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hmorales007
491 Posts |
 Posted - 08/05/2009 : 8:51:25 PM
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| This company was known in the broker industry as a dumping ground for low quality FHA loans - they also used to be big in 100% stated income loans which were essentially legalized mortgage fraud - this company's lack of integrity finally caught up with them - good riddance TBW - this company was essentially one large snake oil salesman - good riddance - they belong in the subprime graveyard on the mortgageimplode list - is it surprising that they would lie to regulators when they booked billions of dollars of liar loans? |
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homebroker@sbcgl
7370 Posts |
Posted - 08/05/2009 : 8:55:37 PM
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Any company closing is bad on the whole industry no matter how bad they were. Banks, mortgage companies and even the politicians were all part for he liar loans the easy money.
They are all to blame, we need a major restructuring of all aspect of the business, but having them all go our of business in not the answer. |
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FraudFighter
537 Posts |
Posted - 08/06/2009 : 04:11:13 AM
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10+ years of scamming the system = Hell to pay for many, even the innocent will pay for these scammers. NOT just TB&W.
We could use some closed/closing military bases to house the mortgage scammers once convicted. Make it into a working farm for them to grow their own food too. |
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ptrading
413 Posts |
Posted - 08/06/2009 : 04:39:18 AM
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quote:
Originally posted by FraudFighter
10+ years of scamming the system = Hell to pay for many, even the innocent will pay for these scammers. NOT just TB&W.
We could use some closed/closing military bases to house the mortgage scammers once convicted. Make it into a working farm for them to grow their own food too.
Uhh Ok how about a military base for the politicians that allowed banks to rape and pillage the financial sector. Decades of scamming the system, our politicians at work. |
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Annemieke Roell
1097 Posts |
Posted - 08/06/2009 : 05:18:21 AM
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quote:
Originally posted by ptrading
quote:
Originally posted by FraudFighter
10+ years of scamming the system = Hell to pay for many, even the innocent will pay for these scammers. NOT just TB&W.
We could use some closed/closing military bases to house the mortgage scammers once convicted. Make it into a working farm for them to grow their own food too.
Uhh Ok how about a military base for the politicians that allowed banks to rape and pillage the financial sector. Decades of scamming the system, our politicians at work.
Goood idea, both of them. |
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jvanpetten
3928 Posts |
Posted - 08/06/2009 : 05:24:00 AM
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| Lots of good people lost their jobs, let's not start threads like this. What exactly will this thread accomplish? Go do some loans or appraise a property or two. |
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Annemieke Roell
1097 Posts |
Posted - 08/06/2009 : 05:28:52 AM
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quote:
Originally posted by jvanpetten
Lots of good people lost their jobs, let's not start threads like this. What exactly will this thread accomplish? Go do some loans or appraise a property or two.
Yes, many good people did. And many people involved in that company caused this shut-down and need to be held accountable.
Incidentally, any crooked appraisers and real estate brokers need to be included in the "work camp" group. |
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jvanpetten
3928 Posts |
Posted - 08/06/2009 : 05:32:50 AM
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| And the ones that caused the shut-down are mostly upper Management. I hope they are held accountable, it will send a message. But starting this thread will do what......? |
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ptrading
413 Posts |
Posted - 08/06/2009 : 06:15:34 AM
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quote:
Originally posted by jvanpetten
Lots of good people lost their jobs, let's not start threads like this. What exactly will this thread accomplish? Go do some loans or appraise a property or two.
You are exactly right. |
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WJCASH
122 Posts |
Posted - 08/06/2009 : 07:09:49 AM
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| I feel so bad for all the people that lost their jobs!! I don't know about anyone else, but I do feel this affects all of us, AND our clients. |
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Bluewaterfl
201 Posts |
Posted - 08/06/2009 : 07:18:04 AM
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| Couldn't agree w/ you more Jan. |
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Hopland
4126 Posts |
Posted - 08/06/2009 : 07:18:31 AM
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quote:
They are all to blame, we need a major restructuring of all aspect of the business,
You can guys can barely stand it when the GSE's implement a simple appraisal protocol along the lines of what the feds have been doing since the 90's without coming dangerously close to popping an artery in your heads. What are you going to do when someone manages a major restructuring of all aspects? You'll need a lot of duct tape to keep your heads from being damaged when you shove them through your monitors.
I don't think a major restructuring is needed. Just some oversight to make sure they lenders are following their own rules. Don't expect what you don't inspect. |
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1stintegritymort
1787 Posts |
Posted - 08/06/2009 : 07:31:05 AM
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quote:
Originally posted by FraudFighter
10+ years of scamming the system = Hell to pay for many, even the innocent will pay for these scammers. NOT just TB&W.
