Implode-Explode Forums

RE: Thinking of working for L&G Mortgagebanc....info please

Author: doinloansNM
Posted: Fri Jul 03, 2009 10:04 pm (GMT 0)
Topic Replies: 3

A few of the negative things that i have heard and seen is that they charge a lot in Junk Fees ie $1800 worth on top of what you charge in origination. Also they lie to get originators to sign up with them offering high splits but it turns out to not be the case. I know here in NM they just hire anybody I personally know one person who has no experice in the mortgage field went from being a waitres to being a LO with them. Also here in NM they have a inexperienced processor doing the job. Thats just my 2 cents.

RE: Thinking of working for L&G Mortgagebanc....info please

Author: Robin
Posted: Fri Jul 03, 2009 9:46 pm (GMT 0)
Topic Replies: 3

"Tacky" maybe, but it's common practice since fed regs prohibit the use of "Bank" with a "K" in the company's name unless you actually ARE a depository institution regulated by FDIC/OTS/OCC. It's really nothing worse than a (legal) marketing gimmick: Mortgage bankers who fund loans in their own name via private capital or a warehouse line-of-credit often use "banc" in their names to elicit a sense of confidence and fiduciary accountability.

Oh, and just as an FYI, we have no negative reports on L&G.
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RE: Who is the ultimate home builder?

Author: lonestarinokc
Posted: Fri Jul 03, 2009 9:42 pm (GMT 0)
Topic Replies: 21

Horton is a PRODUCTION homesbuilder. Treating trades like trash.....this is easy... As far as the trades go, you want the volume, get on the train! If you can't handle it, at least have the professional courtesy to communicate! Don't just do a poor job and then no show when you are called repeatedly to complete a job or handle warranty! You knew what you were signing up for when you did it! No pain....NO GAIN!

Trades in this industry are notorious for overextending themselves, then they cry when the crank gets tightened. Again....communication is the key....

AND BTW...Horton's checks actually CASH!

Gizmo wrote:

rigas wrote:

here is where things are different.
in houston, 1st texas is not that great, they are best OK.
highlands homes in houston is a joke!

dr horton builds a decent home for the price but they treat their trades like trash.

we dont have any of the others here.

IMO as stated there is no #1 but from a production standpoint more of a list of good builders in each area.
as an example, chesmar homes was the 2008 ghba builder of the year.

the custom home builder my wife works for was a national builder of the year a couple yrs ago.

no real honestly true #1

I heard the same thing about Highland Homes. I heard Horton is solid. I do not know how they treat their trades.

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RE: One "Grand" discrimination lawsuit

Author: lonestarinokc
Subject: One "Grand" discrimination lawsuit
Posted: Fri Jul 03, 2009 9:23 pm (GMT 0)
Topic Replies: 6

Grand Homes has been in the Dallas market for a long time. To my knowledge, they have never discriminated in either hiring or selling to minorities. I worked for them at one time and there was a true potpouri of ethnic representation.

While the quality of construction there has been questioned forever, there are some communities that had a well trained superintendent, who truly cared about what they did, where the homes were well built!

Certain groups of buyers are attracted to Grand Homes due to the "look" of the homes...they truly look "Grand" (or like a mini castle) from the curb! The homes feature often breath taking entryways and staircases. And yes, this all comes at a hefty price. It is not at all unusual for a 350K Grand Homes model to have another 200K in upgrades!

The lady who was my favorite partner at Grand Homes had a GREAT answer when asked what was upgraded in the model. She would tell them
"everything but the doorknobs!"

While I personally have NO desire to own a Grand Home, there is obviously a large market of buyers who are interested in HUGE homes on SMALL homesites with NO yard and B I G Payments. Unfortunately, there appears to be a high forclosure % in many Grand communities, due to the kind of loans many buyers signed up for.

