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A deal just blew up before my eyes and I could not stop it...

Not a jew. Just a dick!
He just does not understand things sometimes and does not want to hear it...
Why does an Underwriter in Cali review deals in NYC? They don't know the marketplace... WTF!
 
Nope!
It was the last Young Guns & PuddleMonkey "Animal's Do It Better" gay porn dvd left. So pisssed!


PuddleMonkey said:
I hate e-bay snipers too. But don't worry bro, I'm sure there's plenty of other gay porn DVDs on e-bay to bid on.
Click to expand...
 
can you only send it through your own underwriters?

That'd suck.

Gotta play your percentages bro. I stopped paying attention to what goes through and what doesnt to keep sane. just do my daily routine

last 2 months i've lost deals because

1. my client had a stroke a week before the closing.

2. my attorneys wouldnt close my deal, even though the client and bank were all ready to close.

3. A company i ran the deal through(out of state licensing) got blacklisted from the bank the day of my closing. closing package drawn and all

gotta keep hammering away
 
I can still buy "PuddleMonkey Takes On 11"
Where he fucks the high school football team's kicking team.
This one is not interactive though...
 
yonkers weights said:
I can still buy "PuddleMonkey Takes On 11"
Where he fucks the high school football team's kicking team.
This one is not interactive though...
Click to expand...


Don't get that one, we're re-shooting it in HD next month.
 
Yea, must stay within our company. I don't do mortgage's. Business Line of Credit. $17 million. Guy is bitching about the A/R and the President's Debt/Income Ratio.
I know, keep pounding it out. We might just loose the deposits for this company though.... That's where I make my real money.
Might send an Appeal Form in to the head underwriter to save it.


calveless wonder said:
can you only send it through your own underwriters?

That'd suck.

Gotta play your percentages bro. I stopped paying attention to what goes through and what doesnt to keep sane. just do my daily routine

last 2 months i've lost deals because

1. my client had a stroke a week before the closing.

2. my attorneys wouldnt close my deal, even though the client and bank were all ready to close.

3. A company i ran the deal through(out of state licensing) got blacklisted from the bank the day of my closing. closing package drawn and all

gotta keep hammering away
Click to expand...
 
yonkers weights said:
Not a jew. Just a dick!
He just does not understand things sometimes and does not want to hear it...
Why does an Underwriter in Cali review deals in NYC? They don't know the marketplace... WTF!
Click to expand...


That shit happens all the time. Your appraiser's local. What killed it?
 
I closed down my second company due to a retard in the compliance department of the company that hosted me.
I was trading for a hedge fund in a wrap account.
My average hold was 26 days.
She accused me of short term trading.
I asked her how she determined what was "short"
She said it was what the NASD termed it to be.
Well, I blew up and sent her an email showing the board of directors of the NASD were considering calling any trades under FIVE days a short term trade.
We went back and forth and I continually pointed out everything that she said that was wrong.
She even told me I had no right to charge 150 basis points on the account.
Apparently, they had never had 10 million in a wrap account before.
Well, being the douche I was back then I exposed her as and idiot to the whole company.
She got the last laugh. She was the owners daughter and they decided they didn't want my business anymore.
So I was out about $7k a month and I was only working a half hour a day for it.
Definately a moment I look back on and regret!
 
It is a big round wheel and everything comes back around, sooner or later!
You will get yours!

slat1 said:
I closed down my second company due to a retard in the compliance department of the company that hosted me.
I was trading for a hedge fund in a wrap account.
My average hold was 26 days.
She accused me of short term trading.
I asked her how she determined what was "short"
She said it was what the NASD termed it to be.
Well, I blew up and sent her an email showing the board of directors of the NASD were considering calling any trades under FIVE days a short term trade.
We went back and forth and I continually pointed out everything that she said that was wrong.
She even told me I had no right to charge 150 basis points on the account.
Apparently, they had never had 10 million in a wrap account before.
Well, being the douche I was back then I exposed her as and idiot to the whole company.
She got the last laugh. She was the owners daughter and they decided they didn't want my business anymore.
So I was out about $7k a month and I was only working a half hour a day for it.
Definately a moment I look back on and regret!
Click to expand...
 
