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99 232 baja
05-07-2007, 05:39 AM
ooooogogog

Debbolas
05-07-2007, 05:44 AM
One of the gals that I work with said her mortgage is 23% :jawdrop: On her house:jawdrop:
I just don't understand that:idea:

99 232 baja
05-07-2007, 05:55 AM
One of the gals that I work with said her mortgage is 23% :jawdrop: On her house:jawdrop:
I just don't understand that:idea:Another case of mortgage abuse.

local805
05-07-2007, 07:01 AM
THE BOTTOM LINE IS YOU ARE TOLD AND SHOWN YOUR COST,ITS THE BUYERS FAULT THAT HE SIGNED,NO ONE ELSES,MOST COULDNT AFFORD IT CHEAP AND NOW LOANS PAYMENTS GO UP,ANYONE THAT BOUGHT WITHIN THE LAST 3 YEARS IS IN FOR AN EYE OPENER,:) GOOD LUCK!!!!!

YeLLowBoaT
05-07-2007, 07:05 AM
THE BOTTOM LINE IS YOU ARE TOLD AND SHOWN YOUR COST,ITS THE BUYERS FAULT THAT HE SIGNED,NO ONE ELSES,MOST COULDNT AFFORD IT CHEAP AND NOW LOANS PAYMENTS GO UP,ANYONE THAT BOUGHT WITHIN THE LAST 3 YEARS IS IN FOR AN EYE OPENER,:) GOOD LUCK!!!!!
thats not always the case.

eman1625
05-07-2007, 07:23 AM
I think with any business you are going to have your good peeps and bad, whether it's mortgages, boat repair, auto repair etc. The lenders that do it right will be fine. It's the ones that got in during the last couple of years that are going to hurt. they got in and made as much as they could and now its not there anymore. If the loan officer's are doing it right and taking care of their clients with fair and honest deals they will make it through the hard times. I am going on 11 years and the majority of my business is reltors and referral based. You don't keep that by screwing people!

99 232 baja
05-07-2007, 07:24 AM
THE BOTTOM LINE IS YOU ARE TOLD AND SHOWN YOUR COST,ITS THE BUYERS FAULT THAT HE SIGNED,NO ONE ELSES,MOST COULDNT AFFORD IT CHEAP AND NOW LOANS PAYMENTS GO UP,ANYONE THAT BOUGHT WITHIN THE LAST 3 YEARS IS IN FOR AN EYE OPENER,:) GOOD LUCK!!!!!
did you notice I said cost added to the backside usually in small print.

Tequila-John
05-07-2007, 07:33 AM
I think with any business you are going to have your good peeps and bad, whether it's mortgages, boat repair, auto repair etc. The lenders that do it right will be fine. It's the ones that got in during the last couple of years that are going to hurt. they got in and made as much as they could and now its not there anymore. If the loan officer's are doing it right and taking care of their clients with fair and honest deals they will make it through the hard times. I am going on 11 years and the majority of my business is reltors and referral based. You don't keep that by screwing people!
I agree...

FREIND OF AA AND TA
05-07-2007, 07:41 AM
With the declining home markets and the decline in mortgage applications,do any of us really feel sorry for the the mortgage industry? After over charging and adding fees to the backside of most mortgages this line of business is getting what it desreves. I had a friend quit doing mortgages after years of screwing people over ,he said he didn't like doing it anymore. The goverment needs too look long and hard on how the business is ran.And should we bailout this industry for them handing out subprime loans?
I have not seen a post this focking stupid in a long time!