We could use some closed/closing military bases to house the mortgage scammers once convicted. Make it into a working farm for them to grow their own food too.
What about the appraisers who commit fraud? Like you never did anything wrong. I am sure you are just as guilty as the rest of them. |
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SHABONE
517 Posts |
Posted - 08/06/2009 : 07:34:50 AM
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| Theres a MAJOR restructuring coming, dont you worry about that! |
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Annemieke Roell
1097 Posts |
Posted - 08/06/2009 : 09:42:41 AM
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quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by FraudFighter
10+ years of scamming the system = Hell to pay for many, even the innocent will pay for these scammers. NOT just TB&W.
We could use some closed/closing military bases to house the mortgage scammers once convicted. Make it into a working farm for them to grow their own food too.
What about the appraisers who commit fraud? Like you never did anything wrong. I am sure you are just as guilty as the rest of them.
Fraudfighter, like most of us, has been very vocal about yanking licenses of fraudulent appraisers. We hate what those skippies have done to our profession and we are doing what we can to get it back.
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hmorales007
491 Posts |
Posted - 08/06/2009 : 9:10:06 PM
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TBW should have been on the implode list years ago along with the other predatory lenders that "specialized" in little to no money down along with no income verification -right after that went away they specialized in the credit criminal portiion of FHA lending and than tried to hide their crooked ways from the feds
quote:
Originally posted by homebroker@sbcglobal.net
Any company closing is bad on the whole industry no matter how bad they were. Banks, mortgage companies and even the politicians were all part for he liar loans the easy money.
They are all to blame, we need a major restructuring of all aspect of the business, but having them all go our of business in not the answer.
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Boulderco
1775 Posts |
Posted - 08/06/2009 : 9:52:22 PM
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| So Hector, you never did a stated income loan or 100% financing? |
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seaRick1
844 Posts |
Posted - 08/06/2009 : 11:11:17 PM
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| Another lender bites the dust. Long term, I am just not sure of what is going to be left for brokers. Not a good sign - not surprising, but still not good. |
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moneyone
680 Posts |
Posted - 08/07/2009 : 12:14:42 AM
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You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed) |
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fbusi
194 Posts |
Posted - 08/07/2009 : 05:10:50 AM
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if Karma caught up with TBW, then I suppose it will catch up with everyone in this business... because everyone was part of the problem and if you never did a stated or "liar" loan or never did anything that was slightly gray - then you knew someone who did ...
and whether you were the participant or spectator and did nothing to stop it - that makes everyone just as responsible as TBW - for the current situation.
Lots of good, hard working people are now out of job in an already shrinking business
That is nothing to smile about... |
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johnnyboy38109
4363 Posts |
Posted - 08/07/2009 : 05:11:01 AM
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quote:
Originally posted by Hopland
quote:
They are all to blame, we need a major restructuring of all aspect of the business,
You can guys can barely stand it when the GSE's implement a simple appraisal protocol along the lines of what the feds have been doing since the 90's without coming dangerously close to popping an artery in your heads. What are you going to do when someone manages a major restructuring of all aspects? You'll need a lot of duct tape to keep your heads from being damaged when you shove them through your monitors.
I don't think a major restructuring is needed. Just some oversight to make sure they lenders are following their own rules. Don't expect what you don't inspect.
You must be intoxicated.
A "major restrusturing"...............is already here, not that you're informed enough to figure it out.
And I hear many, many more appraisers whining (again, endlessly) about HVCC than LOs.
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johnnyboy38109
4363 Posts |
Posted - 08/07/2009 : 05:22:02 AM
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quote:
Originally posted by hmorales007
This company was known in the broker industry as a dumping ground for low quality FHA loans - they also used to be big in 100% stated income loans which were essentially legalized mortgage fraud - this company's lack of integrity finally caught up with them - good riddance TBW - this company was essentially one large snake oil salesman - good riddance - they belong in the subprime graveyard on the mortgageimplode list - is it surprising that they would lie to regulators when they booked billions of dollars of liar loans?
They were known as anything but. Lots of good people over there, and from what I hear they're being gobbled up as new hires.
Perhaps you could join TBW and cease to originate yourself, as you certainly contribute nothing but delusional, scatter-brained drivel here.
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Boulderco
1775 Posts |
Posted - 08/07/2009 : 07:25:17 AM
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quote:
Originally posted by johnnyboy38109
quote:
Originally posted by hmorales007
This company was known in the broker industry as a dumping ground for low quality FHA loans - they also used to be big in 100% stated income loans which were essentially legalized mortgage fraud - this company's lack of integrity finally caught up with them - good riddance TBW - this company was essentially one large snake oil salesman - good riddance - they belong in the subprime graveyard on the mortgageimplode list - is it surprising that they would lie to regulators when they booked billions of dollars of liar loans?