Loan officer. I have $1.7M closed and funded so far this month. I have another $545K loan that has a full DU approval and I just need my payoffs back to close it. I think I'll fuck off for the rest of the month after that one. Golf every day or something.
 
Good for you. Congrats!
What is the payout on something like that? Not in that business so I don't know. Is the market hurting you? I hear alot of places are getting rid of their no doc application too. Effect you?


jnevin said:
Loan officer. I have $1.7M closed and funded so far this month. I have another $545K loan that has a full DU approval and I just need my payoffs back to close it. I think I'll fuck off for the rest of the month after that one. Golf every day or something.
Click to expand...
 
I pretty much make what I charge, so it varies. I'll do ok off of what I've closed. Yeah, the market's changing, but it'll come back around in a few months. The herd'll thin is all, I'm fine with it. I don't do many no doc loans, those are basically fraud, and I won't put anyone in a situation they can't handle. I never did any of those bullshit teaser rate loans either unless people really knew what they were getting. The industry was really irresponsible for a while and now it's biting people in the ass.
 
I did a no doc when I bought my beach house, 2 years ago. Credit score was high enough. I make a good part of my money from my restaurants, cash! So I had to go that way. Now my sal is high enough to go the normal route. Looking to sell my condo and buy a house in Bedford, Bronxville, Scarsdale or Pound Ridge. Bye bye Yonkers by this winter... So sad!
 
yonkers weights said:
I did a no doc when I bought my beach house, 2 years ago. Credit score was high enough. I make a good part of my money from my restaurants, cash! So I had to go that way. Now my sal is high enough to go the normal route. Looking to sell my condo and buy a house in Bedford, Bronxville, Scarsdale or Pound Ridge. Bye bye Yonkers by this winter... So sad!
Click to expand...


on loans of 417k + (except Hi and alaska) you will need 720 with a total no doc stated income/asset today. fast and easy

no ratio loans price out like shit
 
slat1 said:
I closed down my second company due to a retard in the compliance department of the company that hosted me.
I was trading for a hedge fund in a wrap account.
My average hold was 26 days.
She accused me of short term trading.
I asked her how she determined what was "short"
She said it was what the NASD termed it to be.
Well, I blew up and sent her an email showing the board of directors of the NASD were considering calling any trades under FIVE days a short term trade.
We went back and forth and I continually pointed out everything that she said that was wrong.
She even told me I had no right to charge 150 basis points on the account.
Apparently, they had never had 10 million in a wrap account before.
Well, being the douche I was back then I exposed her as and idiot to the whole company.
She got the last laugh. She was the owners daughter and they decided they didn't want my business anymore.
So I was out about $7k a month and I was only working a half hour a day for it.
Definately a moment I look back on and regret!
Click to expand...


Sounds like you haven't read "How To Win Friends and Influence People" lol. That sucks though.
 
yonkers weights said:
Good Book.
Young Guns wrote it, right? The day after he got banned!
Click to expand...


Who's Young Guns and why did he get banned?
 
You don't know Young Guns? YOU MUST BE JOKING! Your not new? WTF??? Do a search! He is the man among no men. Search for his personal video's that he posted on you tube. CLASSIC
 
I've heard about him before but never what he was about or why he was banned.
 
hanselthecaretaker said:
Sounds like you haven't read "How To Win Friends and Influence People" lol. That sucks though.
Click to expand...

I thought I was invincible and the business would last forever!
LOL at me!
At one point I was looking at relocating to the Canary Islands if they got me up to $50 million under asset.
My how things change.
I was on the verge of being filthy rich only to lose it all and be a broke ass bitch! :worried:
 
yonkers weights said:
Yea, must stay within our company. I don't do mortgage's. Business Line of Credit. $17 million. Guy is bitching about the A/R and the President's Debt/Income Ratio.
I know, keep pounding it out. We might just loose the deposits for this company though.... That's where I make my real money.
Might send an Appeal Form in to the head underwriter to save it.
Click to expand...

