THE SIVA PRODUCT YOU NEED. BECAUSE YOU DON'T HAVE IT.

dkendall1979

10147 Posts

Posted - 10/06/2008 : 3:38:11 PM

I have no personal interest in giving misinformation. The smallest loan amount I will look at on the private banking side is $2M and I only pay a referal fee of .5% to the referring broker. So, I'm not soliciting the loan product.

However, when there is an actual BANK out there doing things that I can just happily give a name and number to, I give that information gladly.

On the other hand, when you have friends that play in the capital markets and trade mortgage securities, you feel pretty confident in saying there are no LARGE institutional lenders, other than GMAC & Thornburg, that are trading MBS with stated income.

RobStorm

482 Posts

Posted - 10/06/2008 : 3:38:54 PM

quote:
Originally posted by chuckec1204

THATS YOUR OPTION AND A OPTION IS JUST LIKE LEFT FOOT EVERYONE HAS ONE. GO CLOSE SOMETHING. I HAVE WORK TO DO UNLIKE YOU. SEE IF LUX MORTGAGE (DKENDALL) CAN CLOSE YOUR LOANS OR THE CLIENT OR THE LEAD THAT GAVE YOU THE LOAN OR LOANS WILL FIND ME ANYWAY. GO TOO A LENDER OUTING AND FIND THE SIVA PRODUCT YOU NEED. BECAUSE YOU DON'T HAVE IT.

I am assuming that you mean opinion and, yes, you're right, everyone has one. Mine has kept me in business for almost 15 years and still going.

If you were doing business the right way as you stated, then why do you need a marketing company in order to pay people. Oh wait, nevermind, you're just about getting the loan done no matter what the cost. It's people like you that have gotten us to where we are now in this industry.

Troll somewhere else please.

RobStorm

482 Posts

Posted - 10/06/2008 : 4:00:26 PM

quote:
Originally posted by dkendall1979

I have no personal interest in giving misinformation. The smallest loan amount I will look at on the private banking side is $2M and I only pay a referal fee of .5% to the referring broker. So, I'm not soliciting the loan product.

However, when there is an actual BANK out there doing things that I can just happily give a name and number to, I give that information gladly.

On the other hand, when you have friends that play in the capital markets and trade mortgage securities, you feel pretty confident in saying there are no LARGE institutional lenders, other than GMAC & Thornburg, that are trading MBS with stated income.

Well said David. But then again, he seems to know it all. Maybe you and I need to go "TOO" more lender outings so we can be as smart as Chuck.

BlackonBlackMayb

22 Posts

Posted - 10/20/2008 : 12:30:20 AM

Hello Chris,

I CAN DO THIS WHAT IS THE FICO? HOW MUCH IN ASSETS? send me an email & lets fund this in less than 20days!

quote:
Originally posted by khachdovlatyan

I have heard that there are small lenders that offer 10% Down SIVA...Anyone knows one?

jcapps

26 Posts

Posted - 10/20/2008 : 1:45:11 PM

We can fund loans up to 80%LTV stated... I do have a brokerage side and i'll work w/ any realtors/ referrals throught that side on those terms. HOWEVER, i also have a "sub company" that allows us to sign up individual brokers and do stated/verified up to 75%.

We WILL NOT do anything outside of the law so don't bother w/ a Mcdonald's cashier that makes 8g's a month, but if it's a reasonable deal and you'd like a reasonable commission, email me at jc4loans@hotmail.com

PS... the reason I'm using a "regular" email is that I set it up specifically for things like this.. i like to keep my leads and broker replies in this one and my in house/correspondent clients on the business server. Please email if you have any questions/scenarios i can help with.

gaya

37 Posts

Posted - 10/20/2008 : 1:57:57 PM

The only lenders I know doing SIVA are retail. Countrywide retail is still doing SIVA up to 85%. I know BofA is doing it too, but not sure to what LTV. Union Bank of California was the only wholesale lender I knew doing this, but they just discontinued their 90% SIVA on the 17th of this month. Either way, pretty much all lenders are running 4506 anyway. Good Luck Chris.

khachdovlatyan

7 Posts

Posted - 10/20/2008 : 2:13:21 PM

quote:
Originally posted by gaya

The only lenders I know doing SIVA are retail. Countrywide retail is still doing SIVA up to 85%. I know BofA is doing it too, but not sure to what LTV. Union Bank of California was the only wholesale lender I knew doing this, but they just discontinued their 90% SIVA on the 17th of this month. Either way, pretty much all lenders are running 4506 anyway. Good Luck Chris.

