Real Estate Forums

San Diego Real Estate · 04-09-2008, 09:39 AM

Hot off the Press another major player in the Mortgage Industry makes a major move. Washington Mutual, once one of the largest residential Mortgage lenders will stop originating mortgage loans through independent mortgage brokers due to the ongoing mortgage crisis. However, WAMU will still originate mortgage loans through its retail bank branches.

This is just one of over a 100 Mortgage lenders to drop out of the business in the past twelve months. It is why we are now experiencing the major issue of even closing an Escrow once it has opened!

lasvegasrealestate4u · 04-14-2008, 07:37 PM

Precisely why you need to make sure you are using a pro when it comes to lending. In today's market, shaky means slim to none....

It's back to the old days when we have to also qualify the lender on the sale or purchase of a real estate deal.

rachael24 · 04-15-2008, 07:08 AM

Professionals are def. your friends in todays world. I would not even think about lending without them.

lasvegasrealestate4u · 04-16-2008, 01:48 AM

Quote:

Originally Posted by rachael24

Professionals are def. your friends in todays world. I would not even think about lending without them.

Interestingly, it's all of the ones we were using Pre 2003. Go figure...

San Diego Real Estate · 04-19-2008, 01:05 PM

You are right...

Thats one of the reasons we really try to do the loans in house when possible!

When trusting in outside LO's to dictate your future how do you say OUCH!

lasvegasrealestate4u · 04-25-2008, 01:58 AM

There are plenty of stories out there about questionable lending practices but I think this is the first one I've seen concerning an Appraiser speaking out that actually worked for WAMU.

Business & Technology | Appraisers say WaMu cut corners to increase its mortgage business | Seattle Times Newspaper

Quote:

New York Attorney General Andrew Cuomo alleged in a suit late last year that WaMu corrupted that relationship and used the promise of more business to handpick favored appraisers who would sign off on inflated property values tied to WaMu loans.

San Diego Real Estate · 04-25-2008, 04:29 AM

IMHO...

This is exactly what most of the big banks as well as the little guys were guilty of... its called Greed...That along with our government being a sleep at the helm is exactly what got us in this mess. That is one of the reasons I threw in my hat as a Loan Officer some years back realizing that the majority of the subprime loans were nothing but fraud and I didn't want any part of it!

doemnsion · 05-10-2008, 04:39 AM

A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.