Andrew Ikeda 0 Report post Posted August 18, 2003 Greetings Fellow Investors, At US Funding, we have loans that cater to the real estate investor. As of this writing we have 100% non owner occupied loans for investors. We also have an ARM that starts at 1.95% for 5 years and then converts to a fixed for the rest of the 25 years at 5.008%. We have loans/mortgages that other mortgage companies dont offer! Seeing is believing. If you are interested in the best mortgages/loans available on the market today...please contact me at US Funding at: 1-888-889-1640 or 433-6800 in SW Washington. The Fax number is: 360-260-3272. You can also email me at: andikeda@netscape.net. Of course, I'm happy to pay a referral fee for loans that get funded. Ask me about that! Thanks for your time and consideration. Andrew Share this post Link to post Share on other sites
option8 0 Report post Posted August 18, 2003 Andrew,Do you originate in all 50 states? option8 Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted August 19, 2003 Option 8, Thanks for asking! I do know that we are licensed in Washington and Oregon. I cant say for sure about the other 48. I'll check into it and then get back to you. I do know that there are lenders out there that of course, are nationwide. Again, I'll check into it for you and get back to you as soon as I possibly can. In the mean time, if there are specific questions, feel free to ask me: andikeda@netscape.net or 1-888-889-1640 Ext 232 - US Funding (9 am to 5 pm PST) Please also inform me of any special situations or requests. Thanks. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted August 20, 2003 waiting to find out. Hello andrew are you there oh guess it is only 3:50pm there Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted August 22, 2003 Tony, There is a lender we work with who informed us that they will be able to assist us with funding outside of WA and OR by Wednesday of next week. I'm still busy investigating other lenders and their programs. I'll get back to you all soon...please be patient with me...the mortgage industry is a steep learning curve and there are a bunch of great programs out there. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted August 24, 2003 Andrew, As of this writing we have 100% non owner occupied loans for investors. We also have an ARM that starts at 1.95% for 5 years and then converts to a fixed for the rest of the 25 years at 5.008%.will this be avialable thru that lender i.e nation wide do you have to buy points i.e whats the overal cost I know I shouldn't be silly but can the arm be a non owner occupied. that would be sweet starting w/ less than $500 payments getting $400-500 cashflow keeping close to that as rent goes up found a couple houses (nice) on mls for 100k-115K would rent for $900-1000 (REGULAR RENT) buy rent for a few years then l/p Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted August 24, 2003 Tony, The lenders that I know of are doing 80/20's on the properties. Please forgive me for the 1.95% ARM. I went to the lenders class on this particular product and found out that the 1.95% is not the interest rate but rather what they call a payment factor. This is based on the loan amount. The company is called World Savings. They are the second largest S & L in the world. They use their own money to finance properties and they do not do 100% only 90%. Payments are biweekly and the first 2 years are deferred interest and their objective is to pay down the principle first and in turn, reduce the interest payments. The loan is paid off in 23 years as opposed to 30 on a fixed term. The interest rate is based on the passbook savings account interest!! At this time less than 1% and they have a margin fee of 3.65%. The 5.008% is based on the margin fee plus passbook savings for the month of July. The interest rates are changed monthly. This product has a cap rate of 11.95%. But think of it this way, if you take 3.65% from 11.95, that means that CD's, Money Market accounts, and other popular financial instruments must pay 8.30%. Now, the question is, when will that happen? Probably never as CD's havent paid 8% in a long while! (We're talking 90 day CD's and the 8% MUST STAY THAT WAY FOR ONE YEAR! I'll have to refer back to my notes but I believe that they will finance up to a four plex. Anyways, World Savings is Nationwide. I will call them on Monday and ask them more questions. Tony, where are you located? Sorry, I have to patiently wait until Monday to get the information. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted August 24, 2003 Andrew, Virginia 11.95% Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted August 26, 2003 Tony, Virginia 11.95% on passbook savings? I'd like to open an account there! Sorry, I've been super busy at the office and I have to admit that I havent gotten around to checking into out of state funding. I'll do my best to get you an answer quickly. Again, sorry for the delay..have mercy on me...a sinner!! Andrew Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted August 28, 2003 Yes, there are lenders that can do financing in all 50 States. You'll have to contact me for more information on who they are and what programs are available and what I can do for you from up here in WA State. I'll do anything I can to help Naked Investor members. Just let me know that so I dont ignore you or delete your emails. Andrew Share this post Link to post Share on other sites
