I am a mortgage banker that is also a mortgage broker. 90% of the loans that I do stay in house and are serviced by my company but I come from a broker background and still 10% of my stuff is brokered out. As you know, the nice thing about being the actual lender is the control. About 30% of the products that I have are actually underwriten by me...the loan officer. I remember the days of shipping off a loan and wondering if it would fly or not because all I was going off of was a simple matrice that was an outline of the guidelines. I now have a wall of guidelines for EVERY mortgage product that we do in house on my desk (we have 32 pages of rate sheets) and it is nice to have the control. The trend for the next 5-7 years will see more and more loan officers actually doing the underwriting on the loans and becoming more then application takers. My company wants to have loan officers making ON SITE underwriting decisions on all but a handful of loans (FHA manual underwrite, VA manual, etc) and I believe this is the way it SHOULD be. Ooops , too much time on my hands and BTW for all the people reading, I went off of the First Franklin guidelines on the rates I quoted above and they don't care about seasoning on your BK. You can go to any broker or use them direct, just make sure you get a couple of quotes because First Franklin makes it VERY easy for us mortgage guys to jack the rate a little and make some extra fees on the back. Jenz, gimme a call sometime I love to talk shop
on my second mortgages i am both the LO and the underwriter. on my firsts i do just underwriting with about half being kept inhouse and half being sold on the secondary market. (to busy to be the LO on first mortgages) i work for the financial services area of a large bank (to remain nameles) however, i steer clear of the deposit accounts (checking, savings) i don't do auto loans either. i must say i enjoy your postings on the "art of credit" website (not to promote).
Very informative thread. Thank you. Do you know if there are any companies that will do a construction loan just out of bankruptcy? Either 100% (or close) for contractor-built or 80% LT(appraised when completed)V for owner-contractor? Thanks
