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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Harp 2
PostPosted: Fri Feb 03, 2012 12:41 pm Reply with quoteBack to top

Is anyone getting any feedback from their AE's? Mine are completely in the dark as to even if they will be participating at all. Are the big banks going to suck out all these before we even get a chance? My phone is ringing consistently with folks wanting information and when they can participate - so far we've told them to call us the first of March - but that is coming and it doesn't appear anything is happening at all in TPO land. Comments?
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Raymond B
Marketing Guru


Joined: 04 Jan 2008
Posts: 174
Location: Nevada

Re: Harp 2
PostPosted: Wed Feb 08, 2012 8:31 pm Reply with quoteBack to top

There is a webinar on this tomorrow from a couple insiders...

https://www1.gotomeeting.com/register/520966553

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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Fri Feb 10, 2012 7:20 pm Reply with quoteBack to top

A client just got a 3.125% no closing costs loan from SunTrust 15 year amortization - no income docs, no bank statements - how the heck do we compete with that. I was going to call BS but it's the father of one of my AE's.
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bringit212
Cherry Bomb


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

Re: Harp 2
PostPosted: Sat Feb 11, 2012 3:12 am Reply with quoteBack to top

Snets wrote:
A client just got a 3.125% no closing costs loan from SunTrust 15 year amortization - no income docs, no bank statements - how the heck do we compete with that. I was going to call BS but it's the father of one of my AE's.


How do you compete? Become an AE and then give your dad a loan. Cool

By the way... That sure sounds like a sub-prime loan. I sure am glad the Govt. got involved to figure things like that out. I mean without programs like this our economy might be destroyed and house values would plummet. I just wish there were a bunch of lenders out there that offered programs like this. They could then take those loans and package them on a secondary market. They could even use derivatives and make a fortune. Well. I guess that will never happen. Thank goodness we have Barak Obama to figure it all out. Rolling Eyes
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Steve2007
Flash in the pan


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

Re: Harp 2
PostPosted: Sat Feb 11, 2012 4:57 pm Reply with quoteBack to top

We are offering a product like this on our retail side. If the loan is owned by any of our investors and it’s a fannie we are doing a modified streamline. No credit qualify just mortgage qualify. Its tighter then you think. You cannot reduce term and there must be a 5% savings in PITI. If you go from variable to fix it can’t go up more than 10%. We rewrite the loan for the remaining term.

I know we wont offer it to TPO and dont know if the investors will yet but I imagine someone will.

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Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Harp 2
PostPosted: Mon Feb 13, 2012 12:52 am Reply with quoteBack to top

the AE didn't work for SunTrust - but Steve
s explanation makes sense.
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