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hosaler
Dud?


Joined: 14 Jan 2009
Posts: 12

Tolerated by brokers?
PostPosted: Mon Feb 02, 2009 9:56 pm Reply with quoteBack to top

SoCalGal wrote:
If lenders don't want to "train" brokers, then websites--which all lenders use to process loans--should be as streamlined as possible, not one gigantic headache that requires half a dozen calls to technical support before a loan is successfully uploaded and underwriten by an AU engine. C'mon, people, this is the Information Age! Convoluted websites will no longer be tolerated by brokers! If you can't make your website user-friendly, you'll see a decline in users. To the simplest go the spoils.


Oh heavens no, let's make it as easy as a first grader to input data! When you make the big bucks, then you need to be able to LEARN a web site! User friendly, please! There are plenty of brokers out there that not only will NOT learn the site, they expect their AE to do it for them...times are a changing buddy!
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hosaler
Dud?


Joined: 14 Jan 2009
Posts: 12

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Mon Feb 02, 2009 10:02 pm Reply with quoteBack to top

cooper wrote:
and suntrust SAID ....
Quote:
They will no longer "TRAIN" brokers or tolerate submissions that are sub-par or with companies who cannot originate, [and] process a good loan.
Every remaining wholesale channel has had to evaluate their broker relationships. That they are ready to run leaner and concentrate good service on quality accounts will allow those same accounts to deliver better priced, quicker delivery deals, thus enabling them to increase their local market share. wow! the good old days are coming back!


This is an error! SunTrust is always ready and willing to send their AE's or CSR's to train good brokers. However, when you spend hours training a broker and that broker just doesn't get it or just doesn't WANT to get it, then it is time for the AE to go to greener pastures. Fortunately, the Lenders have evaluated their broker relationships; unfortunately, the brokers are still doing business as usual...which is no longer acceptable.
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hosaler
Dud?


Joined: 14 Jan 2009
Posts: 12

Re: SunTrust
PostPosted: Mon Feb 02, 2009 10:04 pm Reply with quoteBack to top

chasd wrote:
I am an avid lurker of this site but since I have first hand information I thought I would join and share. SunTrust is still accepting FHA loans and has every intention to do so as far as I know. We have temporarily priced ourselves out of the FHA business until we get our arms around some of the FHA quality issues being experienced by us and the industry as a whole. We have not stopped accepting loans or closed any departments related to the FHA business. The listing on the "implode-o-meter" might give an impression otherwise.

Unlike "passthrough" lenders that only care what happens during the first 120-180 days, SunTrust is a servicer that is stuck with the loan for its life. If there is a particular segment of loans that have an increasingly higher rate of delinquency it only makes sense to slow down the train for evaluation.

FHA financing will play a major role in any housing recovery and SunTrust will be there as long as it makes good business sense.

SunTrust was one of only 3 large lenders that actually saw an increase in mortgage loan business in 2008 and one of the last that still has "decentralized" operations. This alone should indicate the commitment to our business.

I am pleased to see the positive responses to the actions wholesale lenders are taking to insure quality business done with quality business partners can continue and be profitable for all while delivering value to the consumer. It proves that there is some merit to staying in the wholesale business and validates SunTrust's Motto.

You're Good, We're Good.........Together We're Great!




Charlie Doyle
SunTrust A/E


I could not have stated this any better. Thank you Chas!
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SoCalGal
Dyn-o-mite!


Joined: 01 Jul 2008
Posts: 390

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Tue Feb 03, 2009 12:01 am Reply with quoteBack to top

Quote:
Oh heavens no, let's make it as easy as a first grader to input data! When you make the big bucks, then you need to be able to LEARN a web site! User friendly, please!

That is correct. My criteria for lender selection is:

Relative ease of website usability
Good customer service (AE or service center)
Price

As I tell my customers, "You can have it fast, cheap or good. Pick two." I realize I can't have it all and that, no matter what, I'm expected--rightly so!--to input the data correctly, but if the site is convoluted, requireing six identifiers to even log on (Wells Fargo), I'm going to go elsewhere.

If you think website usability is a burden the CUSTOMER must bear, you'd better be prepared for enlightened lenders to eat your lunch. Simplicity of use is precisely why Mac computers are gaining market share. Once you use a Mac, you'll wonder how you ever bent yourself into a pretzel to accommodate Windows.

