Posted by kkdmiddleton on 3/3/06 7:51am
Msg #101601

Well, I had a nightmare of a loan lastnignt.

I had a first and second, then a first. The single first was done first. No problems there. Then the bigger one was done. First of all the docs were two hours late (no suprise there). Second, on the borrowers firs loan, they charged him deliquent taxes by the seller, then they charged him taxes for 2006. What is going thru these peoples minds when they write up this stuff!! I haven't been on the other side of the table, i.e. the title co., but man, it makes you shake your head and wonder sometimes! At least the bo was nice enough about the whole thing. He just signed where I told him to and didnt want to read anything. I like it when they just sign and read later.

Reply by Charm_AL on 3/3/06 8:04am
Msg #101608

Here's my dream loan, met the borrowers yesterday at noon at a coffee shop. It was a Ditech, in and out in 15 mins. Of course I was too busy to stop back and make sure I fax over a million docs (with warnings/threats all over the first few pages) so I dropped it. Hope I get paid. lol

Reply by FlaMac on 3/3/06 8:19am
Msg #101611

It's the lender making the TC include the taxes..

I worked at a TC for several years and they do whatever the Lender requires since that is their customer (that's how they see it). I see many variations of this...tax payoff included on HUD, credit card payoffs that the borrower did not ask to be paid. Mainly deals with the lenders requirements and the debt ratio of the borrower.

IMO, the main reason is because the banks look out for each other. They make the borrower roll their credit card debt back into their new mortgage thereby making more interest. Then it gives the borrower plenty of room on the credit cards for new spending which allows the banks to make more interest.

Reply by cmd_NH on 3/3/06 8:29am
Msg #101616

Re: And after building credit cards back up means another...

possible refi or heloc with more cc rolled in! What a deal they got going!

Reply by kkdmiddleton on 3/3/06 8:39am
Msg #101618

Charm, I like DiTech loans. I've never had a problem w/them. n/m

Reply by Delta_CA on 3/3/06 9:18am
Msg #101641

You call that a "nightmare of a loan" and the b.o. just signed and didn't question anything? I'll take that "nightmare" any time.

Reply by kkdmiddleton on 3/3/06 9:28am
Msg #101644

I guess the real nightmare was waiting for the docs and then the huds being wrong. That took an extra 45min to figure out why the numbers were so off.