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Mortgage Broker Forums at Broker Outpost

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1 Payment IRRRLS (by: EastSideJ)
So Low VA rates just closed one of my purchase clients on an IRRRL 1 month after closing on his purchase? Who is this being sold to? Is there a product available to Mortgage bankers that isnt available to wholesale brokers? - Last Post by: EastSideJ on 09/26/2017 @ 08:36 AM

Peak stupid (by: KnowsBetter)
Just when you think liberals cant get more stupid, theres this... ESPN ‘killed me for racial misunderstanding Adler opened up on the “Today show in an interview with Matt Lauer that aired Friday about the dangerous levels of stress and humiliation he experienced as a result of ESPN pulling the plug on him for remarks that some considered racist. The former tennis player and veteran commentator faced a surge of backlash for describing Venus Williams strategy at the net as the “guerrilla effect, which many listeners heard as “gorilla and a slight at Williams race. Adler apologized for the comment, while continuing to insist he was innocent, but ESPN let him go anyway and Adler responded by filing a lawsuit against the network in February for wrongful termination. “They didnt have good cause and I didnt do anything wrong, Adler said during the sit-down interview. “They killed me, they made me unemployable. They ended my career, they killed my reputation, my good name. What else was I supposed to do? Adler, whom ESPN hired in 2008, told Lauer hed never considered the word “guerrilla being interpreted in a racial context and that hearing his name and “racism in the same sentence makes him “absolutely sick. No matter Adlers pleas, ESPN still views his comment as careless and his actions in the aftermath as unfitting of employment. *** This reminds me of this liberal moron who claimed "Raaaaacist!" when a non-black used the word "niggardly." No, Niggardly Isnt the N-word “Niggardly means parsimonious or stingy and is derived from the Old Norse language. “Niggardly, as you will thankfully already know or will doubtless be relieved to hear, is not related to the Latin word for black—“niger—and thus is in no way etymologically connected to the deeply pernicious, pejorative racial epithet known in common parlance as the n-word. Ignorance of this particular homophone has led to some unfortunate reactions from people who hear the word. Most famously, in Washington, D.C., in 1999, a white mayoral aide was asked to resign for using the word in front of a mixed audience. There are other examples of the word niggardly sending liberals into apoplexy. In 2002, a fourth-grade teacher in North Carolina was formally reprimanded by the school when an African-American parent was offended by her use of the word in class. The list goes on and on... Political correctness is a liberal disease. - Last Post by: KnowsBetter on 09/26/2017 @ 08:26 AM

Not sure If Its Been Talked about Lately (by: Edumakated)
Online complete digital mortgages the way of the future according to Jason van den Brand, founder and CEO of Lenda , newest article in housingwire today , bit freaky - Last Post by: Edumakated on 09/26/2017 @ 08:22 AM

Need Solid BO Endorsed LO for Tennessee Purchase (by: Brianquigley)
For immediate referral - Last Post by: Brianquigley on 09/26/2017 @ 08:09 AM

Comergence: do they require Call Reports? (by: fdg34gh3thh)
Does anyone use Comergence? A lender I was considering signing up with uses Comergence for new brokers. Does Comergence require the upload of tax returns and call reports? - Last Post by: fdg34gh3thh on 09/26/2017 @ 08:07 AM

TRID expert needed - a loan is about to be denied (by: KnowsBetter)
I have a loan with a lender that will (for now) remain unnamed. The loan was going to get its final approval today, when I suddenly get a condition stating that the loan fails the points and fees test. This is a brief summary of the loan: Basics: Purchase, investment property, SFR, 20% down, $149,000 purchase price, $119,200 loan amount Fees: My compensation (2%) - $2384; Lender Fee - $885; Part of appraisal/AMC fee that they include in the calculation - $215. The borrower is also paying 1% origination for the 3.75% (investment property, 45-day lock). 3% cap would be $3576. Adding above - $2384 + $885 + $215 = $3484. I would think that we should be fine. But, apparently, the lender said that once they determined bona-fide par rate, they also had to include an extra $200 or so into the calculation - making the loan ineligible. And I cant think of a solution. Even the highest rate on their rate sheet (4%) has a small origination fee, triggering their bona-fide par rate rule. And I cant raise the loan amount, since it would bring us into PMI territory on an investment property, which cant happen. First time in 14 years that this has happened to me and I cant think of anything, other than maybe borrower-paid (which Ive never done). - Last Post by: KnowsBetter on 09/26/2017 @ 07:59 AM

