Aurora

Dyn-o-mite! Joined: 13 Dec 2007 Posts: 384

Does anyone know anything about them? I use to run into them alot but haven't seen an AE in 6 months. I know BNC was suppose to merge with them and then Lehman shut them down. Does anyone know if Lehman is going to shut them down as well? I know they are priced way out of the market.

Flash in the pan Joined: 07 Dec 2007 Posts: 36

I asked a similar question last week. It seems they are still doing ok. I don't use them much anymore but it appears they have moved into the more "conforming" market. Haven't really checked rates against them yet. My cousin used to work for BNC and he still has a lot of contacts at Aurora. He said they are changing a lot of guides but he hasn't heard anything about them going our of business. Of course, that doesn't mean much these days.

Dyn-o-mite! Joined: 13 Dec 2007 Posts: 384

So I guess the question is are they going to make it through this? I know that Lehman took a big hit fourth quarter. Are they going to keep losing money to keep Aurora alive?

Posted: Thu Dec 13, 2007 9:27 pm

option1 delta...

follow the yellow brick road to extinction!

when the subprime houses accept only full-doc apps with subrpime pricing... its the kiss of death. saw it coming

cant securitize their original warehouse write-ups, yet have a track record to keep up with.

solution?

same profits on full doc loans!!!

good luck with that.

try vertice.

Posted: Thu Dec 13, 2007 9:36 pm

I would bet anyone tied to a wall street company will be out for good. There is not a lot of faith in Aurora. They tried a stint in agency loans before and they then brought back their alt a which they are removing again. I would say if you have a deal with them, lock and close it fast.

Dud? Joined: 07 Dec 2007 Posts: 3 Location: Concord, CA

My sister's loan was submitted to Aurora they do not want to fund loans.
Purchase Price $830,000. loan amount $530,000. Full Doc, mid credit score 812 ratios 11/11 20+ years mtg rating 0x30, contract court reporter with same firm for 25 yrs. 1+ mil. in assets. Per appraisal
roof reaching end of economic life but no sign of water damage and needs flooring in livingroom, family room and hall. cost to cure provided by apprasier is $24,950.
the file went from approved to suspended. Stupid u/w conditioned for
LOE why moving 5 miles from current residence. qualified with both mtgs
pmts wants evidence her current residence is on market to be rented.
want a $40,000. escrow hold back. Instead of subtracting cost to
cure from sales price and recaculate LTV want fully executed agreement with roofing co. and flooring co. prior to approval. The broker has left
5 phone message for the underwriting manger won't return phone calls.
Called a friend that is a retail L.O. loan approved in 48 hrs with no hold back. Shocked

Posted: Thu Dec 13, 2007 9:45 pm

underwriterforhigher - welcome, but I gotta ask you ...

you do realize its "hire" and not "higher", right?

lol

Dud? Joined: 07 Dec 2007 Posts: 3 Location: Concord, CA

yes i know

Dyn-o-mite! Joined: 13 Dec 2007 Posts: 384

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How much time do you think they have?

Posted: Thu Dec 13, 2007 10:40 pm

December or January