Luke Allison

Hello Merrill-

My name is Luke Allison and I am a retail Loan Officer with Flagstar Bank. My bank can consider your file for approval and will not deny it based on credit score. We can underwrite files down to a 550 score on our retail side. As far as lenders in the market go, we are one of the few taking Government files with scores that low.

Credit score can vary for a variety of reasons so the underwriter will consider your file based on the information on the credit report and the documentation that is sent in along with the loan package. For example, medical collections are routinely ignored from consideration while credit lates would be looked at with more scrutiny.

Please feel free to call me at your nearest convenience. Although I am based in North Carolina, I can close loans in all 50 states. I routinely do loans in Florida since I am originally from there.

Please call me
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com - Fri Nov 14 2008, 15:24

Hello MJS-

My name is Luke Allison and I am a retail LO with Flagstar Bank. I will tell you that you should be able to shop around your mortgage and not see your credit score take too many hits while you prequalify. However, once you get your mortgage, you will see your score drop as you acquire the new debt.

As for the gold standard of lenders, let me say that a mortgage is a mortgage and you should be able to get the relative same product from bank to bank.

However, if rate is what you are talking about, you probably would do best to go with your local credit union. I have seen rate quotes from credit unions that I have been hard pressed to compete with. If you want to deal with a national bank and you are looking for the best rate, I would suggest finding a rep for Taylor Bean and Whitaker. I am not sure if they have a retail channel or if they only work with brokerages.

As much as I would like to say that you should call me, if I am being honest I would tell you that the going market rates from TBW, Bank of America and Wells Fargo always seem to ever-so-slightly better market rate going. However, remember that the rate you get offered will always be determined by the day, how much origination your LO offers you and how much profit/rebate the LO wants to earn from your loan.

If you have any questions, please call me.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com - Tue Nov 11 2008, 16:30

Jennifer-
I am a loan officer for Flagstar Bank, the 7th largest originator of FHA loans nationally. If you need help obtaining FHA financing, I would be glad to help you. I can originate in all 50 states. By the way, your score is great to obatin financing.

Thanks
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com - Mon Nov 10 2008, 13:18

So sorry. I'm not a realtor so it's all the same to me.

Yes - I mean a list of properites nationally. Not to be the listing agent. From what I can tell, each property has a listing agent. However, agents are assigned individually to local agents not corporately. If someone would like to become more involved in selling our REOs, I am sure there is someone you can discuss it with.

Thanks - Fri Nov 7 2008, 08:53

One Word: Profit.

Not only will pricing be different from bank to bank, but you have to consider that each bank is going to make a specific profit off of each loan they sell, plus each loan officer is going to try and make their determined profit off of a loan. Assuming that you are just referring to discount points that will get a rate below market, then each bank has the ability to price a loan at any level versus the going market rate. That will vary from lender to lender. If you have any questions, please let me know.

Luke Allison
Flagstar Bank
828-777-8828 - Wed Nov 5 2008, 20:02