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Demiurge
Join Date: Aug 2005
Posts: 36,367
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now you can.
Quote:
TripletDaddy: arent those the marks on the face from bad acne?
venemous viper: statman- not currently. indiana maybe.
Bernard: points after closing?
MikeWaters: Stat, VV won't buy your house, because he only buys houses that are near what a first-time buyer would get, at or below the median fo th earea.
cougjunkie: POC to me means paid outside of closing
cougjunkie: not sure what it means to you VV
TripletDaddy: i dont even know what we are really talking about. POC? what is the context?
venemous viper: waters- you actually listened at breakfast!!!
cougjunkie: some lenders charge a fee just for using them
bYuPride: I'm still waiting to hear from someone what someone should pay a month on a house making 50k a year.
TripletDaddy: wow. vv and waters have teamed up?
Ylasvegas: they have to make money no?
venemous viper: poc as it relates to the loans you gat on real estate.
8ballrollin: buy low, sell high
cougjunkie: byupride 1000 a month is good for you
TripletDaddy: oh, then isnt junkie right? paid o/ closing?
BlackBart: byupride, are you looking for payment or total purchase price?
Tim: what's the discussion?
bYuPride: both i guess..
TripletDaddy: POC definition
venemous viper: poc is directly affecting your rate of interest. Money is like any other commodity. Bought and sold every day.
MikeWaters: all I know is that I got a loan that was supposed to be no points, and had 1 point. and somehow I was stupid enough to get an ARM, which was fine I thought because I didn't figure to be in the house after 4 years. Looking to move pretty soon.
Brother_love: x
Donuthole: Death to Realtors is the topic of the day.
Save Ferris: I think 8ballrollin is right, your goal is to buy low and sell high. If you buy high and sell low, you won't make any money
cougjunkie: VV what are you talking about?
Brother_love: closing costs are the biggest scams
BlackBart: $1000 a month seems to be pushing it...sounds about 35% of net, right?
cougjunkie: please explain
Ylasvegas: lol
Tim: I just got done booking flights and hotels for a work trip starting next week. I'll have to watch the Tulsa game over the internet.
Donuthole: Or I just said that to bother Ylasvegas
Statman: That's the game I'm playing right now Ferris...
venemous viper: par rate would be 7% today for an investor. If I choose to buy down that rate, I can pay extra points and get less tha 7%.
Statman: I'd just like to SELL...
cougjunkie: those are called points, not POC
TripletDaddy: stat, where in chi is your pad?
8ballrollin: SM, how long has it been on the market?
bYuPride: how much could 50k get approved for... excellent credit, no debt.
Brother_love: points are what crooks use
Statman: Way out west - near Elgin
BlackBart: Do you own anything in Vernal, stats is looking for a sweet crib in Vernal
bYuPride: what's your best guess....
TripletDaddy: Elgin is sweet!
Statman: about 35 miles from downtown
Statman: EElgin is NASTY
TripletDaddy: John Hughes loves Elgin, baby
venemous viper: If your mortgage guy is shady, he bumps your rate up and collects EXTRA points because he sold you a higher rate than par and the lender paid him a bonus. You never know it unless you know where to look.
cougjunkie: byupride i could approve you for up to 55% of your DTI
Save Ferris: I thought Statman was interested in Baker, CA.
Statman: Elgin is dangerous
Ylasvegas: Who is going to the UCLA game
bYuPride: i am!
BlackBart: DTI?
TripletDaddy: dangerous only in that it will steal your heart and never give it back
8ballrollin: OT: TD, safety dace?
cougjunkie: you mean at the HUDS where it says yield spread premium VV?
Ylasvegas: I am so stoked!
BlackBart: I am...not
bYuPride: debt to income
MikeWaters: if you are screwed by your lender, what recourse do you have?
MikeWaters: Can you do something so he loses his license?
BlackBart: sorry...of course...
TripletDaddy: speaking of HUDS, does anyone remember the movie CHUD?
venemous viper: pride. You can qualify EASIER for an investment property because lender will count a % of the rent toward the qualifying.
