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I have such mixed feelings about Mr. Cooper... well, not mixed... I am not a fan. But they are the 'ghost' of my old company that I loved. Washington Mutual. What was left of the holding company after it failed was a run off re insurance operation... apparently it made a lot of money. Time goes on and they bought Nationstar and named it Mr. Cooper (why, I don't know, what a horrible name for lender).
Yep. Wifey is a realtor. Rocket/Quicken is the worst and I would be highly suspect of any professional that would choose to work with them.
and here's another thing. wells fargo as a servicer can see the servicing rights (ie MSR) to another servicer and suddenly you'd get a letter in the mail that Joe Blow is now servicing the loan and you should begin sending all payments to them. Doesn't change that FNMA owns the debt though. And there is nothing you can do to prevent said sale of the MSR.
First time ever today... A quicken guy from Michigan called me and left a VM about an opportunity he wanted to discuss with me.
For real! He's awesome. I love the monthly email I get on the value of my home and current equity. No one has helped his fellow FBGs more than Chad.
Yep. The government buys or guarantees something like 80% of the single family home market.
You mean you’re not handing out millions in a Super Bowl square game?
A drop in the bucket of all the money they take from unsuspecting Americans with their marketing of high interest and high points/fees crap they sell.
Bleepity bleeping bleeps!
Only residential primary residence refi's have the 'protection'. No one cares about your CRE transactions.
Thank you.
Good to hear you are enjoying those updates!flapgreen said:
Well... Fannie and Freddie are not technically the government but yea... it is even higher than that. Conventional loans are almost all bought by Fannie and Freddie. FHA, VA and USDA are all backed by the government (govies in the industry). That leaves basically non-QM loans and hard money for the rest. I don't know the actual numbers but I would think it is closer to 90% if not above.
INNN!!!!!!!!!!!!!!!!!!!!!
There are bridge loans for these situations. You could also look at a HELOC. I would think you should avoid pulling out of retirement accounts. You also don't need 20%.
How does a bridge loan work? Are sellers reluctant to agree to an offer that contains a bridge loan?Drunken Cowboy said:
If I were you I would message @Chadstromaas he would be best suited to review your specific situation and get you on the right path.
The most common is doing offers as contingent on selling. A local realtor would be able to give feedback on whether sellers are putting their noses up to that or not. It obviously is less appealing than a non contingency offer. Though you never know. My own experience was having our offer turned down (well, verbally accepted then backed out before signing docs) while they took the contingent offer offering the same. Why? Because they were putting 30% down versus our 20%. I went through the roof. Either the seller was an idiot that doesn't listen or the realtor was a completely incompetent drooling moron or both. Made no sense and this was 2012 during a buyers market. The house came back on market about 30 days later. I put in lower offer than before. They verbally accepted and then came back asking for a few stupid things that I agreed to and then they asked to waive the inspection contingency. I said hell to the no. So, they took an FHA offer they had over our conventional. Again, absolutely moronic.The Z Machine said:
What I did five times last year that worked out extremely well is this....
And this is the difference between working with a good realtor and just any realtor.
Vacant used to be the less desirable option. Now it's the best due to covid. Staging real furniture is very expensive, but it does pay off. Since about 99% see the property online first, I have "virtually" staged a few rooms on the MLS pics for like $40 per room and that has worked tremendously well in the past year. Just have to have someone that does this type of staging for a living and isnt posting anything that looks cheesy at all.
So they shoot the photos in a totally bare space and then add the furniture in digitally?
Yeah, I think my house would sell relatively quickly once it's staged properly (and repainted and repaired). While I wouldn't want to carry the two mortgages or leave the money out of the market for very long, the stress of repairing, prepping, staging, etc. with the kids doing 100% virtual school an everyone in the house all the time is something I just don't think I can take on.
My pleasure and thanks for trusting me with it!Chad helped me refinance to a 15 yr loan at 2.25% -- shaving 7 years and 55K off my existing mortgage. He was great to work with and patiently answered all my pain-in-the-### questions
Thanks @Chadstroma !
Brokers may love them, but investors don't. Worst stock purchase of the year. Makes buying Amazon in the fall look like a smart move.
Wall St doesn't get it.
Wrong thread but I can't resist. How does fewer mortgages help there sales growth? I'd rather have 50% of 100 than 95% of 10.
You may qualify with just one year of self employment if you can show a two-year history in the same line of work previous.
So... this is what I am saying.... brokers know because it is our business to know.... no one else does though. I will try to explain briefly in big strokes because otherwise it will be a very lengthy post.
Worth a conversation with more detail I would say. Depending on specifics, yes, possible to lower and make sense in doing so.
So I of course was curious who is steering the ship and how long this innovative approach might last.Chadstroma said:
Mat Ishbia didn't just play at MSU, he won a championship there. He is a cool dude on top of it all. Smart and driven of course as you can imagine someone who took a family business with like 12 employees and grown it into the largest wholesale lender in the country but he is full of integrity too. But he is also nice and down to earth for a guy who is now a billionaire. I have heard him speak in large groups, small groups, and personally once and he isn't a BSer at all. When things got rough real quick early on the COVID and there were questions about some lenders laying off or not making it etc. he told his entire company that he would not lay off anyone. I think it was something like he would sleep in his office before laying off a single person. They kind of halted lending (they were still lending but their pricing was silly high) and retail LO's were crowing that they were about to fail. I was on a small group of brokers on a zoom with him and he addressed it head on, told us what they were doing (basically pausing to take a pulse on the market and positioning to come out stronger on the back end) and they did exactly what he told us. They are always making moves now, as he puts it, not to win now but to win tomorrow and the next week and the next month and the next year and so on. Through this boom a lot of lenders are just trying to win now and worry about tomorrow- then. Sometimes the decisions they make end up causing some brokers to whine but if you have listened to Mat, you understand that the moves are about playing chess when the competitors are playing checkers. I have a lot of faith in Ish (as we brokers call him).
