wamu to make cuts

Flash in the pan Joined: 13 Aug 2007 Posts: 31

http://biz.yahoo.com/ap/071211.....utual.html

Cherry Bomb Joined: 05 Oct 2007 Posts: 188 Location: U.S.

So they're closing correspondent lines and keeping brokers. Interesting move... they apparently decided that either the quality is similar, or that increased QC could be put in place on brokers. Once that question is decided, it does make their wholesale-side business plan a lot more flexible and keeps their cash flow up. I'd wager the brokers will be paying for the increased QC, if they add that, one way or another.

My sympathies to those who depended on their correspondent status there. Anybody on here meet that description?

C-4 Joined: 08 Nov 2007 Posts: 1235 Location: Nashville

Bulldog wrote:

My sympathies to those who depended on their correspondent status there. Anybody on here meet that description?

Yes, our bank is in a transition right now (lol, aren't we all). All of our "out of state AE's" are being shifted to "Retail Origination" and we are in the process of setting up Correspondent relationships as we speak/type.

Wrecking crew Joined: 01 Nov 2007 Posts: 1583

Hackney71 wrote:

All of our "out of state AE's" are being shifted to "Retail Origination" and we are in the process of setting up Correspondent relationships as we speak/type.

I know there was a conference call today at 10:00am. So you probably know something we don't.

Stupid question time. If A.E.'s called on brokers for business and now you say they are being shifted to "Retail Origination" how are they now going to get business? What are they then going to try to originate business themselves? Are they going to try to forge relationships with realtors and the like? Is a realtor going to give an ex AE business in a slow market when they already have other relationships? Good luck.

C-4 Joined: 08 Nov 2007 Posts: 1235 Location: Nashville

Rotag-

First of all... I do not work for WaMu...

But yes, I will be an Ex-AE by the end of March 2008. They will have transformed us into Bank Loan Officers by then...

And, yes we will be competing for business in a down Market... We have done our Market research on closing Costs, turn time, and have looked at all of the Advertised Rates and APR's in our markets. I was a top producing LO for five years before i became an AE; That is how I got the Job to begin with... Oh, and look I am still in the same Market and have lived here for twenty+ years now... It's a good thing that I still have my data base of former customers... It will take a bit to track down where all my old realtors have moved around too; but, Don't you worry about me... I'll be just fine...

Posted: Fri Dec 14, 2007 8:48 pm

The WAMU posting made me think of my title rep ... so I thought I would share this with those of you who are in California.

If you're the kind of LO who tries to save borrowers $ on refinances ... I don't think you can find a better deal than First American's "Lender's Advantage". Great Service and their "One-Rate" Chart is incredible. If anyone is interested in learning more ... just respond, and I'll give you the contact info.

This Division of First Am is for refi's only and available only in California. Wink

Posted: Fri Dec 14, 2007 8:56 pm

How would that possibly make you think of your title rep?

Free pizza and lots of cleavage always makes me think of my old rep...

Twisted Evil or Snarky

Posted: Fri Dec 14, 2007 10:43 pm

Bulldog wrote:

So they're closing correspondent lines and keeping brokers. Interesting move... they apparently decided that either the quality is similar, or that increased QC could be put in place on brokers. Once that question is decided, it does make their wholesale-side business plan a lot more flexible and keeps their cash flow up. I'd wager the brokers will be paying for the increased QC, if they add that, one way or another.

My sympathies to those who depended on their correspondent status there. Anybody on here meet that description?

I don't know if you MISSED THE MEMO, They are already doing the QC on BROKERS....

WaMu Customer Service Call
WaMu Broker Announcement WBA 07-131
Effective on new applications submitted on or after October 9, 2007
Summary
As announced earlier today, we are implementing a Customer Service Call program beginning with applications received on October 9, 2007. We want to ensure that you are aware of the items that we will confirm with your customers. Any questions will be immediately referred back to you for clarification.
WaMu Customer Service Call
Listed below are the questions that we will be reviewing with the applicant:
􀂉 Loan term: 10, 15, 20, 30 or 40 years
􀂉 Loan amount
􀂉 Interest rate:
􀂃 Fixed rate – We will confirm the interest rate.
􀂃 Adjustable rate – We will confirm the length of the initial fixed rate period and the interest rate during this initial period.
􀂉 Prepayment Fee, if applicable
􀂉 Balloon payment provision, if applicable
􀂉 Interest only loan details, if applicable
􀂉 Option ARM loan payment details, if applicable; first payment date and amount
In addition, we will also confirm the following:
􀂉 Borrower name(s)
􀂉 Security property address
􀂉 Occupancy of security property
􀂉 Borrower mailing address
􀂉 Borrower contact phone numbers
􀂉 Borrower's employer
􀂉 Borrower's income
Questions
For all questions, please contact your WaMu account manager.
For Broker Use Only. Certain restrictions apply. Programs subject to change without notice.
WBA 07-131 Issued: 10/01/07 WaMu® Home Loans Policy Management 1 of 1

Dyn-o-mite! Joined: 30 Nov 2007 Posts: 279

Just talked to a another LO and she stated WAMU is done wholesale for brokers on 1 JAN. Said she was tipped off by her rep and that he was fired the next day.

No confirmation just rumor and I have no idea if it true.

Anyone else hear or verify?

Posted: Sat Dec 15, 2007 2:03 am

excw#5,000,000 wrote:

Just talked to a another LO and she stated WAMU is done wholesale for brokers on 1 JAN. Said she was tipped off by her rep and that he was fired the next day.

No confirmation just rumor and I have no idea if it true.

Anyone else hear or verify?

We had a wholesale relationship with WAMU, and they along with CW cut it off stating that they are no longer doing business with companies who are competitors on retail side too.