Posted by spnotaryplus on 4/9/08 10:58am
Msg #242797

Inreference to Wamu Msg #242606 posted yesterday

Here is an update on what is closing by the end of this month so far. If you want further information you can P/M me and I will update you accordingly.

We are also announcing some changes to our Home Loans business.


We will conduct our mortgage production business through our retail banking stores and our consumer-direct channels, which includes telephone and online sales. This is in line with our strategic direction to organize around our retail distribution network. As a result, we will be closing all our free-standing home loan centers and sales offices, and exiting wholesale lending (selling mortgages through third-party brokers).

This is the message:
We will consolidate all mortgage loan fulfillment into three core sites: Downers Grove, Ill.; Melbourne, Fla.; and Jacksonville, Fla. As a result, we will be closing our loan fulfillment sites in Bellevue, Wash.; Bethel Park, Pa.; San Ramon, Calif.; and San Diego. In addition, we will cease fulfillment operations in Irvine, Calif.

Reply by Cari on 4/9/08 12:02pm
Msg #242823

downers grove, IL

wonder if they are going to go worth w/ a TC I work with down there?? Gotta make a phone call.

Reply by Sandra Clark on 4/9/08 12:06pm
Msg #242825

According to article I read this morning - laying off 3000 people.

Reply by spnotaryplus on 4/9/08 12:16pm
Msg #242828

Re: Yes 3000 being let go bt there seems to be

more room left in the message for more layoffs. Around here the branches have drastically cut staff ours as well. retail will be the focal point for all loan submissions and channeled through the branches. As for the TC companies, I noiticed most banks/branches are staying with the TC's the wholesale side uses to obtain their information. Hope this helps.

Wholesale side is currently trying to schedule and close everything in their pipeline before EOM comes around. I hope this will at least make some of the NSA's day a little brighter with closings. Just hoping. Over on the East Coast Wamu pretty much wasn't doing much as of late. Used to close at least 3-8 a week now it was pretty much 3 a month or nothing, zilch.

Reply by Charles_Ca on 4/9/08 12:37pm
Msg #242836

WAMU has been making things difficult since the 1st of

the year. I submitted an excellent agency conforming loan with 43% LTV, 22% DTI, SIVA with a 780 FICO and WAMU required liquid assets in the amount of $165,000. It appeared to me at that time that they were shutting down the Wholesale business especially since their in-house lending has been getting more aggressive. It's been some time since they have been broker friendly. Also WAMU does most of their closings in house. They have several notaries on staff at the branches, cuts down on costs to both the lender and the borrower.

Reply by Cari on 4/9/08 12:57pm
Msg #242847

major conflict of interest...in-house notaries... n/m

Reply by Charles_Ca on 4/9/08 1:04pm
Msg #242854

I don't know about IL but in CA a lot of Banks have their

own Notaries. I've closed my own loans at WAMU since I've always liked them and use them as my personal bank. Always close at the bank and always for free!

Reply by Pat/CA on 4/9/08 1:05pm
Msg #242857

That is just crazy! $165K - ourtrageous n/m

Reply by Charles_Ca on 4/9/08 1:09pm
Msg #242859

Re: That is just crazy! $165K - ourtrageous

You're right, how many people keep $165k liquid, in todays market that is throwng money away.

Reply by Pat/CA on 4/9/08 1:25pm
Msg #242870

Re: That is just crazy! $165K - ourtrageous

Yes and I was also referring to all the other info you included! I've done loans and never seen that kind of requirement... especially with that FICO score, amongst the other factors in here.

So what, are the feds going to have to be bailing out these types of people also? In other words, so many people just need loans and are well-qualified, but the industry (and including the new government regs) is beginning to work against them, thus perhaps sending them into despondent situations unnecessarily. Oh, that's a whole other topic and I've got too much work to do to state my case further. Sorry. Hope you have a general idea of what I mean.

Reply by Charles_Ca on 4/9/08 1:57pm
Msg #242885

Re: That is just crazy! $165K - ourtrageous You're right,

That should have been a slam dunk! Unfortunately the banks have been burned so badly that they are nit-picking everything. I submitted the same package to IndyMac and they couldn't kept getting hung up in the borrowers' residency since the area is largely a toursit area. They kept asking for new and additional proof of residency. I think its going to get worse before it gets better, but don't look for the Feds bailing out anyone who can actually afford to pay it back