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#146827 - 06/08/07 04:22 PM
Our favorite lenders
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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I would like to see what the most loved lenders are out there.
1. Flagstar Bank, phenomenal rates, paperless, and when working right incredibly fast.
2. Homecomings GMAC, Assetwise, great conforming programs, hybrid option ARM with pay rate 5% below note rate.
Anyone else care to throw some out there?
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#146879 - 06/08/07 09:16 PM
Re: Our favorite lenders
[Re: Prodigy]
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Veteran Member
Registered: 12/17/06
Posts: 648
Loc: SoCal
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First Franklin for the oddball deals.
Greenpoint for pricing on alt A products if you can deal w/all of the ineptness.
Ohio Gemstone for tough FTHB deals.
Altho the FTHB has less to fear regarding FICO these days than the chages in MI limits.
Indymac for flexibility in some programs.
But honestly things are changing so fast i don't even want to stand by any of what I just posted.
Acourse borrowers need to go to a broker to access most of the best programs they are not retailers.
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The Loan Diva
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#148556 - 06/16/07 01:49 PM
Re: Our favorite lenders
[Re: Greg Phillips]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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I want to also add Indymac is king when it comes to land and ctp loans.
Greg, what do you mean "Plus you can do multiple states with them. 50 + 2."? Don't you have to be licensed in those states? And what do you mean "+2"?
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Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#151383 - 06/28/07 12:04 PM
Re: Our favorite lenders
[Re: Prodigy]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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Indy also has great investment property pricing.
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#151431 - 06/28/07 03:17 PM
Re: Our favorite lenders
[Re: Prodigy]
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Member
Registered: 06/21/06
Posts: 46
Loc: Minnesota
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The only problem I have with IndyMac is their horrid turn times in their Kansas center. Their programs are great but if you're faxing in conditions only to have them re-routed to India, then have some guy in India that doesnt know the slightest thing about mortgages "organize" the documents and send them back to the underwriter, you know you're going to have problems. My office closed 70+ loans with them last year and we have yet to close 5 this year.
Washington Mutual will go up there as one of my favorites right now.
BankUnited has great unique programs that are an alternative to the typical My Community programs out there.
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#151437 - 06/28/07 03:44 PM
Re: Our favorite lenders
[Re: Rude Awakening]
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Veteran Member
Registered: 08/01/06
Posts: 1123
Loc: Downey, California
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One of my fav's is Argent and they are still in business.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie
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#151439 - 06/28/07 03:54 PM
Re: Our favorite lenders
[Re: CALIF DREAMING]
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Member
Registered: 12/31/05
Posts: 243
Loc: Boston Metro
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Two thumbs up for IndyMac. Good rates and great programs.
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#151458 - 06/28/07 04:40 PM
Re: Our favorite lenders
[Re: Prodigy]
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Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
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This personal list changes as guidelines changes...
A-Paper: Interfirst, First Magnus, Provident
Alt-A: First Franklin, Aurora, Greenpoint
Subprime: Equifirst, Option One, ResMae
Feds Didn't Move Rates Today!
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Sean Pham
Phamport, Inc.
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#151532 - 06/28/07 08:47 PM
Re: Our favorite lenders
[Re: Promise Land]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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This personal list changes as guidelines changes...
A-Paper: Interfirst, First Magnus, Provident
Alt-A: First Franklin, Aurora, Greenpoint
Subprime: Equifirst, Option One, ResMae
Feds Didn't Move Rates Today! I HATE FIRST MAGNUS! I'm not really sure why and that irritates me even more. Stupid First Magnus... And isn't ResMae out of business?
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#151537 - 06/28/07 08:55 PM
Re: Our favorite lenders
[Re: Prodigy]
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Veteran Member
Registered: 12/17/06
Posts: 648
Loc: SoCal
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I'm mad at IndyMac. They TD'd a perfectly reasonable loan, good credit, good reserves, good income (stated but strong bank statements), perfect mortgage/tradeline history; 43% DTI. Wanted 100% purchase.
And the problem?
