Financing in Forsyth>Question Details

Bryan Horn, Real Estate Pro in Pacific Beach, San D...

i have a few FHA clients that are underwater but have 600 or even a 560 FICO. They want a rate and term refi. Who can i refer them to?

Asked by Bryan Horn, Pacific Beach, San Diego, CA Wed Aug 15, 2012

thank you

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19
Gentlemen:
I pray to my God on your behalf to please excuse the nasty words stating by the 2 of you. Unfortunately, as we know, there are people who feel the need to slander others and call them bad names to feel important. I pray that the 2 of you find it in your heart to ask for forgiveness for the horrible things you said about me. I understand that you don't know that I don't collect fees and have proof of such and that I am not a broker, nor a lender or loan officer. I also forgive you for not knowing that I am an independent consultant with no license and that I get paid referral fees by those I refer business. I pray to God that He will help you overcome your devilish ways and learn that insulting God fearing people is not the way to live life. Fred, I'll be sure to send a letter to CNBC and let them know how rude you were and how you spoke ill of me. I understand you probably don't believe in God, because otherwise you wouldn't have been so disrespectful, but God hears everyone. Gregorio, I'm not Stupid. Only Stupid people call other people Stupid.
1 vote Thank Flag Link Thu Aug 16, 2012
Send them to Alfa Investments and Loans they have FHA Streamline using credit rating only. NO appraisal, no income.

You can reach them at 714 -698-9758
0 votes Thank Flag Link Wed Oct 10, 2012
Bryan,

There are a few lenders out there who can do this, next year at that time, this answer will probably be different so future readers, make sure you check with your loan officer(s) about current guidelines as when we contributors post here, it's usually accurate at the time we post it but years later some posts become inaccurate but still popular.

P.S. On the other topic below, it's interesting to see the transformation of a self-incriminating statement as more and more information is brought up and more and more back-tracking occurs.
0 votes Thank Flag Link Tue Sep 11, 2012
Hey Bryan,

We have a affiliate brokerage company we use for ficos below 620, they can possibly qualify for the FHA Streamline Refinance Program. If you haven't found anyone to help you feel free to give me a call.

Jovan Simon
Account Manager
In House Lender
714-619-3172
0 votes Thank Flag Link Mon Sep 10, 2012
Mr Bill Polack the unlicensed person that poses as a loan officer to attract contacts from unsuspecting borrowers then solicits referral fees from licensed loan officer says:

"I'm not a lender or a broker. I haven't gotten around to changing my trulia title. I'll call them eventually. I just don't have time right now. Trulia doesn't have any other titles available. "

I say:

Really? That's odd, I'm sure I saw the title of "Other/Just Looking" as an option. But, that would not be nearly as convincing now would it.

Sorry Bill, I have zero tolerance for fakes. NMLS, DRE and those that regulate the SAFE act don't find your convenient lack of judgement very funny either. Your record of posts here (yes I took it upon myself to read them) makes it very clear what your intentions are.

Loan officers in California that manage to maintain their DRE and NMLS find the disparity in licensing requirements for those that do not to be frustrating yet laughable. That's bad enough, but for those that are fraudulently posing, it makes it exponentially frustrating especially when they are doling out incorrect and unscrupulous advice under the guise of being a LO. Our industry has a lot of healing to do and people like you are not making it easy.

I cannot even express to you how much I want to see you off of Trulia as a start, issued a desist and refrain as a second and prosecuted as the coup de grâce!
0 votes Thank Flag Link Thu Aug 16, 2012
So what's your point? Seriously? Are you on a witch hunt? I've done nothing wrong. Ok. I'm sorry that I worded the answer incorrectly. I don't do loan mods. I don't know how. I guess I should have said, "I'd recommend doing a loan mod". My bad. So sorry to have insulted you. Lock me up. I don't do loans. I'm not a lender or a broker. I haven't gotten around to changing my trulia title. I'll call them eventually. I just don't have time right now. Trulia doesn't have any other titles available. I'm not a Realtor, so I can't use that. What other choice do I have? Maybe instead of slamming me, you can help me resolve this issue. By the way,
I don't work with people who do loans covered by RESPA. Everyone I refer business to requires a person to use an LLC or corporation to buy properties. No refinancing allowed, especially for primary residence. Can't touch those. This kind man asked if someone could help his clients. Do you not want to help them? By the way, are you a loan officer and a Realtor? Ha! I have a client in San Jose with a problem. Perhaps you can help him. $800k loan. I found him on trulia. DTI 56%. Has upside down condo. I believe max fha limit is 750k and he's got 100k.
0 votes Thank Flag Link Thu Aug 16, 2012
Mr Bill Polack the unlicensed ex loan officer who claims "I enjoy helping people" states :

"The referral fees paid to me are not stated as origination on the closing documents (there is no HUD-1). The loans I get for people are not covered by RESPA. Do you think RESPA allows loans at 15% with 5 points in fees?"

I say:
Anyone that thinks taking a referral fee for referring hard money lenders with 15% rates at the cost of 5 points is not particularly "helpful" .

Just so we all get the full picture of Mr Polack:

Item #1) On this thread he clearly stated:

"I'd have to do a loan modification with them. It costs money up front (usually between $1500 to $2500 depending on the complexity of the loan)."

Mr Polack,
The word "I'd" would imply YOU! YOU would therefore be the person doing the loan mod YOU just solicited. YOU just stated that the loan mod YOU just solicited required an up front fee of $1500, to $2500 in violation of California law; and you also have no license as you clearly stated to even do one, fee or not.

Item #2) On this thread YOU clearly stated:

"I am an independent consultant with no license and that I get paid referral fees by those I refer business"

This is absolutely a violation of RESPA.

Regarding referral fees:
Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or anything of value in exchange for referrals of settlement service business involving a federally related mortgage loan. In addition, RESPA prohibits fee splitting and receiving unearned fees for services not actually performed.

What is a federally related mortgage loan you ask?

Code of Federal Regulations
Volume: 5
Date: 1999-04-01
Original Date: 1999-04-01
Title: Section 3500.2 - Definitions.

"Federally related mortgage loan or mortgage loan means as follows:
(1) Any loan (other than temporary financing, such as a construction loan):
(i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property upon which there is either:
(A) Located or, following settlement, will be constructed using proceeds of the loan, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit); "

There are others all the way to "F" but it's covered by the first choice. Hard money loans on residential properties can be covered by RESPA.

Thanks again for multiple admissions of a criminal behavior and intent.

FYI:
Violations of Section 8's anti-kickback, referral fees and unearned fees provisions of RESPA are subject to criminal and civil penalties. In a criminal case a person who violates Section 8 may be fined up to $10,000 and imprisoned up to one year. In a private law suit a person who violates Section 8 may be liable to the person charged for the settlement service an amount equal to three times the amount of the charge paid for the service.

Good luck!
0 votes Thank Flag Link Thu Aug 16, 2012
Gregorio, I don't collect fees for origination of RESPA related loans. Not all loans are covered by RESPA. The referral fees paid to me are not stated as origination on the closing documents (there is no HUD-1). The loans I get for people are not covered by RESPA. Do you think RESPA allows loans at 15% with 5 points in fees? Look, I'm not incriminating myself. You can report me to Obama if you want to. My maker is the only one I have to respond to and I believe that after surviving cancer and a heart attack, I've been allowed to stay here to help people. I survived a mortgage foreclosure, 2 car repo's and the loss of a child. I'm still here. I'm not going anywhere. Unfortunately.
0 votes Thank Flag Link Thu Aug 16, 2012
That's olay guys. Do what you feel is right. I'm not aware of such laws. If you feel it is your responsibility to keep people from being helped by individuals who are just trying to help, so be it. I get a lot of leads from this sight and am blessed enough to be able to advice them (for free). I enjoy helping people and I feel compelled to let people know that some of these companies charge up front. I'm just a person with contacts trying to help. Again, if you want to destroy my character on this site, go for it. However, I will continue to answer questions and continue to help people because I enjoy doing so.
Fred, thanks for the advice. I will call trulia and ask them how to changed my title on the site. I was unable to figure out how to change the title and didn't think much of it. I didn't realize people really cared about my title as long as I was able to help them.
0 votes Thank Flag Link Thu Aug 16, 2012
Bill Polack the unlicensed person that solicits loan mods and originations on Trulia says;

"I understand that you don't know that I don't collect fees and have proof of such and that I am not a broker, nor a lender or loan officer. "

Unfortunately, there is direct evidence to the contrary on this very thread that you collect up front fees by your own words. Also, as Mr Glick points out, collecting a referral fee for a mortgage origination is a violation of RESPA. Thank you for again incriminating yourself. Soliciting any mortgage origination without a license is a violation of the SAFE act. Claiming you are a Mortgage Broker or Lender without being one is a violation of the federal law.

