All Encompassing Mortgage and Real Estate Thread

[Reagan1k 3042]

1 hour ago, UTPhil2006 said:

Yeah I would think people would just assume people have cameras everywhere nowadays on showings.  I certainly do.

Exactly - unfortunately back then twas pretty hard to stream video over my dial-up Prodigy account to my Motorola bag-phone.

I guess i missed the alert!!!!!! 

[UTPhil2006 3910]

20 minutes ago, Reagan1k said:

Exactly - unfortunately back then twas pretty hard to stream video over my dial-up Prodigy account to my Motorola bag-phone.

I guess i missed the alert!!!!!! 

Should have used ICQ

[TKthunder2 5058]

On 6/26/2020 at 8:09 PM, Atxracer said:

Just for info purposes, the Austin market is still nuts. My house sold in 8 days and the one I am buying sold in 2.  That’s after losing on 3 previous bids, one of which was full price the first day the house came on the market. In the end, very happy with where we chose but just had to dig a little deeper.  I will now be doing Uber driving in the evenings.  

Just put in our first offer on a house in Austin (currently in Cedar Park).  41k over list price, and we were told that we lost to a “significantly” higher offer.  This market is fucking crazy.

[BradInATX 9208]

Wimberley is entirely too old for a young at heart couple in their late 30s, correct?

We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and <40 minutes from south Austin. Right now the only options that work there are New Braunfels and Buda. San Marcos' schools suck and Wimberley is 70% olds according to demographic data.

Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

[troph 25099]

I’m sure there are younger folks in Wimberley and it’s not all Trump Boomer country but that’s been my experience out there. But I think most of the hill country is Trump Boomer country anyway. Demographics show if skews older and whiter than a lot of places in Texas and it votes solidly red. You have to get to Austin burbs before you see any semblance of a younger, more politically diverse crowd. Even western parts of Lake Travis though like Spicewood and Briar Cliff are pretty much the same.

[Dnaguy 12580]

When requesting arbitration after an ARB ruling, do I just east the $450 to pay for the arbitration?

Or do I get that back if I win / the property value is closer to my amount vs. the appraisal district?

[bluto 4984]

When requesting arbitration after an ARB ruling, do I just east the $450 to pay for the arbitration?
Or do I get that back if I win / the property value is closer to my amount vs. the appraisal district?

I believe the cad reimburses/covers that fee if the value is ruled closer to your number than theirs.

[Enchubben 5598]

On 7/7/2020 at 9:33 AM, BradInATX said:

Wimberley is entirely too old for a young at heart couple in their late 30s, correct?

We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and <40 minutes from south Austin. Right now the only options that work there are New Braunfels and Buda. San Marcos' schools suck and Wimberley is 70% olds according to demographic data.

Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

Covid should take care of the neighbors out there in under a year right? Have the place to yourself.  

In all seriousness, is Lakeway under consideration?

[BradInATX 9208]

Covid should take care of the neighbors out there in under a year right? Have the place to yourself.  

In all seriousness, is Lakeway under consideration?

Nope. Love the area but we have to stay within striking distance of my wife's work, which lakeway is an hour plus from. The combination of that, decent schools, and wanting multiple acres pretty much limits us to buda, new Braunfels, and wimberley. The first two are where we're looking but was open to hearing a counter argument to the perception that Wimberley is for the olds.

In a perfect world where schools and work don't matter we'd go even farther out than lakeway to spicewood. Maybe when we're olds.

 

[Gil Bang 26178]

We've done a good job at keeping politics off of this board for the most part.  Let's not let the below start a shitfight...I believe it's relevant to this thread.  Maybe the mods will disagree.

 

 

[Upgrayedd 5861]

2 minutes ago, Gil Bang said:

We've done a good job at keeping politics off of this board for the most part.  Let's not let the below start a shitfight...I believe it's relevant to this thread.  Maybe the mods will disagree.

 

 

I wonder how much of that 32% were actually "unable" vs. taking advantage of the opportunity . . . .

[Sgt Hulk 14337]

4 minutes ago, Upgrayedd said:

I wonder how much of that 32% were actually "unable" vs. taking advantage of the opportunity . . . .

