HOMEWIDE LENDING IS GOING UNDER!!!

Dud? Joined: 29 Feb 2008 Posts: 9

I have a buyer who signed docs with homewide lending TWO WEEKS AGO and the deal still has not funded!!!!! Homewide lending claims that they have a new wharehouse (gateway) and that two of their funders walked out on them. According to a rep from their company they have not funded a single loan in nearly THREE WEEKS and they have 30 files currently waiting to be funded. Has anyone else experienced something like this??

C-4 Joined: 10 Jan 2008 Posts: 1137

Broker K wrote:

I have a buyer who signed docs with homewide lending TWO WEEKS AGO and the deal still has not funded!!!!! Homewide lending claims that they have a new wharehouse (gateway) and that two of their funders walked out on them. According to a rep from their company they have not funded a single loan in nearly THREE WEEKS and they have 30 files currently waiting to be funded. Has anyone else experienced something like this??

No.

Dud? Joined: 29 Feb 2008 Posts: 9

What do you think could be happening with the funds? They keep saying that it will fund but days keep going by and nothing. On wednesday they promised by Friday and on friday they promised by Mon. or Tues. When we threaten to walk away from the deal they beg us not to and keep saying that the loan will fund and that they are having trouble with the wharehouse. What do you think could be happening behind the scenes??

Flash in the pan Joined: 17 Aug 2007 Posts: 67

Well, if it has literally been weeks since it's closed, it sounds like they have major internal problems and regardless of what they are telling you, I doubt it will ever fund. I would start working on your backup plan.

Posted: Mon Mar 03, 2008 5:19 pm

They can't fund it on dated docs. Go find another lender and fast. The docs are going to need to be revised also, is your customer still on board?

Flash in the pan Joined: 02 Nov 2007 Posts: 98

fundings... They are taking apps and drawing docs.... one thing thou. they are not funding. It is true that gateway is there new line, but they are having alot of problems....with them. I don't know what's going on. I have done business with them alot, but right now they are mis managed ever since Steven Hung left.. I have gotten new processors and it is a drag.. I really hope that they get there stuff in order I don't want them to implode.. But they really need to be organized.....This co. can be the next big lender if they can get there ops in order.....

LORD help us all!!!

Schumpeter Reincarnate Joined: 11 Dec 2007 Posts: 4761

mtgbiz wrote:

fundings... They are taking apps and drawing docs.... one thing thou. they are not funding. It is true that gateway is there new line, but they are having alot of problems....with them. I don't know what's going on. I have done business with them alot, but right now they are mis managed ever since Steven Hung left.. I have gotten new processors and it is a drag.. I really hope that they get there stuff in order I don't want them to implode.. But they really need to be organized.....This co. can be the next big lender if they can get there ops in order.....

LORD help us all!!!

If they are now being funded by Gateway, then most likely Gateway is re-underwriting the file from top to bottom, and will release the funds when they are done. They have done things exactly like
this before...

Dud? Joined: 29 Feb 2008 Posts: 9

My buyers have been waiting nervously...if Gateway re-underwrites the loan do you think they'll come back with new conditions even after the original set of docs were signed?? And if we send it through to another bank they wont be able to use the docs we already have will they?

you say they've done this before...what was the outcome last time and do you think this loan will ever fund???

when i call homewide lending and ask for a status i get passed arond to a bunch of different people and then back on hold...other times they say that EVERYONE is at lunch and not one person is in the office other than the receptionist...kind of odd when im sure they have dozens of other people calling them non stop just like me. this is a NIGHTMARE!!!!![/quote]

Schumpeter Reincarnate Joined: 11 Dec 2007 Posts: 4761

Broker K wrote:

My buyers have been waiting nervously...if Gateway re-underwrites the loan do you think they'll come back with new conditions even after the original set of docs were signed?? And if we send it through to another bank they wont be able to use the docs we already have will they?

you say they've done this before...what was the outcome last time and do you think this loan will ever fund???

when i call homewide lending and ask for a status i get passed arond to a bunch of different people and then back on hold...other times they say that EVERYONE is at lunch and not one person is in the office other than the receptionist...kind of odd when im sure they have dozens of other people calling them non stop just like me. this is a NIGHTMARE!!!!!

[/quote]

Yes, I have had to give additional stips when a second UW from Gateway re-underwrote the file. Had to get a drive by appraisal also. Gateway does this on all new warehouse lines for at least the first 10-20 loans...treat it as a flow basis before they "trust" the banks underwriting.

Dud? Joined: 29 Feb 2008 Posts: 9

How long do you think it will take for gateway to process everything...and youre right...a guy I talked to named Ives Ward who claimed to be the production manager sounded like he just got out of Folsom State Prison! The thing thats frustrating is that I cant get a straight answer from anyone and its been 15 days since the buyers signed docs!