Grand Homes may be guity of a number of things, as are most large homebuilders, but for years discrimination has not been one of them.
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RE: Michael is dead

Author: bdk
Posted: Fri Jul 03, 2009 9:18 pm (GMT 0)
Topic Replies: 9

Palin resigning is getting the same coverage MJ got last week... news sucks journalism/ reporting is dead
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RE: One "Grand" discrimination lawsuit

Author: NewHomeDallas
Posted: Fri Jul 03, 2009 8:45 pm (GMT 0)
Topic Replies: 6

Institutional discrimination in sales ended years ago. My last direct experience was over 15 years ago when I worked for a company that had several sales people who wouldn't talk to let alone sell minorities. Luckily for the company, these sales people retired before the company was sued.

I can see where someone looking for a discrimination case could call it discrimination because the prices are higher in a location that is primarily minority versus ones that aren't. In reality, it's either the difference in lot costs or the difference in markets.

However, our industy does discriminate in hiring. In sales, there are many women but in most companies you can count the minorities on one hand. I can count the number of minority CMs and women CMs on one hand. I can count the number of management minorities and women on one hand. This is not unique to any company or city or state but industry wide. I have been in the buisness, on the sales end, for many years and never had a female or minority CM or PM. I have sold with women and a few minorities.

RE: Costly Mistakes By Bush & Obama Made Housing Crash Worse

Author: maudejo
Subject: Re: Costly Mistakes By Bush & Obama Made Housing Crash W
Posted: Fri Jul 03, 2009 8:22 pm (GMT 0)
Topic Replies: 18

catherine wrote:

EnergyTrader wrote:

catherine wrote:

liberal slayer wrote:

just to keep this fair and balanced you have to add the criminal bill clinton to your list of presidents who screwed up our industry (and the world economy). I remember the press conference with criminal bill and mr. hvcc andy cuomo (then the head of HUD) stating they want to ease mortgage guidelines to make mortgages available to 1 million additional families (who prior to the easing could not get a mtg.).

When you add W to the list you can't ignore that the sh*t hit the fan after the dumbocraps took control of Congress & the Senate. Frank Raines was a dumbocrat poster boy with his insane lending policies at Fanny (EA II & III 100% LTV???). Frankie was stongly supported by BJ Frank, Maxine the mor*n Waters and many other dumbocraps.

So again, lets make sure we are fair and balanced, the failing economy is primarily due to the dumbocraps.

BTW, can't wait until 8:30, double digit unemployment and nobama wants to put a couple more million out of work with his c**p and tax bill.

This weekend, give thanks to the great American Patriots who gave up everything so we can live free and have unlimited opportunities. They would have hung someone like nobama for treason. Let's be American Patriots again and tell this failed, incompetent administration we don't want c**p and tax, the health care destruction bill and the insane budget bill.

IMPEACH barak hussein obama. Ameica's worst president since FDR!

DON'T DON'T DON'T forget the cancellation of the Glass-Steagall Act. 1999

That cancelled the law that had been on the BOOKS SINCE THE GREAT DEPRESSION............

THEY KNEW WAY BACK THEN TO KEEP THE STOCK MARKET OUT OF THE BANKING INDUSTRY. Without the Glass-Steagall act in their way Rubin could leave office and securitize all the mortgages

(Rubin and Slick did it so THAT RUBIN COULD MERGE TRAVELORS AND CITICORP)

(and yeah yeah yeah and there was a Republican Congress - BUT SINCE THE DEMOCRAT MAJORITY IN CONGRESS THE LAST TWO YEARS DIDN'T MATTER AT ALL TO THE ECONOMY OR TANKING MORTGAGE MARKET AS WE ARE TOLD HOURLY THAT IT WAS ALL BUSH'S FAULT - WELL THEN BY THOSE RULES - SLICK WILL WEAR THE GLASS-STEAGALL ACT DIRTY DEED, WON'T HE?)

