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#155082 - 07/12/07 09:00 PM
Re: Rate a lender: Countrywide
[Re: Cool guy]
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Major Contributor
Registered: 06/30/04
Posts: 2043
Loc: California
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#155129 - 07/13/07 12:32 AM
Re: Rate a lender: Countrywide
[Re: Cool guy]
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Veteran Member
Registered: 11/15/05
Posts: 724
Loc: Riverside County, California
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Well, what are the roadblocks? I personally hate Countrywide so maybe I am biased.
_________________________
Adam Clarke Commercial and Residential Lending Specialist access commercial finance Direct: (951) 318-1162 Small Business Success
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#155217 - 07/13/07 11:59 AM
Re: Rate a lender: Countrywide
[Re: Cool guy]
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Member
Registered: 01/01/07
Posts: 36
Loc: U.S.
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Good luck. Most lenders are not just shying away from 100% loans but running from them, wherter it be an 80/20 or whatever, in particular Stated income. If it doesn't work out, ask the borrower if he could go for a Full Doc via Bank Statements. They will get a better rate. Somebody like a First Franklin under their new Alt A programs might do it if the borrowers score is high enough.
_________________________
Ron is a mortgage Loan Officer specializing in FHA and USDA loans but in 2008 due to all the owner financed notes on the market, began a new company that buys private mortgage notes. His note buying site is http://www.sell-my-note.biz
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#155246 - 07/13/07 02:44 PM
Re: Rate a lender: Countrywide
[Re: CFLREO]
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Major Contributor
Registered: 06/30/04
Posts: 2043
Loc: California
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#155496 - 07/14/07 12:17 PM
Re: Rate a lender: Countrywide
[Re: CFLREO]
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Money Mover
Member
Registered: 03/10/05
Posts: 459
Loc: Irvine, CA
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Coolguy... with what is given and the score of 800, it shouldn't be that hard to find an 80/20 but again... there isn't much to work with in your given scenario. What is the "...something about income" that Wells was tedious over?
P.S. Is this the same LO that you posted in another thread that had 2 of your deals fall out of Escrow? Please check your Private Email... I sent you my info.
Thanks,
_________________________
Sean Pham
Phamport, Inc.
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#155859 - 07/16/07 02:04 PM
Re: Rate a lender: Countrywide
[Re: Promise Land]
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Member
Registered: 04/11/06
Posts: 90
Loc: Florida
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If your broker is using Countrywide please expect the rates to be at least .25% higher than most banks.
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#156035 - 07/17/07 10:38 AM
Re: Rate a lender: Countrywide
[Re: Mortgage-Master]
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Member
Registered: 07/24/05
Posts: 147
Loc: California
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Ya, I agree with Mortgage Master. Every time i've tried countrywide their rates are always a little bit higher then every other bank. I usually try to stay away from countrywide
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#156194 - 07/17/07 07:55 PM
Re: Rate a lender: Countrywide
[Re: mystic]
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Veteran Member
Registered: 08/01/06
Posts: 1123
Loc: Downey, California
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This just posted at the Bakersfieldblogspot.......Countrywide shuts down their sub-prime arm, Full Spectrum Lending Office, in Bakersfield, California and laid off the entire staff.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie
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#156670 - 07/19/07 01:20 PM
Re: Rate a lender: Countrywide
[Re: CALIF DREAMING]
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Member
Registered: 07/07/07
Posts: 12
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This just posted at the Bakersfieldblogspot.......Countrywide shuts down their sub-prime arm, Full Spectrum Lending Office, in Bakersfield, California and laid off the entire staff. Countrywide has added 5800 jobs this year though: http://www.signonsandiego.com/news/business/20070716-1201-countrywide-mortgages-.htmlI think they are great. I use a local branch. They never missed a closing. In fact, I had a few transactions where I had title in place and the branch closed the deal within a day. it was ready to fund the next day after the buyers mortgage broker fell through.
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#157232 - 07/21/07 01:13 AM
Re: Rate a lender: Countrywide
[Re: LA REVE]
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Junior Member
Registered: 09/22/05
Posts: 9
Loc: San Diego
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I have never done a loan with Countrywide. Their pricing usually sucks.
- What is the purchase price?
- Does your borrowers have reserves?
- What does your borrower do for a living?
- Is your loan officer over stating income? If so, you might wanna consider another lender.
I know a few more lenders other than Countrywide and Wells that will do the first 80%. That's the easy part, but with your fico, I know another lender that would go stated for your 20% up to 150K with your borrowers fico. If your LO can't get it done.
Let me know!
- Darvin
_________________________
Darvin Legaspi Stonegate Real Estate & Finance, Inc. Direct: (619) 869-0150 Fax: (619) 270-2541 http://www.DarvinMateo.com
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#161203 - 08/07/07 02:45 PM
Re: Rate a lender: Countrywide
[Re: Darvin Legaspi]
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Member
Registered: 07/07/07
Posts: 12
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I have never done a loan with Countrywide. Their pricing usually sucks.
- What is the purchase price?
- Does your borrowers have reserves?
- What does your borrower do for a living?
- Is your loan officer over stating income? If so, you might wanna consider another lender.
I know a few more lenders other than Countrywide and Wells that will do the first 80%. That's the easy part, but with your fico, I know another lender that would go stated for your 20% up to 150K with your borrowers fico. If your LO can't get it done.
Let me know!
- Darvin Yes, the pricing isn't always the absolute best but my branch closes every time. It's not always purely about price. It's about service and ability to close.
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