Straight data to dialer (by: KnowsBetter)
I started using a cloud based dialer recently. I loaded it with existing leads, warm leads and referrals. I want to take a shot with loading it with straight data, scrubbed with the dnc list and try it out for a couple of days hard. Can anyone give advice on a script used by in house telemarketers? Can anyone give advice on a provider of raw data in cvs format? Ive watched call center telemarketers in action, it is a different skill set thank loan officer/closer. Any advice or knowledge on this appreciated. - Last Post by: KnowsBetter on 09/26/2017 @ 07:54 AM

1.5M purch price 5% down & 5% seller carry? (by: thefinanceguy)
Is there a lender that will do this without some ridiculous DTI requirement like 35%? This is a California purchase. - Last Post by: thefinanceguy on 09/26/2017 @ 07:10 AM

Can you help out an old LO? (by: KnowsBetter)
I am a 71 year old man, living in a mobile home senior park. We had record breaking rains this winter and my roof leaks badly and needs a new roof! There is interior damage to walls, floor, ceiling and ruined carpet. My homeowner insurance denied my claim by saying they dont insure older roofs!In am a low income senior trying to live on a SS check of only $ 915/mo. Also, I need a new computer tower as the one I use is outdated and the modem is too. I am on Windows XP. I need the puter to get back into the loan origination business doing mortgages again. I can send pics of damage if anyone wants to see them. I am embarrssed to ask for help, but I have no other option! My name is Bruce Schmauder and I am on and facebook. Whatever you can donate would surely be appreciated! - Last Post by: KnowsBetter on 09/26/2017 @ 06:18 AM

IRS installment plan where to find? (by: KnowsBetter)
Idiot borrower lost the installment plan paperwork past due taxes. SWMC is requiring it and he said IRS is completely unhelpful other than willing to get a payment history. Any ideas? - Last Post by: KnowsBetter on 09/26/2017 @ 04:50 AM

Anyone else having GoDaddy email issues today? (by: David Zuckerman)
I havent gotten an email for five hours. Even the test emails I sent myself from other accounts are not working. This really screws up business. - Last Post by: David Zuckerman on 09/25/2017 @ 11:51 PM

Brokers Data (by: waynepbright)
whos had success with Brokers Data or any other Live Transfer companies for leads? - Last Post by: waynepbright on 09/25/2017 @ 8:36 PM

BPS Splits Income hours ETC (by: selfmadein76)
So I guess my question is. How many bps/% do you get and what did you gross as a LO last month and how many hours worked average and did you work weekends? For Example 90 Bps 30k gross 40 hours per week no weekends. This was my Top Los numbers last month and I am just trying to see how he stacks up against other LOs nationwide and also hours worked and weekends. 90 bps 40k Gross on 40 hours average no weekends. Thanks! - Last Post by: selfmadein76 on 09/25/2017 @ 6:57 PM

FHA 4000.1 Well Testing (by:
Hey Gang I have a question on well testing and water treatment systems where the file is an FHA 203b. I have a file that failed for PH and PH only. There is a neutralizer system already installed but the sample was a raw untreated sample. My underwriter is telling me that we cannot use the results of the treated water unless we establish an additional escrow which would be used to service said system for a certain amount of time. I cannot find this blurb in the HUD Handbook. Is anyone familiar with this? - Last Post by: on 09/25/2017 @ 4:52 PM

