Posted by Becca_FL on 12/20/07 1:27am
Msg #226948

Interview with a Subprime Lender

Interview with Founder Daniel Sadek of Quick Loan Funding.

Source: BLOOM
Date: Dec. 18, 2007. 04:45 PM EST


http://www.mortgagenewsdaily.com/video/embed.asp?id=992

Reply by Demore on 12/20/07 2:37am
Msg #226950

Becca FL

Thank you for this valuable information on mortgage news. It is nice that you sharing this site with us. It is appreciated your consideration.

Reply by thnotary_NY on 12/20/07 7:31am
Msg #226961

Exactly, what was "this valuable information on mortgage news", I wonder.

Reply by Sharon Taylor on 12/20/07 8:24am
Msg #226971

Wonder what the rest of the staff was like!

Wow, this guy is so unprofessional in appearance, talk, demeanor...yet he was responsible for initiating mortgages to people who should not have gotten loans and who are now having their lives and dreams ruined because of him and his bottom-of-the-barrel company. Disgusting when he said "Everyone deserves a loan." Yea, and he was going to make sure they got one so he could make his commission off it and move on with total disregard for the eventual consequences for the borrower who should never have gotten the loan.

Reply by Susan Fischer on 12/20/07 11:49am
Msg #227024

The empty promises that "We will refinance" in two years

led so many to believe that the ARMs were 'harmless' gave many unsophisticated borrowers a false sense of security that this was a temporary thing.

Many subprime borrowers, lured by ads and fast talking salesmen, were overwhelmed by 100 pages of small print written in purposefully convoluted language, and fed empty promises of future "fixes." I have heard LOs LIE to borrowers at the table. Heard their words. Watched confused, harried borrowers struggle to reconsile the lies with the words on the papers in front of them.

We professionals have come to understand the many loan products available. A far greater number of regular folks simply do not, and no amount of pouring over these docs will help their understandings. One very savvy borrower searched for over an hour at the table to find *all* the terms of his loan.

Of course there are people who ran up credit card debt and were blinded by hope, but they were at the same time duped by fast talkers out to make fast bucks by preying on those hopes.

To lay the blame entirely at the feet of the uneducated, financially unsophistocated "regular Joe" is being blind to the underlying crime of predatory lending. And, the practices of inflating home values, "bundling" loans, falsly rating 'paper,' and many other factors all contributed to the inevitable fall.

This thoroughly disgusting salesman turns my stomach with his puny justifications.

Reply by MistarellaFL on 12/20/07 4:11pm
Msg #227084

Re: The empty promises that "We will refinance" in two years

How many times did we hear this, folks?
Multiple times daily, some days.
Slimy creep.

Reply by Dennis D Broadbooks on 12/20/07 8:26am
Msg #226972

Is This Guy, Daniel Sadek, for Real?

I thought this was a joke at first. SNL, maybe?

Reply by Negrete on 12/20/07 8:36am
Msg #226977

Re: Is This Guy, Daniel Sadek, for Real?

He made his money and ran like all the rest of the crooks did.
He is most likely sitting in a nice house in Mexico and sipping martinias right about now.
Also, laughing the whole way to the bank.

Anthony J Negrete

Reply by BrendaTx on 12/20/07 6:53pm
Msg #227108

Yeah, Dennis, he's for real.

Google him. He's into more than lending.

Reply by sue_pa on 12/20/07 9:17am
Msg #226988

as a person, this guy is totally creepy. Certainly looks and sounds like a professional busiessman, right? BUT, he was so on point about the adjustable rate mortgages. I cannot begin to count how many loans I did where people balked at the word "Adjustable". One phone call to the lo or their realizing it was 'fixed' for the 2 years was all it took. Virtually ALL of them stated they would be refiing in 2 years, their income would be up and they could make the payments, whatever. They ALL clearly understood how the product worked but they zoomed in on the very short 'fixed' rather than the long term 'adjustable' details. I do not feel one bit sorry for any homeowner who is now in a bad position. Everyone is accountable for themselves. People are responsible for their own decisions and most of us have made bad decisions at one point or another, deal with it and move on. I also had countless people that I wanted to hog tie and gag to keep them on their chairs, keep their attention away from the kids and on the task at hand. People who continually discuss paint colors for the bathroom, what movie to rent for the kids on Friday, remember Uncle Joe's b-day is Sunday, etc., and refuse to pay attention, no matter how hard we try to direct their attention back to the task at hand are many of the ones who are now crying foul. what about all those borrowers who received their loan docs prior to our arrival and were too 'busy' to look through them? Again, the ones I'd personally feel sorry for are few and far between.