The Inherent Complexity of Computer Use among End-Users: Implications for Research and Practice
http://truman.gtdngt.com/paper.....yofuse.pdf

Quote:
We argue that sub-optimal computer use persists among end-users, which may be partly explained by the fact that computer use is inherently complex. We cull from assorted literatures two definitional criteria of complexity--numerousness and heterogeneity, which we offer as theoretical justification for why computer use is appropriately characterized as complex. We build from this theoretical justification by drawing parallel arguments on the constitutive properties of language and computer literacy. We suggest that a theoretical elaboration of computer use as presented here may offer benefit to research for conceptualizing and measuring computer literacy, and to practice for informing training program design options.


Am I going to bow to hosaler's rather rude demand that I "learn our site!"? No, I'm simply going to find lender(s) whose sites are easiest to use. I don't have time (nor desire) to learn a half dozen systems so that I can fulfill my fiduciary responsibility to my borrower; that is, find the best price and terms accompanied by the least amount of grief. The shorter my learning curve, the more likely it is I'll broker my business to those lenders. It's not my fault hosaler's employer doesn't have the gumption to hire, in addition to programmers, realtime users (I suggest brokers themselves) to test drive the sites they hope brokers will use--enthusiastically and often.

Quote:
Top Three Design Priorities

What's the common theme in all these business-killing usability problems? They all involve simple usability principles that have been the same for ten years. None of them involve advanced "Web 2.0" technology; none would be fixed by implementing any of the fancy stuff that everybody's talking about. Indeed, the biggest design flaws destroying business value typically involve:

Communicating clearly so that users understand you. Users allocate minimal time to initial website visits, so you must quickly convince them that your site is worthwhile.

Providing information users want. Users must be able to easily determine whether your services meet their needs and why they should do business with you.

Offering simple, consistent page design, clear navigation, and an information architecture that puts things where users expect to find them.

Get these three right, and you'll enhance your site's credibility, ease a user's way through the site, and thus do far more for the site's business value than any JavaScript trick.

(For more Web design priorities, see my list of 10 high-ROI design steps.)

http://www.useit.com/alertbox/.....ities.html

Here are some website usability conferences coming up in 2009. hosaler, tell your company to build the easiest website in the mortgage industry and you'll be flooded with business.

http://www.nngroup.com/events

Lenders won't win when, as holsaler clearly displays, they disparage brokers who won't "learn our system!" Brokers' response will likely be, "Phuque you."
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Tue Feb 03, 2009 4:28 am Reply with quoteBack to top

SoCalGal wrote:
Quote:
Oh heavens no, let's make it as easy as a first grader to input data! When you make the big bucks, then you need to be able to LEARN a web site! User friendly, please!

That is correct. My criteria for lender selection is:

Relative ease of website usability
Good customer service (AE or service center)
Price

As I tell my customers, "You can have it fast, cheap or good. Pick two." I realize I can't have it all and that, no matter what, I'm expected--rightly so!--to input the data correctly, but if the site is convoluted, requireing six identifiers to even log on (Wells Fargo), I'm going to go elsewhere.

If you think website usability is a burden the CUSTOMER must bear, you'd better be prepared for enlightened lenders to eat your lunch. Simplicity of use is precisely why Mac computers are gaining market share. Once you use a Mac, you'll wonder how you ever bent yourself into a pretzel to accommodate Windows.

The Inherent Complexity of Computer Use among End-Users: Implications for Research and Practice
http://truman.gtdngt.com/paper.....yofuse.pdf

Quote:
We argue that sub-optimal computer use persists among end-users, which may be partly explained by the fact that computer use is inherently complex. We cull from assorted literatures two definitional criteria of complexity--numerousness and heterogeneity, which we offer as theoretical justification for why computer use is appropriately characterized as complex. We build from this theoretical justification by drawing parallel arguments on the constitutive properties of language and computer literacy. We suggest that a theoretical elaboration of computer use as presented here may offer benefit to research for conceptualizing and measuring computer literacy, and to practice for informing training program design options.


Am I going to bow to hosaler's rather rude demand that I "learn our site!"? No, I'm simply going to find lender(s) whose sites are easiest to use. I don't have time (nor desire) to learn a half dozen systems so that I can fulfill my fiduciary responsibility to my borrower; that is, find the best price and terms accompanied by the least amount of grief. The shorter my learning curve, the more likely it is I'll broker my business to those lenders. It's not my fault hosaler's employer doesn't have the gumption to hire, in addition to programmers, realtime users (I suggest brokers themselves) to test drive the sites they hope brokers will use--enthusiastically and often.