Statman: My wife gave me the thumbs up - but we're not going. We could use the $500 or so we'd spend. Eweting house!
Brother_love: deflate his tires
TripletDaddy: Cannabalistic Humanoid Underground Dwellers
Statman: I saw that movie
bYuPride: hmm....
MikeWaters: stat, you are taking a loss right now paying all that interest.
MikeWaters: Why not sell it at a loss. cut your losses.
cougjunkie: people dont understand that lenders take risks as well, for example if i quote you 7% on a loan and i am making back 1% YSP, and i decide not ot lock the loan, if rates get better and i make back 1.25% ysp then that is my reward for not locking the loan, on the flipside if i dont lock and rates get worse i could also lose money
Brother_love: Have you ever seen the movie Teen Wolf
BlackBart: You could get Dan the Laptop Man and SuperDell and use their leverage with the BBB to go after mortgage companies
cougjunkie: VV try buying an investment property without owning a primary residence first
BlackBart: CHUD was gnarly
TripletDaddy: CHUD>Teen Wolf
bYuPride: vv... investment property.. lendder will count % of rent? can you explain a little more?
Ylasvegas: NEED FOOTBALL TALK!
TripletDaddy: I think CHUD was filmed partly in Elgin
venemous viper: cj- it is up to the buyer to decide to lock and pay a fee for it. Your excuse doesn't hold water.
MikeWaters would like to point out that this is an official real estate chat. If you have other business, create a new room.
jxncoog: Ylv, no game on XM radio this weekend
jxncoog: dangit
venemous viper: cj- I've just bought several and NONE are owner occupied.
Ylasvegas: xmradio?
BlackBart: CHUD was filmed partially in Elgin, then in Vernal for the gratuitious parts
Statman: I don't have the $$$ to close at a loss. We've bought and sold 4 houses and never made a dime. We put down about $35K, and that plus equity we've paid in over the last three years will all be eaten up in closing costs (taxes, fees, lawyers and real estate agents...
Save Ferris: Teen Wolf? I remember my older brother's buddies "surfing" on one of the buddy's beater vans growing up. Watching Michael J. Fox dribble was classic.
jxncoog: xm carries a couple of pac10 games a week
cougjunkie: have you owned a house in the past VV? first time home buyers have a hard time buying investment properties
Ylasvegas: Ahh
TripletDaddy: Teen Wolf > Breakin' 2 Electric Boogaloo
MikeWaters: stat, do you have the money to continue to lose on interest month after month?
Save Ferris: Best scenes in cinema history:
Ylasvegas: It's on TV nop?
MikeWaters: sorry, should be no smiley face there
Brother_love: I agree
Ylasvegas: no?
venemous viper: go look at your closing statement on the part with loan processing, appraisal, origination fee etc.
jxncoog: on vs
Save Ferris: Top Gun Volleyball Scene, unintentional comedy gold
bYuPride: brb
Statman: Cash flow - yes. We have the cash flow to continue with the status quo.
MikeWaters: I don't want to go look at the loan. nothing I can do about it now, and it will just piss me off more.
TripletDaddy: Top Secret: intentional comedic gold
Ylasvegas: what about the Tulsa game is that on TV?
Save Ferris: The Phoebe Cates scene from Fast Times at Ridgemont High
jxncoog: but I am going to be out, at the ward party
jxncoog: might get ksl
cougjunkie: people have to process the loan, appraisers need to be paid, and the lender needs to be paid, do you like working for free VV?
TripletDaddy: Ferris.........go on....
venemous viper: If there is a dollar amount written in the margin and NOT carried over into the actual totals in real dollars, you got screwed,,,period.
Save Ferris: The Jeff Spicoli "Isn't it our time" scene with Mr. Hand
BlackBart: I feel for Stat. We tried to sell for a year in Vegas. We had already moved to Houston. We finally took the hit and got out of it.
