How low can we go? 30 yr fixed at 3.75% with no fees...

[aquabliss]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew. 

 

[irvinebullhousing]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew.

Their processes and methods are incredibly efficient and streamline. Quick and on target. Others, that I dealt with in the recent are left me with aches and pain and stalling / circling.

Owning's seem to know exactly what they are doing. Makes their money from large volume, high transactions with efficient closing cost. In the end the customer satisfaction is what matters for any business. They aims for those. A winning recipe to me. That would be hard to put them out of business if they continue to perform well.

 

[sgip]

J Paul Reddam is the brains behind Owning.com, previously known as CashCall Mortgage before being sold to Impac Mortgage, previously known as LoanMe, previously running DiTech before selling to GMAC.  Reddam sees opportunity and takes what can be had out of it - Capitalism 101 BABY!! - but has also seen his fair share of regulatory bans because of some of the back office shenanigans that occur with high volume high pressure sales environments.

Given the lifespan of most Reddam companies being about 3-4 years, that's part of the reason why I don't see Owning getting much out of this run past 2022. Does it matter? Not really because his business model is to sell paper, not keep it. It has zero real impacts on borrowers, but will once the leads dry up. Owning may at some time need to partner with Quicken or UWM as yields race to zero.

More here:  https://www.latimes.com/projects/la-fi-reddam-cashcall-loanme/

My .02c

 

[Irvinehomeseeker]

So my local lender finally sent me the closing disclosure after over a months delay. Now that he has sent me the Loan CD, can I be rest assured that it will fund in a week as he promised or should I lock with another lender when rates are still low in case this lender fails to deliver?

 

[irvinebullhousing]

Sign it and see. A week go by very quick.

 

[usctrojancpa]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew.

Their processes and methods are incredibly efficient and streamline. Quick and on target. Others, that I dealt with in the recent are left me with aches and pain and stalling / circling.

Owning's seem to know exactly what they are doing. Makes their money from large volume, high transactions with efficient closing cost. In the end the customer satisfaction is what matters for any business. They aims for those. A winning recipe to me. That would be hard to put them out of business if they continue to perform well.

No doubt they have mastered the process but they only want the most vanilla transactions possible.  I think they?d underwriters heads would explode if they had to underwrite my loan as I have so many moving.  haha

 

[Cares]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew.

Their processes and methods are incredibly efficient and streamline. Quick and on target. Others, that I dealt with in the recent are left me with aches and pain and stalling / circling.

Owning's seem to know exactly what they are doing. Makes their money from large volume, high transactions with efficient closing cost. In the end the customer satisfaction is what matters for any business. They aims for those. A winning recipe to me. That would be hard to put them out of business if they continue to perform well.

No doubt they have mastered the process but they only want the most vanilla transactions possible.  I think they?d underwriters heads would explode if they had to underwrite my loan as I have so many moving.  haha

Exactly. Owning has mastered a niche borrower. Owner occupied, no appraisal needed, W2 income only, etc., etc.

If you have 1099? Need Schedule E tax returns? In forbearance with current lender? Need cash out? High LTV? Forget about it.

 

[usctrojancpa]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew.

Their processes and methods are incredibly efficient and streamline. Quick and on target. Others, that I dealt with in the recent are left me with aches and pain and stalling / circling.

Owning's seem to know exactly what they are doing. Makes their money from large volume, high transactions with efficient closing cost. In the end the customer satisfaction is what matters for any business. They aims for those. A winning recipe to me. That would be hard to put them out of business if they continue to perform well.

No doubt they have mastered the process but they only want the most vanilla transactions possible.  I think they?d underwriters heads would explode if they had to underwrite my loan as I have so many moving.  haha

Exactly. Owning has mastered a niche borrower. Owner occupied, no appraisal needed, W2 income only, etc., etc.

If you have 1099? Need Schedule E tax returns? In forbearance with current lender? Need cash out? High LTV? Forget about it.

Yeah despite low LTV and DTI I?m radioactive to them, guess I?m just too much of a headache n waste of time to underwrite.  lol  When I?m more motivated to actually refinance I?ll find a lender and get my low rate. 

 

[woodburyowner]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

 

[Cares]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

One of the unfortunate side effects of these large volume lenders. What rate are you supposed to be getting with them?