They were known as anything but. Lots of good people over there, and from what I hear they're being gobbled up as new hires.
Perhaps you could join TBW and cease to originate yourself, as you certainly contribute nothing but delusional, scatter-brained drivel here.
Do you ever have anything nice to say to anyone? |
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hmorales007
491 Posts |
Posted - 08/07/2009 : 6:50:07 PM
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You Mr. Fowler are an idiot,
"FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA's suspension is also based on TBW's failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year."
The company not only is involved in multiple state and HUD investigations for criminal fraud - they falisfied certifications to HUD in order to continue lending to credit criminals under FHA. The originated billions of no money down liar loans and engaged in reckless and predatory lending by exploiting people putting them into homes with no money down and no income verification. Once these programs were gone they immediately became a dark stain on the FHA landscape and HUD made the right decision by shutting them down. Predatory lending does not pay in this day and age.
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by hmorales007
This company was known in the broker industry as a dumping ground for low quality FHA loans - they also used to be big in 100% stated income loans which were essentially legalized mortgage fraud - this company's lack of integrity finally caught up with them - good riddance TBW - this company was essentially one large snake oil salesman - good riddance - they belong in the subprime graveyard on the mortgageimplode list - is it surprising that they would lie to regulators when they booked billions of dollars of liar loans?
They were known as anything but. Lots of good people over there, and from what I hear they're being gobbled up as new hires.
Perhaps you could join TBW and cease to originate yourself, as you certainly contribute nothing but delusional, scatter-brained drivel here.
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hmorales007
491 Posts |
Posted - 08/07/2009 : 6:54:07 PM
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You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
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Managing Prime
2960 Posts |
Posted - 08/07/2009 : 7:01:31 PM
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I've got to brush up on the new lingo.
What's a "credit criminal"? |
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hmorales007
491 Posts |
Posted - 08/07/2009 : 7:38:40 PM
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That was coined by a CEO from a defunct subprime auto company who loved to say "We don't make loans to credit criminals" which meant people who use credit to buy things but did not pay the creditor back. It may be legal but it is still criminal in a moral sense and a form of theft.
quote:
Originally posted by Managing Prime
I've got to brush up on the new lingo.
What's a "credit criminal"?
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mortgageprocesso
241 Posts |
Posted - 08/07/2009 : 8:21:05 PM
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I live in Ocala and I worked for TBW for 5 years (I haven't been there in 6 years though). Many of my best friends lost their jobs; husbands & wives that worked together are unemployed. It's a sad situation. Ocala probably has 20 vacant jobs and thousands now fighting for those.
Now, what I will say...since I know how it ran....is that TBW would always rob Peter to pay Paul. When 350 lenders were folding over the last 2 years, TBW went strong; building new buildings with GEL floors, opening other businesses, etc...you have to wonder how they were thriving when everyone else failed. It finally caught up to them and it's an unfortunate thing. I do hope all my friends find some peace in this!! |
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808
4508 Posts |
Posted - 08/07/2009 : 9:44:25 PM
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quote:
Originally posted by hmorales007
That was coined by a CEO from a defunct subprime auto company who loved to say "We don't make loans to credit criminals" which meant people who use credit to buy things but did not pay the creditor back. It may be legal but it is still criminal in a moral sense and a form of theft.
quote:
Originally posted by Managing Prime
I've got to brush up on the new lingo.
What's a "credit criminal"?
we called them roaches when I was in the biz but don't use that word to describe a borrower who doesn't pay their bills & defaults, here on BO. A few of the holier than thou LO's & brokers on here will attack you for telling it like it is as far as the Bog's go (another term to describe them-short for a bogus up) . |
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moneyone
680 Posts |
Posted - 08/07/2009 : 11:23:34 PM
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***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
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hmorales007
491 Posts |
Posted - 08/07/2009 : 11:41:22 PM
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Bob,
I see you're from Vegas. The good news for you is that "even the losers get lucky sometimes" (Tom Petty).
quote:
Originally posted by moneyone
***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
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moneyone
680 Posts |
Posted - 08/08/2009 : 01:36:33 AM
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| Hector Morales = Barney Franks best friend |
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808
4508 Posts |
Posted - 08/08/2009 : 10:13:26 AM
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quote:
Originally posted by moneyone
***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
it's obvious that 007 was unceremoniously sh1tcanned as an AE by some lender who either imploded, didn't like his monthly numbers or didn't like his big mouth. As far as being a stand up guy he's the same guy who's been on here pushing 5pt cost HML's; 'make sure the appraisal is solid', yet refuses to give out the lenders name. Co-Broker Morales?????