I know you don't do mortgages, but very similar pricipals apply.
That does suck though that qualifying them for a line of credit can affect your deposits w/ them as well.

i got completely owned at work today too. i been losing everything solid i've had
 
calveless wonder said:
I know you don't do mortgages, but very similar pricipals apply.
That does suck though that qualifying them for a line of credit can affect your deposits w/ them as well.

i got completely owned at work today too. i been losing everything solid i've had
Click to expand...


That sucks dude. What's the problem(s)?
 
jnevin said:
That sucks dude. What's the problem(s)?
Click to expand...

well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.


My other loan i was ready to submit this week (had it on backburner because i needed 1 month more seasoning on the foreclosure)...i just found out my clients were late on their mortgage in june (the month i was dealing with them).Idiots jeopardized the whole thing. I can do it with a 1x30 but a 2x30 no way. i'd have to wait till october for the other late to fall off. sucks!
 
calveless wonder said:
well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.
!
Click to expand...


FHA that shit

95% cash out
credit doesnt matter
reserves mean nothing
(any mortgage lates within 12 months?)
can she show income 2 years?

if so are good from above you are looking at a 30 yr fixed in the high 6s....
 
dead_reggin_storage_fashi said:
FHA that shit

95% cash out
credit doesnt matter
reserves mean nothing
(any mortgage lates within 12 months?)
can she show income 2 years?

if so are good from above you are looking at a 30 yr fixed in the high 6s....
Click to expand...


DTI sucks...it's like 56% because we were going bank statements and she didnt claim all her money on w2's. we ran it through DU/LP for fannie/freddie and FHA, couldn't get an approval

no lates.
 
calveless wonder said:
well

I had this one deal, appraisal got done yesterday.

Priced it out at 8.0% fixed a couple of weeks ago. W/ all the guideline and rate changes, it's at a 9.25% now. It's still better than her payment adjusting on her, but the woman now wants to "wait" and see if her credit gets better and the rates drop. i tried telling her the reality of the situation w/ subprime, and how if she doesn't act soon, she may not even be able to get a loan at all. 570 FICO, her credit has always been shit. now she wants to rethink the whole thing. I think she'll do it anyways, but i don't know.


My other loan i was ready to submit this week (had it on backburner because i needed 1 month more seasoning on the foreclosure)...i just found out my clients were late on their mortgage in june (the month i was dealing with them).Idiots jeopardized the whole thing. I can do it with a 1x30 but a 2x30 no way. i'd have to wait till october for the other late to fall off. sucks!
Click to expand...


try First Indiana.
 
chewyxrage said:
What kind of fixed interest rate can you get now with over 700 FICO?
Click to expand...


get a 10/1 5-2-5 LIBOR IO conforming loan


you will want the interest only

use savings to invest or you can always pay down the prin balance if you would ever want to.
 
chewyxrage said:
what percent of the total value what I need to put down to get 6.5?
Click to expand...

you might be able to get it with 10% down........

but you have to pay PMI (private mortgage insurace), which'll cost you another 100-200 bucks at least.

anything less than 20% down and you have to pay PMI.
 
dead_reggin_storage_fashi said:
get a 10/1 5-2-5 LIBOR IO conforming loan


you will want the interest only

use savings to invest or you can always pay down the prin balance if you would ever want to.
Click to expand...


this is like a foreign language to me
 
calveless wonder said:
you might be able to get it with 10% down........

but you have to pay PMI (private mortgage insurace), which'll cost you another 100-200 bucks at least.

anything less than 20% down and you have to pay PMI.
Click to expand...


$100-200 is nothing....

