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UTPhil2006

By UTPhil2006
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Gil Bang

Gil Bang 25922

Posted
Posted

Here's what the processor wrote in an email

 

 

 

In addition to having a credit freeze for both borrowers, all bureaus, there were several layers of the fraud alert on both borrowers. We had them do a global lift which would normally take care of it but apparently it was more in depth due to some fraud that occurred. In order to go around this, they would both be required to answer a series of questions relating to their credit history but due to the fraud the questions they were asking couldn’t be answered correctly. The other option was to do the global lift but since they have another layer of fraud protection per (buyer), to remove this requires documentation to be mailed to each bureau which would take so much time.

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mchookem
mchookem

alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
Esque

Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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Incredulity

Incredulity 11657

Posted
Posted (edited)

Maybe the buyer is schizophrenic.

I heard a story from a realtor once about a guy who repeatedly posed as an extremely wealthy buyer but could never be satisfied with a property.  He would bail on transactions during due diligence because of things like, there is not enough space for his private helicopter.  Turned out he was just a very bored retiree.  

***disclaimer***   Not sure if that is realtor urban legend or really happened to the lady who told me the story.

Edited by Incredulity
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Neonmoon

Neonmoon 38129

Posted
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22 minutes ago, Gil Bang said:

Here's what the processor wrote in an email

 

 

 

In addition to having a credit freeze for both borrowers, all bureaus, there were several layers of the fraud alert on both borrowers. We had them do a global lift which would normally take care of it but apparently it was more in depth due to some fraud that occurred. In order to go around this, they would both be required to answer a series of questions relating to their credit history but due to the fraud the questions they were asking couldn’t be answered correctly. The other option was to do the global lift but since they have another layer of fraud protection per (buyer), to remove this requires documentation to be mailed to each bureau which would take so much time.

Stewardess, I speak processor

Your clients had their identity stolen, and opted into a bunch of fraud protection programs. That's great, except when they need to access their credit. They forgot the answer to all their security questions, and thus couldn't remove the fraud guards by phone/online. Now, they are fucked and have to do it by snail mail. This will take time, cost them in extension fees, etc. 

 

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Wulaw Horn

Wulaw Horn 19068

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8 minutes ago, UTPhil2006 said:

Man yalls 2 deals are making me feel much better about my couple of minor hiccups from buyers this AM 

Oh mine isn't a deal. Just trying to do God's work and get a man with 550 credit score cleaned up enough to buy a small place to call his own someday. His last place got Harvey destroyed, insurance wasn't going to pay and he had to bail/walk.  Cool- you need to punish him for that punish him- fair's fair I guess.  But at some point in time it's got to have a period on it and stop.  

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Wulaw Horn

Wulaw Horn 19068

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3 hours ago, UTPhil2006 said:

Back in the 3.3xx’s after a decent run the last couple days. Hopefully keep it rolling 

You jinxed us and killed us all.

MBS down 27 basis points today (down is bad)

10 year treasury up 7 (up is bad).

We are down about 90 basis points from the best we had it a couple weeks ago and the first week of February.  

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Gil Bang

Gil Bang 25922

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Posted (edited)

fuck, this business is tough.

So, the notary goes out and my buyers sign the loan docs at their home.  Notary is supposed to send the note to the  loan warehouse in AZ, and the deed to Escrow in La Jolla to be recorded.  He gets it backwards.  So, escrow is sitting on all the funds, and they've got nothing to record.  And my buyer, an attorney, is in trial today, so he's got no time to re-sign a new DOT until tonight. 

So, we are delayed at least 1 day. 

Edited by Gil Bang
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Wulaw Horn

Wulaw Horn 19068

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1 hour ago, Gil Bang said:

fuck, this business is tough.

So, the notary goes out and my buyers sign the loan docs at their home.  Notary is supposed to send the note to the  loan warehouse in AZ, and the deed to Escrow in La Jolla to be recorded.  He gets it backwards.  So, escrow is sitting on all the funds, and they've got nothing to record.  And my buyer, an attorney, is in trial today, so he's got no time to re-sign a new DOT until tonight. 

So, we are delayed at least 1 day. 

Not laughing at you. But it's just the way it is lately man.  Laugh or cry.  If it's only a day then laugh. If deal is dead then cry.  

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Wulaw Horn

Wulaw Horn 19068

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Inflation came in lower than expected and the MBS are up 30 this morning accordingly. 
this is off of a tough comparison point last year and next month it gets even better allegedly. 
my peeps are heralding next month as a turning point, maybe we get there a month early?  

