: poll



theloanman219
08-07-07, 10:02 PM
how many people in some type of real estate?

I would like to know how many V brothers/sister are being challenged by the current market.

darkman
08-07-07, 10:08 PM
how many people in some type of real estate?

Ambigous question. I live in a house - does that make me "in real estate." Or are you looking for real estate professionals? Need clarification please.

theloanman219
08-07-07, 10:08 PM
proffessionals. sorry for not making myself clear.

bossplayer
08-07-07, 10:58 PM
proffessionals. sorry for not making myself clear.

I don't work in real estate really but am doing some 'things' in real estate right now. Things are getting tough,huh? I am buying two properties in CA, and god they ask for everything short of my firstborn nowadays.

Are they revamping the whole loan industry, or what?

TXSilverV
08-07-07, 11:05 PM
I'm a District Manager for GMAC Mortgage and I'm getting nervous! How about you?

TaVern
08-07-07, 11:13 PM
If I vote, do I get one of those really neat blazers?

Civardi
08-08-07, 12:05 AM
I am an underwriter for Wells Fargo. I take care of WA, OR, ID, and CA. Deals are slowing down and getting ugly.

05VFLA
08-08-07, 01:10 AM
Hey Loan Man............
Between taxes and insurance it is cheaper to rent in Florida............. it is worse than New York down here!
I think it's going to get worse before it gets better. I am waiting to sell and get the HEck out of this state! I feel for you!
Naples and Ft Myers are really bad right now, with Retail and the Housing Market.
Keep you chin up, it will all come back! Let me know when! Then I will sell! :)

EcSTSatic
08-08-07, 09:44 AM
proffessionals. sorry for not making myself clear.

Your post is fine. The poll selections spell it out.

http://www.youtube.com/watch?v=QsFI-Ec4qMQ

theloanman219
08-08-07, 10:16 AM
Funny I used to work for Wells subprime retail. Now I work for Chase. The thing is that most every lender is looking to cut Alt A. We are getting Alt A at the end of this month. And we are one of the only agressive BANKS that offer subprime loans. Now the rates are high but we offer them. And I can do all 50 states. Realtors that are trying to move out of the area can rest assure them that I can service their borrowers anywhere they move to. Yes things have slowed down on us BIG time. I have 13yrs experience and it seems now should be some type of refi boom also. I know what your thinking but hear me out. There are lot of prime borrowers that have 2/28 and 3/27 now. They will be adjusting soon. They should be trying to get out of it while the values are still somewhat there. If they wait any longer there will be no equity at all. Plus we are a 5yr low on values.

Civardi
08-10-07, 01:11 PM
New mtg lending guidelines

Very Important- Guideline Changes Effective August 8, 2007

* All borrowers must have one blue eye and one brown eye to qualify.

* LTV > 65% SIVA requires minimum credit score of 849.

* For all LTV > 65%, 360 months of payment reserves now required.

* Borrower's must have no previous bankruptcies in their family history
going back three generations.

* A minimum of 25 years self-employment history now required for all NIV
Programs (at same location).

* Minimum Credit Score for Subprime Loans raised to 720.

* All non-arm's length transaction borrowers (mortgage, real estate
professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and a minimum of 12 hours of interrogation by the Department of Homeland Security.

Please note that these changes will go into effect within the next five
minutes. So please lock you existing loan immediately. All existing loans in your pipeline must fund by noon tomorrow.

We apologize for the inconvenience. We realize these are tough times in
the mortgage industry for all of us. Be assured that we have a commitment to
remaining strong and weathering out the storm. We ask for your understanding and cooperation.