-Tony- 0 Report post Posted September 6, 2003 Andrew what I meant was, Tony, where are you located?Virginia This product has a cap rate of 11.95%.Woooo 11.95% Share this post Link to post Share on other sites
tricolorro 0 Report post Posted September 29, 2003 "Of course, I'm happy to pay a referral fee for loans that get funded. Ask me about that!" Andrew Hi Andrew, I believe you are treading on dangerous ground here. Under RESPA laws you absolutely cannot pay referral fees for loans that get funded unless the referrer is a licensed mortgage broker or working under a licensed broker. I refer you to:http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HT Section 8: Kickbacks, Fee-Splitting, Unearned Fees Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or any thing of value in exchange for referrals of settlement service business involving a federally related mortgage loan. In addition, RESPA prohibits fee splitting and receiving unearned fees for services not actually performed. Violations of Section 8's anti-kickback, referral fees and unearned fees provisions of RESPA are subject to criminal and civil penalties. In a criminal case a person who violates Section 8 may be fined up to $10,000 and imprisoned up to one year. In a private law suit a person who violates Section 8 may be liable to the person charged for the settlement service an amount equal to three times the amount of the charge paid for the service. About RESPA go here:http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm I know it only seemes reasonable to want to offer a referral fee for any referred business but the Mortgage Industry has been plagued with massive fraud and the government has stepped in and instituted controls. Basically,you have to have some actual involvement in the loan process even if it is simply getting an application completed. You cannot legally get paid simply by a referral. Hope this helps.Patrick RESPA= Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act is a consumer protection statute, first passed in 1974. The purposes of RESPA are to help consumers become better shoppers for settlement services and to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services. Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted September 29, 2003 Patrick, You are absolutely correct and I want to take a moment to thank you for pointing that out. I've been a loan officer/originator for about seven weeks now and have a lot more to learn. These days I'm so busy that I do not need to give out referral fees or even need to drum up business. Sorry folks for any misunderstandings. I know many people are 'turned-off' or confused by my comments and posts on this site but rest assured that I will be honest and straight forward and am eager to help and work with investors regardless of where you are located. If I can be of further help or assistance, please dont hesitate to contact me. Thanks again, Andrew 1-888-889-1640 ext 231 Monday thru Friday's 8:30 am to 5 pm PST. Share this post Link to post Share on other sites
tricolorro 0 Report post Posted September 30, 2003 Patrick, You are absolutely correct and I want to take a moment to thank you for pointing that out. I've been a loan officer/originator for about seven weeks now and have a lot more to learn. These days I'm so busy that I do not need to give out referral fees or even need to drum up business. Hi Andrew, I know we already resolved this issue. I just came across an article on this topic:HUD Slams Lender's Real Estate Employee Referral Scam I pass on the link solely for whatever value you might get out of it. You seem like a real go-getter and it's great you are doing so well even though you are relatively new. We all have lots to learn always and it's nice when we watch each other's back. Regards,Patrick Here is the link: http://realtytimes.com/rtapages/20030930_scam.htm Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted October 1, 2003 Hi Patrick, Thanks again. This morning, the owner of the company I work for stated that according to RESPA, it is illegal to pay for referrals but not for leads! Several loan originators are paying for leads on the internet from what we've been told. Our company isnt doing this and we dont need to since we are all slammed and doing a lot of business out of our office. Lately, I've been working with investors who tell me that they would be happy to pay me a referral fee but what I've done is told them to keep the referral fee for themselves and let me finance the buyers....this way we are legal, no money exchanges hands and everyone wins. To the best of my knowledge, there is nothing illegal about this but if so, of course, I would be interested in hearing about it and reading bout it. Thanks again for the 'eye-opener'. Greatly appreciated!! Andrew Share this post Link to post Share on other sites
