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mlcarsey
85 Posts |
 Posted - 12/16/2004 : 07:17:15 AM
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Hello,
My name is Matt Carsey and I am an Account Executive with World Savings. If you have never heard of World Savings we have been lending in the US for over 100 years. In a market in which most lenders have negative numbers for 2004 we are up nearly 60% and our stock (GDW) is doing great and averaged nearly 20% for the last 30 yrs!
Our NICHE product is the Pick-A-Payment Loan which we started in the 1970's and many lenders are now trying to copy with little success. We have taken the best of a fixed rate and adjustable rate mortgage and combined them to create this product. It offers borrowers 4 payment options each and every month with guaranteed payments starting at 1.5%! Please contact me for details and find out how you can sell this loan on PAYMENT AND NOT ON RATE...FOREVER! The REFI boom won't end in 2005! Call me or e-mail me for details and information.
Matt Carsey
Account Executive
World Savings
402-391-4700 x 207
mcarsey506@worldsavings.com |
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jandr
1543 Posts |
Posted - 12/16/2004 : 08:03:49 AM
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Hey matt
Great plug. Just had an hour training with Jim Wollen in Sacramento last night. HOT program especially when teaching your client the difference between the COSI and fixed rate. How much money you will save them. Jim was stating that with the national debt at close to 2 trillion refi are not going anywhere. Note that World Savings is a Porfolio Banker that does not sell its loans all in house with a 10 year deferment. Thats frikin Hot selling point. 100 Billion dollars in Assests alone those old people love to keep that money in your bank. Best of luck to you Matt in the new year and I have been sold and pitch Pick a Payment since I joined the LO business. |
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Darin Ferraro
7812 Posts |
Posted - 12/16/2004 : 08:10:43 AM
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There are a few companies pushing those programs now, including Washington Mutual here in Vegas. How does your product differ from the competition? What advantages does a broker have using World Savings? How loose are your underwriting guidelines?
P.S. Welcome to the Outpost!
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mlcarsey
85 Posts |
Posted - 12/16/2004 : 08:27:17 AM
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World is a portfolio lender so we don't sell our loans. We are not FICO driven at 80% or lower LTV's. We use common sense underwriting and look for 2 years of credit health and good mortgage payment history. We also use a less volitale index. I push the CODI which is the 3 mo CD posted by the Fed each month. It is much less volitale than MTA used by WAMU. Our customer service and speed is much faster than WAMU. Averge turn around is 2-3 weeks. We have our own appraisers, underwriters and processors in house. You can downloand your 1003 into worldmortgage.com and submit it in seconds. Easy, fast, friendly, and we pay you 2 points on the back. World closes 1000 loans each day with this product. Our recast is also 10 yrs vs. WAMU's 5 yr recast.quote:
Originally posted by Darin Ferraro
There are a few companies pushing those programs now, including Washington Mutual here in Vegas. How does your product differ from the competition? What advantages does a broker have using World Savings? How loose are your underwriting guidelines?
P.S. Welcome to the Outpost!
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midas
4409 Posts |
Posted - 02/21/2005 : 10:11:49 PM
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| i taught jim wollen everything he knows. world is the best loan to cut your teeth on, they will do all the work for you. you can submit a loan with an unsigned 1003 a 1008 a credit report and a check for $310 and 14 days later have a check for 3 points. i closed over 200 of them last year. |
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billdaunish
3 Posts |
Posted - 02/22/2005 : 01:02:44 AM
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| Hello everyone, Im new to this place, but Im here to learn. I would like to know what World Specializes in as far as general lending, and how do they keep themselves competitive with someone like Downey or Countrywide; or is there even any competition at all? |
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midas
4409 Posts |
Posted - 02/22/2005 : 07:42:57 AM
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| no competition, downey runs out of money and holds back loans all the time plus they run on a libor index which is volitile a hell. countrywide has mat 12 which is a little better and has a lower margin but has too strict of guidelines. first federal of california is great in ca. only but for all around versatility and ease world has the best neg-am product. |
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mikemillsap
1066 Posts |
Posted - 02/22/2005 : 08:08:07 AM
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| If you like this program check out Guaranty Residential. No PPP, 1.2% rate, and you order your own appraisal. Sometimes, the world appraisal gets cut a little short, atleast in my experience with them. Its the same program, with a better rate and better appraisal for your customer. Not sure if you all have Guaranty Residential where you are. They are also starting a 100% stated construction loan, up to $400k, in the next couple of months. |
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AndrewReed
480 Posts |
Posted - 02/22/2005 : 09:18:09 AM
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| the reason that world would cut an appraisal is to protect themselves. when you are lending out of your own pot wouldn't you be conservative with your appraisal? |
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Duncan
26 Posts |
Posted - 02/24/2005 : 8:32:01 PM
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There are tons of wholesalers out there that now have option ARMs. Tell if I'm wrong the loans all go back to the same places, Countrywide and WAMU. World doesn't sell their loans through any wholesalers.
I have done these loans with both Countrywide and World. If I could I would always use World I would. Service, Service, Service. That's why.
The appraisals are an issue and in Wisconsin and World is geographically restricted to where they will lend. I understand the reasons for both, but Matt if you would like to comment please do. Except for that, World rocks. |
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mikemillsap
1066 Posts |
Posted - 02/25/2005 : 09:45:05 AM
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| Duncan check out Guaranty Residential. Better rate and your own appraisal. I know you are in WI, so they can get it done for you. Give me a call and I will give you the name of my rep. They have a ton of other great products as well. |
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mlcarsey
85 Posts |
Posted - 02/28/2005 : 11:13:50 PM
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| You are correct in that World does not sell our loans. We are portfolio so we keep the properties. You are also correct that their are quite a few lenders offering options arms. It is becoming a very popular product in the financial environment we live it. However, at World Savings we are still separating ourselves from our competition with our product. The main differences between us and other lenders is that we recast after 10 years and all other lenders recast after 5 years. This equates to a huge payment shock for the borrower after year 5. The next difference is the index that we use to determine our rates. We use CODI and COSI as other lenders use LIBOR, MTA and other much more volitale indexes. In 2004 MTA and LIBOR rose over 100% where as CODI and COSI rose about 9%. Our product beats the others hands down because it clearly better for the customer. How happy will your customer be in 5 years when his rate has gone through the roof and his loan is being recast. His payment is up about $500-1000/month and he is wondering why his broker got him into this situation. Thanks for your comments! |
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