Ylasvegas: DVR,TIVO is your friend!
Ylasvegas: I don't know how people live w/out it!
jxncoog: indeed ylv
Save Ferris: The Paul Newman boiled egg scene from Cool Hand Luke.
Statman: getting TIVO is a life-changing event
venemous viper: cj- those are legitimate fees, kickbacks to the mortgage broker for UPPING the rate are not.
Ylasvegas: Saved my marriage
Save Ferris: Soul Man- the entire movie
Brother_love: Yes - I will never do without Tivo or a DVR
TripletDaddy: what about the mashed potato scene from Clouse Encounters of a Third Kind...
TripletDaddy: Why stop at Soul Man? really anything with C Thomas Howell
BlackBart: What are standard 30 years locking in at these days?
jxncoog: ddd, i need to see that movie again, mustve been 9 when I saw it last
cougjunkie: VV it is against the law to charge more than you are charged by a 3rd party, if an appraisal is 350 dollars i have to charge that or i get in trouble i cant charge 400 dollars and pocket hte extra 50
Save Ferris: Hmm, I don't know, not on my list. Though speaking of C. Thomas Howell, the Matt Dillon "Do it for Johnny" scene is pretty nice.
TripletDaddy: jxn, which one? soul man?
jxncoog: Close Encounters
TripletDaddy: the one where Tom Cruise has blood in his mouth?
venemous viper: go check your hud statement. If you have a rate yield premium spead or an amount P.O.C., you paid a higher rate than par, and your broker got the amount as a kickback for upping your rate.
TripletDaddy: jxn, dont do it. remember it as you do now. if you see it again, you will notice that the special effects are ridiculous
Statman: I love the mortgage ads that say "We never charge any closing costs" Translation - we're going to give you a rate higher than the current going rate so we can sell your loan at a premium to some investor...
exUte: a broker wouldn't do that, would they vv?
Statman: the piper has to be paid somehow. Closing costs or no closing costs...
cougjunkie: so you dont think lenders should make money on the rate?
cougjunkie: everything should be priced at par?
Save Ferris: Patrick Swayze in his mid-30s playing a high school kid in Red Dawn definitely deserves honorable mention. That eclipses anything accomplished by Ian Ziering.
jxncoog: I just can't put the story back together in my mind
venemous viper: cj- you're not addressing the p.o.c. I have no problem with the other junk fees. I just want a par rate and pay a fair origination fee.
exUte: ah ha vv, you caught cj at his game?
Statman: those who originate the loan don't hold it for more than a month or two - 99% of the time...
cougjunkie: Industry is 1 on the front and 1 on the back, so you think you should get better than that?
jxncoog: I remember "Legend of the Lone Ranger" much better (around the same era) and I understand now that it was an awful movie
Brother_love: Patrick Swayzee is the most hands ome man I have ever met in person. His looks are stunning
cougjunkie: industry standard
MikeWaters: I think a lender can do what he wants as long as he is OPEN and HONEST and FORTHRIGHT.
MikeWaters: I have a World Bank loan. I don't think it was ever sold.
Save Ferris: And mentioning the Karate Kid is too obvious
venemous viper: cj- I got 1 on origination today for an investor loan- NOTHing on the back.
TripletDaddy: jxn....several people around the country (and the globe) have visions of a visit from space aliens. the visit takes place near Devils Tower. the aliens show up, communicate with us through music, and a few people hop on board and fly away to live forever and have experiments peformed on their bodies
jxncoog: so the game starts 30 minutes after the ward party start
Statman: I have Stake Conference...
TripletDaddy: Legend of the Lone Ranger? awesome flick. Michael Horse as Tonto
jxncoog: oh yeah, now I remember....that movie was stupid....thanks ddd
cougjunkie: VV i would give you the same deal, if you come to me one time, one loan you get what everyone else gets, because of the volume i do you will still get a better rate than anywhere else but you I will make 1 on the back and 1 on the front
Statman: And our HPGL is one of my Cougar Football buddies.
