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FHAfundings
14 Posts |
 Posted - 10/06/2008 : 07:10:51 AM
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| Has anyone heard anything about their stability? Their Jumbo rates are somewhat aggressive. Thanks |
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shaslam
407 Posts |
Posted - 10/06/2008 : 07:35:35 AM
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| They are First Horizon. That is, the insurance company MetLife purchased First Horizon a couple months ago. Don't know much about their stability though. |
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PCF LOANS
19 Posts |
Posted - 10/06/2008 : 07:39:33 AM
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I know a couple of people inside. Met apparently liked the First Horizon business model so much that they left things virtually unchanged and simply rebranded.
Back in my resi days I always liked First Horizon, and MetLife seems to be running a tight ship. While nothing is certain in this credit environment, the operation seems promising. |
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FHAfundings
14 Posts |
Posted - 10/06/2008 : 07:42:05 AM
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| Thanks to you both! |
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nutesch
484 Posts |
Posted - 10/06/2008 : 08:25:57 AM
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They are a great company......Turn times are awesome, pricing is good and people are very responsive there.
I think stability is very good....They weren't really in the mortgage market heavily like other financial institutions in the past, so they don't have a lot of the same woes of trying to fix their balance sheets from all of the bad paper.
I look for them to shine in the new market....Just my .02 |
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rainmand
3805 Posts |
Posted - 10/06/2008 : 10:08:49 AM
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>>They are First Horizon. That is, the insurance company MetLife purchased First Horizon a couple months ago.
They're also Everbank Reverse - another one of their recent purchases. I'm talking with a Metlife Recruiter, to see if a Reverse Mortgage position with them might be a good fit. |
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MisterVA
6570 Posts |
Posted - 10/06/2008 : 10:10:20 AM
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quote:
Originally posted by rainmand
>>They are First Horizon. That is, the insurance company MetLife purchased First Horizon a couple months ago.
They're also Everbank Reverse - another one of their recent purchases. I'm talking with a Metlife Recruiter, to see if a Reverse Mortgage position with them might be a good fit.
A friend of mine just went with MetLife as a RM originator and likes what he sees so far. |
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rainmand
3805 Posts |
Posted - 10/06/2008 : 10:16:44 AM
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| I haven't talked compensation with them yet Paul, do you know how your friends compensation is structured? |
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velecico
3935 Posts |
Posted - 10/06/2008 : 10:30:56 AM
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it cant be more than .50 bps |
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rainmand
3805 Posts |
Posted - 10/06/2008 : 10:57:24 AM
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| You mean 50%, right? |
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MisterVA
6570 Posts |
Posted - 10/06/2008 : 11:22:48 AM
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quote:
Originally posted by rainmand
I haven't talked compensation with them yet Paul, do you know how your friends compensation is structured?
I suspect it is 50% of origination fee & 50% of any premium earned. That may end up as not allowable in many states [premium]. It could have a volume tiering which gives additonal bps, but that is mere speculation on my part. |
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nowbroker
1364 Posts |
Posted - 10/06/2008 : 11:39:01 AM
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| That is interesting that you say their Jumbo rates are priced well, yet on the broker side they do not even offer them. |
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rainmand
3805 Posts |
Posted - 10/06/2008 : 12:56:31 PM
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| I thought their Jumbo was gone entirely ... has it been discontinued for the retail side only? If I worked for MetLife, would I be able to offer their Jumbo? That'd mean a lot to me because their program is way better then The Senior Lending Network. I'm turning down homeowners everyday from www.superjumboreversemortgage.com because they have a shortfall with the Simple Equity but would have been positive with Everbank's Jumbo. |
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shaslam
407 Posts |
Posted - 10/06/2008 : 1:48:05 PM
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| Under the old regime of First Horizon, the comp plan was tiered. Anything under $500K in volume, you were paid 40 bps. It went up from there incrementally at 500k and topped of at 70 bps for 2.5 million in volume. These numbers were all monthly, of course. |
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EMScommercial
5138 Posts |
Posted - 10/06/2008 : 4:10:06 PM
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| not talked to them about resi before.... sorry |
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