Archive for the ‘wholesale mortgage’ Category
What is the future for mortgage brokers?
With lenders closing their wholesale departments, what do you think the future holds for all the mortgage brokers out there? Do you think that wholesale will disappear, and there will only be retail or warehouse lending? Please let me know your thoughts, or if you have heard any rumblings!
The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I’m afraid this might be the classic example of "too little too late." I’m sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn’t care whether their clients could actually make the payments or not or whether the latest loan product was right for them.
Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you’re not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they’re doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it.
Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company.
I’m sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing).
Thanks!
Mortgage wholesale lender
http://www.lendinguniverse.com/ mortgage wholesale lender The same thing holds true for deposits in savings banks and savingsand-loan shares. Nonetheless, time and savings deposits in commercial banks, deposits in mutual savings banks, and savings-and-loan shares are regarded by their holders as almost the same thing as money, because they can be quickly and cheaply changed for money. The claims just mentioned, along with some others such as short-term U.S. Treasury securities and U.S. Savings Bonds, are frequently called “near monies” or “money substitutes.” Through regulation of commercial banks, the Federal Reserve System indirectly controls the amount of demand deposits. Thus the amount of money in existence is controlled by a public agency. It was not always this way. Our present monetary system reflects 300 years of experience with a variety of arrangements. You will get a clearer understanding of our present system if you think of it as the product of a gradual evolution based on that (frequently unhappy) experience. In the remainder of this chapter we will review the major steps in that evolutionary process. Faced with the problems of inflation and deflation and with constant controversy over monetary policy, some people are inclined to demand a return to the “good old days” of a monetary system based on gold coin. But the “golden age of gold coin,” like other golden ages, is mythical. The opportunity to get something for nothing by alloying supposedly pure gold and silver coins with cheaper metals appears to have been irresistible. The story of coinage in the ancient world is quickly revealed andshows changes in the Roman coinage.
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Mortgage wholesale lenders
http://www.lendinguniverse.com/ mortgage wholesale lenders We consider demand deposits to be money because they can be used to pay for goods and services by means of checks. Commercial banks have other deposit liabilities called time deposits or savings deposits which differ from demand deposits only in the fact that they cannot be transferred by check. If you have a savings account and want to buy something, you have to present your pass book at your bank, withdraw currency, and then pay cash for what you buy. You cannot pay for anything with a savings deposit. The same thing holds true for deposits in savings banks and savingsand-loan shares. Nonetheless, time and savings deposits in commercial banks, deposits in mutual savings banks, and savings-and-loan shares are regarded by their holders as almost the same thing as money, because they can be quickly and cheaply changed for money. The claims just mentioned, along with some others such as short-term U.S. Treasury securities and U.S. Savings Bonds, are frequently called “near monies” or “money substitutes.” Through regulation of commercial banks, the Federal Reserve System indirectly controls the amount of demand deposits. Thus the amount of money in existence is controlled by a public agency. It was not always this way. Our present monetary system reflects 300 years of experience with a variety of arrangements. You will get a clearer understanding of our present system if you think of it as the product of a gradual evolution based on that (frequently unhappy) experience. In the remainder of this chapter we will review the major steps in that evolutionary process.
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What is a Wholesale lender compared to a regular mortgage broker?
I have credit not a huge paying job at the moment as also student. My h has a great union government job. No credit. (Not bad just none)
We have 15,000 down on a 350,000 house (335,000). The mortgage broker is having issues finding a lender. She is suggesting a cosigner. His mom will do it.
But I dont want to go that way. Someone on here suggested to go get a Wholesale lender.
What is that?
spam will be reported as abuse.
spam will be reported as abuse.
Wholesale lenders fund their own loans, brokers have to find a wholesale lender for you. If you don’t qualify with a broker, you won’t with a wholesale lender either. The guidelines for FHA or any other type loan do not change based on who you go with.
Just read some of your answers- the guy who said a wholesale lender won’t work with you as an individual is wrong- my company is wholesale & we do both broker and individual. You pay less going through a wholesale lender because you cut out the broker fees. Good luck!
Looking for a wholesale mortgage lender, 85% ltv, 669 fico, jumbo non conforming 980k loan amount, in LA, CA?
needing a wholesale lender for a property in Los Angeles, California.
Im working for a broker, and i’m stuck, just hoping someone here would know some magical lender that would do this. thanks!
Dear JB,
i guess someone’s angry haha but i’m just trying to help an old lady out of a bad situation she’s in because of someone who didn’t inform her of the program she was getting herself into… thats all… im not asking for your opinion, thats why i said "magic" so calm down…
i guess you should’ve asked more questions before being judgemental…
according to JB, i should let this lady who’s been at her home for 15 years foreclose…
anyone else agree?
thanks Jennifer, her comps were comming up at 1m, we tried a loan mod but her lender wouldn’t budge since she has some equity, they’d rather she sell, i just don’t want her to leave that house shes been in for so long… i know its an unfortunate situation… anyway im just laughing at JB i mean im home at 11PM trying to figure out this lady’s situation and he still has the nerve to call me greedy but naieve people will do that stuff hehe…
off topic:
with regards to the law school, ive decided on continuing with SDSU because my new job can now accomodate my schedule, and hopefully try to get into a public school, if i can score high enough on the LSAT, thank you for your recommedations! 
visit http://realstate-california.blogspot.com/ may add up sme idea
How to Stay in Your Home Mortgage Free For a Very Long Time – Techniques They Don’t Want You to Know
Visit http://Mortgage-bad-credit.us for free mortgage calculators and mortgage rates..
