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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 218441

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Wed Jan 27, 2010 9:04 pm Reply with quoteBack to top

http://ml-implode.com/imploded.....01-27.html
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mortgagewoes
Flash in the pan


Joined: 07 Feb 2009
Posts: 30

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Wed Jan 27, 2010 9:12 pm Reply with quoteBack to top

this company was awesome. started by great mortgage people and run just perfect. yeah, they took some garbage, but never did anything against HUD's guidelines. HUD states they have no min fico - so how can you repremand someone for writing loans according to HUD's guidelines. And to then have a press conference and give bad press 2 15 companies with high default, given a small sampling - this is BS. I have never worked for this company, but know many people who do. This is a tragedy - brought on by FHA and HUD.
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1 More Thing
Wrecking crew


Joined: 19 Jul 2007
Posts: 1610

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Wed Jan 27, 2010 9:36 pm Reply with quoteBack to top

One day I managed to "bump into" one of these reports that indicate the levels of defaults by lender on FHA loans.

The numbers are astonishing. I looked at the numbers broken down by 30 day default, 60 day default, 90 day default. You could sort the data of a lender by zip code and drill down to every demographic possible about the borrower and the lender that originated and processed the loan.
They have data on every FHA loan ever done by a lender and the payment history and default rates.

The data base that I saw was astonishing.

Although I was not privy to seeing the data that caused the "PRESS CONFERENCE" -- I can tell you after seeing the data opened my eyes. Yes, there are 15 companies - but if they were the worst offenders - then they REALLY had some serious default rates. I hate to see people lose their jobs- it looks like they are really cracking down.
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mortgagewoes
Flash in the pan


Joined: 07 Feb 2009
Posts: 30

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Wed Jan 27, 2010 9:41 pm Reply with quoteBack to top

how crazy is it that the "entire" company just moves on to another company and another platform. how many times are we going to see this happen before it just all comes crumbling down? i mean - did they even have to move offices? haha - or is it like boiler room and they move to the building next store?
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Wrecking crew


Joined: 19 Jul 2007
Posts: 1610

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Thu Jan 28, 2010 8:02 am Reply with quoteBack to top

Yep. Probably in a business complex - building 10 instead of building 2.
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Steve2007
Flash in the pan


Joined: 07 Jan 2010
Posts: 59
Location: Rhode Island

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Thu Jan 28, 2010 5:17 pm Reply with quoteBack to top

Used them once and loan didnt close. Who did they have service their loans?

_________________
God,Family,Friends, and a lot of $$$$ to all,
-Steve-
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ColoniaGirl
Dud?


Joined: 29 Jan 2010
Posts: 1

Power Corrupts
PostPosted: Fri Jan 29, 2010 4:19 pm Reply with quoteBack to top

Let me get this straight. Powerful politicians give AIG and Goldman Sachs billions because they're too big to fail. But if you're a small guy following the HUD rules and helping poor people buy homes, low level government bureaucrats can destroy your reputation and your business by serving a subpoena and holding a press conference -- even when they have NO EVIDENCE that you've done anything wrong. What the government is doing to SA is downright unAmercan.
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mortgagewoes
Flash in the pan


Joined: 07 Feb 2009
Posts: 30

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Fri Jan 29, 2010 6:49 pm Reply with quoteBack to top

coloniagirl - sound like you work for them and are from that area. howare things over there? moving everything across the hall to a new company?

I agree with you somewhat. They are a little guy, doing what HUD allows - but we have to agree that they took the business no one else did - right? everyone knows that. that is why their ysp's were so low, b/c they knew they could!
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Steve2007
Flash in the pan


Joined: 07 Jan 2010
Posts: 59
Location: Rhode Island

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Fri Jan 29, 2010 8:05 pm Reply with quoteBack to top

I got a rate sheet just now. I thought they tanked?

_________________
God,Family,Friends, and a lot of $$$$ to all,
-Steve-
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njreattorney
Dud?


Joined: 30 Jan 2010
Posts: 1

Re: Discussion on Security Atlantic Mortgage Co.
PostPosted: Sat Jan 30, 2010 1:14 am Reply with quoteBack to top

I am an attorney with a real estate practice close to Security Atlantic's main office in Edison. I have many clients who have obtained loans from SA and I have always found the company to be well-organized, reliable and more responsive than most other mortgage lenders I've dealt with. I have also met several of the company's executives and found them to be honest, hard-working professionals. Seems like the fed. govt is always looking for a scapegoat! Reminds me a bit of the Salem Witch Trials!!
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