I too have a fiduciary duty to report you and it's already been done.

Trulia needs to remove any reference to you being a lender or broker immediately before anyone else is duped.
0 votes Thank Flag Link Thu Aug 16, 2012
"I am an independent consultant with no license and that I get paid referral fees by those I refer business."

That's a violation of RESPA.

You also list yourself as a mortgage broker on your Trulia page which is against state and federal laws.

Sorry, but you need to change your business practices and what you put yourself out to the public as.

Religion has nothing to do with it and it is nothing to hide behind.

I'm sorry, but I do have a fiduciary duty as a professional to notify the proper authorities who will do the investigation.

Sorry,

Fred
0 votes Thank Flag Link Thu Aug 16, 2012
Fred says;
"And, Gregorio, I have tons of sources and none do that low a score,e specially on a streamline, no appraisal. Can you email me the wholesalers"

Emailed.
0 votes Thank Flag Link Thu Aug 16, 2012
Upfront loan mod? Really> It's against the law. Bill, turn yourself in now to the attorney general, make it easy!

And, Gregorio, I have tons of sources and none do that low a score,e specially on a streamline, no appraisal. Can you email me the wholesalers? fred@fredglick.com

Thanks
0 votes Thank Flag Link Thu Aug 16, 2012
For the record:

BillPolack, Mortgage Broker or Lender at Polack & Associates
Atlanta, GA with an undisclosed license number states:

"I'd have to do a loan modification with them. It costs money up front (usually between $1500 to $2500 depending on the complexity of the loan). The fee can be broken into payments. Either the interest rate will lower or the loan amount will decrease. It's best if they are not behind on their payments. In California, the laws protect the lender more so than the home owner, in that case in modification doesn't work, we can do a NOTE loan to refinance the loan. It is based on on time payment history and requires the home owner is employed. Credit is not a factor."
0 votes Thank Flag Link Thu Aug 16, 2012
Anyone charging money up front for a loan modification is violating the law.

Please visit this site for the attorney general of the state of California which clearly outlines this illegal practice.

http://oag.ca.gov/consumers/loan-modification/

Immediately report anyone soliciting up front fees for loan modifications at the link above; especially those stupid enough to do it on a public forum!
0 votes Thank Flag Link Thu Aug 16, 2012
I'd have to do a loan modification with them. It costs money up front (usually between $1500 to $2500 depending on the complexity of the loan). The fee can be broken into payments. Either the interest rate will lower or the loan amount will decrease. It's best if they are not behind on their payments. In California, the laws protect the lender more so than the home owner, in that case in modification doesn't work, we can do a NOTE loan to refinance the loan. It is based on on time payment history and requires the home owner is employed. Credit is not a factor.
0 votes Thank Flag Link Thu Aug 16, 2012
Bryan,

I can certainly assist your clients with a FHA streamline with credit scores as low as 560, but as Rodney points out, they will need to have a clean payment history. For Mr Glick to say "nowhere" is simply not accurate. I have 2 different wholesale sources for FHA purchase and refi transactions with these scores assuming the borrowers otherwise qualify.

The bottom line is that a 560 score is not a disqualifier, other things may, but it won't be the score.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Aug 15, 2012
Nowhere. Sorry, but the market is not buying these loans with those credit scores.

HARP needs at least a 620-640 score and must get approved in the LP or DU system.

Sorry!
0 votes Thank Flag Link Wed Aug 15, 2012
With those credit scores, their current mortgage company is probably their sole option. That is even if they will go that low. With scores in that range, there are probably lots of recent late payments.
0 votes Thank Flag Link Wed Aug 15, 2012
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