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Do F150's Float?
12-12-2007, 11:32 AM
Are there any left? :( (kidding)
Need a little help on a 43% ltv refi, non owner, full doc, 550 fico, low loan amount.
Thanks!

HM
12-12-2007, 11:52 AM
Are there any left? :( (kidding)
Need a little help on a 43% ltv refi, non owner, full doc, 550 fico, low loan amount.
Thanks!
Did you try boatfloating/Lime?

essexjet
12-12-2007, 11:54 AM
Are there any left? :( (kidding)
Need a little help on a 43% ltv refi, non owner, full doc, 550 fico, low loan amount.
Thanks!
Have you hit up Rocky yet (boatfloating) yet?

TOBTEK
12-12-2007, 12:00 PM
just had a meeting with national city.... decent program. Good rates!
NOO, Full doc, conf only....6.375 at par

HM
12-12-2007, 12:12 PM
Have you hit up Rocky yet (boatfloating) yet?
That is a good idea. Wish I thought of it. :D

BoatFloating
12-12-2007, 12:23 PM
I'm still around.... Oh yeah....:D

Do F150's Float?
12-12-2007, 02:50 PM
PM sent to boat floating.
Called my National City rep (thanks toby :D )

Kilrtoy
12-12-2007, 03:00 PM
I'm still around.... Oh yeah....:D
WORD

al cole'holic
12-12-2007, 05:28 PM
just had a meeting with national city.... decent program. Good rates!
NOO, Full doc, conf only....6.375 at par
:idea:
..without seeing credit and why the 550 score, I'm gonna go with 6.75 on a 30 :D

BoatFloating
12-12-2007, 05:32 PM
Word!!!!
All good Nan...

catman-do
12-12-2007, 05:41 PM
Why go subprime? There are still Alt-A products that can take that fico...
We have a program that will take a noo to 80/90 full doc. There is no required fico, or dti requirements. However, with some compensating factors im sure we could get it through mcuh cheaper than ANY subprime company. 43% ltv is a great start. Does this borrower have a dti around 40, and some assets as well?
BTW, dont bother with Option 1, they went down Friday. National City was kicking ass when they had the home simple product, but once they took that away they seemed to be stuck with the same thing as everyone else.
If you still have my number, feel free to call me. Its still the same number from when I was at BNC.

BoatFloating
12-12-2007, 06:13 PM
Why go subprime? There are still Alt-A products that can take that fico...
We have a program that will take a noo to 80/90 full doc. There is no required fico, or dti requirements. However, with some compensating factors im sure we could get it through mcuh cheaper than ANY subprime company. 43% ltv is a great start. Does this borrower have a dti around 40, and some assets as well?
BTW, dont bother with Option 1, they went down Friday. National City was kicking ass when they had the home simple product, but once they took that away they seemed to be stuck with the same thing as everyone else.
If you still have my number, feel free to call me. Its still the same number from when I was at BNC.
80-90 on a 550 fico on a NOO is crazy and I find it hard to believe that a company will do a NOO with a 550 fico to 90%
Maybe that's why companies that did those crazy things are gone and the list still grows.....

Kilrtoy
12-12-2007, 08:06 PM
80-90 on a 550 fico on a NOO is crazy and I find it hard to believe that a company will do a NOO with a 550 fico to 90%
Maybe that's why companies that did those crazy things are gone and the list still grows.....
WORD

locogringo
12-12-2007, 08:14 PM
SHould be a no brainer (I would think) on a refi NOO but with a low 500 score, now that I think about it, he may be dead in the water.
Call a guy by the name of Lance Burt (Crown Lending).
If anyone can do it, he can.
949-218-4000 ext 38

locogringo
12-12-2007, 08:15 PM
Or, if that doesn't work, you can try fundandclose.com based off of that criteria they could be able to as well.
Daniel