catman-do
05-07-2007, 07:45 AM
You know what, working in the mortgage industry right now is like working for the LA PD. You have a bunch of people looking in criticizing the whole industry for a few people's mistakes. One one hand you have people that are begging US to lend THEM money, well guess what.... Ive got every right to do with MY money what I want to!!! So if I feel that you have a history of not paying back debt and want to charge you 23% because the RISK assiciated with GIVING YOU money, then thats what you will have to accept. You have always got a choice. You choose to buy a house, boat, car, misc items you cant afford with cash. You choose to sign those papers that state what your interest rate is, your cap rate, your prepay penalties, and the terms in which you agree to payback and the terms in which if you dont pay back we will take what WE paid for. You choose to pay back debt, however you accrued it. If you are a responsible member of the credit society then you will get loans handed to you on a silver platter.... low rates, no prepay, low fees.... However, if you are the other.... then you did it to yourself.
With our company, we lend on the subprime side. With that said, we have always been known as the conservative lender in the subprim industry and my brokers would complain about it. Now we are one of three MAJOR lenders left, and its because of the conservativeness. We now go by the net tangible benefit analysis that New Mexico does and not many people are qualifying for loans anymore. Sucks for them, looks like they are going to loose their house...but its because of the flack that the industry has recieved that everyone tightened their guidelines soooo much and now no one qualifies.

little rowe boat
05-07-2007, 07:50 AM
thats not always the case.
We should have a section in the forums, called ask YB. He knows everything.:idea:

Tequila-John
05-07-2007, 07:52 AM
I have not seen a post this focking stupid in a long time!
Its just another lamer jumping on the TV band wagon. Bottom line I am fockin busy writing good loans with return customers and referals. Have a nice day

Tequila-John
05-07-2007, 07:55 AM
You know what, working in the mortgage industry right now is like working for the LA PD. You have a bunch of people looking in criticizing the whole industry for a few people's mistakes. One one hand you have people that are begging US to lend THEM money, well guess what.... Ive got every right to do with MY money what I want to!!! So if I feel that you have a history of not paying back debt and want to charge you 23% because the RISK assiciated with GIVING YOU money, then thats what you will have to accept. You have always got a choice. You choose to buy a house, boat, car, misc items you cant afford with cash. You choose to sign those papers that state what your interest rate is, your cap rate, your prepay penalties, and the terms in which you agree to payback and the terms in which if you dont pay back we will take what WE paid for. You choose to pay back debt, however you accrued it. If you are a responsible member of the credit society then you will get loans handed to you on a silver platter.... low rates, no prepay, low fees.... However, if you are the other.... then you did it to yourself.
With our company, we lend on the subprime side. With that said, we have always been known as the conservative lender in the subprim industry and my brokers would complain about it. Now we are one of three MAJOR lenders left, and its because of the conservativeness. We now go by the net tangible benefit analysis that New Mexico does and not many people are qualifying for loans anymore. Sucks for them, looks like they are going to loose their house...but its because of the flack that the industry has recieved that everyone tightened their guidelines soooo much and now no one qualifies.
GREAT POST! thank you

Lost Wages
05-07-2007, 08:08 AM
With the declining home markets and the decline in mortgage applications,do any of us really feel sorry for the the mortgage industry? After over charging and adding fees to the backside of most mortgages this line of business is getting what it desreves. I had a friend quit doing mortgages after years of screwing people over ,he said he didn't like doing it anymore. The goverment needs too look long and hard on how the business is ran.And should we bailout this industry for them handing out subprime loans?
A very intelligant post to say the least. Are you that ****ing stupid? Who are the idiots that are signing the final loan documents?

HocusPocus
05-07-2007, 08:41 AM
You know what, working in the mortgage industry right now is like working for the LA PD. You have a bunch of people looking in criticizing the whole industry for a few people's mistakes. One one hand you have people that are begging US to lend THEM money, well guess what.... Ive got every right to do with MY money what I want to!!! So if I feel that you have a history of not paying back debt and want to charge you 23% because the RISK assiciated with GIVING YOU money, then thats what you will have to accept. You have always got a choice. You choose to buy a house, boat, car, misc items you cant afford with cash. You choose to sign those papers that state what your interest rate is, your cap rate, your prepay penalties, and the terms in which you agree to payback and the terms in which if you dont pay back we will take what WE paid for. You choose to pay back debt, however you accrued it. If you are a responsible member of the credit society then you will get loans handed to you on a silver platter.... low rates, no prepay, low fees.... However, if you are the other.... then you did it to yourself.
With our company, we lend on the subprime side. With that said, we have always been known as the conservative lender in the subprim industry and my brokers would complain about it. Now we are one of three MAJOR lenders left, and its because of the conservativeness. We now go by the net tangible benefit analysis that New Mexico does and not many people are qualifying for loans anymore. Sucks for them, looks like they are going to loose their house...but its because of the flack that the industry has recieved that everyone tightened their guidelines soooo much and now no one qualifies.
i think this is a good post except its more then just a few peoples mistakes or the industry wouldn't be in such turmoil right now and im sure for some time to come. i do applaud your company for sticking to its guns and being picky about who they write loans to, wish more had done this. things at least now are getting back to the way they should be.. without good credit and proof of income getting a home loan is almost out of the question. i hate to see anyone loose their home or a lender go under because of bad lending but that ship has sailed.

