Lenders tightening up? Umm No.

[Alex_angel]

I recentlymet with a mortgage guy who works for a major bank. I wanted to know if I can qualify and afford the monthly on one of the Pardee homes in CV at a little under $1 million dollars. Now I know I can’t afford it but I wanted to see what this guy would tell me. Basically he started throwing out numerous loans, arms, helocs etc… Pumping that this is a great investment and no money needed to get in. A couple years from now I can easily sell for a huge profit. Now I’m dying inside and have to tell this guy that the market is soft now and looks to be getting worse. He went on and on with his speech about the strong market, no money down needed, that 90% of his clients go this route etc… Basically after looking at what I would owe per month, I would be broke within 6 months but this guy didn’t care.

So now riddle me this. What does this crook have to gain for pushing so hard. Does he work on commision? He just seemed desparate to get me into the home damn well knowing I have no business buying a $1 million home. I thought the lenders were supposed to be tightening the rules but it seems to me all they did was raise the credit score min from 0 to 300 and as long as you are breathing they will still get you into that home.

[23109VC]

they only get paid if they close loans.. almost all these people are commission based.

it’s like when you go to the used car lot… and they want to sell you a car you dont neet, options you don’t neet, extras you dont need…

it’s sad – but the reality is the world is FULL of “professionals” who will walk you down a path to self destruction – smiling the whole way, telling you what a great move your making….

i have talked to many brokers/lenders/etc who I KNEW were trying to screw me. I’ve talked to car dealers who I KNEW were lying to me and trying to screw me.

it just goes to show you that there are a LOT of people out there who are ignorant… who are the perfect victims for these kind of scum

[23109VC]

they only get paid if they close loans.. almost all these people are commission based.

it’s like when you go to the used car lot… and they want to sell you a car you dont neet, options you don’t neet, extras you dont need…

it’s sad – but the reality is the world is FULL of “professionals” who will walk you down a path to self destruction – smiling the whole way, telling you what a great move your making….

i have talked to many brokers/lenders/etc who I KNEW were trying to screw me. I’ve talked to car dealers who I KNEW were lying to me and trying to screw me.

it just goes to show you that there are a LOT of people out there who are ignorant… who are the perfect victims for these kind of scum

[Drew]

What needs to happen is a few mainstream news shows, like 60 Minutes, Dateline, 20/20, etc. have to do some hidden camera expose segments on shady lending practices. Have the decoy meet with a mortgage broker and fully disclose all of his financial background, then capture the sleeze unfold as the broker weaves his convincing web of bullshit.

[Drew]

What needs to happen is a few mainstream news shows, like 60 Minutes, Dateline, 20/20, etc. have to do some hidden camera expose segments on shady lending practices. Have the decoy meet with a mortgage broker and fully disclose all of his financial background, then capture the sleeze unfold as the broker weaves his convincing web of bullshit.

[no_such_reality]

I thought the lenders were supposed to be tightening the rules but it seems to me all they did was raise the credit score min from 0 to 300 and as long as you are breathing they will still get you into that home.

All you did was talk to sales guy trying to pump you a loan. You didn’t actually apply, you didn’t actually qualify nor did you even get close to a real product they would fund you in.

[no_such_reality]

I thought the lenders were supposed to be tightening the rules but it seems to me all they did was raise the credit score min from 0 to 300 and as long as you are breathing they will still get you into that home.

All you did was talk to sales guy trying to pump you a loan. You didn’t actually apply, you didn’t actually qualify nor did you even get close to a real product they would fund you in.

[Raybyrnes]

no_such_reality

You are right on the money. This might have well been coffee room chatter because both broker, and alex were wasting time. Without a credit check there is no way of knowing what type of loan program you were eligible for. Additionally why would you waste time even talking to a mortgage guy about a 1 million dollar home if you know in advance that this is not something you could afford. I tend to think buyers are better off taking a moment and spending 1 hour on the internet and going through a couple of realistic calculations on what might be affordable. From there it is fairly simple to ask about a couple of programs and a decent professional should be able to provide you with an idea as to whether something is feasible. Stupid questions like what are your interest rates or points or payments are fairly meaningless until a credit check is run. Anyone can tell you a best case scenario but it is credit and underwriting that will determine final eligibility. Anyone asking these type of premature questions are inviting unscroupulous practices and bait and switch tactics.

[Raybyrnes]

no_such_reality

You are right on the money. This might have well been coffee room chatter because both broker, and alex were wasting time. Without a credit check there is no way of knowing what type of loan program you were eligible for. Additionally why would you waste time even talking to a mortgage guy about a 1 million dollar home if you know in advance that this is not something you could afford. I tend to think buyers are better off taking a moment and spending 1 hour on the internet and going through a couple of realistic calculations on what might be affordable. From there it is fairly simple to ask about a couple of programs and a decent professional should be able to provide you with an idea as to whether something is feasible. Stupid questions like what are your interest rates or points or payments are fairly meaningless until a credit check is run. Anyone can tell you a best case scenario but it is credit and underwriting that will determine final eligibility. Anyone asking these type of premature questions are inviting unscroupulous practices and bait and switch tactics.

[Alex_angel]

I love you know it alls who know nothing. First of all I rana credit check through this bank 2 months ago for interest in another home, since the report is valid for 6 months this BANK agent, not realtor or property agent was able to pull it out and use it. So before you guys think you know it all here is your reality check.

[Alex_angel]

I love you know it alls who know nothing. First of all I rana credit check through this bank 2 months ago for interest in another home, since the report is valid for 6 months this BANK agent, not realtor or property agent was able to pull it out and use it. So before you guys think you know it all here is your reality check.

[no_such_reality]

You either funded or you didn’t.

IMHO, if it didn’t fund, it’s a sales pitch.

Personally, I find the loan portion of RE to be the sleasiest part. Maybe I just need better bankers, but in the past, you have to double check every number and terms on signing day or you find a different rate, penalty clause, higher fees, extra fees, etc.

I’m wondering if SD has the same kinds of advertisements showing up in the busines and marketplace sections as we do in OC. Nice little box ads: “Be The Bank” “Beat The Bank” make 11-15% secured by real estate etc, for directs sales of Option Arms to “investors”.

I haven’t noticed them before in the OC, but it pretty tells you what the major market tolerance is for them.

[no_such_reality]

You either funded or you didn’t.

IMHO, if it didn’t fund, it’s a sales pitch.

Personally, I find the loan portion of RE to be the sleasiest part. Maybe I just need better bankers, but in the past, you have to double check every number and terms on signing day or you find a different rate, penalty clause, higher fees, extra fees, etc.

I’m wondering if SD has the same kinds of advertisements showing up in the busines and marketplace sections as we do in OC. Nice little box ads: “Be The Bank” “Beat The Bank” make 11-15% secured by real estate etc, for directs sales of Option Arms to “investors”.

I haven’t noticed them before in the OC, but it pretty tells you what the major market tolerance is for them.

[Raybyrnes]

Yeah, Coming from the guy asking if a mortgage guy is paid a commission. Get a clue. Additionally if your creit was pulled months before why would you waste your time talking to this guy. If you were approved the first time you should have already known what you were eligible for.

[Raybyrnes]

Yeah, Coming from the guy asking if a mortgage guy is paid a commission. Get a clue. Additionally if your creit was pulled months before why would you waste your time talking to this guy. If you were approved the first time you should have already known what you were eligible for.

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