Quote:
Top Three Design Priorities

What's the common theme in all these business-killing usability problems? They all involve simple usability principles that have been the same for ten years. None of them involve advanced "Web 2.0" technology; none would be fixed by implementing any of the fancy stuff that everybody's talking about. Indeed, the biggest design flaws destroying business value typically involve:

Communicating clearly so that users understand you. Users allocate minimal time to initial website visits, so you must quickly convince them that your site is worthwhile.

Providing information users want. Users must be able to easily determine whether your services meet their needs and why they should do business with you.

Offering simple, consistent page design, clear navigation, and an information architecture that puts things where users expect to find them.

Get these three right, and you'll enhance your site's credibility, ease a user's way through the site, and thus do far more for the site's business value than any JavaScript trick.

(For more Web design priorities, see my list of 10 high-ROI design steps.)

http://www.useit.com/alertbox/.....ities.html

Here are some website usability conferences coming up in 2009. hosaler, tell your company to build the easiest website in the mortgage industry and you'll be flooded with business.

http://www.nngroup.com/events

Lenders won't win when, as holsaler clearly displays, they disparage brokers who won't "learn our system!" Brokers' response will likely be, "Phuque you."


ABC and Interfirst had great sites.

Using your criteria you'd be out of business in no time. You do realize times have changed ?
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itwontclose
Flash in the pan


Joined: 30 Jan 2009
Posts: 32

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Tue Feb 03, 2009 6:39 am Reply with quoteBack to top

MDACCESS???

Are U suggesting that because:

" Many direct and correspondant lenders are not following the rules regarding the employment of brokers and loan officers. HUD handbook 4060.1 specifically requires all brokers and loan officers to be W2ed and not 1099ed. Brokers and loan officers canot have conflicts of interest, such as the ability to sell real estate and do FHA loans. "

Therefore:

" My guess Sun Trust has ended up with many early payment defaults and HUD audited them and found a plethora of violations. I would bet many of the loans either in default or caught in the audit came from Wells Fargo " ????

This is ridiculous! One has nothing to do with the other! That HUD rule crapola, and so called violation is Government spew.

WHAT IS THE PROBLEM??? Suntrust has a huge QC problem on all TPC business. IF anyone delivers a c**p file to SUNTRUST, they should be able to TD at the door! END OF STORY!

This problem is SUNTRUST and SUNTRUST alone. If they are losing their Hinies, then don't BOO HOO, and Blame Brokers. This is typical Bank BS.
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SoCalGal
Dyn-o-mite!


Joined: 01 Jul 2008
Posts: 390

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Tue Feb 03, 2009 6:40 am Reply with quoteBack to top

Quote:
ABC and Interfirst had great sites.


They did indeed. They were two of the most usable sites I had in mind.
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EXAE1
Flash in the pan


Joined: 31 Jan 2009
Posts: 40

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Wed Feb 04, 2009 12:32 am Reply with quoteBack to top

Having been an AE at SunTrust, I am not surprised by this action. SunTrust was never a good FHA Lender but jumped on the Bandwagon of profitable FHA loans. Management crammed this down as the focus and originations of FHA Wholesale went from almost nothing to about a 3rd of the business, and SunTrust does not have the skill in operations to handle this volume. I also see this "temporary" pull out as a prelude to a round of layoffs (cutbacks) in the Wholesale area. They very well could be headed down the same way as Citi Wholesale and just handle as a "telewholesale" division. If you are any AE there and not closing at least $5million a month, that will be the next cuts along with some of the operations centers.
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bankbroker1695
Dud?


Joined: 04 Feb 2009
Posts: 1

Brokers given a bad name.....
PostPosted: Wed Feb 04, 2009 2:03 am Reply with quoteBack to top

SoCalGal wrote - There are plenty of brokers out there that not only will NOT learn the site, they expect their AE to do it for them...times are a changing buddy!

I have worked on the wholesale side for 10+ years now and currently work at a small, locally owned, hometown bank, and we currently broker our loans. As a processor and an originator, I often find myself teaching my AE's how to use their own websites as most are good for nothing more than a phone call once a week, if we are lucky, and maybe an email from their blackberry as they are flying down an interstate somewhere telling us to call someone else.......

