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Mortgage lender guys

SpyWizard

SpyWizard

Elite Mentor
EF VIP
Ok,

I'm not looking for customers.. i am looking for a funding source..

I currently have:

Purchase or cash out

100% non-owner occupied
NO DOC
740 mid score

does anyone know of a program that will accept a broker that has a better program.. ??

thanks in advance.. you can pm me if you would rather..
 
come on broly....

you know in this day and age 100% w/ out any type of documentation or AT LEAST verified assets is almost impossible to come by on a NOO.

you try first magnus or mortgageit? First magnus might still have a similar program. although personally, i think you're SOL. If you do find it, the rate is going to be retarded...

ABConduit might be worth a shot as well...they still do some crazy/niche product type shit

also...why is it a purchase and/or cash out refi? can you do it as a gift of equity or non-arms length transaction?

btw are you new to the business?
 
calveless wonder said:
come on broly....

you know in this day and age 100% w/ out any type of documentation or AT LEAST verified assets is almost impossible to come by on a NOO.

you try first magnus or mortgageit? First magnus might still have a similar program. although personally, i think you're SOL. If you do find it, the rate is going to be retarded...

ABConduit might be worth a shot as well...they still do some crazy/niche product type shit

also...why is it a purchase and/or cash out refi? can you do it as a gift of equity or non-arms length transaction?

btw are you new to the business?
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Nope, just been out for a while, and when i was in it was more of the under writing, and Supervising side..

Thanks for the heads up.. If i fund this one, i'll post up the exact guidelines..
 
Good luck with that. It's hard enough to get a 100% purchase OO No doc now days. Thank goodness all my loans have been conforming lately.
 
feisty11975 said:
Good luck with that. It's hard enough to get a 100% purchase OO No doc now days. Thank goodness all my loans have been conforming lately.
Click to expand...
Thanks, i have a lender willing to do the afore mentioned...

I'm waiting for a commitment letter right now.. I might have to start pushing this one fairly hard and heavy..

what do ya think??

SFR only though.. not 2-4 or multiple units..
 
SpyWizard said:
I'll do that.. does he know you by this handle??
Click to expand...


Nah. You can just tell him you got the email address from a client in Maryland that he got a loan for last week. Or shoot me your email address & I'll forward it to him.
 
jnevin said:
Boolshit. I price every deal with 3. Of course, I'm almost 100% referrals, so I can. :)
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yeah exactly. it's alot easier if they don't grind you out for every fuckin quarter point. my time is way too valuable for that shit

i like my subprime clients. take it or go into foreclosure LOL
 
calveless wonder said:
yeah exactly. it's alot easier if they don't grind you out for every fuckin quarter point. my time is way too valuable for that shit

i like my subprime clients. take it or go into foreclosure LOL
Click to expand...


Subprime's good. Takes too long, too many conditions. I'll do it all though.
 
calveless wonder said:
bleh...no money in conforming :)
Click to expand...

yeah right. I make a pretty good living. I have to close 3 loans to jnevins 1 to make what he does but I enjoy it. Our values suck ass here though. 2500 sq ft new construction going for $100 a sq ft.
 
OK, got the call from the underwriter

100% Non Occ purchase only 80% cash out on a refi

740 middle fico score

Stated with 6 month bank statements..

that's it.. in my area with 3 of the major subprime lenders closing their doors since the 1st of the year.. i am trying to get to see as many people as i can right now..

30 yr fixed
5/30 arm
1/30 arm

depends on how long you are going to hold..

also same criteria on a fix/flip 85% of the appraised value post construction..
 
calveless wonder said:
yeah exactly. it's alot easier if they don't grind you out for every fuckin quarter point. my time is way too valuable for that shit

i like my subprime clients. take it or go into foreclosure LOL
Click to expand...


the last deal i did in the late 80's when i was most active in this business

Hard money,

3 days to close (check in woman's hands)

70% 1st (paying off an existing for $185,000)

18% interest only for 1 yr prepaid 18 points origination..