Reply by Philip Johnson on 12/20/07 9:45am
Msg #226996

Well said Sue. n/m

Reply by Maureen Lazar on 12/20/07 10:32am
Msg #227005

Hello, I agree partially with the regard to unprofessional but.. I do also know it is SPELLED out in the docs. Fixed or adjustable for how many years, how to calculate the arm changes and when to prepare for the change. The borrower needs to pay attention ask questions to the Loan Officer. Read their docs that is why they always receive them to reread and for record keeping. Many years ago when I first bought my new home we were told we qualify for x amount. Well, you need to do some math and see what would be affordable to you. It does not matter what x dollars you qualify for, how bout what you can afford. Just like buying a car. I really do not feel sorry for people that were willing to pay anything for cash out. Yet, I know that there are instances where they were absolutely mislead, my heart does go out to them. As for prepayment penalties that is also in the Docs. If the LO said it is fixed but docs say ARM than guess what it is ARM :> >:

Reply by CJ on 12/20/07 1:33pm
Msg #227056

This guy IS creapy. I learned to avoid guys like him in the hallways of Jr. High School. If I had even a notary show up to myself who looked and talked the way he does, I would not want to do business with him.

The borrowers I dealt with, I made sure they looked at the numbers on the Note carefully. Every one of them understood that "1% until the first payment, and every month thereafter". I also made sure they understood the TIL and the PPP. But they ALL would get defensive and say, "We understand, but have no choice becuase our credit cards are maxed out, and besides, they PROMISED to refi after three years".

This creep who said, "Everyone deserves a loan . . . you don't want them to be homeless", I believe he directly contribued to their current homeless situation. But on the other hand, if these borrowers would get rid of their trophy trucks, their boats, and quit spending thousands of dollars at Macys and Victoria's Secret, they wouldn't be in this pickle in the first place. (And so many of these women are shaped like potatoes, Victoria's Secret isn't going to help.)

I also noticed that most of the people in my territory getting these subprime loans were hispanics in the poorer neighborhoods, living way beyond their means, barely speaking English, and their processors who we would call, spoke to them in Spanish. So what can I conclude from that except that the borrowers were trusting these people becuase they were Hispanic like themselves, and yet, the Hispanic loan people were happy to take advantage of their own kind. Yet the borrowers distrusted me becuase I was white. (They would lean back in their chairs, look at me with a sideways squint, and ask why I don't speak Spanish).

I am sure there were plenty of evil lenders that came in all kinds of colors, and honest ones come in all kinds of colors too, but this is what I noticed in general. (I also leanred not not trust slick-dressed white young men who like to talk fast while throwing the confusing big words around. I understood what they were saying, and I knew they were trying to be confusing and vague on purpose, (like Legally Blond when she helped her friend get the dog away from the ex boyfriend), hoping the borrower would be too intimidated to say, "I don't understand". It usually worked, and made me so mad.

For me, now when I don't understand a salesman, I say, "I have no idea what you are talking about, so I am going somewhere else" and I leave.

Enough yakking for me. I notice I don't have to deal with any of these problems any more. For me, I live in a single wide, we paid it off, I shop at thrift stores, and we drive old cars we paid cash for. There are other mobile homes in my park, five minutes from the beach and they are $60,000, and no one is even looking at them. Everyone wants to live the high life. We have sunshiney, 75 degree weather every day, with no smog and an ocean breeze.

Reply by desktopfull on 12/21/07 11:27am
Msg #227223

Re: You explained the docs to the borrower.................

"...The borrowers I dealt with, I made sure they looked at the numbers on the Note carefully. Every one of them understood that "1% until the first payment, and every month thereafter". I also made sure they understood the TIL and the PPP. ..."

It also looks like you broke every rule in the book, that is unless you were their LO, SO, or Attorney. If you weren't one of the above, you had no business providing an explanation or meaning to any of those documents, you risked losing your commission and being brought up on charges by the bar in your state. Wow, some people just don't get the concept of "practicing law without a license."