Also he doesn't have the slightset friggin idea what he's talking about on the TBW issue. TBW started out as an FHA Lender back in their humble beginnings, and they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs. They just weren't a bank that was deemed 'too big to fail', hence they became the competition in this game & were eliminated. BOA thanks them for the $28Billion dollar servicing platform windfall they just had fall in their laps. I didn't see BOA turn that down because of low quality loans, did you??? Speaking for myself I hate the fact that TBW is gone. Not only did they have great rates/pricing & programs they were the most broker friendly lender out there by far, bar none. I never once paid for a lock extension & (I was sworn to secrecy on this but now that their imploded it's a moot point), I never once had a +.250 escrow waiver hit to my escrow waived loans. That meant that along with the (.125) FL rebate that I was (.375) ahead of the game on their already strong rates/pricing w regards to non escrowed loans. What it added up to was one stop lender shopping for me personally. You could have Provident & their declining mkt, jump thru 20 hoops BS, I was cool dealing w a local lender here in FL.
The real reason he's probably glad TBW imploded is they most likely wouldn't hire him when he was a desparate, out of work AE and he blames them for his demise along with the 50 other lenders who followed suit and told him to GTF outta here. Kinda like the compulsive gambler who blames Vegas for their problems instead of themselves & gloat when somehing negative happens out there.
He's a pizzed off ex-AE, that much is obvious to a 6yr old, but he is funny & entertaining too in his own the glass is empty, not half empty kinda way so let him rant. We need some h3llraisers in our industry right now. It's the clueless followers & sheep we need to get rid of |
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hmorales007
491 Posts |
Posted - 08/08/2009 : 3:03:24 PM
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"they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs"
I don't recall reading about any of these banks attempting to cover up multiple state fraud investigations from HUD. An independent auditor also accused the company of mortgage fraud, which they once again tried to conceal. Not surpisingly, many of these alleged practices involved brokers re-submiting loans through TBW's underwriting system with different stated income and asset numbers and the crooks went ahead and funded these loans. Sound like they are real "broker friendly". HUD gave them a 30 day window to address this mess and the CEO wisely shut down the company, which of course confirms what regulators and we all already know - they are guilty as sin. That $9m settlement was a drop in the bucket for the damage they have done. I'm not angry - I'm happy that one more predatory lender has been exterminated.
Your mention that you avoided "declining markets" by using TBW just solidifies my point. Every lender should be using declining markets criteria to manage risk.
As far as my hard money quotes - I am my own private investor. I only do full doc deals with solid appraisals. My risk-based pricing is fair.
quote:
Originally posted by 808
quote:
Originally posted by moneyone
***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
it's obvious that 007 was unceremoniously sh1tcanned as an AE by some lender who either imploded, didn't like his monthly numbers or didn't like his big mouth. As far as being a stand up guy he's the same guy who's been on here pushing 5pt cost HML's; 'make sure the appraisal is solid', yet refuses to give out the lenders name. Co-Broker Morales?????
Also he doesn't have the slightset friggin idea what he's talking about on the TBW issue. TBW started out as an FHA Lender back in their humble beginnings, and they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs. They just weren't a bank that was deemed 'too big to fail', hence they became the competition in this game & were eliminated. BOA thanks them for the $28Billion dollar servicing platform windfall they just had fall in their laps. I didn't see BOA turn that down because of low quality loans, did you??? Speaking for myself I hate the fact that TBW is gone. Not only did they have great rates/pricing & programs they were the most broker friendly lender out there by far, bar none. I never once paid for a lock extension & (I was sworn to secrecy on this but now that their imploded it's a moot point), I never once had a +.250 escrow waiver hit to my escrow waived loans. That meant that along with the (.125) FL rebate that I was (.375) ahead of the game on their already strong rates/pricing w regards to non escrowed loans. What it added up to was one stop lender shopping for me personally. You could have Provident & their declining mkt, jump thru 20 hoops BS, I was cool dealing w a local lender here in FL.
The real reason he's probably glad TBW imploded is they most likely wouldn't hire him when he was a desparate, out of work AE and he blames them for his demise along with the 50 other lenders who followed suit and told him to GTF outta here. Kinda like the compulsive gambler who blames Vegas for their problems instead of themselves & gloat when somehing negative happens out there.
He's a pizzed off ex-AE, that much is obvious to a 6yr old, but he is funny & entertaining too in his own the glass is empty, not half empty kinda way so let him rant. We need some h3llraisers in our industry right now. It's the clueless followers & sheep we need to get rid of
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moneyone
680 Posts |
Posted - 08/08/2009 : 3:11:25 PM
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YES!!! VERY WELL PUT!!!
