Implode-Explode Forums

RE: ICON Residential Capital

Author: azman
Posted: Tue Mar 16, 2010 11:45 pm (GMT 0)
Topic Replies: 1

While I don't work for them, I do send them loans. No complaints as of yet. They seem honest and pretty efficient. One thing though, my AE continues to tell me that as a broker, they will pay me YSP and not have to credit it to the borrower. She told me their attorneys found a loop hole. They are the only lenders that I am aware that still allow this. I won't do it as it feels to risky for me, but she says they are doing it all the time. Paying YSP, not crediting to the borrower in additional to any origination I want to charge. You might want to ask about that, as it could get you into some trouble if they are wrong. Good luck.

RE: NMLS Nationwide Mortgage Licensing System

Author: mortgagemess
Posted: Tue Mar 16, 2010 10:35 pm (GMT 0)
Topic Replies: 47

JTB6806 wrote:

"Also in the documents, Jacobson's mother, Goldie, told police of his long battle with depression, starting at age 15. She also told them of a "massive nervous breakdown" he had a decade before, requiring 24-hour-a-day care by family members who fed and bathed him."

This was a seriously depressed individual. Sure he was in the mortgage business, but his psychologically issues started well before that. I would argue that the financial issues, were not directly correlated to his actions, and if they were they were only a small piece.

Or it could be argued it was the final push over the bridge...

RE: Grades for NMLS?

Author: epicenterLO
Subject: Passed both Fed n State as well
Posted: Tue Mar 16, 2010 9:46 pm (GMT 0)
Topic Replies: 4

Passed both last week and have filed all the Background check authos as well as fingerprints. I used ProSchools web site is proschools.com

RE: Grades for NMLS?

Author: retailorig
Subject: Re: Grades for NMLS?
Posted: Tue Mar 16, 2010 8:25 pm (GMT 0)
Topic Replies: 4

Sachcan9 wrote:

retailorig wrote:

I took my fed and state tests this morning. Scored 95% on the fed and 92% on the CA test. I had no idea how I was doing on the CA test until I saw the grade.

How are others doing?[/b]

congrats. Question for you, where did you do your test prep? I'm looking tot ake both of these shortly and would like to know a good place to study.
Thanks,

Our company used trainingpro. It was a 2 1/2 day course and was pretty good. It only covered the federal test.

I am not sure how long it will take for the background check. I have to get fingerprinted tomorrow. I am not too worried about that part.

FHA Training for Appraisers

Author: Robin
Subject: FHA Training for Appraisers
Posted: Tue Mar 16, 2010 8:19 pm (GMT 0)
Topic Replies: 0

(From the FHA Single Family Housing listserv - http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm)

FHA Education Session for Appraisers comes to Atlanta, GA:

April 21, 2010 - Atlanta, GA. FHA Education Session. This live course offers instructions on most recent changes and updates to FHA procedures and guidelines for FHA Appraisers. The topics discussed will include; Appraiser Portability, Appraiser Independence, Appraiser Sanction Process, Declining markets and 1004MC form, Case Transfer Responsibilities, HUD REO Appraisals, MPR/MPS-Property Inspections, and other related topics. Registration required, no fee. More info at: http://www.hud.gov/emarc/index.....p;update=N
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RE: Grades for NMLS?

Author: Sachcan9
Subject: Re: Grades for NMLS?
Posted: Tue Mar 16, 2010 8:12 pm (GMT 0)
Topic Replies: 4

retailorig wrote:

I took my fed and state tests this morning. Scored 95% on the fed and 92% on the CA test. I had no idea how I was doing on the CA test until I saw the grade.

How are others doing?[/b]

congrats. Question for you, where did you do your test prep? I'm looking tot ake both of these shortly and would like to know a good place to study.
Thanks,

Any mortgage or loan mod companies want to JV?

Author: CFRG Matt
Subject: Any mortgage or loan mod companies want to JV?
Posted: Tue Mar 16, 2010 6:28 pm (GMT 0)
Topic Replies: 0

Some background...been on the marketing side of the industry (i.e. leads and lead management) since 2004. Last year we started a mod company but quickly decided that was not the way to go. Right now we are focusing on debt settlement and credit repair and this is the right niche for us. I'm looking to work with a mortgage or mod company that does not dabble in debt settlement, who would share their database and allow me to market our services to it in exchange for a percentage of each closed deal. Additionally, if you need some consulting on how to work your leads better and close more business, I'd be glad to help.

So, if you don't touch debt settlement and want to make some extra money on the back end without having to do any work, email me - mmorelli at cornerstonefrg dot com

Have a good one!

Matt
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www.cornerstonefrg.com

RE: Grades for NMLS?

Author: PalmCoastFl
Posted: Tue Mar 16, 2010 6:26 pm (GMT 0)
Topic Replies: 4

Congrats!

Now what? You have to go thru credit and background checks?

(Im in FL. so not yet for me - Oct 1 is when you can apply for the new lic.)

Grades for NMLS?