Sadly I’ve heard this strategy before 

[UT_OB1 2262]

1 minute ago, Upgrayedd said:

I wonder how much of that 32% were actually "unable" vs. taking advantage of the opportunity . . . .

We’ve been in the mildly able to but not making all of them category. We have a duplex with 2 long term tenants and 2 Airbnbs in Galveston, one of which we just started in March.  Do far one long term tenant hasn’t made a payment in 3 months (we still get 2/3 from HUD), and the 2 vacation rentals have been somewhere between dead to balls to the wall depending on SiPs and what not. We were and are still concerned the vacation rentals could get shutdown at any moment, and the other set of tenants, while still paying, are feeling the pinch now too.
 

That’s all to say we’ve made our primary residence payments, but we’ve deferred ~30-50% of the investment payments.  While we technically could have made them all, our cash reserves would be close to tapped out by now,  and in the event of another full shutdown that would be a very bad situation. 

[Dbeasy 15529]

Wimberley is entirely too old for a young at heart couple in their late 30s, correct?
We just accepted an offer on our house in Austin and are looking in the hill country. Need 1+ acres, good schools, and Am I missing any options? We're looking at Dripping too, but it looks like you  mostly have to new build out there which we don't really want to mess with.

There are a lot of great options off of 290 on the way and past Dripping Springs where you can just buy something already built. I’ve driven everything out there extensively. There should be something that fits.

[Wulaw Horn 19562]

30 minutes ago, Gil Bang said:

We've done a good job at keeping politics off of this board for the most part.  Let's not let the below start a shitfight...I believe it's relevant to this thread.  Maybe the mods will disagree.

 

 

That’s in no way a political statement man- you good. 

Edited July 10, 2020 by Wulaw Horn

[BradInATX 9208]

22 minutes ago, Dbeasy said:

There are a lot of great options off of 290 on the way and past Dripping Springs where you can just buy something already built. I’ve driven everything out there extensively. There should be something that fits.

It might just be the filters we've got set up - we need a 4 bedroom with 1+ acre, and those houses don't grow on trees these days. We've seen a couple that pop up, but where they're placed in Dripping is too far from my wife's work. It seems the universe really wants us in River Chase in New Braunfels, because that's where all of the houses that fit our criteria keep popping up. 

Edited July 10, 2020 by BradInATX

[UTPhil2006 3910]

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

[Wulaw Horn 19562]

Woke up, logged on to optimal blue- saw 2.75 on a 30 year mortgage with no points and just laughed (good credit good value, decent sized loan blah blah blah). 
I don’t think rates can get much (any?) better with just spread alone. Saw refinance apps were actually done last week maybe?  Week before?  That means all the low hanging fruit has been picked. Industry isn’t grinding to a standstill from too much business like in February or March. More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. Just further puts into stark relief how some get lucky in tough times and some get inordinately hammered. 

[Enchubben 5598]

44 minutes ago, UTPhil2006 said:

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

Nice deck!  

Really nice job on the flip. I like all the choices made; even if you have to be 15 feet tall to use the microwave.

[aggie08 21738]

1 hour ago, Wulaw Horn said:

Woke up, logged on to optimal blue- saw 2.75 on a 30 year mortgage with no points and just laughed (good credit good value, decent sized loan blah blah blah). 
I don’t think rates can get much (any?) better with just spread alone. Saw refinance apps were actually done last week maybe?  Week before?  That means all the low hanging fruit has been picked. Industry isn’t grinding to a standstill from too much business like in February or March. More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. Just further puts into stark relief how some get lucky in tough times and some get inordinately hammered. 

Makes me think I jumped a little too early on a 30yr/3.15% refinance when things were crazy in March, but probably not worth the hassle to do it all over again for a tenth or two.

[royiv 9706]

2 hours ago, UTPhil2006 said:

Home for Sale in S Austin - 4/3 2714 sq ft, over half an acre lot.. (Thad and buddy flip home) - https://www.realtor.com/realestateandhomes-detail/5306-Mc-Carty-Ln_Austin_TX_78749_M89494-20496

Is that hulking thing on the front an add-on? It's way out of proportion to the remainder of the house and the front door.

[UTPhil2006 3910]

6 minutes ago, royiv said:

Is that hulking thing on the front an add-on? It's way out of proportion to the remainder of the house and the front door.