Cheers to 808 for proving that we still have decent "BUSINESS MINDED" brokers and LO's here.
All the sudden it was starting to feel like a Richard Simmons rally on this forum with all the "Holier than Thou!" attitudes around. They were talking about their so called "MORALS" and "Self Righteousness" so much that I wanted to puke all over my 22" Widescreen Computer Monitor.
I propose a new bill: One that would weed out all the lil' whininng b*tches in this industry. That's who is destroying this industry.
quote:
Originally posted by 808
quote:
Originally posted by moneyone
***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
it's obvious that 007 was unceremoniously sh1tcanned as an AE by some lender who either imploded, didn't like his monthly numbers or didn't like his big mouth. As far as being a stand up guy he's the same guy who's been on here pushing 5pt cost HML's; 'make sure the appraisal is solid', yet refuses to give out the lenders name. Co-Broker Morales?????
Also he doesn't have the slightset friggin idea what he's talking about on the TBW issue. TBW started out as an FHA Lender back in their humble beginnings, and they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs. They just weren't a bank that was deemed 'too big to fail', hence they became the competition in this game & were eliminated. BOA thanks them for the $28Billion dollar servicing platform windfall they just had fall in their laps. I didn't see BOA turn that down because of low quality loans, did you??? Speaking for myself I hate the fact that TBW is gone. Not only did they have great rates/pricing & programs they were the most broker friendly lender out there by far, bar none. I never once paid for a lock extension & (I was sworn to secrecy on this but now that their imploded it's a moot point), I never once had a +.250 escrow waiver hit to my escrow waived loans. That meant that along with the (.125) FL rebate that I was (.375) ahead of the game on their already strong rates/pricing w regards to non escrowed loans. What it added up to was one stop lender shopping for me personally. You could have Provident & their declining mkt, jump thru 20 hoops BS, I was cool dealing w a local lender here in FL.
The real reason he's probably glad TBW imploded is they most likely wouldn't hire him when he was a desparate, out of work AE and he blames them for his demise along with the 50 other lenders who followed suit and told him to GTF outta here. Kinda like the compulsive gambler who blames Vegas for their problems instead of themselves & gloat when somehing negative happens out there.
He's a pizzed off ex-AE, that much is obvious to a 6yr old, but he is funny & entertaining too in his own the glass is empty, not half empty kinda way so let him rant. We need some h3llraisers in our industry right now. It's the clueless followers & sheep we need to get rid of
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1stintegritymort
1787 Posts |
Posted - 08/08/2009 : 3:20:58 PM
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quote:
Originally posted by moneyone
Hector Morales = Barney Franks best friend
You mean boyfriend or butt buddy. |
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808
4508 Posts |
Posted - 08/08/2009 : 4:07:28 PM
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quote:
Originally posted by hmorales007
"they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs"
I don't recall reading about any of these banks attempting to cover up multiple state fraud investigations from HUD. An independent auditor also accused the company of mortgage fraud, which they once again tried to conceal. Not surpisingly, many of these alleged practices involved brokers re-submiting loans through TBW's underwriting system with different stated income and asset numbers and the crooks went ahead and funded these loans. Sound like they are real "broker friendly". HUD gave them a 30 day window to address this mess and the CEO wisely shut down the company, which of course confirms what regulators and we all already know - they are guilty as sin. That $9m settlement was a drop in the bucket for the damage they have done. I'm not angry - I'm happy that one more predatory lender has been exterminated.
Your mention that you avoided "declining markets" by using TBW just solidifies my point. Every lender should be using declining markets criteria to manage risk.
As far as my hard money quotes - I am my own private investor. I only do full doc deals with solid appraisals. My risk-based pricing is fair.
quote:
Originally posted by 808
quote:
Originally posted by moneyone
***************NEWS FLASH*****************
***************NEWS FLASH*****************
New Facts about Hector Morales Just Released.........
- He has never done a stated loan
- He charges no fees and makes sure every rate is at par for his clients
- He loves HVCC
- He loves regulation
- He HATES alternative tradelines on FHA
- He HATES first time homebuyers
- He HATES the $8000 homebuyer credit
The bottom line: The only one who is an uneducated "cockroach" is Hector Morales.
