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 Anyone have any insights on WJ Bradley? View next topic
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oc home
Dud?


Joined: 01 Oct 2009
Posts: 4
Location: CA

what company is good.
PostPosted: Mon Oct 26, 2009 3:54 am Reply with quoteBack to top

as for correspondent lenders,who is good? I only know west coast but Cherry creek , WJB, Prospect and RPM. I guess it all comes down money, if you can do volume then you have no problems. Most loan officers are doing at least 1.5 a month?
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joyce
Dud?


Joined: 01 Jan 1970
Posts: 4

Insight on WJ Bradley
PostPosted: Mon Oct 26, 2009 10:50 pm Reply with quoteBack to top

Stay as far away as you can! As previously stated.
The right hand doesn't know what the left had is doing. They promise the world & deliver nothing!
They also only have 2 warehouse lines. B of A & Wells![/b]
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KCSUNSHINE
Dud?


Joined: 13 Apr 2010
Posts: 3

Is WJ Bradley still in business?
PostPosted: Tue Jul 20, 2010 1:43 am Reply with quoteBack to top

Is WJ Bradley still in business?
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CaboMark
Dud?


Joined: 22 Jul 2010
Posts: 2
Location: california

W J Bradley - Good in theory only....
PostPosted: Thu Jul 22, 2010 1:23 am Reply with quoteBack to top

Having left WJ Bradley earlier this year, I can speak from experience. Yes, they do have some good people in place, but but are completely out of the market on so many levels. First off , they sell 90% of their loans to B of A, and with that the have not only B of A's underwriting quirks (... and costs) but their own added layers of underwriting scrutiny and costs. You get to act like a broker who can only sell to B of A's sinking ship..... B of A's underwriting & appraisal requirement will scare ANY borrower away from ever doing business with you again ! They cannot afford to take one loss on any loan- they do not act as if they are capitalized enough for the hit. The owner has many investments, of which this is one that he will sell at the first opportunity.

The management support is non-existent, and although their technology, and bps are enticing - don't take the bait ! Do your research on who they actually do business with (their ONLY investor is B of A) They do ONLY conforming loans, as the jumbo sources do not exist and you will be forced to broker from their platform because they don't have the products and/or pricing to compete. Sure they can offer a good split, but if you are not getting the business due to rates that are out-of-the-market or lack of products - you have now become a broker within a mortgage banking shell.

Do your homework before you sign on ! Now.... I will say that , in theory, their processing technology is very slick, but don't let the lure of "we can close your deals in two weeks blind you to the other important things, such as competitive products and pricing. I agree with CCSmith's, JOYCE and KRAZYTJ comments above. PASS ON THIS ONE>
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bringit212
Cherry Bomb


Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: Anyone have any insights on WJ Bradley?
PostPosted: Thu Jul 22, 2010 3:01 pm Reply with quoteBack to top

So far what I have read here since this post began is this... WJ Bradley offered and eventually took over several broker shops. Most of those posting on this thread complaining about it were L.O.s or owners of these broker shops. The alternative at the time they began talking with WJB was go with them or close. They went with them and then didn't like the fact that WJB has things like compliance, regulations, and rules so it didn't work out and now they are no longer with WJB and or not in the mortgage business at all.
Personally, I think it is like anything else. WJB provides on opportunity to do loans. As far as management, UWs, etc. that all depends on where you are at. Some are good some are not. CaboMark has some valid points, but then again thanks to our forward thinking govt. who DOESN'T sell 90% of their loans to BofA? Smile
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1234loans
Dud?


Joined: 23 Jul 2010
Posts: 1
Location: AZ

Re: Anyone have any insights on WJ Bradley?
PostPosted: Fri Jul 23, 2010 6:56 am Reply with quoteBack to top

Our company was bought out or taken over by WJ well over a year ago. I hung in there buying the promises and thinking that all the problems we had were just because of the industry. After about 15 months I couldn't take it any more. This is what you get - terrible pricing, loan application system NILE- freaking joke, Turn times currently at 5 days for underwriting so they don't close as quick as promised so don't be fooled. Product selection is terrible and if you broker out you have to pay a fee to WJ because you didn't do it in house even if you couldn't. They are building this company to sell it to BOA or whoever the highest bidder is so you will end up back where you started. If you do a little more research you will find a better company just take the time and effort to do it.

I would put a plug that some of the staff was good to work with, not so much as upper management but a couple processors knew what they were doing and HR was nice. Wow that was a reach.
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bringit212
Cherry Bomb


Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: Anyone have any insights on WJ Bradley?
PostPosted: Sat Jul 24, 2010 3:42 am Reply with quoteBack to top

I will admit I am not an expert on WJB. But I do know this. Rates are set by corporate with the branch manager marking them up to get an override of the SRP before the L.O.s ever see the rate sheet. (WOW!!! that was a lot of abbreviations) So if your rates were not comparable it wasn't WJB's fault it was the greed of whoever was running the office.
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mortgagemaster
Dud?


Joined: 15 Jun 2008
Posts: 11
Location: Dallas

W J Bradley
PostPosted: Wed Mar 30, 2011 12:59 am Reply with quoteBack to top

We are considering taking our entire team (20 LO's, 2 processors, etc.) to Bradley - they are promising a lot. Any current (2011) insights? We are leaving our current company because they are turning into a big bank on their compensation plan as of 4/1.
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mortgagewarrior
Flash in the pan


Joined: 28 Aug 2007
Posts: 39
Location: AZ

Re: Anyone have any insights on WJ Bradley?
PostPosted: Wed Mar 30, 2011 4:34 am Reply with quoteBack to top

Those I know that went there have all left. Over promised and under delivered. I see you are in Dallas. Have you looked at Prime Lending?
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moneychanger
Dud?


Joined: 03 Jan 2008
Posts: 20

Re: W J Bradley
PostPosted: Fri Apr 01, 2011 11:18 pm Reply with quoteBack to top

mortgagemaster wrote:
We are considering taking our entire team (20 LO's, 2 processors, etc.) to Bradley - they are promising a lot. Any current (2011) insights? We are leaving our current company because they are turning into a big bank on their compensation plan as of 4/1.



Dont do it---Research WJ Bradley---they have regulators breathing down their necks!! you will lose your entire team to competiors. Call existing branches and ask about the accounting and if they follow through on what they promised, you will find that they are a broken netbrach company putting on a big show.
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