Comments on: National City Shutters Wholesale Department http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 21 Nov 2009 12:13:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Don http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8663 Don Fri, 04 Jan 2008 02:40:32 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8663 Mike is making good points here. What happened to QA at these places? Were the underwriters getting pressured? Were the funders using their checklists? We're they're second signatures on the underwriting?? Oh, the fingerpointing! With that being said, National City had a great HELOC program! The one I was familiar with didn't make much money for the LO, but it was fast and was usually done as a courtesy to the client. Mike is making good points here. What happened to QA at these places? Were the underwriters getting pressured? Were the funders using their checklists? We’re they’re second signatures on the underwriting??

Oh, the fingerpointing!

With that being said, National City had a great HELOC program! The one I was familiar with didn’t make much money for the LO, but it was fast and was usually done as a courtesy to the client.

]]> By: mikew http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8656 mikew Thu, 03 Jan 2008 23:09:54 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8656 Well if they do get up and running with 2nds I certainly hope they dont offer 100% stated with low ficos. And it might be a good idea if they lessen their presence in Michigan Ohio and Florida. Perhaps then they can make a go of it. But wait....its the brokers that got them in this trouble. Well if they do get up and running with 2nds I certainly hope they dont offer 100% stated with low ficos. And it might be a good idea if they lessen their presence in Michigan Ohio and Florida. Perhaps then they can make a go of it. But wait….its the brokers that got them in this trouble.

]]> By: ron http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8652 ron Thu, 03 Jan 2008 21:31:06 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8652 National City plans to have their home equity and second mortgages back available within 90 days. National City plans to have their home equity and second mortgages back available within 90 days.

]]> By: henri http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8604 henri Thu, 03 Jan 2008 01:33:53 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8604 maybe national city should have reissued or repulled credit maybe national city should have reissued or repulled credit

]]> By: mikew http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8600 mikew Wed, 02 Jan 2008 22:09:25 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8600 I would love to see evidence that 80% of defaults come from wholesale. I have yet to see any lender take responsibility that they put bad loans on their own books. Its a bit annoying that they come up with the programs (and Natl City was extremely aggressive in their home equity unit) they underwrite the loans and they fund the loans. Yet somehow it was the wholesale community's fault that their portfolio is going sour. I have said it before and I will say it again. Regional Banks such as BB&T as well as Fifth Third Bank are now entering the wholesale arena because they see the value that we bring. I suspect that they will spend pennies on the dollar and actually underwrite and perform quality control on our loans. Thats what they are supposed to do. If some of the loser banks that are on the implode list had done these vital task perhaps they wouldnt be on this list. Greed Greed Greed. Their is no dead man walking. The wholesale community represents the greatest portion of ALL mortgages sold and therefore if there is a contraction it makes sense that the wholesale community would see the majority of the cuts. Banks need to take responsibility for the programs they sold and the loans they bought. I would love to see evidence that 80% of defaults come from wholesale. I have yet to see any lender take responsibility that they put bad loans on their own books. Its a bit annoying that they come up with the programs (and Natl City was extremely aggressive in their home equity unit) they underwrite the loans and they fund the loans. Yet somehow it was the wholesale community’s fault that their portfolio is going sour.

I have said it before and I will say it again. Regional Banks such as BB&T as well as Fifth Third Bank are now entering the wholesale arena because they see the value that we bring. I suspect that they will spend pennies on the dollar and actually underwrite and perform quality control on our loans. Thats what they are supposed to do. If some of the loser banks that are on the implode list had done these vital task perhaps they wouldnt be on this list.

Greed Greed Greed.

Their is no dead man walking. The wholesale community represents the greatest portion of ALL mortgages sold and therefore if there is a contraction it makes sense that the wholesale community would see the majority of the cuts.

Banks need to take responsibility for the programs they sold and the loans they bought.

]]> By: ron http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8581 ron Tue, 01 Jan 2008 20:27:54 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8581 National City finally smartened up after reviewing their defunct mortgages and realizing they were not originated internally for the most part. Expect most other banks, both regional and national, to follow suit. National City finally smartened up after reviewing their defunct mortgages and realizing they were not originated internally for the most part. Expect most other banks, both regional and national, to follow suit.

]]> By: Ann http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8580 Ann Tue, 01 Jan 2008 20:08:11 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8580 Same old same old...and much more repeat performances to come for 08... Same old same old…and much more repeat performances to come for 08…

]]> By: Hmmmmm http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8576 Hmmmmm Tue, 01 Jan 2008 14:55:36 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8576 How does something like this affect people with loans from them? Are they just not offering new product or will their current portfolio be sold off? How does something like this affect people with loans from them? Are they just not offering new product or will their current portfolio be sold off?

]]> By: Jillayne Schlicke http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8566 Jillayne Schlicke Tue, 01 Jan 2008 04:28:26 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8566 So Chris, you have a chance at redemption. Which lenders are on YOUR watch list? So Chris, you have a chance at redemption. Which lenders are on YOUR watch list?

]]> By: Mike http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/comment-page-1/#comment-8565 Mike Tue, 01 Jan 2008 03:57:26 +0000 http://blownmortgage.com/2007/12/31/national-city-shutters-wholesale-department/#comment-8565 Nat City retail is still there, They like many others are shutting Wholesale as 80% of the "bad loans" are originated thru wholesale. Webster Bank shut their Wholesale down today also. Look for Wells and a few others to follow suit soon. Wholesale is on its death bed. Nat City retail is still there, They like many others are shutting Wholesale as 80% of the “bad loans” are originated thru wholesale. Webster Bank shut their Wholesale down today also. Look for Wells and a few others to follow suit soon. Wholesale is on its death bed.

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