Author: retailorig
Subject: Grades for NMLS?
Posted: Tue Mar 16, 2010 6:05 pm (GMT 0)
Topic Replies: 4

I took my fed and state tests this morning. Scored 95% on the fed and 92% on the CA test. I had no idea how I was doing on the CA test until I saw the grade.

How are others doing?[/b]

2 houses on one lot

Author: Flpmtg1965
Subject: 2 houses on one lot
Posted: Tue Mar 16, 2010 5:28 pm (GMT 0)
Topic Replies: 0

I have a buyer that wants to buy a house that sits on one acre of land & has another house on that land as well. The primary house has been rehabed, built in 1984, & looks great. The 2nd house was built in 1924 & needs a little TLC. The second house is currently being rented. Lenders I have talked to have issue on whether we are going to be able to find like comps showing two homes on one lot. The buyer wants to show 2nd home as a mother in law apartment & kick the renter out and maybe renovate the 2nd home. The other option is to completly demolish the 2nd home.

Anybody have a lender that would look at this scenerio or any other ideas?

Thanks,

FLP

RE: NMLS Nationwide Mortgage Licensing System

Author: JTB6806
Posted: Tue Mar 16, 2010 4:37 pm (GMT 0)
Topic Replies: 47

"Also in the documents, Jacobson's mother, Goldie, told police of his long battle with depression, starting at age 15. She also told them of a "massive nervous breakdown" he had a decade before, requiring 24-hour-a-day care by family members who fed and bathed him."

This was a seriously depressed individual. Sure he was in the mortgage business, but his psychologically issues started well before that. I would argue that the financial issues, were not directly correlated to his actions, and if they were they were only a small piece.

RE: Highland Homes Dallas

Author: Houston Builder
Posted: Tue Mar 16, 2010 2:31 pm (GMT 0)
Topic Replies: 9

As to their realtor schemes, I have often questioned if they are in line with TREC rules. They supposedly take all of their loyal realtors that sell 2+ houses on these lavish $20,000 boondoggle trips to Europe.

Do these realtors tell their buyers that not only are they getting a nice fat commission but also a trip that's fully paid for??????

It always sounded shady to me......

RE: Highland Homes Dallas

Author: EmelioTextevez
Subject: Interesting
Posted: Tue Mar 16, 2010 2:20 pm (GMT 0)
Topic Replies: 9

This would be an interesting development. If what was previously said is true, about high margins...this would be a dramatic shift from what their previous strategy was.

Back in 06, when they were trying to make a splash in the Houston market, they were known for building specs, marking them up...then slashing the prices...HUGE discounts with extremely low margins. Word was, they were trying to gain market share...period.

They were giving enormous BTSA's, flaunting huge cash prizes at realtor functions..etc. Many of us were wondering how they were making any money.

What is an Illegal Foreclosure ?

Author: vcabanas
Subject: What is an Illegal Foreclosure ?
Posted: Tue Mar 16, 2010 12:36 pm (GMT 0)
Topic Replies: 0

IF YOUR FORECLOSURE IS STARTED BY THE WRONG LENDER, THEN YOUR FORECLOSURE MAY BE ILLEGAL. (Make sure the lender on your deed of trust is the same lender foreclosing on your home. If not, then there must be a recorded assignment transferring the loan to the new lender before that lender can start the foreclosure)

IF YOUR FORECLOSURE IS STARTED EVEN THOUGH YOU ARE NOT BEHIND ON YOUR PAYMENTS (Yes, this happens!), THEN YOUR FORECLOSURE MAY BE ILLEGAL.

IF YOUR FORECLOSURE DOES NOT FOLLOW ALL OF THE STEPS REQUIRED BY LAW, THEN YOUR FORECLOSURE MAY NOT BE A VALID AND LEGAL FORECLOSURE.
This is only a fiew reason. That's why if you don't have a "Full Forensic Mortgage investigation with Securitization Chain Research" IT'S INCOMPLETE !!!!!!![url][/url]
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vIC

RE: NMLS Nationwide Mortgage Licensing System

Author: mortgagemess
Posted: Tue Mar 16, 2010 11:42 am (GMT 0)
Topic Replies: 47

mortgagemess wrote:

XpressOH wrote:

"Good luck with that. That means every person who has gotten turned down for a job at a bank or insurance or those paying higher auto insurance should fight it"

actually, yes, they should. You might want to check this out-

http://www.chicagobreakingbusi.....cants.html

I assume you disagree?

You don't even want to get me STARTED on my rant about auto insurance and credit scores...that is an entirely different subject, LOL.

actually I agree that credit should go back to what it was years ago.. If the reason for a low credit score has good documentation illness divorce etc... then it should not be held against the individual... However I also agree with the assesment made by the fraud examiner in the article. Those that are in over their heads are more likely to be a high risk. I have seen it with mortgage fraud bankruptcy fraud on those people who were financially drowning.... It clouds your judgement....no different than a person who steals from their job to payoff credit cards...or brokers who put clients into loans based on $$$$$...sorry for those that aquired credit issues but you are in the business of finance...

Sad story when the pressure becomes too much..

http://www.sun-sentinel.com/ne.....6132.story