I might just ...

[Andrew Ikeda 0]

do this... But I'm not 100% certain yet.

 

Greetings Everyone,

 

An old, honest friend of mine with my kind of integrity from US Funding Group is now with another Mortgage/Bank and has asked me to join his team. I'm still pondering this because I know that financing is tight and I don't want to continue starving on a commission job.

 

I can tell you a little bit on this company.

 

First, they are a bank and not a typical mortgage company. What this means to the borrower is that your loan does not get shopped around to other lenders like IndyMac, Impac Mortgage, Countrywide, Wells Fargo etc.

 

This bank has it's own money, it's own lending standards, sets the interest rate and does it's own underwriting.

 

This is all good because our borrowers are not gouged with points and this company does not have near as many junk fees like many other companies out there have. Plus closing is a lot faster and it doesn't take as long to meet conditions that crop up.

 

For the loan officers like myself, I don't have to pay desk fees or an office fee. In addition to that, I can set my own loan origination fees. It used to be a standard 1% (which was customary). Some of the guys I was working with in the past were charging 2% as a standard and one guy even charged 4%. I'm thinking if I get hired and accept this position, I may just charge a tiered fee based on the loan amount rather than a percentage and if allowed to do that. This will save my clients money from having to pay interest on the interest.

 

The company, I've been told, is in the process of creating a reverse mortgage.

 

This company lends in: Arizona, California, Hawaii, Idaho, New Mexico, Nevada, Montana, Oregon, Utah and Washington.

 

If you have t/b's in one of these states that needs financing, send them my way and I'll see what I or my friend can do for them. I need to find out if it's legal, but if it is, I'll send a reward if the t/b's obtain financing through me. But hold that thought until I can investigate this more in detail.

 

I'm also looking at other types of financing for l/o's, rehabs and apartment buildings as well as other financing not covered by the company mentioned above.

 

I'd be very interested in reading your comments. What do you think? Should I go for it or not? I wrote this post to get a feel for whether I should do this or not.

 

Thanks for your consideration and comments and all the best with your investing.

 

Andrew

[MichaelC 160]

Andrew, no one can tell you what's right or best for you. The positives are you have experience in the field, the company is a lender themselves and not a broker, and you are being pursued by a friend.

The negatives are the real estate market and all that connects to it is slow these days. And lenders are being highly cautious with their funds. Being this is a commission position, you need to ask yourself what will you do during a bad month when applications are down or applicants have been rejected? All things to consider. I would start with a heart to heart with your friend and discuss your concerns and what you need to make this a viable opportunity for yourself.

Good luck!

[<Steve> 82]

Do L/Os, the old days of big bucks in mortgages is over. Do L/Os!

[Andrew Ikeda 0]

Thanks MC and Steve,

 

That's what weighs in on my mind. I already tried a commission job with insurance and that cost me 3 weeks of hard work for only $392 and that was given to me by my mentor.

 

I'd like to take on the mortgage job again but the 'bad months' concern me a lot too.

 

I'm still staying with L/O's and yes, Steve, I'm still pursuing apartments as well. There are two I'm working on in Eastern WA.

 

Ok, off I go to ponder this.

 

Thanks again.

 

Andrew

[Jason (AL) 1]

Yeah, no one can best decide what's best for you.

Not sure what your best month was when you were in the

lending, biz. But, just 1-2 CAs per month could be plenty enough

to live on.

If you're in larger-priced markets, just 1 would suffice.

$150,000 houses will get you anywhere from $3-5k per deal (2-3% down from OC).

I, personally, could live on this. Unlike the women here, the cost of living in Alabama is cheap.

That is, of course, you have an innate hunger for women, liquor, and food.

Then I suggest 2 per month to cover those aforementioned expenditures.

[Andrew Ikeda 0]

Jason,

 

You have a good point. The Pacific NW is still relatively high compared to other parts of the country. The average price of a home seems to be in the Mid $200,000 range. Of course, this is a rough estimate.

 

Oh man, women? I've got one alreadyy and she's a hand full! No thanks, two deals a month will be fine with me.

 

I'm thinking of doing CAs and loans! Those I can't make loans for I might be able to turn into t/b's or sellers?

 

Earlier today I found a lender that does all 50 states and I can work at home. I'm going to check this all out tomorrow. I'll keep you and everyone posted.

 

Take care.

[<Steve> 82]

Andrew-

 

If you get back into the loan business please let me know. I have a couple of refis I would like to try to do with possible cash out.

[Andrew Ikeda 0]

Andrew-

 

If you get back into the loan business please let me know. I have a couple of refis I would like to try to do with possible cash out.

 

Hey Steve and everyone else interested,

 

Well, I'm getting closer to this. I would like to try to find at least one or two loans to do before I go with the outfit doing all 50 states. They are charging their loan officers $195 a month as a fee to use their software and help with underwriting and other costs associated with loan origination. Having one or two loans would at least pay for the first month's fee. The guy told me on the phone that there was an admin fee of $495 per loan but I need to call the company again on Monday and ask about other fees i.e. underwriting, etc. The good part about this company is they do FHA, conventional, refi's, loan modification and even commercial loans.

 

Commenting on a previous post you wrote above, yes, the lending industry has drastically changed. the big bucks are gone but when I was with US Funding, I would have been happy to trade the big bucks for volume and for those reading this, Steve can testify to this. Unfortunately, only 3-4 people in the office felt the same way (out of over 80 loan officers).

 

Please help me spread the word around here on naked-investor. If I can get off to a good start, then I'll have a lot of time to spend and concentrate on your loans and for the rest of you reading this, I'll go the extra mile for you too.

 

It would be a great honor to help you out again Steve. BTW, how are those loans I did for you back in 2004 working out? I trust all is ok but let me know the truth.

 

Steve, can you please send me a PM at: andrew.ikeda@yahoo.com and run your numbers by me and I'll see what I can do. Thanks.

 

Take care everyone!

 

Andrew

[<Steve> 82]

Thanks I'll PM you.