FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 American Sterling Bank View next topic
View previous topic



Post new topicReply to topic
Author Message
Batman
Dud?


Joined: 07 Dec 2007
Posts: 8

American Sterling Bank
PostPosted: Wed Dec 12, 2007 6:41 pm Reply with quoteBack to top

Idea

A Paper lender, very upcoming...still offers a 95 % SISA with LPMI, MCM with LPMI and Flex100's with LPMI? As well probably one of the top lenders that still offer great Conforming rates...and is FDIC insured. Check them out at www.americansterling.com
View user's profileSend private message
miweiser
Wrecking crew


Joined: 09 Nov 2007
Posts: 1517
Location: Central FL

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 6:46 pm Reply with quoteBack to top

Please define LPMI...

_________________
http://chaoskids.com/BABY/graphics/dance.gif
ARF, It's coming!!
View user's profileSend private messageSend e-mailVisit poster's website
Batman
Dud?


Joined: 07 Dec 2007
Posts: 8

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 6:47 pm Reply with quoteBack to top

Lender Paid Mortgage Insurance

_________________
Batman returns
View user's profileSend private message
miweiser
Wrecking crew


Joined: 09 Nov 2007
Posts: 1517
Location: Central FL

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 6:49 pm Reply with quoteBack to top

OK, thank you - that clears it right up!!

_________________
http://chaoskids.com/BABY/graphics/dance.gif
ARF, It's coming!!
View user's profileSend private messageSend e-mailVisit poster's website
Batman
Dud?


Joined: 07 Dec 2007
Posts: 8

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 6:50 pm Reply with quoteBack to top

Wink

_________________
Batman returns
View user's profileSend private message
johnnyo
Cherry Bomb


Joined: 25 Oct 2007
Posts: 183

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 7:51 pm Reply with quoteBack to top

add-on to rate in lieu of PMI, usually .25 for up to 85, .375 for up to 90, .5 or .625 for up to 95
View user's profileSend private message
mtgmn
Cherry Bomb


Joined: 14 Mar 2007
Posts: 184

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 8:21 pm Reply with quoteBack to top

I use to work for ASB and unless they have changed their underwriting is tighter then a ducks butt in a wind storm.
View user's profileSend private message
Bulldog
Cherry Bomb


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

Re: American Sterling Bank
PostPosted: Wed Dec 12, 2007 9:21 pm Reply with quoteBack to top

That's pretty tight, mtgmn. Is getting a clear-to-close harder than Chinese math?

Seriously, folks, I've got to wonder about any lender still doing those programs... to whom are they selling them? And since I've never heard of them, my ignorance leads me to assume that they're not huge volume so they'd better be getting a pretty good price on the secondary market.

I'll look 'em up, Batman, but if I submit a loan to them I'll be nervous as a cat in a room full of rocking chairs.

_________________
"When you're going through h**l, keep going."
-Winston Churchill
View user's profileSend private message
mtgmn
Cherry Bomb


Joined: 14 Mar 2007
Posts: 184

Re: American Sterling Bank
PostPosted: Thu Dec 13, 2007 1:42 am Reply with quoteBack to top

I know when I worked for them they sold the paper to the same people everyone else did so I don't see how they are any different then the lenders that are imploding. They say they have a portfolio product but that isn't true they do sell it. ASB is privately owned and if I remember correctly they are out of the mid-west, their mortgage division was out of Irvine CA. Here in AZ they took all the people from the Phoenix branch of ABC after they imploded but I'm sure they are finding it a lot harder to do loans. ASB is tight when it comes to underwriting and we all know how loose ABC was when it came to underwriting so I don't thnk this is an ideal marriage.

My best advise to anyone thinking of submitting a loan to ASB is to make sure your I's are dotted and T's crossed if it doesn't fit right in the box it is dead. I don't want anyone to think I'm saying this because I'm an X employee because it isn't true, I am saying this because I battled them for over a year that I worked for them.

Does anyone remember Commerce Security Bank? Well here in AZ they had a wholesale office, ASB bought them and not long after that they closed the office and pulled out of AZ.
View user's profileSend private message
Batman
Dud?


Joined: 07 Dec 2007
Posts: 8

Re: American Sterling Bank
PostPosted: Thu Dec 13, 2007 5:11 pm Reply with quoteBack to top

Salty.......

Guess it depends on where you may reside of course. It doesn't make any sense what you are saying, go figure you only worked there for a year... they are straight ...A DU/LP approval is just that.. any LO knows that? It's ok to say as you may have worked for them a while back but all the brokers in my area love them and the uw's. It's relative to the quality of UW's you ...maybe your from California or the midwest somewhere but around here they are ...tell me who has better Apaper rates right now and I'll send my business there as long as the customer service even slightly stacks up?

_________________
Batman returns
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT