[Anthony]

Nothing wrong with loving to eat.
I love to eat. But I also like hitting the gym. Be aware of calories you consume, and then burn same if you’re looking to lose weight!

[Anthony]

It’s basically Brokering 2.0

So – a ‘mortgage broker’ has responsibility for finding the client, taking the app, and supplying documentation to a LENDER. That lender discloses, underwrites (or – another way they say it in this context is makes the credit decision), docs in their name and funds in their name.

That lender then EITHER sells the whole loan and servicing rights to another entity (i.e., investor) or retains the loan in their own portfolio.

The difference between a Broker and a Correspondent is primarily A) the ability to price in YSP (a correspondent can adjust their rates based on how much revenue they want to make v. how much risk they want to take on) B) Ultimate responsibility for the credit decision and C) Potential consequences in a default situation.

I’d be happy to explain further / show you what I mean. Like maybe a Zoom call?

Hit me back any time. afierro@mypowerlender.com or 818 231 0816

[Anthony]

I look forward to seeing more mortgage related content – you know – scenarios, stories of successful tough deals we’ve closed… 🙂

Political content serves to distract. Just my two cents…

[Anthony]

Another great place to pick up some knowledge…

https://www.hud.gov/program_offices/housing/comp/premiums/ufterm#:~:text=FHA%20Case%20Number%3A%20Unique%2010,number%20is%20called%20a%20case.

hud.gov

Terminology - HUD

Terminology - HUD

[Anthony]

Thank you Team!

I know we’re at month end – everyone is focused on closing what you’ve got in the pipeline.

Let’s connect first part of May on our

** OO and NOO Hard Money – 1st/2nd Lien Available | No Income/Assets/Appraisal Required in Most Cases. For 1st Lien, I can doc 24-48 hours after receiving a full package **CA ONLY**

** No Income Jumbo | No Income HELOCs

** DSCR in 36 States – Including Foreign National, FICOs Down to 575, and DSCR Service Ratios to 0.0

[Anthony]

This is also why I find the term ‘direct lender’ somewhat dubious and laughable.
The term itself feels like a marketing phrase. LITERALLY NO ONE in the FNMAE/FHLMC/FHA/VA/USDA space writes the check themselves. There are Brokers and Bankers. Bankers usually have a ‘prepurchase review’ that they have done with their end investor before funding.

No one wants to fund a loan they can’t sell.

[Anthony]

(A) Nothing is proven yet. Come on man!

(B) The harbor pilot was the one in command of the ship at the time of power failure. He was the one that called in the mayday

(C) The vessel was having electrical problems while in port.

This is nothing more than an accident. That’s all.