It's an add on says Thad, and he says that picture makes it look a lot bigger.  That's a 10 foot door too.

[royiv 9706]

30 minutes ago, UTPhil2006 said:

It's an add on says Thad, and he says that picture makes it look a lot bigger.  That's a 10 foot door too.

He should consider different photography to make the perspective better if that's the case. That photo makes it look way out of proportion and like an afterthought tacked onto the front of the house. I would skip past that house based on that photo alone if I was looking.

[TexasEd 8248]

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

[UTPhil2006 3910]

2 hours ago, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

Cash out refinance?  Rates are pretty solid on them right now.  You can borrow up to 80% of the homes value (minus closing costs) in Texas..

[Wulaw Horn 19562]

2 hours ago, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

Depends upon what your current rate is. If your current rate isn’t awesome then do a home equity to pay off the old loan and add whatever you need to build the swimming pool to that balance for the new loan. Pros- easiest. Least hassle. Most freedom. Lowest total monthly payments. Cons- easily the highest closing costs. 

If your rate is really good you can do a stand alone second home equity. Pros- very minimal closing costs. Freedom to do what you want with the money. Cons- easily the highest interest rate. Probably a shorter term on repayment. Rate is variable most likely and will go up. 
 

Third option- get a second lien construction loan from your bank or credit union- someone likely that has worked with the pool guy before. Pros- lower closing costs (than scenario #1) Lower interest rate (than scenario number 2), fixed interest rate most likely 

Cons- more of a hassle and more restrictive during the construction process. Have to get contractor qualified, inspections on how compete the work is. Also, might have to bring some money to the table as a down payment on the swimming pool project (I.E. bank might not finance 100% of project). 

[TexasEd 8248]

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

[UT_OB1 2262]

6 minutes ago, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

Heloc should be able to get you a relatively low interest rate, right? And don’t quite a few of them (all?) concert to a fixed loan after some time?  
 

How big and deep of a pool does $65k get you? 

[TexasEd 8248]

55 minutes ago, UT_OB1 said:

How big and deep of a pool does $65k get you? 

I think it is pretty basic when you have a hill in the back yard and solid limestone to hammer through.  I'll have a headache for weeks listening to the damned jackhammer on the end of the backhoe.

 

 

 

Edited July 13, 2020 by TexasEd

[UTPhil2006 3910]

30 year cash outs are around 3.375, or you could do a flex term 19 year (if that's how many you have left) for 3.25ish

[pearlandhorn 3343]

Question: we just refinanced back in August for a 15 year at 3.125% fixed. Can we contact our credit union and ask for them to lower the rate a bit given the climate? I’m thinking no but was just curious as to how flexible credit unions are right now.

[ZB'Tejas 597]

9 hours ago, Wulaw Horn said:

More buyers than sellers right now near as I can tell, which typically pushes buyers to make a decision and act. 
pretty pretty pretty good time to be in the industry. 

Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

[Wulaw Horn 19562]

1 hour ago, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

That stuff has gotten itself under control now. Closing costs won’t be super cheap but about $5,000 and if good credit then maybe 3.375 or 3.25. 

[Wulaw Horn 19562]

19 minutes ago, pearlandhorn said:

Question: we just refinanced back in August for a 15 year at 3.125% fixed. Can we contact our credit union and ask for them to lower the rate a bit given the climate? I’m thinking no but was just curious as to how flexible credit unions are right now.

Most likely not a chance. You could probably refinance into a 2.375% on a 15, but it would take you having to pay closing costs again. 

[Enchubben 5598]

16 minutes ago, ZB'Tejas said:

Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

[CooterBrown 18273]

How big and deep of a pool does $65k get you? 

Pretty sure that gets you a mud hole or at best a little plunge pool in Austin.

[Gil Bang 26178]

that flip...I've never seen a tub INSIDE of a shower enclosure before.  Weird as fuck. 

[pearlandhorn 3343]

13 hours ago, Wulaw Horn said:

Most likely not a chance. You could probably refinance into a 2.375% on a 15, but it would take you having to pay closing costs again. 

That’s what I figured. Wouldn’t even be worth it at this point as we’re not planning on staying in this house another 5 years. Thanks.