catman-do
12-13-2007, 09:53 AM
80-90 on a 550 fico on a NOO is crazy and I find it hard to believe that a company will do a NOO with a 550 fico to 90%
Maybe that's why companies that did those crazy things are gone and the list still grows.....
I never said a 90%LTV noo with a 550. I said an 80/90. 80ltv/ 90cltv. With that fico it is possible for the borrower to get a loan as long as they do not need MI. MGIC is our MI carrier and they will only insure down to a 575. What people need to realize is that subprime is a different game than A/ Alt-A/ FHA. Subprime is based on credit, where as the rest is based on risk. Our AU system is run almost identical to DU/LP. Now, a 550 credit score can have many types of borrowers. There may be some with med coll, old coll, etc... that have never had mtg lates or bk/fc's. Those borrowers are the ones that will qualify because more than likely they are going to be able to repay the mtg, and the coll could have been from circumstances beyond their control. However, if the borrower has multiple mtg lates, and has a lengthy public records list, then probably not going to qualify.
F150's You may want to try www.brokeroutpost.com instead of here. There are many lenders on there that can help you out. Just be careful who you send the info to, because some of the people are LO's that sign up as lenders to try and steal your loans. Its a very similar site to the grapevine.
Side note- For any of you out there that are in the mtg industry, I STRONGLY suggest you join CAMB or NAMB if you have not done so already. If you are not knowledgable about the current happenings in your industry then you are NOT a professional, and unprofessionally run companies are NOT going to pull through. 3915 was lobbied for by camb and namb, and lucky for us did not pass the way it was orignally drawn up. If they would have not "gone to bat" for the brokers, then brokered lending would be non-existent. Politicians look at overall voters, and MBA is almost 4 times the size of CAMB and NAMB, when that time comes to pass legislation those politicians are going to be looking out for numbers and the MBA has more. We need to get people involved so that we have a voice to be heard.

BoatFloating
12-13-2007, 10:13 AM
I never said a 90%LTV noo with a 550. I said an 80/90. 80ltv/ 90cltv. With that fico it is possible for the borrower to get a loan as long as they do not need MI. MGIC is our MI carrier and they will only insure down to a 575. What people need to realize is that subprime is a different game than A/ Alt-A/ FHA. Subprime is based on credit, where as the rest is based on risk. Our AU system is run almost identical to DU/LP. Now, a 550 credit score can have many types of borrowers. There may be some with med coll, old coll, etc... that have never had mtg lates or bk/fc's. Those borrowers are the ones that will qualify because more than likely they are going to be able to repay the mtg, and the coll could have been from circumstances beyond their control. However, if the borrower has multiple mtg lates, and has a lengthy public records list, then probably not going to qualify.
F150's You may want to try www.brokeroutpost.com instead of here. There are many lenders on there that can help you out. Just be careful who you send the info to, because some of the people are LO's that sign up as lenders to try and steal your loans. Its a very similar site to the grapevine.
Side note- For any of you out there that are in the mtg industry, I STRONGLY suggest you join CAMB or NAMB if you have not done so already. If you are not knowledgable about the current happenings in your industry then you are NOT a professional, and unprofessionally run companies are NOT going to pull through. 3915 was lobbied for by camb and namb, and lucky for us did not pass the way it was orignally drawn up. If they would have not "gone to bat" for the brokers, then brokered lending would be non-existent. Politicians look at overall voters, and MBA is almost 4 times the size of CAMB and NAMB, when that time comes to pass legislation those politicians are going to be looking out for numbers and the MBA has more. We need to get people involved so that we have a voice to be heard.
Man we are splitting hairs here. I don't care if it passes AU, DU and LP or any other approval system. Why any bank these days would take a risk on a 550 fico on a investment property is beyond my thinking. There has to be a good reason their fico is that low. Hell even Freddy and Fannie are now facing problems subprime faced.

catman-do
12-13-2007, 10:24 AM
Man we are splitting hairs here. I don't care if it passes AU, DU and LP or any other approval system. Why any bank these days would take a risk on a 550 fico on a investment property is beyond my thinking. There has to be a good reason their fico is that low. Hell even Freddy and Fannie are now facing problems subprime faced.
Generally you are right, and generally those are the people that WONT qualify, however there are people that have low scores and it is not tied into their mtg history or bk history. So in those cases they are willing to lend since the mtg history of the borrower has been flawless, and the risk is low. Not many people are going to let a 43% ltv house foreclose. They would sell or refi before then. You are also right about freddy/fannie being in trouble. There are efd reserves accross canada, europe, and china that have offered to step in and help. They also realize that if our R/E colapses then the world economy is affected.

Do F150's Float?
12-13-2007, 10:33 AM
Thanks everyone for the responses. I have used broker outpost and scotsman guide loan post... but its not nearly as fun as here :D (kidding)
Anyways - catmando, i don't have your #, can you email me please? LuckyPenny71x@gmail.com
From my understand there are a few 30s in the past 12, not sure of the extent but we are hoping to get credit today or tomorrow.
Thanks again!

catman-do
12-13-2007, 10:44 AM
Just sent you an email.