and that will be what the final outcome of this mess is

over supply causing low value of collateral (housing)
and securitizing the c**p around the world

since we are getting all partisan here, Gramm Leach Bliley repealed much of Glass Steagal was named after it's 3 Republican authors. Furtrher damage has been done by the commodity futures modernization act which was another legislative brainchild of 4 Republicans and 1 Democrat no longer in office

1 DEMOCRAT IN THE ROOM -

SORRY RUBIN AND GREENSPAN WERE IN THAT ROOM

BUT HONESTLY

I USED TO AGREE WITH YOU

BUT BUT BUT AFTER BEING EDUCATED THAT ONLY THE PRESIDENT HAS ANY POWER - YOU KNOW BUSH WAS TO BE BLAMED FOR EVERYTHING IN 8 YEARS.........EVERY DAMN PIMPLE IN THE COUNTRY

AND THEN NOBAMA BEING ALLOWED TO SAY HE JUST SHOWED UP AND THE EASTER BUNNY HANDED HIM THESE PROBLEMS (AFTER BEING PART OF THE DEMOCRAT MAJORITY - GOT THAT MAJORITY IN CONGRESS FOR TWO YEARS WHEN THINGS CRASHED-

HIS NAME IS ON EVERY BUSH TARP BILL )

WELL LIBERAL STATE MEDIA EDUCATION SHOWED ME THAT RUBIN WHO USED THAT BRILLIANT LEGISLATION TO MAKE CITIGROUP - (TOO BIG TO FAIL) AND THE PRESIDENT AND GREENSPAN DID IT ALL - RIGHT!!!

THEY WERE THE KARL ROVES AND richard CHENEYS RIGHT

SEE YOU SILLY WABBITS CAN'T PREACH ONE THING (UP OUR BUTTS)FOR 8 YEARS AND THEN CHANGE THE RULES THE NEXT TIME

CAUSE EVERYONE IS PAYING ATTENTION TO YOU GUYS NOW

SO THOSE LITTLE GUYS IN THAT CONGRESS DON'T MATTER - RIGHT - THAT IS WHAT THE MEDIA HAS TOLD US FOR 8 DAMN YEARS?

So again. The evil liberals. I bet there was a Muslim in the room.....

Didn't Ronnie appoint Greenspan?

I'm not quite picking up the "education" your layin down.

The Republican authors......were they closet evil liberals?

I only wish everyone was paying attention now.

Paying attention to only one head of the two headed beast is not paying attention. It's an acid trip.
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Discussion on The Independence Rap: Because the children AR

Author: autopost
Posted: Fri Jul 03, 2009 8:11 pm (GMT 0)
Topic Replies: 0

http://mandelman.ml-implode.co.....ur-future/

RE: ANYONE ELSE BEING KILLED WITH CONDITIONS AT WELLS FARGO??

Author: brokerjohn
Posted: Fri Jul 03, 2009 8:06 pm (GMT 0)
Topic Replies: 41

FenderBenderYSP wrote:

When underwriters review bank statements, they want explanations & verifications of large deposits (credits). I understand that.

Now they want explanations & verifications for large withdrawals (debits).

The Elliot Spitzer rules....have to make sure the client has no expensive hooker on the side.
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RE: ANYONE ELSE BEING KILLED WITH CONDITIONS AT WELLS FARGO??

Author: FenderBenderYSP
Posted: Fri Jul 03, 2009 7:24 pm (GMT 0)
Topic Replies: 41

When underwriters review bank statements, they want explanations & verifications of large deposits (credits). I understand that.

Now they want explanations & verifications for large withdrawals (debits).
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RE: One "Grand" discrimination lawsuit

Author: mikestrong
Posted: Fri Jul 03, 2009 6:57 pm (GMT 0)
Topic Replies: 6

msperinni wrote:

they are selling many homes but they are getting over.... poor quality YET****beautiful exterior homes.

and you know what imtalking about cause you are so right Valley Ranch Area and Garland!

they hire very few minorities and they have been unfair with people in several cases

I worked at grand 9 years ago and have friends still there, including a black guy that makes a great living in sales and has been there 10 years. They suck as a homebuilder and the way they treat sales people, but the don't discirminate. They don't discriminate on who they sale to. Green is all that matters to them.