I did the comps, pulled the title ins.. handed her the money for bail on her son..

sub prime... / hard money.. aren't always the same.. she was happy.. now if i could have just used my own money then i would have been happy..

oh well..
 
SpyWizard said:
the last deal i did in the late 80's when i was most active in this business

Hard money,

3 days to close (check in woman's hands)

70% 1st (paying off an existing for $185,000)

18% interest only for 1 yr prepaid 18 points origination..

I did the comps, pulled the title ins.. handed her the money for bail on her son..

sub prime... / hard money.. aren't always the same.. she was happy.. now if i could have just used my own money then i would have been happy..

oh well..
Click to expand...

How about no money down, 18k to buyer 3 points and 6.5% fixed no PPP :)
 
feisty11975 said:
yeah right. I make a pretty good living. I have to close 3 loans to jnevins 1 to make what he does but I enjoy it. Our values suck ass here though. 2500 sq ft new construction going for $100 a sq ft.
Click to expand...

so you only average a point a deal? jeez....i'd go nuts.

when i ran my first team we were nicknamed section 32 :)
to give you an idea lol

but me and my guys always had the nightmare loans...gift of equity purchase to brother/mother with rolling 90's on current property blah blah blah. escrow holdbacks because the roof is missing, foreclosure bailouts, etc. we definetely earned our commission on those
 
BIKINIMOM said:
How about no money down, 18k to buyer 3 points and 6.5% fixed no PPP :)
Click to expand...


I've seen those, but don't 1099 me on the $$$ to the buyer..

a builder went to jail for this sort of thing 2 years ago.. i was holding one of his homes..

burn in hell bastard.. that's what they tattooed on his forehead..
 
BIKINIMOM said:
How about no money down, 18k to buyer 3 points and 6.5% fixed no PPP :)
Click to expand...
Not really a big deal in today's market. I had a friend that was offering $80,000 cash out at closing, on a $580,000 house.
 
calveless wonder said:
so you only average a point a deal? jeez....i'd go nuts.

when i ran my first team we were nicknamed section 32 :)
to give you an idea lol

but me and my guys always had the nightmare loans...gift of equity purchase to brother/mother with rolling 90's on current property blah blah blah. escrow holdbacks because the roof is missing, foreclosure bailouts, etc. we definetely earned our commission on those
Click to expand...


No. It's the loan amounts that make the difference.
 
jnevin said:
No. It's the loan amounts that make the difference.
Click to expand...

ah gotcha. didn't know you guys had high loan amounts in utah lol. but i'm guessing you do other states.

florida loan amounts are pretty sweet....i do alot of jersey deals too, which are average 300k (on a refi).

95% of my business is refi...i really need to crack the purchase market. Need to get a good strategy to get with realtors...i always dream but never follow up. know a couple of guys/mentors with a decent system....but it's very time consuming and i gotta spend money on their program, bleh. On top of that South florida is the most saturated mortgage market next to SoCal, so it's alot harder here than elsewhere.Most of the brokers here are such fuckin pikers though..... the ones like me who come down from NY/NJ are the ones who make money because we know how to hustle.
 
calveless wonder said:
ah gotcha. didn't know you guys had high loan amounts in utah lol. but i'm guessing you do other states.

florida loan amounts are pretty sweet....i do alot of jersey deals too, which are average 300k (on a refi).

95% of my business is refi...i really need to crack the purchase market. Need to get a good strategy to get with realtors...i always dream but never follow up. know a couple of guys/mentors with a decent system....but it's very time consuming and i gotta spend money on their program, bleh. On top of that South florida is the most saturated mortgage market next to SoCal, so it's alot harder here than elsewhere.Most of the brokers here are such fuckin pikers though..... the ones like me from NY/NJ are the ones who make money because we know how to hustle.
Click to expand...