[UTPhil2006 3910]

15 hours ago, Enchubben said:

My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

Both of these are accurate from our experiences the past few months in both Houston and Austin..

15 hours ago, ZB'Tejas said:

Per a realtor I just talked to the inventory in Austin is less than 1 month which is making things move really fast. My neighbor's house was listed last Thur and same day he had 2 offers. Talked to the person buying it and they had already lost 5 previously to higher bidders.

[UTPhil2006 3910]

12 hours ago, Gil Bang said:

that flip...I've never seen a tub INSIDE of a shower enclosure before.  Weird as fuck. 

Didn't even notice that.  That had to have been Jay's doing.  Not sure Thad's East Texas brain would come up with that.

[Redpuma 146]

im betting on a wave of defaults...i am in the process of refinancing and came in at 3.1%

 

[Storm the Field 5362]

20 hours ago, Enchubben said:

My house in Nw Houston got put on the market with a price 5% greater than what I thought was aggressive and compared to comps.

We had a cash offer for full asking price within 12 hours of posting on HAR.

I"m gonna be listing my place in Garden Oaks in August. Hoping that I have a similar story to share here later this summer. 

[UTPhil2006 3910]

1 hour ago, Storm the Field said:

I"m gonna be listing my place in Garden Oaks in August. Hoping that I have a similar story to share here later this summer. 

In the GOOF I bet you will. 

[hornian 5281]

On 7/13/2020 at 4:58 PM, TexasEd said:

Thanks, @UTPhil2006 and @Wulaw Horn

I currently have a 3.75% fixed 30 year (Last refinance in 2009, almost half way!) and equity is not a problem.

Last time I looked into a cash-out refinance the rates were higher and the closing costs were huge. For some reason I kept getting a signal that a Texas cash-out was too much of a hassle.

Looking at >$65K pool. I have cash to make the down payment if necessary.  If it were up to my wife she might pay it all on a credit card and switch between 0% offers.  

Look into a HELOC. Just did one with Frost (well, I close tomorrow). First 10 years are interest only (and only on the amount that you use), so if you can pay it back before then, you're set. On $65K, you'll start off paying about $162.50 a month in interest for tapping that amount at the rates they are offering (about 3%).  I'm going to be using the HELOC to make some improvements to another home I just purchased on Monday, and pay it off when I sell current house. I was upfront about that and they were fine with only making a few hundred bucks in interest off of me if I sell in ~90 days. My only closing costs were an appraisal, otherwise they will just use the tax appraised value (if you go with that, there are no closing costs). Send me a PM if you want, I can put you in touch with the banker I've been dealing with. 

[Larry T. Spider 1747]

On 7/13/2020 at 2:10 PM, TexasEd said:

My wife wants a pool at our primary residence.  Assume we do this, what is the best way to finance?  I have plenty of equity (been here since 2005).

Thanks

Really depends on a lot of factors like the size of the pool, how much rock they have to blast, your credit score. Probably just cheaper to go with a new wife.

[Wulaw Horn 19562]

7 hours ago, hornian said:

Look into a HELOC. Just did one with Frost (well, I close tomorrow). First 10 years are interest only (and only on the amount that you use), so if you can pay it back before then, you're set. On $65K, you'll start off paying about $162.50 a month in interest for tapping that amount at the rates they are offering (about 3%).  I'm going to be using the HELOC to make some improvements to another home I just purchased on Monday, and pay it off when I sell current house. I was upfront about that and they were fine with only making a few hundred bucks in interest off of me if I sell in ~90 days. My only closing costs were an appraisal, otherwise they will just use the tax appraised value (if you go with that, there are no closing costs). Send me a PM if you want, I can put you in touch with the banker I've been dealing with. 

Yep. That was what I was saying in option 2 and the pros are absolutely lower closing costs. If he’s going to carry the loan a long time and pay it off in full, especially with ability to lower the entirety of the rate from current rate by a point or so, then a heloc probably isn’t the best option. I’m your situation?  That’s a no brainer and a really good deal. Congrats. The guys I know in that market doing hard money type loans are paying 3-4 points up front and 12 percent interest. 

[Gil Bang 26178]

Mortgage executive fight:

 

 

 

In the cutthroat world of mortgage lenders, rivalry among competitors can get nasty — real nasty.

