Great! Thanks.
Yes, I know that holding your own loan is portfolioing. Wow, is that a word? There are very few banks that were holding their first mortgage originations. Especially on high LTV 1-4 unit investment. Most were selling the loan to wall street and retaining the servicing. Now that the secondary market is non existant many banks and lenders are cancelling these originations. The ones that aren’t are severely underwriting the risk. Hence, lower LTV’s, more doc requirements, etc… This road is bumpy for the next 18 months. I think in this market Credit Unions are cash cows and some are looking to grab a higher margin on a non conforming loan. They may only be in the market for a short time because of their charter guides. It’s worked in the past. Just need to flush them out. In the meantime, I’ll check with World.
I would be willing to bet my house that your NOO no doc lender will only lend to borrowers within 50 miles from the branch. Further, I’ll bet that if you have more than 5 mortgages, you won’t get a nickel. 5.9% on a NOO no doc loan in a perfect market is giving money away. You sure it’s not a brilliant option ARM with a 5 year pre pay penalty? Come on!
I’m guessing this was/is directed at me…I picked up my check the other day after a 2 hour closing where someone messed up the tax info so we had to wait to get it fixed…The rate when I signed the papers was %6.0 on the nose up %.10 from what I was given in writing but I didn’t mind…
Yes I have more than 5 mortgages with this company/bank…Yes the branch is less than 50 miles from my house…Yes it was a NOO 2 family investment property ,stated income no doc loan…Yes I do have an extremely high credit score…Yes I showed significant free and clear assets,accounts etc…Yes I’m ready to do another one in 3-4 weeks on the same type of property the same loan to the T…Yes I do not ever BS about money…Yes I thought I was being helpful by posting this…No I will not try to be helpful again when it comes to my mortgages…
Rookie,
Don’t let it get to you. The fact is the money is out there if people are willing to put the time in and find it. Keep on keeping on.
sheesh , so sensitive. I bet at this very minute you are taking your bat and ball and going home.