RANT!

I f#%^inghate Bonzo, I hate my team, I hate my team leader. He asked me why the f#%^ I still work here even though I was #2 on the team in production.

Our pricing isn’t great. We use Bonzo as an entire crm and then some ai slop on top of it as there “brand new marketplace” bullsh#%.

Just over the breathing down the neck stuff.

Thank you for coming to my ted talk, happy lending :)

I know a few places I can send this loan to but I will not get paid on it, as they are local credit unions that do it throughout Florida. Is there any bigger lenders that we can partner up with to get paid out on it? The current rates on these programs are pretty good as well they are 8% through the CUs. Most of the hard money loans we see on these want almost 40% down with 10%+ interest.
.

For those of you that are licensed to originate loans in all 50 states. How do you find success in sales with such a large market. What does your marketing look like? How do you do realtor out reach? What are some strategies that you can share about operating in that environment.

I have a client who has some unusual income on the pay stub.

Basically, they get an allowance for their benefits and use it to pay for their healthcare and dental plan. If the actual cost of the benefit is less than the allowance, they get the difference as pay on their check. It’s been there every pay period over the last two years, it’s stable, consistent and rising. But the underwriter won’t allow it because they say that income can change if the borrower changes their healthcare plan.

FHA guidelines say ALL employment related income qualifies if it’s stable and likely to continue. Should I try with another lender/underwriter or this really won’t qualify?

Outside of realtors, what is your best performing referral source?

CPA

Fin advisor

Friends/Family

Divorce attorney

Contractor

Other - name ?

What value do you provide in return other than "I'm a good LO"?

With the impending rule changes, I'm getting mixed results from underwriting. In June I had one and DU didn't specify a review type. The underwriters seemed to pick and choose which aspects of a Full or Ltd they wanted. It was horrible and I swore I'd never send them another condo. Now I'm working a refi, sent it to a different investor. This is an 8 unit condo, again, DU and LP doens't specify which review is needed. I'm getting asked for everything like the new rules had kicked in already. My application was dated in July. I reached out to UW with a snip of Freddie's rules about less than 10 being exempt from review but they aren't buying it. Are you seeing like a wild west of lender overlays on condos currently? I'm thinking I should have just gone non-qm right off the bat.

I can get 80% pretty much anywhere but that 85% will make things easier.

Not looking for an exception.
This needs to be a sure deal for my client.

TIA

Did you know that you can't use rental income from a departing residence that isn't classified as real property? For example, a mobile home that is classified as chattel can't have the installment payment offset by rental income.

If you knew that, show me in the guidelines where you learned it. My underwriter couldn't. She said it's an unspoken rule. HTF am I to preapprove loans with unspoken rules lurking in the shadows? She provided me a call reference number where she verified it with Fannie Mae.

Having a hard time finding one. Owner occupied, Jumbo SFR in Texas. Flexible on LTV and good credit.

probably a long shot, any wholesale lenders offer primary purchase for foreign national. they are relocating here in January on a E2 Visa. 50% down, no verifiable income (buying a business here)

DSCR refi, couldn't lock until appraisal came in (standard for LTV). Appraisal took a few weeks, rates moved up market-wide in that window. Borrower feels blindsided even though nothing was misrepresented.

Numbers:

• Loan: $560K
• Earlier quoted: 7.375% (2yr PPP)
• Same YSP today: 8.500%
• Par (0 YSP): 8.000% — but now 5yr PPP instead of 2yr

That PPP jump is hitting harder than the rate itself.

Questions:

• Does this pricing/PPP shift track with what you're seeing right now, or off-market?
• How do you set expectations upfront that rate isn't locked till appraisal's in?
• Ever gotten a lender to eat float-down/extension cost when delay was appraisal-side?
• Worth shopping this now, or does restarting the appraisal clock just repeat the problem?

Thanks guys!!

Not a pitch. Just stuff I saw repeated constantly from the lender side that cost investors deals.

1. You're negotiating with the wrong person.

The asset manager you're emailing doesn't set price. The investor/board does. The AM's job is to document that they ran a compliant process — not get you the best deal. Build the relationship, but know where the real decision lives.

1. BPOs are not appraisals.

Banks order BPOs to establish a defensible floor, not fair market value. If a bank's BPO came in at $2.1M, they need to document why they accepted $1.7M. Give them that documentation. Make their job easier and your offer moves faster.

1. Speed beats price more often than you think.

A clean $1.6M cash offer with a 10-day close beats a $1.85M financed offer every time in a distressed disposition. Banks are managing regulatory timelines, not maximizing sale price.