RE: One "Grand" discrimination lawsuit

Author: ExInsider2
Posted: Fri Jul 03, 2009 6:47 pm (GMT 0)
Topic Replies: 6

With all due respect. I sell in the DFW area. Not for Grand, but another builder and I have never ever seen any builder discriminate against anyone who has a checkbook in hand and wants to buy a home.

Now, with that being said, I will agree with RESales that if anyone was taken advantage of or overcharged then, shame on them.

I love my Real Estate agents, because they understand that everyone wants a great deal and they provide their clients with an accurate CMA of the neighborhood. They also generally understand that that we as on site salespeople also have the duty of not bringing the appraisal values down in the neighborhood, so sometimes that means we can't do that $50,000 incentive.

So are you saying that they discriminate against people buying homes or working for them. As someone who works for a builder, I just do not see how that would be possible and still stay in business.

RE: Anybody Else Having Trouble Funding Taylor Bean Loans Today?

Author: Robin
Posted: Fri Jul 03, 2009 6:45 pm (GMT 0)
Topic Replies: 435

Just in case anyone's interested, I found a great reference for "good funds" laws (wet vs dry states).

http://www.docmagic.com/media/.....et-dry.pdf

My personal favorite is West Virginia (should be the national model, IMHO):

Quote:

The Good Funds Settlement Act applies to settlements of loans secured by deeds of trust on owner-occupied residential 1-4 family dwellings. The Act does not apply to construction loans or any other loans where the parties agree to provide for the disbursement of the proceeds in stages. At or before closing, lender must cause disbursement to the settlement agent.

In the case of a refinancing or any other loan where a right of rescission applies, the closing funds must be disbursed within 1 business day after the expiration of the right of rescission period required under the Truth-in-Lending Act., unless the loan is rescinded by the borrower.

The lender may not charge or receive any interest on the loan until both loan closing and disbursement of loan funds have occurred.

Wonder how many loans (especially FHA's) TBW slipped up on this time and how much it's costing them.
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RE: Discussion on Pasquinelli Homes

Author: dfwbuyer
Subject: Any new news?
Posted: Fri Jul 03, 2009 6:00 pm (GMT 0)
Topic Replies: 214

Have heard some rumblings about someone restarting Willowcrest in Plano - anyone else either in the biz or former employees or current homeowners heard anything about the Townhome or Single-Family product? Maybe both? Always heard alot of good reports from buyers in there before contruction stopped who love their homes. Wondering how they've faired through this period and if anyone has heard anything new.

Have family here this week from out of state who want to move here and they love that community, location, quality, etc. Drove them through and saw lots were being mowed. Not sure what that means. Wondering if another builder has purchased lots and will start it back up maybe? People were at the pool, the occupied units look generally well-kept, although there are dried-out sticks in the air, plumbing rough and slabs that were obviously abandoned, and of course much overgrown lots. Curious since we saw the lot mowing going on. Needs lots of work to get it looking top-notch again, but it looks managable if someone good is going in there. Such an incredible location, would be nice to see it going again, if it gets finished out the same or very close to the existing.
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RE: What is a MCAW

Author: MORTGAGESRUS
Posted: Fri Jul 03, 2009 5:57 pm (GMT 0)
Topic Replies: 14

you are working on an FHA loan and you do not know what a MCAW is?

MCAW - MORTGAGE CREDIT ANALYSIS WORKSHEET NOT USED ANYMORE

TODAY WE DO NOT USE THE MCAW ANYMORE WE USE A FORM CALLED FHA LOAN UNDERWRITING AND TRANSMITTLE SUMMARY