Save Ferris: I watched Close Encounters with my wife recently, neither of us had seen it. It's an okay movie, but it hasn't held up particularly well.
cougjunkie: I have to much business to spend time doing loans for free
Statman: he wants to watch it on TIVO at my house.
jxncoog: We will be way up north of town at mormon row, might be able to get the game but I don't think my Blackberry will work
Statman: I want to skip Stake Conference and just watch the game.
venemous viper: the lender that is making the loan is happy to just get his rate. It is the mortgage broker that thinks he should sneak something in on the back end. Why not just tell the customer you charge 2 % loan origination and let him decide. Don't hide it in p.o.c.
cougjunkie: VV you are doing multiple deals i could justify a break in that scenario
Statman: Statman is conflicted...
Save Ferris: Cool Hand Luke, One Flew Over the Cuckoo's Nest, these types of movies hold up for some reason.
jxncoog: Our Stake used to schedule stake priesthood meeting on SB sunday
MikeWaters: I don't understand the purpose of the mortgage broker. Seems like an unneccessary middleman. Go to the lender direct.
cougjunkie: I am completely upfront, i will tell my clients, and most of the time the client doesnt want to pay the other 1% out of their own pocket so they are fine with paying 1 originatioin and more often than not i do no closing cost loans and i charge 3% on th back and no fees on the front its fairly common
Save Ferris: I wonder what kind of idiot it takes to schedule a stake priesthood meeting on SB sunday.
jxncoog: no comment sferris
cougjunkie: mike if you went to wells fargo and asked for a mortgage loan to their retail side, like your local branch, i could get a better rate from wells on the wholesale side than that local guy could
jxncoog: but they quit doing it, I watch Vinieteri hit one through the uprights at midnight one year
venemous viper: cj- why shouldn't the beginning investor get the same deal? You're being prejudiced. He may buy more properties later. If you are up front, he'll come back. If you are doing it in the back door, he won't, imho.
Statman: We had a stake President in IL that scheduled a stake youth fireside on SB sundayl. Almost no one went. A few weeks later we had a training meeting with the General YM's President. the SP told the story, and the YM's Prez asked him why in the world he would do somehting so stupid?
cougjunkie: lets put it this way i have done 4 loans for countrywide employees int he last month
jxncoog: the worse part is that Teton pass is pretty treacherous on Sunday nights in January/February
Statman: The SP was trying to toot his own horn (he was kind of a dope) - and the YM's Prez shot him down. it was classic...
MikeWaters: so if I get a loan from you for 200k, you get a 3% fee?
cougjunkie: well VV if he plans on buying multiple properties i may work something otu with him, but like i said i dont like working for free as I am sure you dont, I will tell him exactly what i am making on the deal
cougjunkie: no mike i usually make 2%
jxncoog: But the meeting has always been worth it.
cougjunkie: i have to disclose my ysp and all of my fees
venemous viper: cj- you are charging too much. This is not rocket science.
MikeWaters: what kind of work does it take to do one home mortgage?
MikeWaters: how many hours
Brother_love: s
cougjunkie: but VV come do a loan with me, i am a correspondent lender with several companies you will never know what i make i can legally not disclose yield spread
cougjunkie: so do real estate agents make to much VV?
Brother_love: I cant believe that someone would actually type that in a board mail and scream at me..
MikeWaters: I can answer for VV: YES
cougjunkie: i have spent as little as 2 or 3 hours on a loan, and i just did a construction loan that i spent over 100 hours on
jxncoog: cj, its not the agent, its the brokers
cougjunkie: it all depends on the borrower, there is a lot of work that goes in to it
exUte: for what the majority of them do, yes
MikeWaters: that is why VV says don't buy and sell. Buy, rent, hold, refinance.
jxncoog: cj-I hear const loans take a lot of effort
jxncoog: my mortgager hates doing them
venemous viper: cj- How do you feel you are working for free when you receive 1% origination, processing and other junk fees. On a median price home in Utah, $300,000 , that would be nearly $4000. You think you need 8-12K for what you do??
cougjunkie: Isnt VVs daughter a real estate agent?