Hector Morales will be extremely happy when the mortgage lending industry shuts down. What a f*ckin idiot. This forum really needs to have an IQ test before allowing to post. Dont get it twisted, I have a lot of mexican friends and co-workers who are smart...BUT I am gonna have to send the INS after you.
quote:
Originally posted by hmorales007
You are just one of the millions of uneducated cockroach loan officers who used to ask every AE who came in the door, "what is your niche (i.e. product that will fund a ****ty borrower) and "what is your lowest start rate with the highest rebate" as you put some poor sap into a no income verification, negative amortization loan. Of course you are angry that one more dumping ground for low quality loans has been appropriately shut down. You might try First Franklin or Argent on your next loan - they were also "fast and efficient" and I'm sure you loved them too - good luck with that
quote:
Originally posted by moneyone
You guys are truly a bunch of f*ckin idiots. TBW use to be a fast and efficient lender for many A+ paper clients I had. I loved them up until they started getting slow in U/W.
And I know for a fact there are alot of brokers here that wanna tell you complainers to shut the f*ck up, but they are staying silent. Well, here's one for the team..............
For all the bullsh*t complainers who say "good riddance" to TBW, go f*ck yourselves. And to everybody who wants a major overhaul, go do us all a favor and stick a 9mm to your head and pull the trigger.
Nuff said! (ask ed)
it's obvious that 007 was unceremoniously sh1tcanned as an AE by some lender who either imploded, didn't like his monthly numbers or didn't like his big mouth. As far as being a stand up guy he's the same guy who's been on here pushing 5pt cost HML's; 'make sure the appraisal is solid', yet refuses to give out the lenders name. Co-Broker Morales?????
Also he doesn't have the slightset friggin idea what he's talking about on the TBW issue. TBW started out as an FHA Lender back in their humble beginnings, and they didn't do anything differently than Wells, BOA/Countrywide, Citi or Chase did over the past 5yrs. They just weren't a bank that was deemed 'too big to fail', hence they became the competition in this game & were eliminated. BOA thanks them for the $28Billion dollar servicing platform windfall they just had fall in their laps. I didn't see BOA turn that down because of low quality loans, did you??? Speaking for myself I hate the fact that TBW is gone. Not only did they have great rates/pricing & programs they were the most broker friendly lender out there by far, bar none. I never once paid for a lock extension & (I was sworn to secrecy on this but now that their imploded it's a moot point), I never once had a +.250 escrow waiver hit to my escrow waived loans. That meant that along with the (.125) FL rebate that I was (.375) ahead of the game on their already strong rates/pricing w regards to non escrowed loans. What it added up to was one stop lender shopping for me personally. You could have Provident & their declining mkt, jump thru 20 hoops BS, I was cool dealing w a local lender here in FL.
The real reason he's probably glad TBW imploded is they most likely wouldn't hire him when he was a desparate, out of work AE and he blames them for his demise along with the 50 other lenders who followed suit and told him to GTF outta here. Kinda like the compulsive gambler who blames Vegas for their problems instead of themselves & gloat when somehing negative happens out there.
He's a pizzed off ex-AE, that much is obvious to a 6yr old, but he is funny & entertaining too in his own the glass is empty, not half empty kinda way so let him rant. We need some h3llraisers in our industry right now. It's the clueless followers & sheep we need to get rid of
then explain to us why, if TBW consistently underwrote FHA 'garbage in garbage out' FHA loans to credit criminals, that BOA just snatched up their $28BILLION DOLLAR SERVICING PLATFORM!!!!!. Say 25bps (and that's being conservative) on a $28Billion dollar servicing platform is a lot of windfall for BOA not to mention the enormous email database that just fell in their laps & cross selling of products they can now do. I don't see BOA raising a big stink to Ginnie Mae about the quality of the loans. Their doing what the Govt tells them to do. Follow the money & you'll find out the truth.
I'll throw this out to you so you can do your own research. RUMOR has it now that TBW was bundling & selling their FHA loans to subprime investors and keeping the funding fees & that's why the independent auditors quit on them. They found that irregularity & weren't comfortable w the explanation TBW was giving them. I personally don't see how a company as big as TBW could operate under the radar like that, but I don't know the finer points of the secondary sales mkts either. Would seem to me that either the Case # or the Neighborhood Watch numbers would get you busted.
Only time will tell, however I'm sure whatever the reason is it will be slanted in the media when they portray TBW.
Also as far as FL Declining Mkt appraisals your right I used TBW, I used Bank United too when they were open why; because they were FL Lenders not CA lenders w some $300/wk tattoed up, nose pierced, trailer trash chick called a U/W trying to 'educate me' on declining mkts when all she was doing was making sure my lock expired & I got worst case pricing because the markets had worsened. I saw thru that 0 cost hedge fund operation that Provident was running on my 1st (and last) loan w them. I went thru h3ll on my declining mkt refis w TBW and BU too, but at least I was talking to broker friendly lenders who knew the FL mkt and wanted to get the deal closed w me making a few bucks too. |
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frank drigotas j
3871 Posts |
Posted - 08/08/2009 : 4:52:53 PM
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JS,
Are you really pointing out that brokers/lo's were at the root of the problem?