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UTPhil2006

UTPhil2006 3806

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27 minutes ago, Wulaw Horn said:

Inflation came in lower than expected and the MBS are up 30 this morning accordingly. 
this is off of a tough comparison point last year and next month it gets even better allegedly. 
my peeps are heralding next month as a turning point, maybe we get there a month early?  

From your lips to gods ears. Needs to happen soon with buying season getting going 

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Bozo_Casanova

Bozo_Casanova 26437

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2 hours ago, Wulaw Horn said:

Inflation came in lower than expected and the MBS are up 30 this morning accordingly. 
this is off of a tough comparison point last year and next month it gets even better allegedly. 
my peeps are heralding next month as a turning point, maybe we get there a month early?  

Wages up 5.1% YOY.  I don't see rates coming down anytime soon. 

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Wulaw Horn

Wulaw Horn 19068

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MBS down 44 points.  Remember- down is bad for interest rates and makes them go up.

10 year up like 15 basis points- up is bad on this measure. 

National average this morning was 6.65 I expect it to end the day at 6.75% if this keeps up and closes where we are at right now. I had high hopes when I saw the bank failure that we'd have a good day with a flight to quality and MBS and bonds, but no such luck.  Fed is allegedly going to hike 25 bips this week and not even give any guidance that they are pausing or done- they are being incredibly stubborn. It's like they don't understand the difference between a leading indicator and a lagging indicator (employment and Housing are both lagging indicators) and are being reactive when they should be proactive and thus will make this shit worse, and then require a Quantatative Easing when we go full on recession and perhaps deflation.  

So, yeah- happy monday. 

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Catpfish

Catpfish 618

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32 minutes ago, Wulaw Horn said:

MBS down 44 points.  Remember- down is bad for interest rates and makes them go up.

10 year up like 15 basis points- up is bad on this measure. 

National average this morning was 6.65 I expect it to end the day at 6.75% if this keeps up and closes where we are at right now. I had high hopes when I saw the bank failure that we'd have a good day with a flight to quality and MBS and bonds, but no such luck.  Fed is allegedly going to hike 25 bips this week and not even give any guidance that they are pausing or done- they are being incredibly stubborn. It's like they don't understand the difference between a leading indicator and a lagging indicator (employment and Housing are both lagging indicators) and are being reactive when they should be proactive and thus will make this shit worse, and then require a Quantatative Easing when we go full on recession and perhaps deflation.  

So, yeah- happy monday. 

Hasn't this been the Feds MO for the last 2 decades plus?  Slow to react in both ways, it seems.  Why should now be any different?  

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Wulaw Horn

Wulaw Horn 19068

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6 minutes ago, Catpfish said:

Hasn't this been the Feds MO for the last 2 decades plus?  Slow to react in both ways, it seems.  Why should now be any different?  

Yes it has been.

I wasn't expecting different.  I was hoping for less obstinance as my industry has been lit on fire, but expecting them to toss water instead of gasoline on said conflagration was probably foolhardy in the extreme.

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Bozo_Casanova

Bozo_Casanova 26437

Posted
Posted (edited)
43 minutes ago, Wulaw Horn said:

MBS down 44 points.  Remember- down is bad for interest rates and makes them go up.

10 year up like 15 basis points- up is bad on this measure. 

National average this morning was 6.65 I expect it to end the day at 6.75% if this keeps up and closes where we are at right now. I had high hopes when I saw the bank failure that we'd have a good day with a flight to quality and MBS and bonds, but no such luck.  Fed is allegedly going to hike 25 bips this week and not even give any guidance that they are pausing or done- they are being incredibly stubborn. It's like they don't understand the difference between a leading indicator and a lagging indicator (employment and Housing are both lagging indicators) and are being reactive when they should be proactive and thus will make this shit worse, and then require a Quantatative Easing when we go full on recession and perhaps deflation.  

So, yeah- happy monday. 

This is not a CR post, but remember when you were still posting on the politics board and for the last two decades I've gone on and on about the need to normalize rates and stop paying for tax cuts with debt during expansions because of what would happen in the event of a demand shock? 
They understand. But the party is over and the bill has come due. I know this is not a fun time for your industry or mine. But our profligacy of the last 23 years has consequences.