MikeWaters: 8-12d for one day's work?
exUte: yeah, isn't that what you make Mike?
exUte:
jxncoog: what's a realesnake/dirt pimp make these days? % on sale?
MikeWaters: VV is not against people making money legally. But he is for keeping his own money w henever possible. hence he would not be inclined to pay 6% to realtors if he can help it.
cougjunkie: 1% origination goes to me, processing fee goes to my processor, not sure what other junk fees? my lenders charge me underwriting, application fee, docprep fee, tax service fee, and whatever else they decide to charge, then the title company has fees, then the county wants recording fees, i make a small portion of what is actually charged if closing costs are 3% i make 1% of that
cougjunkie: where do you get 8-12k?
cougjunkie: 1% on the front and 1 on the back is 6k
MikeWaters: that's what VV said, on 300k home, if you jack up rate.
venemous viper: cj- glad you brought up my daughhter. Yes, she is a broker in Killeen, Texas and owns her own brokerage. The other offices hate her BECAUSE her policy is to do half the normal commission rate. I'm very proud of her.
cougjunkie: how about this, i made 1% origination and 4% ysp on a 2 million dollar house in southern california
cougjunkie: half?
cougjunkie: 1.5% is still a lot for what they do
cougjunkie: agents do about 1/10th of the work of loan officers and i know because i am sitting in a real estate office as we speak and ia m contracted with C-21
Statman: Once the albatross in Chicago sells, I plan on doing a little VV-style real estate investing. Housing will take a hit here in UT - it's already started in Utah county. give it a year, and prices will be low enough that investment will look attractive again...
venemous viper: cj, in a word,,,,,,baloney
cougjunkie: really VV, do you do loans?
cougjunkie: looking on the MLS, and driving people to houses is worth 3%?
cougjunkie: i can do an MLS search myself and go look at houses myself
MikeWaters: VV, would you like me to put him in his place? I hate to se eyou get your hands dirty.
venemous viper: I've probably had over 500 loans, and I know the work that goes into it. You are not treating your clients well, imho.
cougjunkie: putting a sign in someones yard and putting there house on the MLS is worth 3%?
cougjunkie: how am i not treating my clients well? Because i charge them the industry standard? my business has obviously not suffered at all, and I am upfront with everything, everything is disclosed to them
MikeWaters: No it is not. CD's aren't worth $18 either.
cougjunkie: but do people pay that?
cougjunkie: I have a step by step loan process, that shows exactly what a loan officer does and exactly how many people touch the loan, i will see if i can find it, you will be amazed
venemous viper: cj- when someone comes to you for a loan, your work is easy. A realtor may show someone houses for a month and NEVER get a deal. All work for free. I've been both lender and Broker. Both are overpaid most of the time. If you're collecting 3-4 % on a median price home, you're rapeing and pillaging, imho. There are good , upfront brokers out there, if you hunt.
exUte: what is the penalty if a title company indicates a clear title but at some future date it is determined that there is a lien on the house?
cougjunkie: if someone comes to me for a lona my work is easy? what is your guess on the percentage of people that i take a loan app for, spend hours shopping it around, gather all of there information and then they dont qualify?
cougjunkie: the title company is liable
venemous viper: cj- If you are charging a rate yield premium spread, and it doesn't show up in the actual charges column, they don't know what you're doing to them..
cougjunkie: i know inwest title just lost about 500k exie on a similar claim
cougjunkie: it does show up VV, it has to show up, it is against the law for it not to, unless you are a correspondent lender, on all HUDS it says YSP: and has a dollar amount
venemous viper: exute, depends on what the problem with the title is. It could actually be the responsibility of a PREVIOUS title company that missed it.
exUte: someone once told me that title insurance is worthless (but required) because the title company always manages to weazle out of that type of situation.
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09-05-2007, 12:49 PM
Never tried before today.
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