Saving 20% vs. 10% would take me years......
 
chewyxrage said:
this is like a foreign language to me
Click to expand...

lol...in laymans terms.

get a 10 year ARM (30 year loan fixed for 10 years. there's no way you'll be in the same loan for 10 years, but still basically gives you the security of a 30 year fixed.)

he suggests you go interest only that way you're not locked in to paying the principal everything month.

you can either take the savings and invest it, or pay down the principal at your discretion. (will probaly work out to $200 a month)

wise choice considering most equity is NOT built through principal reduction and you can probably get a higher ROI investing that in something else (i.e. another property, a business etc)
 
calveless wonder said:
lol...in laymans terms.

get a 10 year ARM (30 year loan fixed for 10 years. there's no way you'll be in the same loan for 10 years, but still basically gives you the security of a 30 year fixed.)

he suggests you go interest only that way you're not locked in to paying the principal everything month.

you can either take the savings and invest it, or pay down the principal at your discretion. (will probaly work out to $200 a month)

wise choice considering most equity is NOT built through principal reduction and you can probably get a higher ROI investing that in something else (i.e. another property, a business etc)
Click to expand...


So what's the advantage? I'd get a lower rate for getting an ARM?

I assume you meant I wouldn't keep the same loan for 10 years because I'd refinance for a lower rate, correct?

So get the ARM, save $200 a month and refinance before 10 years...right?

lol...I'm quite new to this, I've started exploring buying a house recently (since I graduated college and am now renting)...I'd like to be investing in something (ideally a duplex). I dispise renting. Plus, lol, I want to grow some weed eventually, which ain't gonna happen in an apartment :)

I'm definatly gonna hit you RE posters (jnev, you, reggin) up for lots of advice once I go through w/ it.
 
chewyxrage said:
So what's the advantage? I'd get a lower rate for getting an ARM?

I assume you meant I wouldn't keep the same loan for 10 years because I'd refinance for a lower rate, correct?

So get the ARM, save $200 a month and refinance before 10 years...right?

lol...I'm quite new to this, I've started exploring buying a house recently (since I graduated college and am now renting)...I'd like to be investing in something (ideally a duplex). I dispise renting. Plus, lol, I want to grow some weed eventually, which ain't gonna happen in an apartment :)

I'm definatly gonna you RE posters (jven, you, reggin) up for lots of advice once I go through w/ it.
Click to expand...

you'd refinance before the 10 years for something. whether to cash out equity you've built up, get a lower rate...or you may even up selling your house.
only 1% of people actually finish paying off their original 30 year loan. most people refinance on average every 3-4 years. most of my clients every 2-3 years lol.

The rate difference between a 10 year ARM and a 30 year fixed isn't that dramatic, but i believe you can't get an interest only on a normal 30 year fixed w/ most banks now. programs just don't work that way (jnev might correct me though, most of my clients have SHIT credit and don't qualify for them anyways).

Renting does sucks... a duplex is good for cash flow and reducing your monthly nut. careful about the weed thing though lol. your tenants could totally use that against you
 
calveless wonder said:
you'd refinance before the 10 years for something. whether to cash out equity you've built up, get a lower rate...or you may even up selling your house.
only 1% of people actually finish paying off their original 30 year loan. most people refinance on average every 3-4 years. most of my clients every 2-3 years lol.

The rate difference between a 10 year ARM and a 30 year fixed isn't that dramatic, but i believe you can't get an interest only on a normal 30 year fixed w/ most banks now. programs just don't work that way (jnev might correct me though, most of my clients have SHIT credit and don't qualify for them anyways).

Renting does sucks... a duplex is good for cash flow and reducing your monthly nut. careful about the weed thing though lol. your tenants could totally use that against you
Click to expand...


haha

what's why I post a "420 friendly" message when looking for roommates :) If I get lit w/ them they can't say much...

Thanks for the response. What do you mean interest only? I'm not sure how that is different from a normal loan...
 
chewyxrage said:
haha

what's why I post a "420 friendly" message when looking for roommates :) If I get lit w/ them they can't say much...

Thanks for the response. What do you mean interest only? I'm not sure how that is different from a normal loan...
Click to expand...

*smacks forehead*

j/k

ok, when you pay a loan...you usually pay 2 things (not counting taxes and insurance).