AirtimeLavey
05-07-2007, 09:45 AM
One of the gals that I work with said her mortgage is 23% :jawdrop: On her house:jawdrop:
I just don't understand that:idea:
:eek: Could be a couple issues. 1. Older loan - years ago rates were MUCH higher than now. 2. Like someone else said, her credit may have been really bad. 3. She may not really understand what loan she really has.
If it's not bad credit, then she needs to go refi, or at least get a better understanding of what her loan is. :D

tamalewagon
05-07-2007, 09:46 AM
This seems to be a freakishly media based biased point of view. Did this happen to you personally? I would submit that the majority of the people who work in our industry are upstanding, ethical fair minded people. It is true that there are folks in this industry that just want to make the quick buck. That however does not speak for the majority of us who have decided to make this our career.

BoatFloating
05-07-2007, 10:31 AM
With the declining home markets and the decline in mortgage applications,do any of us really feel sorry for the the mortgage industry? After over charging and adding fees to the backside of most mortgages this line of business is getting what it desreves. I had a friend quit doing mortgages after years of screwing people over ,he said he didn't like doing it anymore. The goverment needs too look long and hard on how the business is ran.And should we bailout this industry for them handing out subprime loans?
Remind me when you get laid off or times are tough in your business to have a pity party and make fun of your lively hood... What an ass wipe..... The government needs to look hard into it???? Are you F kidding me????? Let me see the government can't balance their check book and you want them to tell you what to do... I sure you have good fico because if you don't you'll need the sub prime industry....
His post is one for the ages....

BEER&WATER
05-07-2007, 10:35 AM
??? for the loan guys ...if i had repo's/ judgment's/ charge off's ect but i had never been late on any of my morgage or property loans ever 25 years and have a 600 current score .. also i have 200k cash can i buy i 500k home and get a good loan ?????

BoatFloating
05-07-2007, 10:41 AM
??? for the loan guys ...if i had repo's/ judgment's/ charge off's ect but i had never been late on any of my morgage or property loans ever 25 years and have a 600 current score .. also i have 200k cash can i buy i 500k home and get a good loan ?????
Yes if none of you judgements would effect home title. Like a tax lien or child support lien. You'd have low loan to value and could get a decent rate with your situation. Now your not going to be in the low 5's but it won't bew 10's either.

FREIND OF AA AND TA
05-07-2007, 10:45 AM
??? for the loan guys ...if i had repo's/ judgment's/ charge off's ect but i had never been late on any of my morgage or property loans ever 25 years and have a 600 current score .. also i have 200k cash can i buy i 500k home and get a good loan ?????
I can give you the # to a good credit clean up guy if you want

BEER&WATER
05-07-2007, 10:50 AM
I can give you the # to a good credit clean up guy if you want
im all ears

essexjet
05-07-2007, 11:19 AM
im all ears
Yeah me. Since the turn in the industry I have started to do credit repair on clients that need it and more people need it then not.
Bottom line is dont blame the sub prime market for your mistakes. If you had good credit and paid your bills on time, then you wouldnt have to get into an ARM. All fees are disclosed and you have three days to read all the documents or you can cancel. Read before you sign!