My average loan amount is probably $225K, but I'm almost all purchases. I think I've only done 3 refi's in the last few months. I need to meet a few more realtors though. It's really all about follow-up with them. So many got burned by their LO's when the refi boom hit, they just didn't get the attention they were used to. Now they have all of these guys coming back wanting to work with them again. I've joined the board of realtors and just work on some of the charities they run, and it's really paid off. Maybe 3 hours a week that I'd waste on here, I just spend there. I've gotten maybe 10 referrals that turned into 6 loans out of it since February.
 
jnevin said:
My average loan amount is probably $225K, but I'm almost all purchases. I think I've only done 3 refi's in the last few months. I need to meet a few more realtors though. It's really all about follow-up with them. So many got burned by their LO's when the refi boom hit, they just didn't get the attention they were used to. Now they have all of these guys coming back wanting to work with them again. I've joined the board of realtors and just work on some of the charities they run, and it's really paid off. Maybe 3 hours a week that I'd waste on here, I just spend there. I've gotten maybe 10 referrals that turned into 6 loans out of it since February.
Click to expand...

board of realtors? hrmm.....i'm goign to check that out. i'm assuming you got your R/E license in order to join?
 
calveless wonder said:
board of realtors? hrmm.....i'm goign to check that out. i'm assuming you got your R/E license in order to join?
Click to expand...


No. I didn't have to here. It was $200 and I had to be approved. I'm on this Shrimpfest committee that is a fundraiser for the homeless or some shit, I have yet to have something to do when I go to the meetings, I'm always asking. And then I've been working on this golf tourney that'll be held at one of the country clubs here that is a fundraiser for abused kids. Both through the board, both of which I pretty much just network. It's not like going to an office with nothing, just asking for deals out of the blue. Some days you just don't feel like it, but it's really been paying off so far. It's more fun doing this stuff than cold calls and begging for deals too. You get to be social and pick who you want to go after.
 
calveless wonder said:
so you only average a point a deal? jeez....i'd go nuts.
Click to expand...

oh hell no...I actually average between 2 and 5 points per deal. Good thing I am a good salesperson. If I only averaged a point per deal, I would be better off working at Walmart or McDonalds. :worried:
 
feisty11975 said:
oh hell no...I actually average between 2 and 5 points per deal. Good thing I am a good salesperson. If I only averaged a point per deal, I would be better off working at Walmart or McDonalds. :worried:
Click to expand...

yeah, was about to say. guess it's just low loan amounts......
 
calveless wonder said:
yeah, was about to say. guess it's just low loan amounts......
Click to expand...


that's what i thought..

with that no doc non owner, i'm increasing the org fee to 3 points.. 2 if they commit to doing more than 2 deals in 6 months..
 
SpyWizard said:
that's what i thought..

with that no doc non owner, i'm increasing the org fee to 3 points.. 2 if they commit to doing more than 2 deals in 6 months..
Click to expand...

Average loan amount here is around $150K

3 points and processing fees...my commission is decent. 3 or 4 a month and I am set...more than that and its time for a shopping spree. ;)
 
feisty11975 said:
Average loan amount here is around $150K

3 points and processing fees...my commission is decent. 3 or 4 a month and I am set...more than that and its time for a shopping spree. ;)
Click to expand...


who's feeding the loans to ya??

I am about to start marketing this NOO/stated to smaller banks that i know of.. We'll see how that goes..
 
SpyWizard said:
who's feeding the loans to ya??

I am about to start marketing this NOO/stated to smaller banks that i know of.. We'll see how that goes..
Click to expand...


You can market it to anyone you want, noone's doing it. If you find the right realtor or builder, you don't need to mess with the banks.
 
SpyWizard said:
who's feeding the loans to ya??