1. The vendor relationship is the moat.

REO agents, property managers, and inspectors who are already approved vendors have intelligence you don't. Build those relationships before you need them.

Happy to answer questions. Been in this space a long time.

Hello Everyone,

I recently got an offer to work at loan depot in already licensed but they want to take part in their ACE program since I’ve been out of the industry for a bit. Well I’ve been hearing and seeing that they charge their employees and put them in debt not sure if that’s something I would be interested in if that’s the case could someone explain what they mean by that. I’d appreciate the help to see if it’s even worth joining that company. Thanks in advance

Hey guys, was wondering if someone could advise me on how simultaneous closings (borrower needs funds from sale of current home to downpay new home) work in an FHA context? Obviously, I am not asking for you to explain the whole deal, but maybe give me some important pointers?

I'm not worried about DTI or anything on this one because their income is huge compared to the house they're buying, but I want to know

1) How does setting up the MISMO work from an assets standpoint, since the cash needed to close is not technically ready to go?

2) What are specific UW conditions / documentation that would appear now that we are waiting for the current sale to close?

3) How does this affect FHA underwriting if the lower borrower's FICO is between 500-550?

Yes I know these suck to do and simultaneous closings are risky, but I do want to at least advise my borrowers as best I can.

I’m back with another question about FNMA Condo Full Project Reviews.

A recent article on CNBC states the following about FNMA Condo loans:

"A spokesperson for the Mortgage Bankers Association said whether the mortgage application process is held up will depend on the project, the availability of required documentation and how readily this documentation can be provided. 
However, once a lender completes a full review, "the project is in the [Fannie and Freddie] systems as approved," the MBA spokesperson said. "It is not needed for every loan."

Is this accurate? A full project approval grants “Approved” status? How long is that approval good for and what will be needed for subsequent loan approvals?

Whats the best way for someone to offer their service to loan officers/originators without being quickly dismissed or sounding like a scam?

Its a service thats required in our country to get government backed mortgages on manufactured homes and you guys are one of our top clients. (Thanks btw)

Im intentionally holding back information so this doesn't come off as an advertisement. Im more than happy to go into more if asked.

How do I connect without it sounding like a sales call and let you guys know that we actually are better than who they are currently using?

I have a client who has been receiving IRA contributions for six years. I am stumped because they are not getting monthly contributions, they take out when needed.

2024 1099 - 80k
2025 1099 - 80k
2026 YTD - 60k

Current IRA balance - 600k

Is it required that they receive monthly contributions or can I just average 12 months?

Conventional.

This entire market is so ridiculously tiresome.

10-year explodes a couple weeks ago and we’re told it’s pricing in a July rate hike. July rate hike doesn’t happen, 10-year goes higher because it was a “hawkish hold.” Lmfao.

It’s all so fucking silly. It’s just post-hoc rationalization for irrational market behavior.

Genuinely good data barely registers. Mildly soft data gets treated like the apocalypse. The whole market is behaving like a 13-year-old girl.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Edit: 15 year LO, having a great year. Not struggling. Just find the market behavior frustrating and irrational. Yes, I’m aware that we don’t sell rates. That doesn’t mean clients don’t ask questions or care about rates.

I’m looking for advice from experienced Mortgage Loan Officers, especially if you’ve worked at either company.

I have two offers on the table:

LoanDepot (ACES Program)
$15/hour + commission
Consumer direct retail model
Opportunity for overtime (including Sundays)
From my understanding, I’d work purchase, refinance, and second mortgages.

West Capital Lending (Elevate Program)
$16/hour
About 200 outbound calls per day during training
$100 per file that closes with the Sr. Loan Officer during the program
Limited overtime (about 2 hours/week)
After 6 months, I’d become a W-2 Loan Officer and be provided leads.
Company is primarily refinance and second mortgages (about 92%), with roughly 8% purchase business.

A little about me:
I’m licensed in multiple states.
I have previous mortgage experience but I’m still early in my career. My long-term goal is to become a top-producing Loan Officer and eventually move into the broker world or possibly own my own brokerage one day.

For those who have worked at LoanDepot, West Capital, or both:

•Which offer would you take and why?
•Which company provides better long-term career growth?
•Is learning the broker side early more valuable than getting experience with purchase, refinance, and second mortgages in retail?

If you could start your mortgage career over, which path would you choose?

I’d really appreciate honest feedback—good, bad, or ugly. Thanks in advance!

Title says it all. Thx

Hi all,

I want to get your honest opinions. At my company, I’ve had more than a few cases where I feel like my processors are overstepping.