Screemy1
05-07-2007, 11:25 AM
THE BOTTOM LINE IS YOU ARE TOLD AND SHOWN YOUR COST,ITS THE BUYERS FAULT THAT HE SIGNED,NO ONE ELSES,MOST COULDNT AFFORD IT CHEAP AND NOW LOANS PAYMENTS GO UP,ANYONE THAT BOUGHT WITHIN THE LAST 3 YEARS IS IN FOR AN EYE OPENER,:) GOOD LUCK!!!!!
I just bought a year ago..... and I am fine.... I do have a cal vet loan... and after the back and forth dance with the builder of our home... I got a great price... put down a decent down payment and am not upside down.... now for the IDIOT that bought out old house.... that needed money for closing costs.... and got a mickey mouse loan.... that guy is focked....:eek:

Outnumbered
05-07-2007, 11:29 AM
I think with any business you are going to have your good peeps and bad, whether it's mortgages, boat repair, auto repair etc. The lenders that do it right will be fine. It's the ones that got in during the last couple of years that are going to hurt. they got in and made as much as they could and now its not there anymore. If the loan officer's are doing it right and taking care of their clients with fair and honest deals they will make it through the hard times. I am going on 11 years and the majority of my business is reltors and referral based. You don't keep that by screwing people!
Exactly. Eighteen years in the biz for me and I have turned down working with some slime mortgage peeps. Probably lost some money in the process but oh-well.
Gotta love how people love to slam anybody who is successful and automatically assume they are crooks.
Get a clue "99 232 Baja" and quit being a hater:rolleyes:

Screemy1
05-07-2007, 11:32 AM
I will admit.... we thought about renting for a year.... then buying at a cheaper price knowing where the market was going... but we decided to buy since the intrest rates were climbing.... figures they are the same for cal vet now compared to when we got our loan... and the market is a buyer's one now.... we def could have been better off.... but we are happy where we are now.....

totenhosen
05-07-2007, 05:12 PM
I can give you the # to a good credit clean up guy if you want
I hope they are removing legitimate mistakes. Quite a few of those companies offer false promises. Only items that are legitimate mistakes should be corrected not because some guy was late on his credit card bill 2-30days because he forget to pay his bill.

Tequila-John
05-07-2007, 05:26 PM
Exactly. Eighteen years in the biz for me and I have turned down working with some slime mortgage peeps. Probably lost some money in the process but oh-well.
Gotta love how people love to slam anybody who is successful and automatically assume they are crooks.
Get a clue "99 232 Baja" and quit being a hater:rolleyes:
You rock John. There are still a few of us good guys out there :)

It's a Rough Life-
05-07-2007, 05:27 PM
I have been in the business for 9 years and I plan on being in the business until I retire because I care about my clients and when you care about something so much, you will always be busy. Those of you loan officers that are doing this job only because you need a paycheck are the ones that are going to lose because you will not get the repeat business. The customer will see soon enough that you only cared about that one deal you did for them and you will move on to the next. It is the Loan Officers that stay provide VALUE to the clients and stay in contact that will win. Yes, I need the paycheck but first and foremost, I enjoy it and I do not care to charge alot of money because, it is not all about the money..Have a heart. Take good care of your clients and they will refer you to their friends/family and you will have a very long healthy business. If anyone out their is looking for a good company to work with doing loans or real estate sales, contact me @ 951-233-8323.

Tequila-John
05-07-2007, 05:31 PM
I have been in the business for 9 years and I plan on being in the business until I retire because I care about my clients and when you care about something so much, you will always be busy. Those of you loan officers that are doing this job only because you need a paycheck are the ones that are going to lose because you will not get the repeat business. The customer will see soon enough that you only cared about that one deal you did for them and you will move on to the next. It is the Loan Officers that stay provide VALUE to the clients and stay in contact that will win. Yes, I need the paycheck but first and foremost, I enjoy it and I do not care to charge alot of money because, it is not all about the money..Have a heart. Take good care of your clients and they will refer you to their friends/family and you will have a very long healthy business. If anyone out their is looking for a good company to work with doing loans or real estate sales, contact me @ 951-233-8323.
:)

scooooter7
05-07-2007, 05:59 PM
Yes I love getting 3-4 solicitations a day from all the "good" loan people out there. Even the ones on here start advertising. Go figure.