FHA loan on o/o mixed use (by: snappynapp)
Ive never done a deal on this type of property with an FHA loan before. Does anyone have experience with these and can pass on some pointers? The property is a 2 family plus a separate 4000 sq ft warehouse. Thank you. - Last Post by: snappynapp on 09/25/2017 @ 4:47 PM

Realtor Advertising Question (by:
Hey Guys I see a few realtors in my market advertise their services with additional tag lines like "list your home with me and Ill sell it within XX number of days guaranteed or Ill buy it" and If you buy this home Ill buy your current home". I dont think this is illegal but I have to wonder how would a realtor be able to keep themselves a float with offer guarantees like this? - Last Post by: on 09/25/2017 @ 4:46 PM

Reverse Mortgage Call Lists for S.Cal. (by: zpaperkid)
I have many call list for S. Cal for reverse for sale.The filters are good, in CSV format. You will need to scrub them for the DNC!I can call them for you! Call me at (530)274-1801 for more information.No emails, please! Bruce (Zpaperkid) - Last Post by: zpaperkid on 09/25/2017 @ 3:34 PM

Lenders similar to the Citadel in New York State (by: ffranky)
I have a borrower with a poor credit score (560), collections on account. However, he has a good DTIR and also can put a substantial amount down. It seems like the Citadel offers a product that would be a good fit, however, they dont lend in New York State. Does anyone know of any lenders similar to them that lend in New York? Thanks. - Last Post by: ffranky on 09/25/2017 @ 1:41 PM

early payoff question (by: bmd)
Is there a percentage of loan payoff that would trigger a hit to broker? IE if a borrower takes loan out, then pays another 10 percent down in 4 months to eliminate pmi. Would this be a charge back to broker? - Last Post by: bmd on 09/25/2017 @ 1:24 PM

2017 Continuing Ed (by: KLandis)
I am ready to get this out of the way. I usually do Praedo, but I just checked and it is $99, which seems very high. Anyone have other good options? - Last Post by: KLandis on 09/25/2017 @ 12:43 PM

Non Occupying Co Borrower (by: JohnatAFC)
Must a non occupying co borrower for conventional go on title too? - Last Post by: JohnatAFC on 09/25/2017 @ 12:37 PM

hard money second (by: PBHardMoney)
I have a broker who needs a hard money second.. any suggestions? - Last Post by: PBHardMoney on 09/25/2017 @ 12:35 PM

Bank statement program for Primary Res in NY (by: JohnatAFC)
Looking for a lender that has a bank statement program for a primary in NY. Most non-QM lenders wont do primary in NY. Anything out there? - Last Post by: JohnatAFC on 09/25/2017 @ 09:39 AM

Cash Out Commercial loan in NJ (by: quazmoto)
I have a borrower looking for a cash out of a commercial property. It is a bar on the ground floor and an apt on the 2nd floor. The bar has a lease until 2027. The value is 750k and hes looking for 500k. Fico is 698. Property has been owned for 10 years. Does anyone have an option for this scenario? Thank you. - Last Post by: quazmoto on 09/25/2017 @ 09:26 AM

