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Originally posted by MoneyLenderP

Anything major change? MIP still 1.5%? Any help would be appreciated.

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Originally posted by the_mortgage_guy

Money...what's up man?! Hey, we are hiring again!! Shoot me an email.

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Originally posted by waynepbright



WHY'D YOU LEAVE THE BUSINESS ??

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Originally posted by SHABONE

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Originally posted by the_mortgage_guy

Money...what's up man?! Hey, we are hiring again!! Shoot me an email.

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That's either good or really bad.

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Originally posted by peter


Mandy wrote:

"Biz is worse than it was 5 months ago - at least in my neck of the woods. You may get a lot of deals on paper, but getting them to the table is a new obstacle course, especially when dealing w/ short sales or borderline applicants."

It's also getting worse in Los Angeles too. Too many people
wanting loans and their applications are useless as they either
lack one thing or two. Realtors who shun FHA are dying and realtors
who accept FHA are not necessarily living as multiple offer situations
abound while bank negotiators are still working at snail's pace.

It's gonna get worse and with the rising double digit employment,
soon aggravated by the collapse of commercial property market and
small/medium bank failures (United Commercial Bank in San Francisco
was last week's casualty and many more to come due to the comatose
commercial property market).

Be prepared to suffer.

Peter

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quote:

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Originally posted by peter


Mandy wrote:

"Biz is worse than it was 5 months ago - at least in my neck of the woods. You may get a lot of deals on paper, but getting them to the table is a new obstacle course, especially when dealing w/ short sales or borderline applicants."

It's also getting worse in Los Angeles too. Too many people
wanting loans and their applications are useless as they either
lack one thing or two. Realtors who shun FHA are dying and realtors
who accept FHA are not necessarily living as multiple offer situations
abound while bank negotiators are still working at snail's pace.

It's gonna get worse and with the rising double digit employment,
soon aggravated by the collapse of commercial property market and
small/medium bank failures (United Commercial Bank in San Francisco
was last week's casualty and many more to come due to the comatose
commercial property market).

Be prepared to suffer.

Peter

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quote:

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if you have an owner that is spending money on advertising things are usually ok. I have never worked anywhere that didnt make the phone ring. If your relying on a referral base, realtors, cpa's etc then I can understand the slow down.

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quote:

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Originally posted by peter


Mandy wrote:

"Biz is worse than it was 5 months ago - at least in my neck of the woods. You may get a lot of deals on paper, but getting them to the table is a new obstacle course, especially when dealing w/ short sales or borderline applicants."

It's also getting worse in Los Angeles too. Too many people
wanting loans and their applications are useless as they either
lack one thing or two. Realtors who shun FHA are dying and realtors
who accept FHA are not necessarily living as multiple offer situations
abound while bank negotiators are still working at snail's pace.

It's gonna get worse and with the rising double digit employment,
soon aggravated by the collapse of commercial property market and
small/medium bank failures (United Commercial Bank in San Francisco
was last week's casualty and many more to come due to the comatose
commercial property market).

Be prepared to suffer.

Peter

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quote:

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Originally posted by peter


eh6794 wrote:

"Question, when are all these foreclosures going to finally hit? I have ZERO problem finding good solid qualified buyers here in SoCal, but getting them into a contract is a nightmare."

I also have 4 well qualified buyers who have been outbidded in multiple-officer
situations and I have been waiting for my realtors to close deals as their
files are getting stale. Many qualified buyers only want a few good propeties
that result in having as many as 20 offers per house and all my four customers
have so far been outbidded.

I have 9 borrowers in the pipeline now, but they are not new faces. They are
past clients and referrals mainly refinancing into 4.7%% 30 year fixed from
6.00% plus but they are not easy files and need to pay off some debts to qualify.
Gone are the days when you get perfect borrowers whose files you can close in
2-3 weeks.

However, I got 2 files that are near perfect. I got them approved with B of
A with no condition, but LandSafe (AMC) appraisal turnround time is now
16 days. So, gone are the days that I could close near perfect files within
3 weeks.

Talking about the collapse of the commercial property market, and Los Angeles
is being hit so hard now. Whereever you go, you find "For Lease" signs
everywhere especially among strip malls and office buildings. California
National Bank went bust and was rescued by FDIC who brought in U.S. Bank to buy.
Also, United Commercial Bank in San Francisco became another victim last week
and FDIC arranged for another bigger bank to take over. There will be many
more banks in California that will fail and bank employees will be laid off
as usual. Unemployment in 2010 will likely hit 12% nationally and for
California it could hit 15% or higher, excluding the underemployed, the
discouraged unemployed, and the unemployable.