It's a Rough Life-
05-07-2007, 06:02 PM
We may actually be good and help you save a bunch of money and make life better for you. Call me and I will help. www.thehenryteam.com

scooooter7
05-07-2007, 06:08 PM
Sorry...I don't make enough $$$ to qualify now. I'll just stay where I am until I gotta sell and move to the boonies.

Parker Dreamin
05-07-2007, 06:10 PM
. If you had good credit and paid your bills on time, then you wouldnt have to get into an ARM. !
Funny bud..... I am in the business and have been for the past 4 years. I pay my bills on time and have GREAT credit.... and I have an "ARM" product...... Fixed rate loans are not for everybody, it all depends on what you or your client want to accomplish, no ?

essexjet
05-07-2007, 06:30 PM
Funny bud..... I am in the business and have been for the past 4 years. I pay my bills on time and have GREAT credit.... and I have an "ARM" product...... Fixed rate loans are not for everybody, it all depends on what you or your client want to accomplish, no ?
exactly right, It was just aimed at the ones saying we put down the LO's saying we were at fault in putting them in ARM just to make money.

C-2
05-07-2007, 08:53 PM
exactly right, It was just aimed at the ones saying we put down the LO's saying we were at fault in putting them in ARM just to make money.
Just once, and I mean once, it would be nice to see somebody tell it like it is;
Yes, I put tons of people in mortgages I knew they could never afford, and I got rich doing it. Now it's gone so I'll move on to something else...deal with it
There, said it for ya guys, and yes, I sure wish I had jumped on the bandwagon 4-5 years ago, cuz that's what I'd be saying right about now :sqeyes:

Acommanderguy
05-07-2007, 09:12 PM
Hey I work for Countrywide and let me tell you our subprime rates suck! I've been in the biz for a couple of years now and get 2-3 referrals a month I work close with a realtor. I may not make has big of a check like other in the industry, but I know that when I am done my clients aare happy, and my phone is always open to them with any questions or concerns. I do want to apologize to any of you who has a loan with us and gets mad phone calls! Its truely not our fault its the system that we use!

vintage biskit
05-07-2007, 10:02 PM
I've been in the business 20+ years now. I can't tell you how many people I have tried to talk out of certain types of loans, and they just get mad at me and call someone else. I try my best to counsel clients and better prepare them for buying something they can afford rather than something just to keep up with the Jones. It's like buying a Bayliner rather than a DCB, and everyone wants "no money down". No one wants to start at the bottom anymore and most people don't want to listen to my sound advice. (but some do) I flat out won't do neg am ARM's and I've lost a lot of business by passing on those loans when that's what the customer wants. They don't seem to care what the consequences are when they are caught up in the moment - they just want that loan. Everyone has the right to make a living, even mortgage brokers. You haters that think it's an easy living, then why don't you quit your day job and try it. You'll be in for a rude awakening. As someone else said, if you pay your bills on time, claim your income, and maintain an adequate savings account so you're not living on your last dime, you won't end up in trouble or in a bad loan. The sub-prime industry is there as a band-aid solution for those who have messed up in the past. If you take the sub-prime offering for the two year period and clean up your act, you shouldn't have any problem getting out of it - but in most cases, once sub-prime, always sub-prime........... Oh well, I spoke my piece - good luck to all.