Almost anyone can get a mortgage so unless you have unbelievably bad credit you will have no problem getting a mortgage for your new home. If you have a few blemishes on your credit report you will still be able to get a home mortgage loan. You can find mortgages online and offline that can hook you up with a great mortgage no matter what your credit looks like.
If you have poor credit what you will have to find is a good subprime lender. If your credit score is under 620 you will have to get a subprime mortgage. You will find yourself in this category if you usually pay your bills late, the later you pay them the worse your credit score is going to be as a result. When you are talking to lenders about getting a mortgage they will not actually use the word subprime but that is what the mortgage will be. They have stopped using these sorts of words because they tend to scare customers away.
Getting a home mortgage loan is simple if you have excellent credit and even if you shop around you will not find that the rate vary that much. But if you do have bad credit then shopping around is a must. Rates can be very different from lender to lender. The reason for this is because all of these subprime lenders will decide what kind of risk you pose in a different manner. So if you have a low credit score then you absolutely have to shop around for the best possible rate.
The interest rate on a subprime loan is higher than that on a prime mortgage loan. Before a lender will give you a rate on a mortgage they will have to do risk assessment on you. This means that they will do what is called risk based pricing to come to a final rate for your loan. SO while your interest rate is higher from these lenders just how much higher will depend on several different factors. Such as the amount of down payment that you have, the size of the loan, your credit score and report and even the amount of money you have to pay each month towards your other debts.
You could also have to face some penalties if you decide to pay off the loan early. So down the road and your credit has improved if you then want to refinance the loan you will be hit with hefty fines. These loans may also have balloon payments. With a balloon payment you will have to pay the entire loan amount after only a few years all at one time. If you cannot do this you will then be forced to get a new loan to cover the first. And some loans will even have a combination of the above.
There are many shifty lenders out there that will take advantage of subprime borrowers. They will use the fact that you cannot get a good loan from some other lender against you in order to make more money off of you. Some common ways that these lenders act in a predatory manner are by having unbelievably high interest rates and fees. Some of these lenders will even lie to customers like you and tell them that their credit score is much worse than it really is in order to keep them from trying to get a better loan somewhere else.
Another predatory act is to try to get customers to refinance on a regular basis. They will tell you that you will be saving money but in actuality all you are doing is paying them more money in closing and other costly fees. They then rolled these new fees into the amount that you owe. Some lenders even go so far as to give home loans to people that they know will not be able to pay them off. By doing this they can then foreclose on the home and sell it off for their own profit.
Before you meet with any lenders you need to find your own credit score. This will keep you from being mislead by lenders. Then do some serious mortgage shopping in order to find the lowest possible interest rte. This is the way to save on your home mortgage.
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HowToReadMortgageRateSheets-2.flv
Part 2 of How to Read a Wholesale Mortgage Rate Sheet. Source: reibrain.
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Will large mortgage banks like BofA, WAMU, drop their wholesale mortgage products?
[Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages]
I’m currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I’m not too happy about that–but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn’t charge them points when he didn’t need to.
However, I’m hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I’ve also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more.
Does anyone else out there believe this to be so?
H.R. 3915. is a bill that has passed but with modifications that still allow for brokers to have yield spread but with limiations on the points they can charge the borrower. IT DOES NOT MEAN THE END OF MTG brokers.
However, it means that being a mortgage broker in the future will be very hard.
Currently, BofA has cut it’s wholesale division and other big banks are expected to do the same thing. But keep in mind that those banks will include those that have the means to do retail mortgages like BofA does. Wells and WAMU will perhaps be the next two however I doubt if ALL banks will do this.
This industry goes through cycles and our next biggest challenge will be going against bank rates. Keep in mind that mortgage brokers throughout the next few years will have to deal with the image of being horrible criminals out looking for a quick butt rather then look out for the consumer.
However, banks like BofA and Wells will screw up in the long run by providing higher interest rates on their retail mtg products anyway. I give it another 2-3 yrs before mortgage brokers are back in business.
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What does 5SPP mean on a wholesale mortgage rate sheet?
Countrywide 30yr fixed/5SPP
Hello,
I completely agree with wanting to invest your money. Afterall, what’s the point of making money if you can’t make more money with your money (got that?)? Anyway, I’ve tried all different investments from stocks and bonds to IRA’s, 401k’s, and real estate. I’m really a big fan of diversification.
However, the only investment I’ve really been happy with so far is real estate. Over the past 5 years, I’ve bought 3 different properties (all have tenants, and I’m making more than the mortgage payments on 2 properties).
The 3rd property I got was using Carleton Sheets no money down methodology (he’s a GURU in real estate, and yes, his methods do work!). You can actually buy a property for absolutely nothing down (NO MONEY FROM YOUR OWN POCKET). I payed over $500 for his course 3 years ago, and I just saw it online for $9.95!!!! This is a steal at $9.95 (I’m actually going to buy it for my friends for Christmas). It was featured on TV, so I got the website from there.
Before you invest in anything, I highly suggest the Carleton sheets course. http://www.alllsite.info/real-estate.php