1.) interest to the bank
2.) principal, to knock down your principal balance

in an interest only loan, you don't pay any principal. First 10 years of a 30 year loan you're paying mostly interest anyways...so an interest only can be very beneficial assuming you take that money and invest it elsewhere that it can create a high yield (as i said, a business or another property etc)

as i stated, most equity is not created through reduction in principal. my dad has had his mortgage for 15 years and has barely made a dent in his 30 year balance. however, he gained a shitload of equity from the appreciation over the 20 + years we had the home.
 
calveless wonder said:
*smacks forehead*

j/k

ok, when you pay a loan...you usually pay 2 things (not counting taxes and insurance).

1.) interest to the bank
2.) principal, to knock down your principal balance

in an interest only loan, you don't pay any principal. First 10 years of a 30 year loan you're paying mostly interest anyways...so an interest only can be very beneficial assuming you take that money and invest it elsewhere that it can create a high yield (as i said, a business or another property etc)

as i stated, most equity is not created through reduction in principal. my dad has had his mortgage for 15 years and has barely made a dent in his 30 year balance. however, he gained a shitload of equity from the appreciation over the 20 + years we had the home.
Click to expand...


Ah, I see.....so your just taking care of the interest part...but not paying on the principal part and investing the rest of the money somewhere else.

To me, a person who is NOT trying to be a landlord (besides a duplex, which would be infinately easier) the money would be invested in the market, which may or may not be a greater return than 6.5%.......doesn't sound too appealing.

How does using an interest only loan effect the amount of equity in your house? no difference?
 
chewyxrage said:
How does using an interest only loan effect the amount of equity in your house? no difference?
Click to expand...


the balance never goes down.

have 200k with an interest only loan your balance will always be 200k.

no it isnt bad at all.


the balance will only go if you pay down the princ. If you do pay down the balance an interest only is the way to go as the payment is determined by the remaining balance. So you start with 200k at 3 years down the road you only owe 175k on the loan. Your payment is based off the new balance. It is progressive and you are rewarded for sending extra to the princ.

A 30 yr fixed for example if your payment is $1500 fixed at 6.75% your payment will always be $1500 for 30 years even if you only owe $20k on the loan.

the average home owner refi's every 3-5 years or buys something new every 3-5 years. etc

I wish I had this link that shows 2 guys who one goes for a 30 yr fixed and one goes for an IO. Show how both make some income etc and are the same person and the 30 yr guy just tries so hard to send in extra to pay down the balance while the IO guy takes the savings invests etc.

10 years down the road the 30 year fixed guy still owes 160k on his 200k loan and the guy who went with the IO loan still owes 200k but he now had 100k in cash aval. to pay down the balance if he wanted or keep investing while the 30 yr fixed guy all his money is his home


chewy you FYI you get better interest rates in Single family homes
IL has $$ property taxes
maybe try an FHA loan? only need to put 2.25% down put you will pay MIP (.0052 of the balance monthly) 120k loan extra monthly will be $50 (yes the up front mortgage insurance as well)

since you just got out of college the FHA loan uses the school history to your benefit while some convention loans need 2 year job history etc. FHA doesnt if you have been in school

in IL FHA is awsome because IL is a "low closing cost state" where banks can only charge X amount of closing costs on government loans (FHA or VA)

renting at all bad man.....everything is about cash flow. but buy when you can.
 
calveless wonder said:
you'd refinance before the 10 years for something. whether to cash out equity you've built up, get a lower rate...or you may even up selling your house.
only 1% of people actually finish paying off their original 30 year loan. most people refinance on average every 3-4 years. most of my clients every 2-3 years lol.

The rate difference between a 10 year ARM and a 30 year fixed isn't that dramatic, but i believe you can't get an interest only on a normal 30 year fixed w/ most banks now. programs just don't work that way (jnev might correct me though, most of my clients have SHIT credit and don't qualify for them anyways).

Renting does sucks... a duplex is good for cash flow and reducing your monthly nut. careful about the weed thing though lol. your tenants could totally use that against you
Click to expand...


You can get IO on a 30 year fixed. Most are 10 year IO and a 20 year repayment after the IO period is through. For maybe .25 to the rate, you can get it on a 40 year term, so if you think you'll be there for a long time (doubtfull) you have the 10 years IO then it's like a regular 30 year fixed when you repay. The payment won't jump as much.
 
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