Lydian Mtg aka Virtual Bank Mtg

Posted: Thu Dec 13, 2007 9:34 pm

Does anyone know anything about this company? They show up on my icon rate survey report in the top tier for conforming loans from time to time. I've been on the website but without a login you can't grab a lot of info.
Thoughts?

Flash in the pan Joined: 06 Sep 2007 Posts: 69

Used to work there. You dont need codes to see rates just go to learn more, but FYI may have good rates but good luck getting a loan closed with them.

Posted: Thu Dec 13, 2007 9:55 pm

What was your role there?

Posted: Thu Dec 13, 2007 10:07 pm

Another broker on the east coast sent me a personal message saying that they eat up the conforming agency very quickly. But if you run into a snag like a value issue or qc concern then it is hard to get by. They said if it's a good loan with a real appraisal you should be fine. He had his value's cut 3 times and was able to rebutt and win on only 1.
I guess this is true of everyone.
He said they have no retail so your not competing against yourself with them which is good. They are private so they don't need to pull a thornburg and be subject to the public (stock market) opinion. They have a bank attached so they have liquidity.
Babs I would like to hear you pov on them if you dont mind and anyone else who has dealt with them - No current employees if you mind - Would like to keep it objective.
Thank you

Flash in the pan Joined: 06 Sep 2007 Posts: 69

I was an outside AE there. If you are anything but an inside AE in Florida just know that your value and anything else will suffer. They only work well with the inside AE's. They are privately owned and the owner is very fickle will decide to change his mind in a nanno second. I would look elsewhere to place your deals.

Posted: Fri Dec 14, 2007 5:55 pm

best house for vanilla deals.

tat = suck

slamming rates and pricing.

loan has to be flawless.

Lydian is where you have to bring your 800 FICO super-shopper.

Otherwise go Everbank or Flagstar.

Posted: Fri Dec 14, 2007 7:31 pm

Babs what area where you in?
Angryvoodoo - What is tat? Are you a broker or also an employee?

Posted: Sat Dec 15, 2007 4:06 am

turn around time

broker but that will be dead soon

going the bank route.

Dyn-o-mite! Joined: 21 Mar 2007 Posts: 232

They are down to a one page vanilla rate sheet now.
They used to be a big option arm player but if they get hit with a bunch of buy backs it wont be good.

Posted: Sun Dec 16, 2007 12:41 am

I've heard that they have been ultra conservative and they have one of the lowest default rates out there, so they don't need to worry about buy backs.

So as a final thought - yay or nay on getting signed up?

I've met the rep in my area and he seems to know what he's talking about in relation to the bank and the market as a whole. Most you can always tell when they are blowing smoke, he's been doing this a long time and has an educated opinion on everything thats going on.