MN-STS-LOVER
08-10-07, 02:00 PM
I'm a Realtor in the MPLS area and it's tough here too. On the listing side, sellers just won't take the hint that they can't get what they could 3-4 years ago. You can show them 25 comps for their house priced 30k less and they still don't get it! I won't even take a listing now if the seller is unrealistic. It's just a waist of my time and money. On the buyer side, the mortgage crash is taking so many buyers out of the pool. The ones that can qualify think they can get the Taj Mahal for 200k and have the sellers wipe their asses just for good measure! On the up-side...this market should rid everyone of the glut of competition. Agents and mortgage brokers are dropping like flies. So in the end for those of us that can hang on, we should all prosper.

theloanman219
08-10-07, 04:45 PM
New mtg lending guidelines

Very Important- Guideline Changes Effective August 8, 2007

* All borrowers must have one blue eye and one brown eye to qualify.

* LTV > 65% SIVA requires minimum credit score of 849.

* For all LTV > 65%, 360 months of payment reserves now required.

* Borrower's must have no previous bankruptcies in their family history
going back three generations.

* A minimum of 25 years self-employment history now required for all NIV
Programs (at same location).

* Minimum Credit Score for Subprime Loans raised to 720.

* All non-arm's length transaction borrowers (mortgage, real estate
professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and a minimum of 12 hours of interrogation by the Department of Homeland Security.

Please note that these changes will go into effect within the next five
minutes. So please lock you existing loan immediately. All existing loans in your pipeline must fund by noon tomorrow.

We apologize for the inconvenience. We realize these are tough times in
the mortgage industry for all of us. Be assured that we have a commitment to
remaining strong and weathering out the storm. We ask for your understanding and cooperation.
That is very funny. Things are bad but not that bad for us. We can still to do 100% down to 620 and 95% down to 580. Not bad for the market we are in. We are also getting Alt A and FHA soon here on the subprime side. Its funny everyone else is dropping Alt A and the Chase gods are blessing us with it.:thumbsup:


I'm a Realtor in the MPLS area and it's tough here too. On the listing side, sellers just won't take the hint that they can't get what they could 3-4 years ago. You can show them 25 comps for their house priced 30k less and they still don't get it! I won't even take a listing now if the seller is unrealistic. It's just a waist of my time and money. On the buyer side, the mortgage crash is taking so many buyers out of the pool. The ones that can qualify think they can get the Taj Mahal for 200k and have the sellers wipe their asses just for good measure! On the up-side...this market should rid everyone of the glut of competition. Agents and mortgage brokers are dropping like flies. So in the end for those of us that can hang on, we should all prosper.

There are some real winners in the industry. When the refi boom took place mortgage companies where hiring anyone who spelled their own name right on their resume. The thing that kills me is those are the same people making well into and over the 6 figure income and some even 7! Now those people are back selling Chicago cutlery and Kurby vacs door to door. If you have any challenged customers PM me and I will work some magic! We have a lot of agressive programs still.

theloanman219
08-16-07, 10:32 AM
This is way to funny.

The Day the Subprime Died

A long, long time ago...
I can still remember
How that yield spread made me smile.
And I knew if I had my chance
Those mohos I could finance
And I could pay my bills for a while.

But February made me shiver
With every good faith I?d deliver.
Bad news on my e-mail;
I just lost one more sale.

I can?t remember if I cried
When I saw the Fremont slide
But something touched me deep inside
The day the Subprime died.

So bye-bye, B\C money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a crack induced high
Singin?, "This?ll be the day the loans die,
This?ll be the day the loans die."

Did you write some B\C loans,
Did you blow bucks on the iPhone?,
Did that nut Cramer tell you so?
Do you believe in rate control,
Can FHA save your borrower?s soul,
Why is underwriting today so damn slow?

Well, I know you?ll have to cut those fees
And you?re wondering who has moved your cheese.
Bernarke?s on the news.
You can?t afford the MBA dues.

I was a semi-rich middle-aged broncin? buck
With a master plan and a lot of pluck,
But I knew I was out of luck
The day the Subprime died.

So bye-bye, B\C money supply.
Sent my package to four lenders
But they all asked me why.
And good old boys were on a crack induced high
Singin?, "This?ll be the day the loans die.?

theloanman219
09-20-07, 01:33 PM
Bump