Was it easier to take out the big distributor rather than hundreds of street guys?
Just asking.
dollat |
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808
4508 Posts |
Posted - 08/08/2009 : 9:53:46 PM
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quote:
Originally posted by frank drigotas jr
JS,
Are you really pointing out that brokers/lo's were at the root of the problem?
Was it easier to take out the big distributor rather than hundreds of street guys?
Just asking.
dollat
I don't know anymoe
It's not a good sign that Farkas chose not to appeal and throw in the towel rather quickly & not appeal the suspension but something reeks of a conspiracy theory here & in my lifes experiences if you follow the money you'll find the truth more times than not. Problem is many more people & entities besides BOA (the $28Billion Servicing platform they got) benefit from TBW's demise so it'll be awhile before we ever get to the bottom of this, if we ever do.
TBW was my go to lender & to be quite honest I'm friggin pizzed off right now. They always treated me right & were the one, broker friendly, dependable, go to lender in my book. |
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moneyone
680 Posts |
Posted - 08/08/2009 : 11:34:48 PM
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808, Sorry to hear about that. We are all pretty pissed right now (except Hector). TBW was one of my favorites. Very broker friendly indeed.
I believe if you follow the money you will also find the answers. Do you ever wonder about the Goldman Sachs boys?
quote:
Originally posted by 808
quote:
Originally posted by frank drigotas jr
JS,
Are you really pointing out that brokers/lo's were at the root of the problem?
Was it easier to take out the big distributor rather than hundreds of street guys?
Just asking.
dollat
I don't know anymoe
It's not a good sign that Farkas chose not to appeal and throw in the towel rather quickly & not appeal the suspension but something reeks of a conspiracy theory here & in my lifes experiences if you follow the money you'll find the truth more times than not. Problem is many more people & entities besides BOA (the $28Billion Servicing platform they got) benefit from TBW's demise so it'll be awhile before we ever get to the bottom of this, if we ever do.
TBW was my go to lender & to be quite honest I'm friggin pizzed off right now. They always treated me right & were the one, broker friendly, dependable, go to lender in my book.
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davidfr
2244 Posts |
Posted - 08/09/2009 : 04:33:29 AM
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Hector, you are a total hypocrite at best. How do you have the audacity to call anyone else a predator? I have seen you make this exact post dozens of times:
hmorales007
Mortgage Agent
475 Posts
Posted - 08/07/2009 : 7:52 PM
--------------------------------------------------------------------------------
You will have to kick down 50% and I can get this closed for you - rate and price don't matter
quote:
--------------------------------------------------------------------------------
Originally posted by numeric92056
Yes they are married. Like I mentioned he purchased the home at the trustee sale which at the time was approx 40k under market. Right now value is still fine. I am purchasing it at the same price he paid
--------------------------------------------------------------------------------
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benjamin
6966 Posts |
Posted - 08/09/2009 : 07:29:53 AM
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Hector ,and the rest of the TBW "Haters", go **** yourselves.
Get on your knees and thank the stars that Chase, BOA, Citi, and all the broker dissing banks are still taking your money, ... at least for now. |
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808
4508 Posts |
Posted - 08/09/2009 : 07:57:09 AM
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quote:
Originally posted by davidfr
Hector, you are a total hypocrite at best. How do you have the audacity to call anyone else a predator? I have seen you make this exact post dozens of times:
hmorales007
Mortgage Agent
475 Posts
Posted - 08/07/2009 : 7:52 PM
--------------------------------------------------------------------------------
You will have to kick down 50% and I can get this closed for you - rate and price don't matter
quote:
--------------------------------------------------------------------------------
Originally posted by numeric92056
Yes they are married. Like I mentioned he purchased the home at the trustee sale which at the time was approx 40k under market. Right now value is still fine. I am purchasing it at the same price he paid
--------------------------------------------------------------------------------
Hector 'you'll never take me alive HUD' Morales
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Hopland
4126 Posts |
Posted - 08/09/2009 : 09:13:20 AM
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quote:
Originally posted by johnnyboy38109
quote:
Originally posted by Hopland
quote:
They are all to blame, we need a major restructuring of all aspect of the business,
You can guys can barely stand it when the GSE's implement a simple appraisal protocol along the lines of what the feds have been doing since the 90's without coming dangerously close to popping an artery in your heads. What are you going to do when someone manages a major restructuring of all aspects? You'll need a lot of duct tape to keep your heads from being damaged when you shove them through your monitors.
