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Sammmy
Dud?


Joined: 15 Oct 2009
Posts: 2

New Broker and Lender Selection
PostPosted: Tue Apr 03, 2012 7:01 pm Reply with quoteBack to top

I opened up my company after spending couple weeks going back and forth from NMLS to Texas SML, county clerk office, paying around fees, etc. and now trying to sign up with the lenders, here are the lenders I am trying to sign up, pls suggest/add anything I should do since I am not an expert:

Primary Purchase/Refi:
----------------------
1. Provident Funding: They gave instant conditional approval, don't know exactly what does that mean and I have 5-7 files lined up but hesitant to send those to them, did anybody has any experience with "Conditional Approval" and how it works?

2. Interbank: Contacted Texas AE for the last 2 weeks, submitted broker package and calling her/sending email couple times, NO response yet. I like them because they apply commonsense UW and term time is as good as PF, so to me, they are the better choice than PF.

For Texas Cash Out/Investment:
-------------------------
1. Cole Taylor: Called the Texas AE 2 times and emailed 1 time for the last 2 weeks and didn't get any response from her yet

Please add more if you know best to work with. Also share your experience if you can please once you get started. I understand that, I am a fresh and small 3 man company, but there must be some lenders out there for them.
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syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: New Broker and Lender Selection
PostPosted: Tue Apr 03, 2012 7:38 pm Reply with quoteBack to top

it's like going on a road trip before you really know how to drive .. you will be an expert by the time you get there.

I'll suggest signing up with WWW.SMITH-WESSON.COM .. retain the best glass and brass law firm available .. you will need a hyper efficient private security detail and a team of talented mind readers on speed dial ... and maybe a prescription for something potent enough to keep you completely delirious enough to ..

you might also ask a few viable investment firms their opinion on the problems with mortgage and if covered mortgage bonds could ever be made to work.

just my 2 cents.

may the force be with you.

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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: New Broker and Lender Selection
PostPosted: Wed Apr 04, 2012 1:18 pm Reply with quoteBack to top

since all the changes I hung up my Broker Hat for the safety of an FDIC Bank

I had success with Everbank, NexBank, NYB (formerly Amtrust)

ColeTaylor very mixed reviews from my Broker friends..

I commend you for taking on this monstrous task. Brokers now only account for 9% of fundings, you are a brave man

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scottee10
Flash in the pan


Joined: 07 Jul 2008
Posts: 64

Re: New Broker and Lender Selection
PostPosted: Sun Apr 15, 2012 8:40 pm Reply with quoteBack to top

That's incorrect. It's 12% and rising rapidly after hitting its lows about a year and a half ago. The broker business is on a growth binge right now...
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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: New Broker and Lender Selection
PostPosted: Mon Apr 16, 2012 12:32 pm Reply with quoteBack to top

scottee10 wrote:
That's incorrect. It's 12% and rising rapidly after hitting its lows about a year and a half ago. The broker business is on a growth binge right now...


that is good news for Brokers, however it will never be the same as it was, this I do know

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