I was working about four loans right now and I am just appalled at how great the rates have gotten last week!

Borrower #1: Purchase, Owner Occ, 80% LTV 790'ish mid and good reserves. 5.500% 5/1 ARM 10 year IO or 30/30 5.875% @ par.

Borrower #2: Purchase, INVESTOR, 90% LTV 680'ish mid and low reserves, but great DTI, 6.875% 30/30 with 1% in YSP.

The other two are similar. Gosh it is good to be back to the heights of this year in bond pricing. We gained nearly 100 basis points just last week!

Kind of off topic, but doesn't it feel good to wipe the floor with these builder LO's? I love it when they try really hard and I feint defeat just to come back and knock them on their arse!

Also, anyone know of a lender that will lend on land/construction in a corporations name? Indy used to, but they don't anymore.

"The POWER, the absolute POOWWEERR!!"

Hi,

who did you get for 90% LTV Investor ?

Thanks,

That my friend is a closely guarded secret... Just kidding, Flagstar Bank.

I came across this lender the other day while searching for someone with no cap on properties owned. Their buydowns were .125 for each .125. I managed to get a 678 mid on 8 NOO properties 6.125 IO at a 1.5 cost. Not a bad deal.

They are my favorite. I am also a correspondent so I get even better rates. Their regular wholesale is damn near unbeatable, imagine taking another .50% off that!

Woo, from "Go" last night to docs drawn on Friday, Flagstar is so awesome. I just hope they are still funding in that part of So-Cal. A lot of lenders have stopped funding in So-Cal altogether.

Prodigy,

I am set up with Flagstar but have never worked with them.
I have heard from others as well that they are good.

Their pricing is pretty good not great. I am wholesale not correspondent so this could be why.

I am thinking of going correspondent though. And i am looking for the best correspondent lenders.
Who else are you correspondent? And where are you seeing your best pricing.

Thanks,

Indy, and a few others that went BK...

lol

I know what you mean.

thanks

lol

I know what you mean. check out Lydian mortgage.
There Arm pricing is great!!! I have not done business with them either. but it looks like I might give them a whirl.


thanks

Can they beat a 5.500% matching the criteria above with .178 back in rebate? If they can I will be approved by weeks end. Actually, I just priced and they are a little better... hmmm... kinda makes you think. They can't be as fast as Flagstar though. They have a great paperless system. Look at me stickin up for a lender. I can't help it though, I have had a good experience with them.

Wait a second, they have some weird price adjustments.

Between an Escrow waiver and Ca property hits totaling .375% I would smoke them with Flagstar. I guess each has their strong suit huh? They seem to do really well with Jumbo loans.

I just took a look @ flagstars arm pricing. It's freakin strong.
There pricing is wierd though.

There par price is very good but as you go up in rate the YSP is not as strong as most though. I am talking about fixed rates now.

You get 50bps better to price than wholesale on the correspondent channel? If so that is awesome. I guess I need to look into them a little harder.

Thanks for the follow up I see what you mean.

Stupid freakin builders! They told my borrower that they would not honor the closing costs if he went with me instead of their own lender. Doesn't this sound like a RESPA violation? The builder, Centex, owns the title, escrow, and lending company. I am pretty pi$$ed off right now.

Ditto on Flagstar. They are my #1 correspondent as well.

Anyone have a line on 100% financing, conforming full doc, california right now for an o/o purchase since we are talking about great programs/rates here?