One consolation in the land of sunshine and fine wine is that the State
of California has set aside a large parking lot in Laguna Beach for the
"residentially displaced: (nicer term than the homeless) and put them in
tents. The parking lot is next to the ocean where one can surf and swim,
plus the beautiful views of the hills nearby. Non-profit organizations do
provide foods. Wondering if there are ex-California loan originators
among the lucky corow!

Peter

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quote:

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Originally posted by peter


MoneylenderP wrote:

"if you have an owner that is spending money on advertising things are usually ok. I have never worked anywhere that didnt make the phone ring. If your relying on a referral base, realtors, cpa's etc then I can understand the slow down."

Advertising doesn't help much these days, at least in my area of
Los Angeles, because most homeowners have lost their equity or
have incurred high debts that their DTIs have made them unqualified.
We have ads on and flyers out all the time, and almost daily we have
customers coming in to consult us. About 90% of new customers are
people who are upsidedown, their spouses have lost jobs, or have
incurred debts beyond 60% DTI. It is very sad to see them
disappointed but we don't want to waste our time either.

This is like harvesting in a corn field full of locusts.
The field is full of infested corn husks and no matter how hard
a farm hand is trying to do his best, there isn't enough yield to
sustain the livelihood of himself and his family. And the corn field
is getting more and more locusts as years go by. 2010 will be
another year of disappointing harvests, but many farm hands have
no better place to go but to keep on looking for the fewer and fewer
areas in the field where truly edible corns can still be harvested
for a day's meal.

Peter

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quote:

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Originally posted by MoneyLenderP

quote:

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Originally posted by peter


MoneylenderP wrote:

"if you have an owner that is spending money on advertising things are usually ok. I have never worked anywhere that didnt make the phone ring. If your relying on a referral base, realtors, cpa's etc then I can understand the slow down."

Advertising doesn't help much these days, at least in my area of
Los Angeles, because most homeowners have lost their equity or
have incurred high debts that their DTIs have made them unqualified.
We have ads on and flyers out all the time, and almost daily we have
customers coming in to consult us. About 90% of new customers are
people who are upsidedown, their spouses have lost jobs, or have
incurred debts beyond 60% DTI. It is very sad to see them
disappointed but we don't want to waste our time either.

This is like harvesting in a corn field full of locusts.
The field is full of infested corn husks and no matter how hard
a farm hand is trying to do his best, there isn't enough yield to
sustain the livelihood of himself and his family. And the corn field
is getting more and more locusts as years go by. 2010 will be
another year of disappointing harvests, but many farm hands have
no better place to go but to keep on looking for the fewer and fewer
areas in the field where truly edible corns can still be harvested
for a day's meal.

Peter

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Peter- are you just focusing locally? Thats not my nature.Nationally licensing, good marketing are all you need. I could never remain just local. I just signed on board with a company licensed in 48. They are providing 15-30 lending tree/lmb leads per day...I will be beyond busy...its all a numbers game. I spoke with a bunch of people there...they are closing 6-12 units per month each..you have the few slackers that are more interested in there fantasy league that are doing there 1-3 per month.

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quote:

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Originally posted by dtabar

quote:

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Originally posted by MoneyLenderP

quote:

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Originally posted by peter


MoneylenderP wrote:

"if you have an owner that is spending money on advertising things are usually ok. I have never worked anywhere that didnt make the phone ring. If your relying on a referral base, realtors, cpa's etc then I can understand the slow down."

Advertising doesn't help much these days, at least in my area of
Los Angeles, because most homeowners have lost their equity or
have incurred high debts that their DTIs have made them unqualified.
We have ads on and flyers out all the time, and almost daily we have
customers coming in to consult us. About 90% of new customers are
people who are upsidedown, their spouses have lost jobs, or have
incurred debts beyond 60% DTI. It is very sad to see them
disappointed but we don't want to waste our time either.

This is like harvesting in a corn field full of locusts.
The field is full of infested corn husks and no matter how hard
a farm hand is trying to do his best, there isn't enough yield to
sustain the livelihood of himself and his family. And the corn field
is getting more and more locusts as years go by. 2010 will be
another year of disappointing harvests, but many farm hands have
no better place to go but to keep on looking for the fewer and fewer
areas in the field where truly edible corns can still be harvested
for a day's meal.

Peter

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Peter- are you just focusing locally? Thats not my nature.Nationally licensing, good marketing are all you need. I could never remain just local. I just signed on board with a company licensed in 48. They are providing 15-30 lending tree/lmb leads per day...I will be beyond busy...its all a numbers game. I spoke with a bunch of people there...they are closing 6-12 units per month each..you have the few slackers that are more interested in there fantasy league that are doing there 1-3 per month.

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It's a give and take. Since you're provided leads, you're pay compensation is probably lower than someone who generates their own leads.

If someone is generating locally here in CA and is closing 1-3 loans a month, they should be able to create a decent income.

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