I don't think a major restructuring is needed. Just some oversight to make sure they lenders are following their own rules. Don't expect what you don't inspect.
A "major restrusturing"...............is already here, not that you're informed enough to figure it out.
Such as? Please post something detailed and informative instead of your one line hits. |
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hmorales007
491 Posts |
Posted - 08/09/2009 : 09:15:22 AM
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His scenario was non-arms length transaction and a likely investor flip. My pricing is risk-based and fair for those types of deals. It is a fraud deal as owner occupied at any bank so I am providing a great service to those who cannot obtain financing anywhere else. When I tell them rate and fee do not matter that simply helps them get their head out of the clouds - a hard money deal is a hard money deal and dreaming of a 5% rate on a garbage loan is a waste of time.
quote:
Originally posted by 808
quote:
Originally posted by davidfr
Hector, you are a total hypocrite at best. How do you have the audacity to call anyone else a predator? I have seen you make this exact post dozens of times:
hmorales007
Mortgage Agent
475 Posts
Posted - 08/07/2009 : 7:52 PM
--------------------------------------------------------------------------------
You will have to kick down 50% and I can get this closed for you - rate and price don't matter
quote:
--------------------------------------------------------------------------------
Originally posted by numeric92056
Yes they are married. Like I mentioned he purchased the home at the trustee sale which at the time was approx 40k under market. Right now value is still fine. I am purchasing it at the same price he paid
--------------------------------------------------------------------------------
Hector 'you'll never take me alive HUD' Morales
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velecico
5310 Posts |
Posted - 08/09/2009 : 09:41:31 AM
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quote:
Originally posted by davidfr
Hector, you are a total hypocrite at best. How do you have the audacity to call anyone else a predator? I have seen you make this exact post dozens of times:
hmorales007
Mortgage Agent
475 Posts
Posted - 08/07/2009 : 7:52 PM
--------------------------------------------------------------------------------
You will have to kick down 50% and I can get this closed for you - rate and price don't matter
quote:
--------------------------------------------------------------------------------
Originally posted by numeric92056
Yes they are married. Like I mentioned he purchased the home at the trustee sale which at the time was approx 40k under market. Right now value is still fine. I am purchasing it at the same price he paid
--------------------------------------------------------------------------------
Is this the same Hector that claimed to be a black belt and was going to fight some other clown on BO a few months ago ?
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benjamin
6966 Posts |
Posted - 08/09/2009 : 09:43:48 AM
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| Big wigs, makeup, floppy shoes, I'd pay per view to watch that. |
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moneyone
680 Posts |
Posted - 08/09/2009 : 09:52:08 AM
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HERE IS THE REAL QUESTION...... Hector, who is your favorite lender???? I know you'll be thinking about this long and hard before you answer, so take your time. LOL!!!!
Luv ya. |
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808
4508 Posts |
Posted - 08/09/2009 : 10:03:17 AM
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| Hector 'I gotchya APR threshold right here' Morales (grabs his (edit)'s) |
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Mandyvilla
6395 Posts |
Posted - 08/09/2009 : 10:30:16 AM
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quote:
Originally posted by Hopland
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by Hopland
quote:
They are all to blame, we need a major restructuring of all aspect of the business,
You can guys can barely stand it when the GSE's implement a simple appraisal protocol along the lines of what the feds have been doing since the 90's without coming dangerously close to popping an artery in your heads. What are you going to do when someone manages a major restructuring of all aspects? You'll need a lot of duct tape to keep your heads from being damaged when you shove them through your monitors.
I don't think a major restructuring is needed. Just some oversight to make sure they lenders are following their own rules. Don't expect what you don't inspect.
A "major restrusturing"...............is already here, not that you're informed enough to figure it out.
Such as? Please post something detailed and informative instead of your one line hits.
I'm sure JB will be back at some point, but since I was nodding my head in agreement that reform is already here, front and center......try these changes to start:
HVCC
MDIA
Red Flag
TIL Final Rule
National/State Licensing for originators not w/ a Federal Bank
Retraction of major wholesalers
and the granddaddy of them all:
More restrictive lending guidelines (ie, 620 min credit score, no rent credit given to current home if rented, elimination of 95% LTV due to lack of MI, second trusts eliminated for the most part, stricter ratios, elimination of Stated, and more....that's just what I could think of off the top of my head). |
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Hopland
4126 Posts |
Posted - 08/09/2009 : 10:37:14 AM
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Thank you Mandy.
But I'm not sure why you think of these as major restructuring rather than a return to more sound lending policies. |
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