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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Loan Origination Posted by Dawn on November 16, 2009 at 10:13 AM As an investor providing home loans, where would I find the most reliable do's & don'ts? I have brokered loans to lending institutions, but not directly interfaced with the public. Do private investors you Loan Origination software, if so what is suggested? I use to use Encompass. What happened is Mortgage Executives was doing the loan for a prop, they provided the borrower with a "pre-approval" letter stating that the borrower is qualified with 40% down, conventional financing. Then on Friday, the Selling Agent calls ready to throw in the towel because the lender (if you can call them that) denied the loan since the home was recently purchased by an "Investor". The Selling Agent further states that it is a "hard-money" loan and that the investor providing the funds rejected it based on the fact that the Seller is an investor. Hmmmm go figure! So, we decide to drop back ten and punt. Now the lender is playing hard-ball and dragging their feet providing documentation that they have on file for the Borrower. I'm telling you... the MICKEY MOUSE club when it comes to realtors and lenders that go up to the candy machine with a quarter and get a license to make money pushing the biggest asset our economy has to offer... no wonder we are in the screwed up mess we are in, besides Paulson and the good ole' boys stuffing money up their arses for a rainy day. Monday morning edge... sorry. Any guidance for doing these loans... I like to treat people fairly and cover my bases. Thanks! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : As an investor providing home loans, where would I find the most reliable do's & don'ts? I have brokered loans to lending institutions, but not directly interfaced with the public. Do : private investors you Loan Origination software, if so what is : suggested? I use to use Encompass. What happened is Mortgage Executives was doing the loan for a prop, they provided the borrower with a "pre-approval" letter stating that the borrower is qualified with 40% down, conventional financing. Then on Friday, the Selling Agent calls ready to throw in the towel because the lender (if you can call them that) denied the loan since the home was recently purchased by an "Investor". The Selling Agent further states that it is a "hard-money" loan and that the investor providing the funds rejected it based on the fact that the Seller is an investor. Hmmmm go figure! So, we decide to drop back ten and punt. Now the lender is playing hard-ball and dragging their feet providing documentation that they have on file for the Borrower. I'm telling you... the MICKEY MOUSE club when it comes to realtors and lenders that go up to the candy machine with a quarter and get a license to make money pushing the biggest asset our economy has to offer... no wonder we are in the screwed up mess we are in, besides Paulson and the good ole' boys stuffing money up their arses for a rainy day. Monday morning edge... sorry. Any guidance for doing these loans... I like to treat people fairly and cover my bases. Thanks! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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