Comments on: Lone Star Wraps Up Accredited Acquisition http://blownmortgage.com/2007/10/12/lone-star-wraps-up-accredited-acquisition/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Mon, 09 Nov 2009 22:42:54 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Aaron http://blownmortgage.com/2007/10/12/lone-star-wraps-up-accredited-acquisition/comment-page-1/#comment-5407 Aaron Mon, 15 Oct 2007 15:43:21 +0000 http://blownmortgage.com/2007/10/12/lone-star-wraps-up-accredited-acquisition/#comment-5407 Nick- I also worked for accredited for a few months. Bunch of money grubbing blow hards. I was a BM for Aames when Accredited bought us out. I could tell right a way they were more interested in lining James' pockets than keeping the staff happy. The paper they have portfolio'd is garbage, and wil only get worse. They were greedy and bought a company that had no safeguards(aames). Loan Star is in trouble if they think they can make that company work. The average GPM was 3.5% which was fine when subprime rates were in the 6-7 range but now that their in the 9-10 range getting the same 3.5% will be impossible not to mention no one will buy that paper any longer. Loan Star should have let this buy go, my guess is they wanted to after the auditors saw what they were buying and only contractual obligations made them follow through. Nick- I also worked for accredited for a few months. Bunch of money grubbing blow hards. I was a BM for Aames when Accredited bought us out. I could tell right a way they were more interested in lining James’ pockets than keeping the staff happy. The paper they have portfolio’d is garbage, and wil only get worse. They were greedy and bought a company that had no safeguards(aames). Loan Star is in trouble if they think they can make that company work.
The average GPM was 3.5% which was fine when subprime rates were in the 6-7 range but now that their in the 9-10 range getting the same 3.5% will be impossible not to mention no one will buy that paper any longer. Loan Star should have let this buy go, my guess is they wanted to after the auditors saw what they were buying and only contractual obligations made them follow through.

]]> By: Nick http://blownmortgage.com/2007/10/12/lone-star-wraps-up-accredited-acquisition/comment-page-1/#comment-5350 Nick Sat, 13 Oct 2007 15:12:09 +0000 http://blownmortgage.com/2007/10/12/lone-star-wraps-up-accredited-acquisition/#comment-5350 I used to work for Accredited...YUCK!!! 2 months of CRAP!!! Standard 3 points per loan for ficos over 600 (I think)....600 or less you were getting 3.5 to 4 points. Crappy commission structure and Inzura...do not get me started there!!! Ok, I will go there. Inzura was IMHO the company that Accredited should not have partnered up with. I was used to local title companies that could turn around a title report in 24 to 48 hrs. Inzura would be a week or more. I like the concept of a 3rd party doing your title, appraisal, appraisal review, settlements...it works in concept. However every borrower is different and has different needs, removing the LO from the a majority of the loan process does not work. Example, if I ordered an appraisal and it has come in (usually to the processor), and there is something wrong on the appraisal then the processor has to email or call Inzura, issue what needs to be corrected on the appraisal, Inzura puts the request in a cue and someone else hours later calls the appraiser, the appraisal gets sent to Inzura, then back to the processor. STUPID!!! If Loan Star wants the Accredited name to stick around, they reallllllly need to change there ways. \end rant I used to work for Accredited…YUCK!!! 2 months of CRAP!!! Standard 3 points per loan for ficos over 600 (I think)….600 or less you were getting 3.5 to 4 points. Crappy commission structure and Inzura…do not get me started there!!! Ok, I will go there. Inzura was IMHO the company that Accredited should not have partnered up with. I was used to local title companies that could turn around a title report in 24 to 48 hrs. Inzura would be a week or more.

I like the concept of a 3rd party doing your title, appraisal, appraisal review, settlements…it works in concept. However every borrower is different and has different needs, removing the LO from the a majority of the loan process does not work. Example, if I ordered an appraisal and it has come in (usually to the processor), and there is something wrong on the appraisal then the processor has to email or call Inzura, issue what needs to be corrected on the appraisal, Inzura puts the request in a cue and someone else hours later calls the appraiser, the appraisal gets sent to Inzura, then back to the processor. STUPID!!!

If Loan Star wants the Accredited name to stick around, they reallllllly need to change there ways.

\end rant

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