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daniko123
47 Posts |
 Posted - 06/26/2009 : 2:30:16 PM
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| 64 ltv rate and term refi having issues getting it qualified. Full doc 742 fico conforming. Having DU and LP issues can anyone suggest alternatives? |
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davidfr
2245 Posts |
Posted - 06/26/2009 : 2:31:30 PM
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| Can you pay off any debt, make it a cash out and do a higher LTV? At a 740 score the hit is only .25% up to 75% LTV. |
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JCBroker
19 Posts |
Posted - 06/26/2009 : 5:52:15 PM
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Email me, jcohen@sicloans.com
- Jeremy |
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GVDenny
522 Posts |
Posted - 06/26/2009 : 11:38:20 PM
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quote:
Originally posted by JCBroker
Email me, jcohen@sicloans.com
- Jeremy
Why would anyone email you when you are the same bottom feeding DB that posted this mindless drivel?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=271054 |
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peter
6465 Posts |
Posted - 06/28/2009 : 7:31:33 PM
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Try B of A Wholesale's "E-approve" which has both the DU and LP
plus their own risk modelling. Or Wells' Direct Express which
is similar to B of A's E-approve.
Peter |
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johnnyboy38109
4363 Posts |
Posted - 06/28/2009 : 8:03:38 PM
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quote:
Originally posted by daniko123
64 ltv rate and term refi having issues getting it qualified. Full doc 742 fico conforming. Having DU and LP issues can anyone suggest alternatives?
At the risk of sounding absurd...........is there a way to make this work @ 55?
I had this exact same situation last month and had to surrender partial yield to make it fly @55%.
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peter
6465 Posts |
Posted - 06/28/2009 : 10:07:57 PM
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Or, you can talk your borrower into paying for the lender's loan
discount to bring down the rate and the DTI to 55% to get past
the lender' AUS. I had to do that too with one of my files and
luckily the borrower understood and agreed to a 0.75% lender's loan discount
fee from the lender and I had to share half of the cost by crediting
it back in the final Hud-1 as "broker credit" to my borrower.
These days, just close loans, even if there's little money left as
long as you can make the borrower happy to be your satisifed customer
and help pay some of the monthly expenses at the same time.
Peter
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Bluewaterfl
201 Posts |
Posted - 06/29/2009 : 04:43:45 AM
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| Is the current loan held by FNM/FRE? If so, have you tried running it as a Refi+? |
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virgiltab
184 Posts |
Posted - 06/29/2009 : 05:55:23 AM
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quote:
Originally posted by daniko123
64 ltv rate and term refi having issues getting it qualified. Full doc 742 fico conforming. Having DU and LP issues can anyone suggest alternatives?
DU usually triggers over 55% back end ratio. Lower the rate by an .125% or pay some debt down to get below that threshhold. 54.9999% |
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virgiltab
184 Posts |
Posted - 06/29/2009 : 05:57:36 AM
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quote:
Originally posted by peter
Try B of A Wholesale's "E-approve" which has both the DU and LP
plus their own risk modelling. Or Wells' Direct Express which
is similar to B of A's E-approve.
Peter
Wells will not accept any DTI over 50%. If they do, it is an exception and if it is higher than 51 to 51.5% probably no chance |
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Coronasteve
1940 Posts |
Posted - 06/29/2009 : 06:03:26 AM
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Wow, a move back to old school business principles, especially needed now when we are just beginning to emerge from the mortgage lending quagmire.
+1 on your advice.
quote:
Originally posted by peter
Or, you can talk your borrower into paying for the lender's loan
discount to bring down the rate and the DTI to 55% to get past
the lender' AUS. I had to do that too with one of my files and
luckily the borrower understood and agreed to a 0.75% lender's loan discount
fee from the lender and I had to share half of the cost by crediting
it back in the final Hud-1 as "broker credit" to my borrower.
These days, just close loans, even if there's little money left as
long as you can make the borrower happy to be your satisifed customer
and help pay some of the monthly expenses at the same time.
Peter
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JCBroker
19 Posts |
Posted - 06/29/2009 : 06:43:01 AM
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quote:
Originally posted by GVDenny
quote:
Originally posted by JCBroker
Email me, jcohen@sicloans.com
- Jeremy
Why would anyone email you when you are the same bottom feeding DB that posted this mindless drivel?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=271054
Because I can probably get his deal done in a week, that's why. Bottom feeder? What kind of insecure clown takes shots at people in a mortgage forum? |
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johnnyboy38109
4363 Posts |
Posted - 06/29/2009 : 08:11:32 AM
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quote:
Originally posted by JCBroker
quote:
Originally posted by GVDenny
quote:
Originally posted by JCBroker
Email me, jcohen@sicloans.com
- Jeremy
Why would anyone email you when you are the same bottom feeding DB that posted this mindless drivel?
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=271054
Because I can probably get his deal done in a week, that's why. Bottom feeder? What kind of insecure clown takes shots at people in a mortgage forum?
How do you know you can close his deal if you don't know what the issue is?
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Melistic
17 Posts |
Posted - 06/29/2009 : 11:20:12 AM
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| New cheaper HOI! |
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egamarro
283 Posts |
Posted - 06/29/2009 : 11:29:29 AM
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| Yes 55% on LP will work, compensating factors help LTV Credit Type of Income, I would have client pay debt off since it's only off by 1% re run DU with client making 350$ more income and see if 55% will work for you then depending on what LP says you let client know that he must pay off debt and you will have a loan or not |
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egamarro
283 Posts |
Posted - 06/29/2009 : 11:31:32 AM
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| Meant LP not DO /\ |
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