Borrower owns too much real estate. They had a 2 property max & won't do an exception.
Hah, guidelines change, what about the quality of the AE?
Today I love ALS b/c of an AE who totally rocks.
Tomorrow, who knows?
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The Loan Diva
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#151617 - 06/29/07 01:50 AM
Re: Our favorite lenders
[Re: Prodigy]
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Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
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This personal list changes as guidelines changes...
A-Paper: Interfirst, First Magnus, Provident
Alt-A: First Franklin, Aurora, Greenpoint
Subprime: Equifirst, Option One, ResMae
Feds Didn't Move Rates Today! I HATE FIRST MAGNUS! I'm not really sure why and that irritates me even more. Stupid First Magnus... And isn't ResMae out of business? I understand, not every Lender fits everyone. I believe it really boils down to the relationship with the AE and their Inside team. I've heard complaints about First Magnus just as I've heard complaints about them all. ResMae was in troubled waters during the Subprime crunch but they were recently acquired by Citadel, a power-playing hedge-fund.
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Sean Pham
Phamport, Inc.
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#152782 - 07/03/07 08:39 PM
Re: Our favorite lenders
[Re: TN Mort Broker]
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Junior Member
Registered: 07/03/07
Posts: 4
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GMAC, good experience with their customer service, although i could do with better rates!
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#153050 - 07/05/07 12:49 AM
Re: Our favorite lenders
[Re: jaydee]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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Indymac users beware! I just received an email form my client that I am currently sending through Indy that said, "This is wierd, I just got a phone call from Indymac and they sent me an offer." I looked at the offer and they touted how great a loan this was, etc. It was the exact same program I had just submitted, only the rate was better by about .375%. They forgot to mention that there was a 1.625% cost to get it! I couldn't believe it. I called and started in on the loan officer and I wanted to know how he got my clients name, he said that the client called in. This irritated me to no end because I just closed 2 loans for this client, why would he start fooling around now? I called my client back and explained what the LO said and asked if this was true. He said that they called saying they were supposed to follow-up with him at this time because he had contacted them and was actually moving forward with a refinance through them about 3 months ago. They had to stop since he had a PPP that is up on the 21st of this month. His current loan is with Indy. So was it the client or was it the bank? Well, I vote bank because they put him on the exact same loan program that I had just submitted, the client didn't even know which loan program I was using. Just watch carefully, Indy may be trying to middle out the broker.
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#153056 - 07/05/07 02:45 AM
Re: Our favorite lenders
[Re: Prodigy]
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Member
Registered: 06/21/06
Posts: 46
Loc: Minnesota
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Indymac users beware! I just received an email form my client that I am currently sending through Indy that said, "This is wierd, I just got a phone call from Indymac and they sent me an offer." I looked at the offer and they touted how great a loan this was, etc. It was the exact same program I had just submitted, only the rate was better by about .375%. They forgot to mention that there was a 1.625% cost to get it! I couldn't believe it. I called and started in on the loan officer and I wanted to know how he got my clients name, he said that the client called in. This irritated me to no end because I just closed 2 loans for this client, why would he start fooling around now? I called my client back and explained what the LO said and asked if this was true. He said that they called saying they were supposed to follow-up with him at this time because he had contacted them and was actually moving forward with a refinance through them about 3 months ago. They had to stop since he had a PPP that is up on the 21st of this month. His current loan is with Indy. So was it the client or was it the bank? Well, I vote bank because they put him on the exact same loan program that I had just submitted, the client didn't even know which loan program I was using. Just watch carefully, Indy may be trying to middle out the broker. I hate back solicitors. I remember Funding America denying one of our files, then having their retail division call the client and approve the exact same loan... How sad is that? Like I mentioned earlier, IndyMac got old a long time ago. Tip to lenders: Get your *#$@ together. 
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#153173 - 07/05/07 02:03 PM
Re: Our favorite lenders
[Re: Prodigy]
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Junior Member
Registered: 06/30/07
Posts: 7
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My favorite lender is me!  Jeff questions_j@yahoo.com
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