Comments on: IndyMac Makes Drastic Changes to Loan Programs (updated)

By: no whiner

no whiner — Fri, 11 Jan 2008 05:27:45 +0000

Well, alot in the news. Still at IMB, just had a loan go to docs 7 days after handed in. Full doc, 650 mid 5% dn owner oc. Okay, so it is a cookie cutter, but it was done fast. I am betting on IMB. Primarialy because I just got rebuilding my pipeline!

By: Leslie

Leslie — Sat, 29 Dec 2007 23:52:48 +0000

I have been in the business since 1976. I agree with many of you for different reasons, but do not forget the times we are in. We all know how it got to this and by continnuing to cry about it will not change things. Get on with business and take a refresher course on Eithcs-Pray for forgiveness and thank God your alive and live in a country that still allows you to fight back. Look around you and ahead to what is really important before it is to late and all you can see is what has been left behind. Best Regards

By: Darrell

Darrell — Mon, 17 Dec 2007 08:46:26 +0000

Indy Mac played the same game that Aurora did back in the spring when all alt-a began to hit the fan…aurora stayed as the only wholesale lender on the block that was writing aggressive alt-a – they did this for about 2 months longer than the rest and then pulled the plug…it seems indymac did the same thing…they’ve been one of our go to lenders and we have a great relationship with our rep who has been there for us thick and thin…unfortunately, it appears that the curtain is being pulled back and the real indymac is standing on stage to a bunch of boos. my vote is that they find a way to survive….countrywide, on the other hand – don’t let the door hit you on the way out.

By: Housing Wire » Mortgage Market Roundup

Housing Wire » Mortgage Market Roundup — Sat, 15 Dec 2007 15:28:53 +0000

[...] program changes: Morgan over at Blown Mortgage covers some pretty dramatic changes at IndyMac, and not just the bank’s debt downgrade to junk status; the Pasadena,Calif.-based thrift axed [...]

By: Housing Wire » Mortgage Market Roundup

Housing Wire » Mortgage Market Roundup — Sat, 15 Dec 2007 15:28:34 +0000

By: no whiner

no whiner — Fri, 14 Dec 2007 23:21:05 +0000

One company I chose to leave, due to the way it conducted business, the other two went out of business, and I am at the fourth now. If you are at all familiar with this industry, then you’d know of the “grass is always greener” syndrome. Always someone paying a better split or touting lower rates to make lo’s jump from one company to the next. My job history would most likely put me in the top 20% of people in the industry when it comes to staying at a particular place of employment. That is just a guess, though.

By: no whiner

no whiner — Fri, 14 Dec 2007 20:36:21 +0000

Three of the companies went out of business. My choice to change once. If you are at all familiar with this industry, you would know of the ever present “grass is greener” theory that a large number of loan officers ascribed to. Always someone paying a better split or having better rates.

By: S Hallman

S Hallman — Fri, 14 Dec 2007 17:43:41 +0000

How is being with 4 companies in 8 years not being a jumper?

By: DS

DS — Fri, 14 Dec 2007 15:26:48 +0000

The hypocrisy that is out in society now is ridiculous. Everybody is pointing the finger at the lenders. The blame pie needs to be spread across all 3 participants; lenders, brokers, and borrowers.

So if what I am hearing is correct, the lender is at fault because we offer these products. Aren’t the brokers just as much at fault for putting their clients INTO these products? Do you mean to tell me that brokers don’t know how these loans work and are naive? Don’t think so. If the brokers know they are “flawed”, why continue to use these programs?

And the borrowers being put into these programs. Is it not their responsibility to do their due diligence and make an educated decision?

While we, the lender, offered these programs, the brokers who put their clients in these and the borrowers that didn’t research to see if they were getting the best deal, should all share the blame.

By: no whiner

no whiner — Fri, 14 Dec 2007 15:25:13 +0000

I am also rooting for IMB. Primarily because I am a retail LO for them. I CAN say that in Aug, when they were just launching Retail Loan Group West, underwriting and processing were terrible. However, in 4 short months they have created an entity that is improving every day. I have been a loan officer for 8 yrs, IMB being the 4th company I’ve been with, so I am not a jumper. I am extremely satisfied with the progression of processing and underwriting, with loans getting ctc within 14 days. So to all you doomsday types – enjoy your miserable-ness. As for me, even if IMB does not pull through, I will. I will be a succesful loan officer regardless of the vehicle. The current situation is nothing more than a correction to a situation that was out of hand, perhaps overdue.