I am about to start marketing this NOO/stated to smaller banks that i know of.. We'll see how that goes..
Click to expand...

feeding to me? I'd starve. I get out and call on realtors, banks, finance companies, collection agencies, friends, family, co-workers, builders, pool companies, home improvement companies, etc.. I'm a hustler baby!
 
feisty11975 said:
feeding to me? I'd starve. I get out and call on realtors, banks, finance companies, collection agencies, friends, family, co-workers, builders, pool companies, home improvement companies, etc.. I'm a hustler baby!
Click to expand...


sweet.. good to hear that.. I'd feed ya.. Some smaller community banks will do a deal with you, they are just looking for ways to increase revenue, so let them close at their location for a small fee that the customer pays, and they will feed ya..
 
8% 1/30 arm

$240,000 charged him 1.5 points, and i get 1 point on the back end as well.. plus the junk fees..

did i mention that my daughter is a senior closer for a local title company.. ?? good times we'll see..
 
jnevin said:
Who cares about the rate. If they want it, they get what they're given.
Click to expand...
I have a customer right now that is looking to purchase 3 rental houses. He is self employed and of course not showing income, has other rentals, some with mortgages, some without, and wants a friggin 6% rate. 90% LTV and wants me to not charge more then $1000 origination per loan. WTF? the loan amounts are all $70K and under. Fuck him!
 
SpyWizard said:
8% 1/30 arm

$240,000 charged him 1.5 points, and i get 1 point on the back end as well.. plus the junk fees..

did i mention that my daughter is a senior closer for a local title company.. ?? good times we'll see..
Click to expand...


Which lender?
 
feisty11975 said:
hes avoiding that question like the plague. hahaha
Click to expand...


no, i'm just ignoring him for now.. hell, i've got people from NY that are now starting to talk to me about sending some to me.. so we will see how it goes, and i have not funded it as of yet..
 
SpyWizard said:
no, i'm just ignoring him for now.. hell, i've got people from NY that are now starting to talk to me about sending some to me.. so we will see how it goes, and i have not funded it as of yet..
Click to expand...

don't be ignoring people. Inquiring minds wanna know...we may have similar scenarios and no wheres to send them...hook us up!
 
SpyWizard said:
no, i'm just ignoring him for now.. hell, i've got people from NY that are now starting to talk to me about sending some to me.. so we will see how it goes, and i have not funded it as of yet..
Click to expand...


Bor, I do all of my business in Utah.
 
send them to me, no we won't accept an assigned loan pack.. pull new credit and fund..

Any of you in Minnesota?? or close??
 
SpyWizard said:
send them to me, no we won't accept an assigned loan pack.. pull new credit and fund..

Any of you in Minnesota?? or close??
Click to expand...

I am licensed and can only do loans in the state of Louisiana.
 
feisty11975 said:
I am licensed and can only do loans in the state of Louisiana.
Click to expand...


That's good..

jv is all bitter and shit.. what am i stupid??

the source that i use is licensed in all 50 states.. i hold mine in minnesota, but if i fund through him, i have no worries..
 
wait...so he came on here asking for help and now that he found the bank he won't give it up and wants to fund the deals himself?

if that's the case, that is pretty weak
 
calveless wonder said:
wait...so he came on here asking for help and now that he found the bank he won't give it up and wants to fund the deals himself?

if that's the case, that is pretty weak
Click to expand...


No, i already had the source, and wanted to know if there were a better source of funds out there..

Here locally we have had 3 of the main subprime lenders close their doors.. thus my inquiry..

I will share, but i would like to ensure that the source will fund under the guidelines they are publishing..

Its like someone asking me for a steroid source, and me giving them one that i didn't know was good or not.

sorry if ya'll think it's weak..
 
Bor, I think we're all used to doing plenty of footwork. A name and our own time spent/ wasted is fine.

Weak.
 
SpyWizard said:
No, i already had the source, and wanted to know if there were a better source of funds out there..

Here locally we have had 3 of the main subprime lenders close their doors.. thus my inquiry..

I will share, but i would like to ensure that the source will fund under the guidelines they are publishing..

Its like someone asking me for a steroid source, and me giving them one that i didn't know was good or not.

sorry if ya'll think it's weak..
Click to expand...

wasn't making assumptions. just trying to understand. i gotcha now
 
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