4506 is a deal killer for Self Employed..
Thanks anyway

The Board of Dir

46 Posts

Posted - 10/20/2008 : 2:34:47 PM

quote:
Originally posted by gaya

The only lenders I know doing SIVA are retail. Countrywide retail is still doing SIVA up to 85%. I know BofA is doing it too, but not sure to what LTV. Union Bank of California was the only wholesale lender I knew doing this, but they just discontinued their 90% SIVA on the 17th of this month. Either way, pretty much all lenders are running 4506 anyway. Good Luck Chris.

What mortgage insurance company is Countrywide using for their 85% SIVA product? I don't know of any MI company insuring stated loans. Shoot, they're not even insuring Freddie Mac Accept-Plus loans.

jscorbett

3648 Posts

Posted - 10/20/2008 : 2:56:40 PM

First off , what you are doing is illegal. secondly, luxury mortgage that you are referring to is not the same company.

quote:
Originally posted by chuckec1204

DKENDALL LUX MORTGAGE IS NOT THE ONLY BANK OUT HERE. DAVID L IS MY REP. AND YOUR BUYDOWN IS 2-3 POINTS ANYWAY. SO PLEASE DONT TELL ME HOW OR WHAT TO DO ABOUT MY BUSINESS. YOU BOYS ARE NOT THE ONLY INVESTORS ON THE BLOCK BY FAR.

mojojojo_1

838 Posts

Posted - 10/20/2008 : 5:10:33 PM

those jumbos are going to be in a rude awakening when their loan goes adjustable and the par rate is 11 12 % of the going market.

no one seems to be worried about that, but then again they will just mod. lol

hcf_ae

55 Posts

Posted - 10/20/2008 : 10:50:12 PM

We are a private equity firm that allows up to 80% on Jumbos $750k+ loans with a 700 FICO and 30% of the loan amount in reserves.

propertylender.c

1276 Posts

Posted - 10/20/2008 : 11:22:40 PM

quote:
Originally posted by scottee10

Just funded one. They absolutely exist. Amazing how uninformed some lo's are. Knowledge is power boys and girls......

Knowledge?

Okay, share the name of the lender and PMI company.

propertylender.c

1276 Posts

Posted - 10/20/2008 : 11:30:16 PM

quote:
Originally posted by khachdovlatyan

quote:
Originally posted by gaya

The only lenders I know doing SIVA are retail. Countrywide retail is still doing SIVA up to 85%. I know BofA is doing it too, but not sure to what LTV. Union Bank of California was the only wholesale lender I knew doing this, but they just discontinued their 90% SIVA on the 17th of this month. Either way, pretty much all lenders are running 4506 anyway. Good Luck Chris.

4506 is a deal killer for Self Employed..
Thanks anyway

Chris, the values in Glendale and Burbank are taking a while to tank, but it will happen, just on a slower pace.

The loans of the past 7 years (and unfortunately, the Neg. Am. Types which have been around since the late 80's) are gone for the next 7 to 10 years minimum.

Just focus on the W2's, some down payment, and not some jeweler who shows enough on his tax return to pay for his B.M.W.

Good Luck.

propertylender.c

1276 Posts

Posted - 10/20/2008 : 11:31:13 PM

quote:
Originally posted by khachdovlatyan

quote:
Originally posted by gaya

The only lenders I know doing SIVA are retail. Countrywide retail is still doing SIVA up to 85%. I know BofA is doing it too, but not sure to what LTV. Union Bank of California was the only wholesale lender I knew doing this, but they just discontinued their 90% SIVA on the 17th of this month. Either way, pretty much all lenders are running 4506 anyway. Good Luck Chris.

4506 is a deal killer for Self Employed..
Thanks anyway

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