Edited by Bozo_Casanova
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Wulaw Horn

Wulaw Horn 19068

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1 minute ago, Bozo_Casanova said:

This is not a CR post, but remember when you were still posting on the politics board and for the last two decades I've gone on and on about the need to normalize rates and stop paying for tax cuts with debt during expansions because of what would happen in the event of a demand shock? 
They understand. But the party is over and the bill has come due. 

I honestly don't think they do when I listen to their comments and then read the analysis. I honestly don't think they understand housing costs peaked 15 months ago and make up 44% of the metric and that hasn't shown up in the inflation statistics yet but will. Some of those guys seriously sound like they have no idea what drives any of the inputs in the equation that literally makes up 50% of what they are charged with watching out for (inflation) with unemployment being the other. And, they don't seem to understand that unemployment won't go up until we are well into a recession and it's too late to positively affect the issue.  Maybe I'm naive and they get it and are just acting like they don't for whatever purposes they might have. 

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Nonbryan

Nonbryan 173

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Is there an easy way to do this?.......Here is the background....    I'm going to buy a house for $150k, if I bring $75k to closing, and my current house is worth $75k, is there a way to do some type of bridging loan that is easier and cheaper than jumping all the hoops that a mortgage requires?   Thanks for the thoughts.

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Nonbryan

Nonbryan 173

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Posted
7 minutes ago, Nonbryan said:

Is there an easy way to do this?.......Here is the background....    I'm going to buy a house for $150k, if I bring $75k to closing, and my current house is worth $75k, is there a way to do some type of bridging loan that is easier and cheaper than jumping all the hoops that a mortgage requires?   Thanks for the thoughts.

Man that was a shittily written question, apologies.....to clarify, I want to pay $75k and then when my home sells (In ATX) put the other $75k down and be done. What is the easiest and most cost effective way to do this?

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Upgrayedd

Upgrayedd 5810

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3 minutes ago, Nonbryan said:

Man that was a shittily written question, apologies.....to clarify, I want to pay $75k and then when my home sells (In ATX) put the other $75k down and be done. What is the easiest and most cost effective way to do this?

Credit card

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Wulaw Horn

Wulaw Horn 19068

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I closed a deal that was absokutemy dead in the water 2 weeks ago today. We started over, got some stuff squared away, got on the appropriate program and he’s going to bounce back after his divorce in a better spot quicker than he thought possible. And we only ended up 1 day late from the start over. 
Phew, I’ve been holding my breath for a week. The house came in 41k under appraisal so that got the seller to work with us on timing. Walking on sunshine right now about this deal being squared away. 
so happy. Happier than Gil after his condo I bet. 

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Chewbacca

Chewbacca 7767

Posted
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3 hours ago, StassneyHorn said:

This guy takes charges in pickup games

He seemed to think he's on WWE, not an NBA playoff game.  I still don't know how they call a foul on Jokic there.  That happens with literally any other fan in the arena and not only is there no T called, but the fan gets ejected.

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Wally Fairway

Wally Fairway 5541

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2 hours ago, HamsterHookah said:

As a walk-on as a nepo baby because his dad was a big donor.

Are you implying that is a bad thing?
Last year MSU had Izzo's son (5'6" 150lb senior) and Barry Sanders son (5'9" 170lb freshman) on the team; any other team you know of that have 2 kids on the team whose father  in the HOF. 
Well okay - I will grant you neither of them would be like a Manning, or PrimeTime's kid.

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Gil Bang

Gil Bang 25922

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I closed a deal that was absokutemy dead in the water 2 weeks ago today. We started over, got some stuff squared away, got on the appropriate program and he’s going to bounce back after his divorce in a better spot quicker than he thought possible. And we only ended up 1 day late from the start over. 
Phew, I’ve been holding my breath for a week. The house came in 41k under appraisal so that got the seller to work with us on timing. Walking on sunshine right now about this deal being squared away. 
so happy. Happier than Gil after his condo I bet. 

I closed a deal that was absokutemy dead in the water 2 weeks ago today. We started over, got some stuff squared away, got on the appropriate program and he’s going to bounce back after his divorce in a better spot quicker than he thought possible. And we only ended up 1 day late from the start over. 
Phew, I’ve been holding my breath for a week. The house came in 41k under appraisal so that got the seller to work with us on timing. Walking on sunshine right now about this deal being squared away. 
so happy. Happier than Gil after his condo I bet. 

b1c5e778cdd561c5e67b5653269a0792.jpg
Here’s my current view. Are you this happy?
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