Missed your earlier babble. So your one of the inside Lender Circle Jerks who think you have an entitlement to someone else’s loan files. Sugar britches…….if you assert the aforementioned, then you dont have a job.

” I have never worked in a Broker shop but have and I?m currently working for a Wholesale lender. ” ( Quote-Wondergirl ) ??????????????

This says it all! You are not qualified to be here, DOPE! Go back to the checkout line @ Winn Dixie, and start Bagg’in them groceries! GOD, what a DOPE!

I bet you sign-in to Medical Blogs to Opine about the ills of the industry while citing your experience as a medical receptionist??

Leave the Loan bidness to the Pro’s. Nothing worse than a “skirt” blabbering stupidity.

Cheers!

Been with IMB for over 15 years. I just fired them, and pulled my files because they have 1 program left,and other programs pay ZERO! IMB’s requirements have been around forever people! Is the same BS. and it mean NADA! IMB wholesale is slow, cumbersome, not user friendly, and most of the Staff-AE’s are jerks that have no experience. They do not answer phones, or return phone calls either!

If Brokers want to originate in their underwear?? SO what! I,ve been in this Bidness of over 25 years, and having office space was the dumbest move I ever made. If I have a lot of overhead, then guess what, I have to charge out the Wazzo to cover the overhead. Brokers aint the problem folks…….its the 1/2 ass wholesale dopes that brought is on themselves. And now their all outta Bidness…….RIP!

As a broker, I have shut off several large, well known, wholesalers because their business practices are unacceptable. The differnce is that I can make my payments for the next year even if I don’t fund another loan. The wholesalers can’t last a month if they don’t fund enough loans.

Every time a wholesaler approves a loan, they are giving 100% endorsment to the broker’s business practices. If they don’t like what a broker is doing they can stop taking loans. If they take the loans, they endorse the broker. Wholesalers love to take the loan, make the money on the loans that pay, and blame the broker for the defaults. Wholesalers know what they are buying.

If a 620 credit score, and involvement in the business, represents a significant tightening of requirements, who has IndyMac been doing business with? They were obviously happy with lower grade brokers in the past.

All Wholesale lenders left standing should batten down the hatches when it comes to the criteria is requires to approve a broker. Nows the time to “thin the herd” in the broker community.

Yes indeed – As a licensed lender working with Indy, CW, Citi, Chase, etc. I (sarcastically) think it’s brillant. The criteria (in today’s lending environment) would allow me to borrow 80 – 90% LTV / maybe more if I could actually prove my income.

Yup – me as a consumer – are you telling me the advisor I totally trust with my largest asset only needs to come up with $ 250.00 and a score of 620+?

Hmmm – As a mortgage professional – I say raise the bar. Not necessarily with the non refundable appl fee / but certainly the score and audited financials.

It’s time to stop thinking fogging a mirror is criteria for the broker / lender / borrower / conduit.

Hold on for the ride!