Just ask Theresa Niemiec of West Bloomfield,  the wife of a Quicken Loans executive who claims her husband's rivals "crowd shamed" her in a series of raunchy and misogynistic texts and videos as a way to hurt her husband's employer.

One man falsely accused her of performing sex acts with a competitor, she says, then mocked her husband in a follow-up text message: "Im really sorry that I hurt your feelings," he texted, adding emojis resembling sex organs. "How's Teresa. Give her my best.' "

Niemiec got the message, and responded with a lawsuit.

In a business dispute that turned personal and planted a bull's-eye on the fiercely competitive mortgage industry,  Niemiec, the wife of Quicken Loans Executive Vice President Austin Niemiec, filed a defamation lawsuit this month against one of her husband's competitors: Anthony Casa, CEO of the Association of Independent Mortgage Experts (AIME).

The suit alleges that Casa falsely accused Niemiec of being promiscuous in college with United Wholesale Mortgage CEO Mat Ishbia.

Casa has posted a lengthy apology on Facebook for his attacks on Niemiec, drawing support from some and the scorn of Niemiec's lawyers.

According to the suit, Casa and Ishbia are friends, have work ties, and consider themselves competitors of Quicken Loans.

Ishbia is not being sued. 

According to Niemiec's lawyer, she never went to college with Ishbia, doesn't know him socially, and was 11 years old when Ishbia was in college.

Casa also has never met Niemiec, the suit states, but he "placed her in his crosshairs because she's Mr. Niemiec's wife," and degraded and humiliated them both through multiple "defamatory" text messages that he sent to her husband, including:

• “Love to meet your wife. It’s amazing that’s the girl who (performed oral sex) in college. Way to marry up.”
• "No lip kisses. "
• "You never trusted her anyway."

According to the lawsuit, Niemiec's lawyer demanded a retraction from Casa, but he allegedly mocked the couple instead, sending this text message on July 7 to her husband:

"Good morning little buddy. I saw the letter from your attorney. I'm really sorry that I hurt your feelings. Give everyone my best! Can't (wait) to see you soon." He closed the text with a wink emoji.

The next day, Casa sent the husband another text message: "How's Teresa. Give her my best." Added were numerous suggestive emojis.

The lawsuit called the texts "reprehensible and especially appalling during the #metoo era" and said that Casa and others targeted Niemiec "because of her gender."

"The defamatory video clips and text messages ... exploit the long and deeply disturbing history of boorish and misogynistic insults by men who seek to dominate and demean the role and place of women in society," states the lawsuit, which was filed July 10.

More: Dan Gilbert guards Detroit headquarters in Quicken Loans IPO

More: Quicken Loans files IPO paperwork, will be called Rocket Companies

"This should not be tolerated nor diminished nor brushed off as jokes or 'boys being boys' preying on the vulnerabilities of women," Niemiec's lawyer, Jason Hirsch, wrote in the lawsuit. 

The lawsuit includes screenshots of a lewd text chain about Niemiec that Casa sent to her husband and others, including Kevin Peranio, the chief lending officer at PRMG, and Ramon Walker, owner of Mount Diablo Lending. 

According to the lawsuit, "Peranio and Walker recorded video clips of each of them viewing and reacting to Casa’s defamatory video clips and text messages in a disparaging, derisive and ridiculing manner.” Casa then sent the video clips to Niemiec's husband and others "in a deliberate effort to crowd shame" her, the suit says.

Neither Peranio nor Walker are named as defendants in the lawsuit.

The lawsuit seeks a retraction of the videos, unspecified damages and attorney fees.

In a statement issued Tuesday, Quicken Loans expressed support for Niemiec and denounced Casa.

“There is no place in our society for the types of misogynistic, threatening and disrespectful comments that Mrs. Niemiec has been forced to endure at the hands of Mr. Casa," a Quicken Loans company official said. "We respect — and admire — her desire to stand up for herself and her family.  It has also been encouraging to see countless mortgage brokers and lenders across the country come together in solidarity to show that this behavior is not acceptable, is not reflective of the broker community and absolutely will not be tolerated.” 

