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billybob13
Flash in the pan
Joined: 20 Mar 2007
Posts: 95
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Im hearing more inside scoup that things are sinking fast at Indymac. Big announcement by year end. We will see. |
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boom
Dyn-o-mite!
Joined: 30 Aug 2007
Posts: 252
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Anything specific? I know the problems at FNMA and Freddie will cause issues downstream (ie. CW, IMB, etc etc). |
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ciaobaby!
Dud?
Joined: 21 Nov 2007
Posts: 4
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I've suspected as much, AE's who don't return calls, no rates, no follow up and that was after a LOT of complaining....looks like another chapter of As the bowl swirls.... |
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markm
Dud?
Joined: 22 Nov 2007
Posts: 18
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Mike Perry of IndyMac actually sent out an email last week to everyone in the company outlining the fact that they are pulling back heavily on many products in the next few days, that some of their portfolio products (mainly land loans) are performing poorly and that more layoffs on soon to come. |
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billybob13
Flash in the pan
Joined: 20 Mar 2007
Posts: 95
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My insider is telling me the same, products are being pulled back. Also, sales reps are being let go, if they have not already been let go. The correspondent division is just about done, what is left of it is them trying to get clients to buy back loans, Good Luck. My source tells me they may be done by end of 1st quarter 2008. |
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Chucker
Dud?
Joined: 12 Nov 2007
Posts: 14
Location: Idaho
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I would be happy to see Indy Mac go down!!! In fact I will be praying for it every night until it happens. Not that I want people to lose there jobs. Hey if its gonna happen, its gonna happen.
Heres my issue with IM and let me know if you have seen this before. Here in Idaho I personally know of 4 different brokers that where all sued by IM. 2 of them were selling closed loans and the other 2 were brokers here in town. The bank basically shows up one day and says these loans are no good and we want you to buy them back right now!!!!!. Forced 3 companies out of business and the other actually went to court. Of course there was a way for IM to show they had suffered a loss and they won. Insurance was able to pay the loss and this company didnt go under.
Shortly after this I heard from others that this is typical IM practice. They view the broker or correspondant as more of a competitor than customer. They will buy or fund your loans until one day they just decide they dont want to anymore. Broker/Corr gets a certified letter saying they must purchase loan a, b, and c. What choice would any of them have in this situation???????????? I dont know of many brokers that would bother defending a loan buy-back. IM knows this and they know that the brokers only choice will be to shut there doors.
The broker community here in Boise was not happy when they took over the AHM office and from what I know nobody wants to work for them either.
Normaly I prefer to come here with input about the industry and not just horror stories, but I actually was personally involved in one of the instances. Does anyone else have any similar issues with IM???? |
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Robin
Sentinel
Joined: 30 Aug 2007
Posts: 2945
Location: Loveland, OH
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Indymac is not, by far, the only lender who enforced payback or repurchase clauses in their broker and correspondent agreements. If they came at you/them "out of the clear blue", my guess is a 1st payment default.
Over on BO, I've read all kinds of sob stories about brokers/bankers shut down who innocently plead "I didn't SEE THAT PART OF THE CONTRACT".
But it does suck to be on the receiving end. I've been there once - it was one of those stupid "power borrowers" who refi every time the rate drops by an eighth, and we got stuck paying back YSP when they refi'd with another lender 3 months after we closed/sold their loan.
It's THOSE lenders, the ones who charge both the BROKER and the BORROWER (in the form of prepayment penalties) that are the true predators. They justify it as recoup of anticipated income - h**l I wish I could do that - sue for what I COULD have made, had we (the company) not lost (gone out of) the business. LOL |
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buyerbeware
Schumpeter Reincarnate
Joined: 08 Aug 2007
Posts: 3035
Location: minneapolis
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RM,
There is a huge difference between paying back a SRP/YSP and a buy-back.
Chucker,
Did IMB ask for a refund of their release premium or did they ask the broker/correspondent to take the entire loan back? If they asked only for a refund of the release premium, that is not unusual and should not have caused much trouble unless the YSP was unusually high (and already spent!!). Happens to me from time to time but it doesn't hurt much because I keep my rates as low as possible. |
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Chucker
Dud?
Joined: 12 Nov 2007
Posts: 14
Location: Idaho
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None of these instances were YSP recapture issues. This was the 5000lb gorilla taking down the little guy simply because they could. Like I said I hate coming here with these stories, but IM is not good for the mortgage biz!!! Im well aware of the fine print in broker/corres agreements. I know of YSP recapture and 1st payment defualt. IM tried to find ANY reason to bring a lawsuit. At that point what is the little guy supposed to do??? Defending a lawsuit with the $$$$ that IM has will do no good. They eliminate the competition. |
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miweiser
Wrecking crew
Joined: 09 Nov 2007
Posts: 1515
Location: Central FL
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