Focker
05-07-2007, 10:10 PM
I have been in the business for 9 years and I plan on being in the business until I retire because I care about my clients and when you care about something so much, you will always be busy. Those of you loan officers that are doing this job only because you need a paycheck are the ones that are going to lose because you will not get the repeat business. The customer will see soon enough that you only cared about that one deal you did for them and you will move on to the next. It is the Loan Officers that stay provide VALUE to the clients and stay in contact that will win. Yes, I need the paycheck but first and foremost, I enjoy it and I do not care to charge alot of money because, it is not all about the money..Have a heart. Take good care of your clients and they will refer you to their friends/family and you will have a very long healthy business. If anyone out their is looking for a good company to work with doing loans or real estate sales, contact me @ 951-233-8323.
DONT KNOW U BUT A GREAT REPLY
I TREAT MY CLINETS LIKEWISE
I WOULD RATHER HELP PEOPLE AND MAKE SOME MONEY RATHER THAN RAPE PEOPLE AND GET THEM SCREWED------KARMA

C-2
05-07-2007, 10:24 PM
. Everyone has the right to make a living, even mortgage brokers.
That's what I'm talking about. Everybody makes money off somebody, spmehow or another, so there's no need to get defensive about it...no need to justify it....just tell it like it is. I know A LOT of people who made a killing over the past few years...and are happy to say so.
Kind of like new car salesmen getting pissed at used car salesmen - prime vs. subprime - just different gigs.
And for all you mortgage peeps, please note the accepted use of the proper term subprime, as opposed to sub-prime :idea:

C-2
05-07-2007, 11:29 PM
-- AND BTW guys -- Not being a hater in any shape or form - I'm a firm believer in everybody's right to make money in the game of life, and am always amazed at the different niches we all carve ;)

DCBob
05-08-2007, 05:54 AM
-- AND BTW guys -- Not being a hater in any shape or form - I'm a firm believer in everybody's right to make money in the game of life, and am always amazed at the different niches we all carve ;)
Frickin capitalist ;) :D

C-2
05-08-2007, 06:50 AM
Frickin capitalist ;) :D
Thanks again Bob for the charity donation (and to Stephen too - who's that, your pops?). You guys fuggin' rock....$1000 helps a ton of soldiers fight the good fight.
----------------
Actually, more like a socialist - I'm married and just pay into the system (her system:mad: :mad: )!

DCBob
05-08-2007, 07:34 AM
Thanks again Bob for the charity donation (and to Stephen too - who's that, your pops?). You guys fuggin' rock....$1000 helps a ton of soldiers fight the good fight.
----------------
Actually, more like a socialist - I'm married and just pay into the system (her system:mad: :mad: )!
Whoa :jawdrop: thats gonna leave a mark ;) Glad to help out with such a worthy cause!!!!!
Yeah, I know about just paying into the system :rolleyes: :D
See ya at the lake :)

catman-do
05-08-2007, 06:47 PM
??? for the loan guys ...if i had repo's/ judgment's/ charge off's ect but i had never been late on any of my morgage or property loans ever 25 years and have a 600 current score .. also i have 200k cash can i buy i 500k home and get a good loan ?????
Regarding the first half. Our rates can go as low as 5.99arm, and 6.60 fixed, all the way to the high 11's. Depending on what you ltv is and whether or not you can show income documentation. If you are refering to a 60% ltv above for a purchase and have decent trades in your recent past I can go between 5.99-low 7's. We disreguard consumer credit issues, so those collections and repo wouldnt matter to me. We do look at any liens that may affect title. However, im NOT an LO, so you would have to contact one of these other LO's on here. I work with a top 3 lender on the subprime side. Any of you LO's that dont currently have a BNC rep, or havent worked with yours in the last 60 days, let me know!

Troy McClure
05-08-2007, 07:49 PM
I can give you the # to a good credit clean up guy if you want
im all ears
HA, you guys are killing me. Don't bother with a "credit clean up guy". Might as well look for a...(fill in a good stereotype here, used car salesman, Lotto coordinator from South Africa, whatever).
You can clean up your own credit if it's legit. Sorry, those bankruptcies aren't coming off your record any time soon. The really false stuff is easy to get removed, the real, real stuff will NOT come off, despite what the "clean up guy" tells you.
Of course unless I'm the clean up guy and I can make it all disappear and get you at least a 750 fico, send me an email at troy@imsofullofcrap.com.
:D :D

Troy McClure
05-08-2007, 08:01 PM
B&W, if you need help with the credit, read this first...at least before you hire someone to help you.
http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm