Posted by PA_Notary_II on 3/5/09 4:54pm
Msg #279688

Old Countrywide up to new tricks...

I understand some of cw's old execs have started a company called Pennymac that bought up a sizable number of defaulted loans from the feds for 38 cents on the dollar. They contact the bwrs and offer refis as low as 3%. Making tons of money since their investment is so low. My question...does anybody know if the closings are available to us peon Notaries. Sounds like there should be some business in there for someone. Anybody?

Reply by GA/Atty on 3/5/09 6:21pm
Msg #279704

I have not done a fixed rate under 4%.

Reply by Susan Fischer on 3/5/09 9:41pm
Msg #279768

But lots of loans 2+ points lower than the payoff loan, many

hovering at 4% and yummier...minimal to no cashouts/equity draining.

Monthly payments lowering by the hundreds, no pre-payment penalties, lower fees, and happy campers. Infrequent $$ due at the table; this week, the biggest was $45 bucks.

Reply by sue_pa on 3/6/09 7:03am
Msg #279785

Re: But lots of loans 2+ points lower than the payoff loan, many

I have about a 50/50 ratio of cash out and funds due with a very few zeroing out - usually due to a lender credit. First appointment this a.m. - $45,000+ cash DUE from borrowers.

Reply by Susan Fischer on 3/6/09 3:33pm
Msg #279859

Changes by the minute. $86K+ due for one this morning-

borrower laughed at me when I asked if I was including a check with return docs...he said, "Well, I can write you one, but it wouldn't be any good." (Wiring $ on Mon.)

The sun's finally out for a whole day, it appears. And borrowers lowering payments all week, smiles all around.

Hoping everyone has a wonderful weekend.