Ok Ok Greg has had it with Corporate America!

[Greg]

I am officially a Mortgage Broker again!

And I can still do 50 + DOC and Page Ranking. Those who are not signed up with Flagstar should get on it!

Took me 3 months to figure this one out. Some know who I went too after 123 went down the tubes and it almost happened again and I cannot have that. Plus who wants to lose 2 points working for a Bank anyway? I will never regret it. I learned a ton about Prime, FHA, and Alt-A.

At least I can beat Countrywide and Wells Fargo now.

Anyone watching Angelo Mozillo at Countrywide selling his stock left and right? LOL 1 foot in and 1 foot out right?

[florida man]

Hi greg

welcome back!!! Retail wasnt the 'catz azz' ?

Did your bank have a 'no closing cost 30 year fixed ist lien?

I cant wait for someone to have that wholesale.

I dont like flagstar cause they got some pretty tough regulations. i will look into it again.

We just got on board with providian.

[Greg]

Charter One has that homie!

It is called a penny loan.

[funding4u]

I was dealing with Flagstar today after too years of not using them,and now I know why! They keep on selling you on their fabulous, no Fico driven,higher LTV allowed, first time homebuyer programs(MyCommunity,Flexnet,etc) and how they take it case by case and use common sence underwriting for this.

"What a load of crap" For one ,their automated system is one the most complicated with more loopholes out there.I mean.. you are panicking there is going to be anoher rate hike by the time you get to A.U

For you Greg,I don't post much but I always read yours and I was very sad when you decided to cross to that evil side of the business, but then again you are going to find out how many brokerage are becoming banks now, at least where I live.

If you are just attractive to Flagstar for their rates, you really have to try Taylor Bean and Whitaker for A paper of course. They proved to be time and time again lowest rates out there and the esiest system to navigate. "Hands Down" You'll be surprise what they have for Alt-A too.

[Greg]

Yes Taylor Bean has some good programs. I like them too.

Yeah I do not like how many times rates change every day either.

I had no help with the automated system at all and figured it out on my own and like it actually. What do you like about it?

There is no doubt in my mind that going back to wholesale is the right decsion for me. And I never will regret what I learned from banking. I just wished I would have been a banker before I became a broker. I was a broker, then banker, then broker.

Lol.. Finance, Finance Manager, Broker, Banker, Broker. I credit finance for learning phone sales, sales techniques, micro lifestyle, and tenacity every second, minute, hour. Then I really learned nothing the first time I brokered except that wow rates can be so much better than finance was. I learned everything on how to close loans, structure them, guidelines, marketing, and business referral in the Banker/Broker world.

Now I can really start working towards opening my own shop. But, I have to be honest. My computer business is picking up too and I like that as well. Who knows maybe I will say the hell with it all then sell everything and by a motorhome.

[funding4u]

I say motorhome...if you have the means, go for it. Life is too short and this business would make you age faster than crystal meth. Not that I have ever tried that but O.MG ...Have you seen some of those meth faces?

Did you asked me what I like about the T.B.W system or Flagstar?

T.B.W it is very "get to the point questions" tell me what you want,give me a mid fico and I give you the product. They know we don't have time to sit there and read a 20 page manual on how to find a program and guidelines.
you do that on your non-banking hours. Anybody who is been a broker for years knows that "TIME IS OF ESSENCE IN THIS BUSSINESS"

Flagstar on the other hand I have found to be very missleading from what they advertise all over their site to their underwriting guidelines.Most of the time I figure this automated system on my own because for the most part they are pretty similar, but got for bit you have to pick up the phone to ask them what they mean by any of the terms they use,because after all I want to make sure that file gets submmited flawless so it doesn't come back with a "refered" status. It is just endless.

I completely agree with you on always trying to look for the positive in the negative,so I found the positive! Flagstar is off my lender list until they can get their doodoo together. "I don't even know if I spelled that right"

P.S: if you detour in Las Vegas in that motorhome don't forget to pick me up!

[florida man]

These are some really good points.

thats great you learned the banking end of the business Greg. I have never heard of this charter one penny loan.

I use Chase, Interfirst, and TBW.

Does 'charter one' do florida?

[Greg]

Last time I used them they had great rates especially on High LTV, they had very inexpensive yield spread, but they were a little slow.

It is Charter One Bank.

www.cobslg.com
Here is a little bit. I think they cover everything nearly in the reduced closing costs add on.

Escrow waiver + .125 bps (except NY) Reduced Closing Cost +.33bps OO 2 Family Jumbo Loans = +.125 bps

Yield Spread +.20bps = .75% +.35bps = 1.0% +.40bps = 1.5% +.70bps = 2.0%

Buy Down +.25 bps = 1 point Loan Term < 15yr = -.15bps C/O on scores < 660 = +.25 bps

My 2 boys require me to work. :-) We can wish upon a star every once and a while.

Looks pretty good. I thing it is doodoo lol!

[florida man]

Hi greg

do you know if they will do a wholesale loan in florida?

[funding4u]

Does anybody know what kind of paper this Charter one Bank does?

Any My community, Flex ?

Who is the most flexible with My Community out there?