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Schumpeter Reincarnate

Joined: 24 May 2008
Posts: 221195

Re: Discussion on First Federal - Wholesale
PostPosted: Tue Jan 27, 2009 12:07 am Reply with quoteBack to top

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Joined: 31 Jan 2009
Posts: 1

PostPosted: Sat Jan 31, 2009 7:12 am Reply with quoteBack to top

Here's what killed First Fed:
    Paranoia - they accused everybody of 3rd party origination; a broker was in the same 5 story commercial building as us, and because we had the same address (but not suite #) they automatcally assumed we were conspiring.

    Unreasonable conditions - they accused a borrower of harboring people in the garage even though the appraisal did not show any such thing; in fact the borrower had not opened the garage for 20 years and the appraiser had to help unstick it when he had to go back out there for no reason.

    The also CALLED the borrowers to make sure they lived in the house, if a cousin renting a room answered, they considered it non-owner occupied. They also checked and rechecked each signature and sent rebate disclosures to escrw for comparison purposes.

    Greed - they started charging $250 just to apply to be an approved broker

    More Paranoia - they had a database of originators that were 'bad' or prior attached to a 'bad' office. If you hired someone you had to get their approval first (seriously there was a hard letter in the mail) before hiring an originator.

    Good riddance to Mccarthyism. Good luck J from the QC department maybe there's work as a detective somewhere!

EZQUALIFY.NET, 95% ltv 680 score; Jumbo portfolio (more than 4 financed okay); 65% DTI w/ DU, VOE program, jumbo 80% to 1 mllion and other niches available.
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Joined: 07 Dec 2008
Posts: 1
Location: Huntington Beach

Unreasonable Demands
PostPosted: Tue Jul 14, 2009 3:07 am Reply with quoteBack to top

I was in the midst of negotiating a short sale for one of my listings and First Federal just threw a tangent in the negotiations this past Thursday.
The Trustee Sale date was set for Monday July 13th and on the heels of them giving us an updated short sale approval (because they drug their feet so long the first time we were in escrow we lost the first buyer and they lost 80k) so now here we are with a buyer and a back up, get this they asked for a NON REFUNDABLE DEPOSIT from the buyer in order to postpone the Trustee Sale and give us the revised short sale approval! AND they wanted the buyer to wire the funds to them directly instead of escrow! Like any buyer would ever do that! What makes them think that a buyer would trust them to keep track of their money and not have the protection of escrow! CRAZY! Needless to say both buyers told them to go pound sand. This property has over 1.2 million in loans against it, the first $941k and the second $159k..... We put this home on the market in Dec got an offer the second week in January, lost that buyer in March, got a new one in April and we have seen the price and comparables go from 840k to 678k Amazing. If I were a stock holder I would be livid! How does that mitigate losses? Oh did I mention we got our attorney involved... but they are so unreasonable it did not help.
Something has got to change...

Lillian Walker
REO Broker/Auctioneer/Owner
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