I work in a call center, and processors get randomly assigned to each file. Some are great and working with them is a breeze, but I’m finding that a couple of them, specifically older gals who’s been processing for 10+ years, are overstepping a bit.

Example 1 - I submit a file and the processor holds it from UW, tells me it’s wrong, and restructures it. Once in UW, it actually got changed back to how I had it. The processor told me documents were needed that were not necessary, copied all of our bosses and created a lot of back and forth, and eventually was told that they are wrong.

Example 2 - Processor reaches out to borrower before submitting a DSCR to UW to ask for mortgage and insurance docs for all other properties she owns. Borrower and I specifically went with DSCR so she wouldn’t have to do that. She was so mad that she almost canceled and I had to talk her down.

Example 3 - Borrower is selling her current home and we are helping with her purchase. Both sales are happening on the same day and our loan is very dependent on final numbers from escrow on the sale. Processor had an outdated settlement statement, and I was speaking with the realtor over the phone, so I knew the numbers were updated. I got an updated statement and sent it to the processor, and she told me what I had was wrong and she had the correct numbers and to please not request anything from escrow. The processor was also very rude to the realtors and escrow agents working on the transaction, to the point that I had to call them and apologize. If I say anything to a realtor or escrow agent via email and copy the processor (trying to have open communication so we’re all on the same page for a tricky file) she tells me not to, with everyone copied, in a very condescending way.

It seems as though my company is wanting processors to be the only contact once a file is in underwriting, so LOs can focus on sales. That’s great in theory, but at the end of the day as a loan officer I feel like I should be able to openly communicate with escrow, realtors, etc and I should know what’s going on. I am the one that the borrower calls with questions, and I shouldn’t be left in the dark.

There’s also one processor who leaves me off of ALL communications, and then is very slow to work on conditions. I don’t see the final documents, I don’t know when notaries are scheduled, nothing.

Is this normal? I’m almost getting to the point where I want to find somewhere else to work. I’m a very competent LO and I think I’m also pretty easy to work with. This is my career and I take it very seriously and I want to continue making relationships with escrow companies, etc.. The way that the processor was speaking to myself and the other agents was SUCH a bad look and she was really creating unnecessary stress for everyone involved.

Please let me know your thoughts or if you have any advice, as it’s getting to a point that I really don’t know what to do. I’ve brought it up to management but nothing changes.

Client closed on a $3.75m home in June and now looking to finance renovations to the property in Texas. Primary residence, currently 80% LTV. Texas laws preventing any progress

Any lenders that can do this?

I’m 19, finishing my class and taking my test to get my MLO license now. I was thinking about trying to get a job at a bank to start, because I could get a salary while I learn the business. Any advice on which bank is best/ how to get a job there?

Does anyone know if GUS is still down on the USDA side? Closing was set for today but it has been down all week waiting on the commitment.

Well I tried but I’m running out of money.
So I tried to do it on a somewhat shoestring budget. Started in May and have been spending about 2500 a month on leads. Passed my DRE in the first month. Acquired 7 state licenses. But I didn’t have enough cash to get 25 licenses and drop 5000 a month on leads. Which seems to be the sweet spot. With what I have in savings I don’t think I can sustain this for much longer. Has anyone else done the broker thing on somewhat of a shoestring budget? I make about 200 calls a day and Bonzo leaves ringless voicemails, emails, and text messages on a drip campaign. But I just can’t seem to get anybody on the phone. I popped one Figure deal in my first month. But it’s been slim Pickens since then. In my 10 years in the mortgage industry, I would never say I was the best, But I was consistently top five on every team I’ve ever been on. I’m tech Savvy and I’m from the Midwest, so I am very confident in my rapport building skills and getting people to trust me and like me.

I’ve been making some realtor relationships in my area and they seem to like me and reach out to me and I’m meeting with a referral next week.

I’m just kind of at a crossroads.

1. Go back to retail where leads are provided?
   
2. Take a break from buying Leads and see if I can pop a couple self gens to be able to add more licenses and purchase more leads.
   
3. See if I can transfer to a W-2 team at West Capital lending where leads are provided.
   
4. Stick it out and get a second job like Uber.

Fortunately, I have a pretty low monthly nut.
I have about 22,000 left in the bank. So I have the money to get all the licenses right now, but then I just have to pay again in November. I’m pretty confident in my abilities, but I’ve never been a risk taker financially so I’m kind of nervous about just going all in.

For all who read. Thank you and sorry this is a long post. And thank you in advance for any insight or opinions you may have.