 

[akkord]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

They probably dropped you and will ignore you going forward, I'd restart with another lender, you should cancel loan cabin if they every get back to you, if they ignore me for 75 days, I'd never deal with them again.

 

[aquabliss]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

I was considering them until I saw their website and it looked like my niece middle school project.  They?ve updated it since then.  It?s still not great but my gosh you should have seen it a month ago.

 

[woodburyowner]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

One of the unfortunate side effects of these large volume lenders. What rate are you supposed to be getting with them?

I'm getting 2.625 30 yr w/ $8400 lender credit, conventional, appraisal waiver, no lender fees, standard 3rd party costs.  I'll continue to wait it out as the deal is just too good...

 

[akkord]

Good luck, most rate locks expire after 30/45 days.  We always hear it, if it's too good to be true...

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

One of the unfortunate side effects of these large volume lenders. What rate are you supposed to be getting with them?

I'm getting 2.625 30 yr w/ $8400 lender credit, conventional, appraisal waiver, no lender fees, standard 3rd party costs.  I'll continue to wait it out as the deal is just too good...

 

[Cares]

Has anyone closed with Loan Cabin recently?  I'm on day 75 with no updates on what is going on.

One of the unfortunate side effects of these large volume lenders. What rate are you supposed to be getting with them?

I'm getting 2.625 30 yr w/ $8400 lender credit, conventional, appraisal waiver, no lender fees, standard 3rd party costs.  I'll continue to wait it out as the deal is just too good...

I am doubtful they are going to honor that rate for you but I'll be happy for you if they do. I think even 75 days ago, that rate sounds too good to be true.

 

[John]

Closed/funded a refi with LenderFi this week. It took about 8 weeks. It started out rough with long periods of radio silence but once it got assigned to the processor it was pretty smooth. The processor I got assigned to made the experience positive in the end.

I ended up with 30yrs at 2.625% with a loan amount of $749.5k and 74.9% LTV. They gave lender credits to cover all but about $400 of closing costs. Now the wait to see who ends up servicing the loan.

 

[Cornflakes]

Not so much in this case. Owning popped up out of thin air to capture as much of the market as possible before anyone else could.

Not completely out of thin air.  According to my owning agent, the company was started by one of the execs at cashcall mortgage, he took the best employees with him and then more over time as business grew.

Their processes and methods are incredibly efficient and streamline. Quick and on target. Others, that I dealt with in the recent are left me with aches and pain and stalling / circling.

Owning's seem to know exactly what they are doing. Makes their money from large volume, high transactions with efficient closing cost. In the end the customer satisfaction is what matters for any business. They aims for those. A winning recipe to me. That would be hard to put them out of business if they continue to perform well.

No doubt they have mastered the process but they only want the most vanilla transactions possible.  I think they?d underwriters heads would explode if they had to underwrite my loan as I have so many moving.  haha

May be mortgage industry is in need of innovation.

They should not need same level of paper work and assurance form all borrowers.

If a borrower walks in and shows last three years of returns with $300k+ income, 760+ credit, and asking 50% LTV loan, just sign the papers. If borrower flakes, gain for the lender as they will and should make more money out of FC.

If a borrower walks in with barely meeting income, asset, credit criteria and wants 80 or 90% LTV, spend hors and days to button everything up and ensure to the fullest extent that the lender is protected.

 

[sgip]

The largest fixed cost of manufacturing a mortgage is support staff (processors, underwriters, funders, etc). Within 2 years these positions will be considerably reduced based on automation. That's good for pricing, but not always good for the consumer. It's hard to argue loan details with a computer program, but somewhat easy with enough documentation to get a human underwriter to finally approve a deal.

Lending will be split between high net worth/W-2/easy deals getting best pricing and low conditions and those complex deals with multiple rentals and creative accountants who use all legal means for an owner to pay as little in taxes as possible remaining frustrated with how loan production works. Those folks will get stuck with long processing turn times and mortgage terms that end up being a compromise, accepted just to get the deal done.

My .02c

 

[serial refinancer]

Can anyone comment on Loan Depot experience recently? I saw some people mention in the past of locking with them but nobody responded whether they actually closed or not.

I'm thinking about refinancing with them.  Are they sneaky with fees and who did they sell the loan to?

Thanks

 

[zovall]

I closed with Loan Depot in 30 days in mid August. There were no surprise fees. And so far, they have not sold the loan and I made my first payment to them on Oct 1st.