To say that Brokers will not learn the site is a STRETCH. I have used, SunTrust, Wells, GMAC - Blitz Docs, IndyMac - Emits (when they were still around), Emagic, etc., etc., etc.

Not all brokers are stupid........
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hosaler
Dud?


Joined: 14 Jan 2009
Posts: 12

Re: Discussion on SunTrust Mortgage - FHA Wholesale
PostPosted: Wed Feb 04, 2009 5:50 am Reply with quoteBack to top

SoCalGal wrote:
Quote:
Oh heavens no, let's make it as easy as a first grader to input data! When you make the big bucks, then you need to be able to LEARN a web site! User friendly, please!

That is correct. My criteria for lender selection is:

Relative ease of website usability
Good customer service (AE or service center)
Price

As I tell my customers, "You can have it fast, cheap or good. Pick two." I realize I can't have it all and that, no matter what, I'm expected--rightly so!--to input the data correctly, but if the site is convoluted, requireing six identifiers to even log on (Wells Fargo), I'm going to go elsewhere.

If you think website usability is a burden the CUSTOMER must bear, you'd better be prepared for enlightened lenders to eat your lunch. Simplicity of use is precisely why Mac computers are gaining market share. Once you use a Mac, you'll wonder how you ever bent yourself into a pretzel to accommodate Windows.

The Inherent Complexity of Computer Use among End-Users: Implications for Research and Practice
http://truman.gtdngt.com/paper.....yofuse.pdf

Quote:
We argue that sub-optimal computer use persists among end-users, which may be partly explained by the fact that computer use is inherently complex. We cull from assorted literatures two definitional criteria of complexity--numerousness and heterogeneity, which we offer as theoretical justification for why computer use is appropriately characterized as complex. We build from this theoretical justification by drawing parallel arguments on the constitutive properties of language and computer literacy. We suggest that a theoretical elaboration of computer use as presented here may offer benefit to research for conceptualizing and measuring computer literacy, and to practice for informing training program design options.


Am I going to bow to hosaler's rather rude demand that I "learn our site!"? No, I'm simply going to find lender(s) whose sites are easiest to use. I don't have time (nor desire) to learn a half dozen systems so that I can fulfill my fiduciary responsibility to my borrower; that is, find the best price and terms accompanied by the least amount of grief. The shorter my learning curve, the more likely it is I'll broker my business to those lenders. It's not my fault hosaler's employer doesn't have the gumption to hire, in addition to programmers, realtime users (I suggest brokers themselves) to test drive the sites they hope brokers will use--enthusiastically and often.

Quote:
Top Three Design Priorities

What's the common theme in all these business-killing usability problems? They all involve simple usability principles that have been the same for ten years. None of them involve advanced "Web 2.0" technology; none would be fixed by implementing any of the fancy stuff that everybody's talking about. Indeed, the biggest design flaws destroying business value typically involve:

Communicating clearly so that users understand you. Users allocate minimal time to initial website visits, so you must quickly convince them that your site is worthwhile.

Providing information users want. Users must be able to easily determine whether your services meet their needs and why they should do business with you.

Offering simple, consistent page design, clear navigation, and an information architecture that puts things where users expect to find them.

Get these three right, and you'll enhance your site's credibility, ease a user's way through the site, and thus do far more for the site's business value than any JavaScript trick.

(For more Web design priorities, see my list of 10 high-ROI design steps.)

http://www.useit.com/alertbox/.....ities.html

Here are some website usability conferences coming up in 2009. hosaler, tell your company to build the easiest website in the mortgage industry and you'll be flooded with business.

http://www.nngroup.com/events

Lenders won't win when, as holsaler clearly displays, they disparage brokers who won't "learn our system!" Brokers' response will likely be, "Phuque you."


SOCAL, you are one out of hundreds...If you put forth an effort to learn a very easy system then good for you. I am speaking of brokers that continually insist their AE's run the loans, lock the loans, etc. You have to be a total idiot not to be able to run my companies website..if you can spell your name and type, then you are good to go. My advice to all brokers is: Vertice, chase and who knows who is next is GONE! There may be that last few lenders that you will HAVE to learn, or get out of the business. Times are tough right now and we all need to learn to work together. If you are NOT giving your customer the best price and product just because that lenders site is just a little difficult, then shame on you.
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