All Encompassing Mortgage and Real Estate Thread

[Gil Bang 26,247]

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.

[Gil Bang 26,247]

did they get a deficiency judgement? 

[Incredulity 11,880]

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 April 24, 2023 by Incredulity

[UTPhil2006 3,930]

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

[Gil Bang 26,247]

1 minute ago, UTPhil2006 said:

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

Fuck man, I'm sweating this one.  It's a nice, fat commission, and I'd like to collect it this week.

[Neonmoon 38,130]

22 minutes ago, Wulaw Horn said:

21st Mortgage is the outfit. I've never heard of them.

Ha, I refer them out sometimes as they're the only lender I could find in the USA that lend on manufactured homes built before 1976

[Neonmoon 38,130]

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. 

 

[Wulaw Horn 19,598]

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.  

[Gil Bang 26,247]

The lender just called me and said it's all cleared up now, and he can go to docs. 

Fuck yeah

[Gil Bang 26,247]

Update: docs went out and were signed last night.  Buyer wiring funds today,  closing tomorrow as scheduled!  

[Wulaw Horn 19,598]

Look at big man Gil, cashing checks and stacking paper. Congrats man.  Nice to get one in the win column!

 

[UTPhil2006 3,930]

1 hour ago, Gil Bang said:

Update: docs went out and were signed last night.  Buyer wiring funds today,  closing tomorrow as scheduled!  

So you’re flying me and Wulaw out for drinks on the ocean tonight?

[Gil Bang 26,247]

That would be fun

[UTPhil2006 3,930]

1 hour ago, Gil Bang said:

That would be fun

Okay just me. He’s much older. 

[UTPhil2006 3,930]

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

[Upgrayedd 5,914]

21 hours ago, UTPhil2006 said:

So you’re flying me and Wulaw out for drinks on the ocean tonight?

 

14 hours ago, Gil Bang said:

That would be fun

I’ll roll up there.  What time?

[Wulaw Horn 19,598]

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.  

[Gil Bang 26,247]

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 April 26, 2023 by Gil Bang

[Wulaw Horn 19,598]

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.  

[Gil Bang 26,247]

update:  The DOT was recovered by the lender, they fedex'd back to San Diego, and it's out for recording. 

[Gil Bang 26,247]

This fucking saga is over.  Meeting the carpet cleaner there tomorrow morning, installing some new knobs and deadbolts, picking up my check and heading out on vacation.

[UTPhil2006 3,930]

15 minutes ago, Gil Bang said:

This fucking saga is over.  Meeting the carpet cleaner there tomorrow morning, installing some new knobs and deadbolts, picking up my check and heading out on vacation.

Nice! Enjoy the Dallas airport and then water front!

[Wulaw Horn 19,598]

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?  

[UTPhil2006 3,930]

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 

[Bozo_Casanova 26,902]

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. 

[UTPhil2006 3,930]

50 minutes ago, Bozo_Casanova said:

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

[jimmyjazz 47,284]

23 hours ago, Bozo_Casanova said:

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

Well, ain't that a kick in the nuts.

[Wulaw Horn 19,598]

On 4/28/2023 at 10:53 AM, Bozo_Casanova said:

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

Yeah that's still below the rate of inflation though, so we are still net negative in wage growth YOY- right?

[Wulaw Horn 19,598]

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. 

[Bozo_Casanova 26,902]

37 minutes ago, Wulaw Horn said:

Yeah that's still below the rate of inflation though, so we are still net negative in wage growth YOY- right?

It's a mixed bag - here's monthly view, at an annualized rate where available

Edited May 1, 2023 by Bozo_Casanova

[Catpfish 618]

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?  

[Wulaw Horn 19,598]

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.

[Bozo_Casanova 26,902]

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 May 1, 2023 by Bozo_Casanova

[Wulaw Horn 19,598]

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. 

[Nonbryan 176]

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.

[Nonbryan 176]

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?

[Upgrayedd 5,914]

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

[UTPhil2006 3,930]

16 minutes ago, Upgrayedd said:

Credit card

Yeah for that low LOC

[ChickenSandwich 9,967]

2 hours ago, Upgrayedd said:

Credit card

2% Cash Back

[troph 25,247]

Best tax protest service in Travis county? I used pro tax last year and got the standard 10% discount. Who should I use? 

[Neonmoon 38,130]

PSA 

Zwicker & Associates can get fucked. Been trying to get a payoff letter from them for over a week. It’s like they don’t actually want the debtors to pay off their debts 

 

[UTPhil2006 3,930]

Only tangentially related to Mortgages but here’s the UWM CEO and Suns owner getting into it with Jokic last night 

 

[Wulaw Horn 19,598]

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. 

[StassneyHorn 6,790]

1 hour ago, UTPhil2006 said:

Only tangentially related to Mortgages but here’s the UWM CEO and Suns owner getting into it with Jokic last night 

 

This guy takes charges in pickup games

[UTPhil2006 3,930]

8 minutes ago, StassneyHorn said:

This guy takes charges in pickup games

He won a title at MSU which makes the flop even funnier 

[HamsterHookah 112]

1 hour ago, UTPhil2006 said:

He won a title at MSU which makes the flop even funnier 

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

[Neonmoon 38,130]

Why is Credit Union ARM pricing just laughably good?

[Chewbacca 7,830]

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.

[Wally Fairway 5,678]

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.

[Gil Bang 26,247]

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. 

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