The End of AMCs? (by: AlexMTG)
Another Dem-conceived legislation going the way of the ****ter. The idea behind [the laws] is to make sure that appraisers can operate independently. Appraisers, however, look at the regulations and AMCs as a mixed bag, according to Amorin. The first laws that were enacted didnt really require the use of AMCs but required that a firewall be built to protect appraiser independence. That was when the Home Valuation Code of Conduct was enacted in 2008 [Dem authored]. Some elements of the initial laws also were part of the Dodd-Frank Wall Street Reform and Consumer Protection Act [Dem authored], enacted in 2010. The good intentions might have morphed into a system that encourages greed. [Duh.] “Its hard to make a blanket statement, but I would venture to say that most appraisers believe that the AMCs that have come into the marketplace are earning their fees off the backs of the appraisers, Amorin said. “And the appraisal management company often is looking for the cheapest and fastest person to do it, versus the person who may be the most qualified or the most competent. Prior to its use of an AMC, a lender would have a panel of appraisers [VA style] that were approved by lenders to do the appraisal. For example, if the lender collected $500 from a consumer to do an appraisal, that full $500 was paid to the appraiser for the appraisal assignment, according to Amorin. [...] With most of todays AMC models, according to Amorin, the lender collects the $500 fee from the consumer and hands it over to the AMC, which then tries to find an appraiser to do the assignment for less than $500. “What were finding is that most appraisers are seeing their fees [reduced to] about half of what they were prior to the advent of this, Amorin said. “Those people who are qualified and competent, who had a big client base, tend to shy away from doing work with AMCs because it just doesnt pay as well as the other types of work. From a consumers standpoint, consumers are probably not getting the best valuations they could get because its usually the least competent, the least qualified people who are willing to work for half the fee. But things could be changing, according to Amorin. “What I think is happening is that some of the lenders are starting to recognize that theyre not getting the highest quality product, even though theyre effectively paying the same fees, Amorin said. [...] Amorin says that he predicts a couple of things might happen. One is that lenders will start handling the appraisal function in-house, dealing with appraisers directly, as they did in the past. Or, an even more popular option among appraisers, according to Amorin, is that AMC models will focus more on finding the most qualified and competent appraisers. This has already started to occur, Amorin said, because getting a good appraiser to start with makes the mortgage lending process faster. “I think the lenders are going to pay those types of appraisal companies a fee to manage the process; the appraiser will get paid a fair fee; and, ultimately, loans will be closed quicker because when you have the least qualified, lesser competent people doing the work, it takes a long time to get an appraisal approved, he said. See full article for link to: "NAR: FHAs appraisal changes cause confusion." Did a Dem initiate FHA appraisal changes? Then theres going to be confusion. Guaran[...]

Homeowners Insurance for 203k (by: Brianquigley)
Any recommendations for homeowners insurance for a 203k. Property is located in Florida. - Last Post by: Brianquigley on 09/25/2017 @ 07:44 AM

foreign homes listed in the 1003 REO section? (by: Derek O)
Buyer has a condo in Cancun. Do foreign properties need to be listed in the REO section on the 1003? Does any payment associated with this foreign property need to be included in the DTI? - Last Post by: Derek O on 09/25/2017 @ 06:44 AM

BYTE is messing me up on DTI (by: broker)
So to be fair to me I did spend a few days in the hospital. There was a bit of an accident, not my fault (no im not pressing charges). I cracked a rib, part of vertebrae broke off in my spine, and had 2 places bleeding in my brain. They let me go homw after a few days, but they said I might not remeber some crap. So im working on BYTE. I have an investment 4-plex. It wants to include the payment into the DTI ratio. It wont offset even though the 4 plex makes 2000+ a month in income after payments. It wont give me the income and it wont offset payment. I have no clue what I did wrong. The only bill showing should be a 25 dollar bill. The borrowers DTI ratio should be 0.61 but I have him at 74%. I know I missed something easy, I just dont know what I missed. Thanks for the help. Me - Last Post by: broker on 09/25/2017 @ 06:24 AM

Jumbo RT with BK discharged 1/4/2012 (by: sando119)
I have a 75 ltv jumbo refi R/T with a $712,000 loan amount. 705 score but a chapter 7 BK discharged 1/4/2012. Looking for competitive rate on a 7/1 arm? 25 DTI $150,000 in reserves. Property is in FL - Last Post by: sando119 on 09/24/2017 @ 9:56 PM

The writing is on the wall (by: KnowsBetter)
I know a broker that has over 30 loans in his pipe. 90% of them are in the 5% range with high rebates to the borrowers. The broker is at a 2.5% comp. He just churns and burns every 6 months and lenders have no problem with him. It is not going to end well. - Last Post by: KnowsBetter on 09/24/2017 @ 9:12 PM