'I'm going to own this'

Casa took to Facebook on Sunday to apologize for his alleged remarks. In an eight-minute video, he said that he made a “big mistake” and “an error in judgment” and that he let his anger get the best of him following a heated discussion with Mr. Niemiec.

According to Casa, Mr. Niemiec had sent him a video of him and his wife at a party celebrating a record month or quarter at Quicken Loans, and he felt that "they were trying to egg me on."

"Unfortunately I let the emotions of the situation get the better of me. I responded with a video message and I said some really inappropriate lewd comments about that person's wife. It's things that I should have never had said, things that I don’t believe and things that are inappropriate and hurtful," Casa said. "I am beyond sorry to everyone for making those comments. In the moment, I just lost all sense of reality."

Casa said his "competitive" side got the best of him.

"I’m a passionate person. I'm extremely competitive," Casa says in the video. "I'm from New Jersey.  I’m vocal ... I'm gritty."

In his video, Casa also asked for the support of the broker community, saying he is aware of the lawsuit filed against him in Michigan and that people will be talking about him — but that he doesn't want his mistake to derail what he described as a strong broker movement. 

"I’m going to be embarrassed about this for the rest of my life. As the father of two daughters, I have to live with this," Casa said, noting he also works with many women in the broker community. "This is just not who I am ... I am sorry that these words came out of my mouth ... I need to make sure that moving forward this never happens again ... I'm going to own this."

Apology is 'insulting'

Jeffrey Morganroth, whose law firm is representing Theresa Niemiec, said Casa's "so-called video apology is really a narrative excuse."

"It's insulting," Morganroth said in a Tuesday interview with the Free Press. "There’s no apology to Mrs. Niemiec — at all. And what he uses as his narrative excuse is actually opposite of really happened."

Morganroth scoffed at Casa's claims that he acted in the heat of the moment, saying his insults and lewd comments were made over several days and that it was Casa who egged Mr. Niemiec on, not the other way around.

According to Morganroth, Casa initiated contact with Mr. Niemiec, hurled insults and derogatory comments at him, and when Mr. Niemiec didn't take the bait, Mr. Casa escalated his attacks by filming and circulating videos directed at Mrs. Niemiec.

The attacks started on July 2 and continued through July 7, Morganroth said, stressing that Casa ignored requests to retract his statements and instead continued to send "vile and disgusting" messages in professional circles targeting Mrs. Niemiec, and recirculated videos of others mocking her.

"Saying he was provoked and that he acted in the heat of the moment was false," Morganroth said.

Casa's apology also rang hollow with Austin Niemiec, who defended his wife in a video he posted Monday to his LinkedIn account, drawing more than 10,000 views in 19 hours.  He said Casa went off in a text message exchange, called him a "prick" and then "degraded" his wife in a series of  lewd videos within the broker community.

"It's just disgusting," said Austin Niemiec, who thanked his wife "for being bold in standing up for herself and our family."

"At the end of the day, I’m a big boy.  I can handle competition —  I love competition.  But this definitely oversteps the line and I will continue to stand up for what’s right for my family and for the broker community," Austin Niemiec said.

'We have your back' 

Since posting his video apology online Sunday, Casa has received an outpouring of support on his Facebook page from colleagues, friends and family. More than 80 people have posted positive comments on his page, with many applauding him for owning up to his mistake and telling him nobody is perfect.

"We've all done and said things we aren't proud of. Who cares. Life goes on and we have your back Anthony," read one post.

"Thank you for your honesty," another Facebook user posted. "Character shows up when nobody is looking and you taking the steps to clean up a mess on your own accord shows you’re a man of character and integrity."

One friend compared him to a popular cartoon character.

"Everyone makes mistakes. It takes a real Man to recognize, apologize and make it right. You're a good man Charlie Brown 😁. Stay strong."

Contact Tresa Baldas:tbaldas@freepress.com.

[Wulaw Horn 19562]

10 minutes ago, Gil Bang said:

Mortgage executive fight:

 

 

 

 

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In the cutthroat world of mortgage lenders, rivalry among competitors can get nasty — real nasty.

Just ask Theresa Niemiec of West Bloomfield,  the wife of a Quicken Loans executive who claims her husband's rivals "crowd shamed" her in a series of raunchy and misogynistic texts and videos as a way to hurt her husband's employer.

