By: eve

eve — Thu, 18 Dec 2008 10:48:09 +0000

just came across. Nice blog

By: Angela

Angela — Thu, 30 Oct 2008 15:54:30 +0000

I have allot to say as I am a mortgage broker for 17 years and I have a very good reputation in my town (65,000) & (150,000 in the county) I have approx. 3-4 repeat clients and/or referral’s come in my door every week. People have faith in me and if you would like to take a look at how I price my loans. . . please . . most my files are at par!! I pay for my lock extensions for my client’s if I run over time. . I have never done an option pay arm !!!! The loans I did were good people with full time jobs w-2 full doc!!! and currently have demonstrated paying their bills on time. . maybe “may” have had a medical collection account that is now paid and their family is healthy now and they are on the right track!! Do you think it’s wrong to allow someone into a house that a few dings in the past?? (oh, , yeah that’s the new FHA)and now they are on the right track and pay excellent now?? Sorry to say that mortgage broker will always beat the banks interest rate and fees on a constant basis!!
Now FHA says I’m insolvent because I don’t have a net worth of $63,000.00 !!! I have $225,000.00 equity in my home I also have a rental property for sale finally after the title company did a deed overlay and consequently had to wait for that to clear before putting it back on the market and almost loosing 8 months on market time. So, again, , let me ask you??? Does $63,000.00 make you ethical?? I suppose if you have that kind of money in the bank and your the broker/owner and have only 2 full time employees and one originator (again, you shouldn’t have to rip your client to show FHA the money in the bank you need to write another sub-prime loan. . LOL. . you know the new FHA!! Did you know that the net worth does nothing to cover the borrower?? and a Bond would !!! I know that all of you up there in Washington have a real good handle on the mortgage business. . but maybe you should read up on just what that net worth does or does not do!!! If you want us to get out of this mortgage mess maybe you guys should start asking the mortgage professional and not the people that invented the pick your pay loan. . . as this is the “sub-prime mess were in” guess what ? These pick you pay loans that these net branches with un-supervised loan officers (not brokers) OH BY THE WAY THEY ARE NOW THE NEW FHA SUB-PRIME!!! These Loan Officers were offered BIG MONEY!!! To put their client into one of these loans instead of a good 30 year loan that they were really better qualified for. . It’s all about greed. . you can’t teach ethics!!!. I suppose I could have ripped my clients and I would now have the net worth to help my clients into a good 30 year loan. . but I don’t because I am a small shop with myself, my husband and my processor. . . When is this going to change??? Don’t you guys see what your doing. . . ?? you are prohibiting local mortgage companies from helping their local community and consequently the housing market. . Again, , , what does $63,000.00 have to do with ethics??? The Big Banks Want The Broker’s Gone. . . This is evidence of why FHA is making us go net branch (so, now your not a broker anymore but a Loan Officer) and the manager of branch is in another state. . there is no requirement anymore within the branch to write these loans and more people are unsupervised and little or no experience writing any loan at all more than ever!!! Don’t you guys get it???? Now net branching is requiring the (was mortgage broker) now LO to give up 10% of all the loans you write and also (get this one) now charge the borrower another 450.00 per file. . . please research this as we are not helping the consumer. . . you need to understand this. . . Regards, Angela
Please email me at: Angela@themortgagehouseinc.net

Comments on: HUD Stress Education and Prevention as Key Components

By: eve

By: Angela