One man falsely accused her of performing sex acts with a competitor, she says, then mocked her husband in a follow-up text message: "Im really sorry that I hurt your feelings," he texted, adding emojis resembling sex organs. "How's Teresa. Give her my best.' "

Niemiec got the message, and responded with a lawsuit.

In a business dispute that turned personal and planted a bull's-eye on the fiercely competitive mortgage industry,  Niemiec, the wife of Quicken Loans Executive Vice President Austin Niemiec, filed a defamation lawsuit this month against one of her husband's competitors: Anthony Casa, CEO of the Association of Independent Mortgage Experts (AIME).

The suit alleges that Casa falsely accused Niemiec of being promiscuous in college with United Wholesale Mortgage CEO Mat Ishbia.

Casa has posted a lengthy apology on Facebook for his attacks on Niemiec, drawing support from some and the scorn of Niemiec's lawyers.

According to the suit, Casa and Ishbia are friends, have work ties, and consider themselves competitors of Quicken Loans.

Ishbia is not being sued. 

According to Niemiec's lawyer, she never went to college with Ishbia, doesn't know him socially, and was 11 years old when Ishbia was in college.

Casa also has never met Niemiec, the suit states, but he "placed her in his crosshairs because she's Mr. Niemiec's wife," and degraded and humiliated them both through multiple "defamatory" text messages that he sent to her husband, including:

• “Love to meet your wife. It’s amazing that’s the girl who (performed oral sex) in college. Way to marry up.”
• "No lip kisses. "
• "You never trusted her anyway."

According to the lawsuit, Niemiec's lawyer demanded a retraction from Casa, but he allegedly mocked the couple instead, sending this text message on July 7 to her husband:

"Good morning little buddy. I saw the letter from your attorney. I'm really sorry that I hurt your feelings. Give everyone my best! Can't (wait) to see you soon." He closed the text with a wink emoji.

The next day, Casa sent the husband another text message: "How's Teresa. Give her my best." Added were numerous suggestive emojis.

The lawsuit called the texts "reprehensible and especially appalling during the #metoo era" and said that Casa and others targeted Niemiec "because of her gender."

"The defamatory video clips and text messages ... exploit the long and deeply disturbing history of boorish and misogynistic insults by men who seek to dominate and demean the role and place of women in society," states the lawsuit, which was filed July 10.

More: Dan Gilbert guards Detroit headquarters in Quicken Loans IPO

More: Quicken Loans files IPO paperwork, will be called Rocket Companies

"This should not be tolerated nor diminished nor brushed off as jokes or 'boys being boys' preying on the vulnerabilities of women," Niemiec's lawyer, Jason Hirsch, wrote in the lawsuit. 

The lawsuit includes screenshots of a lewd text chain about Niemiec that Casa sent to her husband and others, including Kevin Peranio, the chief lending officer at PRMG, and Ramon Walker, owner of Mount Diablo Lending. 

According to the lawsuit, "Peranio and Walker recorded video clips of each of them viewing and reacting to Casa’s defamatory video clips and text messages in a disparaging, derisive and ridiculing manner.” Casa then sent the video clips to Niemiec's husband and others "in a deliberate effort to crowd shame" her, the suit says.

Neither Peranio nor Walker are named as defendants in the lawsuit.

The lawsuit seeks a retraction of the videos, unspecified damages and attorney fees.

In a statement issued Tuesday, Quicken Loans expressed support for Niemiec and denounced Casa.

“There is no place in our society for the types of misogynistic, threatening and disrespectful comments that Mrs. Niemiec has been forced to endure at the hands of Mr. Casa," a Quicken Loans company official said. "We respect — and admire — her desire to stand up for herself and her family.  It has also been encouraging to see countless mortgage brokers and lenders across the country come together in solidarity to show that this behavior is not acceptable, is not reflective of the broker community and absolutely will not be tolerated.” 

'I'm going to own this'

Casa took to Facebook on Sunday to apologize for his alleged remarks. In an eight-minute video, he said that he made a “big mistake” and “an error in judgment” and that he let his anger get the best of him following a heated discussion with Mr. Niemiec.

According to Casa, Mr. Niemiec had sent him a video of him and his wife at a party celebrating a record month or quarter at Quicken Loans, and he felt that "they were trying to egg me on."

"Unfortunately I let the emotions of the situation get the better of me. I responded with a video message and I said some really inappropriate lewd comments about that person's wife. It's things that I should have never had said, things that I don’t believe and things that are inappropriate and hurtful," Casa said. "I am beyond sorry to everyone for making those comments. In the moment, I just lost all sense of reality."

Casa said his "competitive" side got the best of him.

"I’m a passionate person. I'm extremely competitive," Casa says in the video. "I'm from New Jersey.  I’m vocal ... I'm gritty."

In his video, Casa also asked for the support of the broker community, saying he is aware of the lawsuit filed against him in Michigan and that people will be talking about him — but that he doesn't want his mistake to derail what he described as a strong broker movement. 

"I’m going to be embarrassed about this for the rest of my life. As the father of two daughters, I have to live with this," Casa said, noting he also works with many women in the broker community. "This is just not who I am ... I am sorry that these words came out of my mouth ... I need to make sure that moving forward this never happens again ... I'm going to own this."

Apology is 'insulting'

Jeffrey Morganroth, whose law firm is representing Theresa Niemiec, said Casa's "so-called video apology is really a narrative excuse."

"It's insulting," Morganroth said in a Tuesday interview with the Free Press. "There’s no apology to Mrs. Niemiec — at all. And what he uses as his narrative excuse is actually opposite of really happened."

Morganroth scoffed at Casa's claims that he acted in the heat of the moment, saying his insults and lewd comments were made over several days and that it was Casa who egged Mr. Niemiec on, not the other way around.

According to Morganroth, Casa initiated contact with Mr. Niemiec, hurled insults and derogatory comments at him, and when Mr. Niemiec didn't take the bait, Mr. Casa escalated his attacks by filming and circulating videos directed at Mrs. Niemiec.

The attacks started on July 2 and continued through July 7, Morganroth said, stressing that Casa ignored requests to retract his statements and instead continued to send "vile and disgusting" messages in professional circles targeting Mrs. Niemiec, and recirculated videos of others mocking her.

"Saying he was provoked and that he acted in the heat of the moment was false," Morganroth said.

Casa's apology also rang hollow with Austin Niemiec, who defended his wife in a video he posted Monday to his LinkedIn account, drawing more than 10,000 views in 19 hours.  He said Casa went off in a text message exchange, called him a "prick" and then "degraded" his wife in a series of  lewd videos within the broker community.

"It's just disgusting," said Austin Niemiec, who thanked his wife "for being bold in standing up for herself and our family."

"At the end of the day, I’m a big boy.  I can handle competition —  I love competition.  But this definitely oversteps the line and I will continue to stand up for what’s right for my family and for the broker community," Austin Niemiec said.

'We have your back' 

Since posting his video apology online Sunday, Casa has received an outpouring of support on his Facebook page from colleagues, friends and family. More than 80 people have posted positive comments on his page, with many applauding him for owning up to his mistake and telling him nobody is perfect.

"We've all done and said things we aren't proud of. Who cares. Life goes on and we have your back Anthony," read one post.

"Thank you for your honesty," another Facebook user posted. "Character shows up when nobody is looking and you taking the steps to clean up a mess on your own accord shows you’re a man of character and integrity."

One friend compared him to a popular cartoon character.

"Everyone makes mistakes. It takes a real Man to recognize, apologize and make it right. You're a good man Charlie Brown 😁. Stay strong."

Contact Tresa Baldas:tbaldas@freepress.com.

 

 

This is funny- I read the first paragraph and thought to myself- I can’t believe this is Quicken and doesn’t involve someone at UWM. Then I kept reading and saw it was the UWM ceo that fucked her and started laughing. 
Those guys hate each other. This sheds a little light I guess. 

[UTPhil2006 3910]

From a mostly outsider (I don’t know Mat personally) perspective I find it all hilarious. Just keep giving us great turn times and rates and y’all can call whoever you want whatever you want at the top. 

[Dbeasy 15529]

Is anyone in this thread deeply involved with the purchase and/or development of multi-family housing? I’m interested to getting some perspective from people who work in it every day. There might be some benefits for anyone that is willing to give me a few minutes to discuss it.