Who has the best Jumbo rates (non-conforming) and reasonably quick underwriting?

Asked by JJ Dickens, Los Altos, CA Thu Jan 12, 2012

I have become aware that while Wells Fargo and potentially Bank of America have great rates they are quite slow and picky when it comes to underwriting. Any hints would be highly appreciated! Thanks to all and Happy New Year

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11
Andrea Wince ~ Lic. 01439761’s answer
Andrea Wince…, Agent, Milpitas, CA
Thu Jan 12, 2012
The rate a borrower receives is highly dependent upon their credit score and other factors. When shopping for rates, it is best to shop all lenders rates on the same day due to market volatility. Underwriting is slower these days even for A+ rated borrowers. When underwriting says "jump" I say "how high?". Lending standards have risen to a new level.
1 vote
Tamishahelms, Home Buyer, Medina, OH
Wed Jun 29, 2016
Good information, I was fascinated by the facts , Does anyone know if my business might be able to grab a template CMS-40B form to type on ?
0 votes
Terri Vellios, Agent, Campbell, CA
Wed Jul 25, 2012
I give a thumbs up to Andrea. You need to shop on the same day because cost of funds change through out the day, just like the stock market.

You will want to talk to the lenders and find out what other fees they charge besides the rates.

My understanding is that Wells Fago Bank has pulled out of the Wholesale market so you would need to shop them directly.

I seriously love my lenders. They are direct lenders. I don't' know if they are the cheapest. I do feel confident that they care and offer a guarantee on what they promise.

Call Dave Setti at TurnKey Mortgage
David Setti Branch Manager
t. 408.377.8876 | c. 408.605.1848
f. 408.273.6356 | dave@turnkeyms.com
follow Dave: http://twitter.com/davidsetti
Web Reference:  http://www.terrivellios.com
0 votes
jjacobsDO, Landlord,
Fri Jan 20, 2012
Our office has had recent success with a Senior Mortgage Officer / Tom R. Callahan tom.callahan@bbvacompass.com
http://www.bbvacompass.com/mortgages/tcallahan

And the programs available are extremely competitive.
Also Huntington Bank and Bank of Ohio are good.

Best wishes to you!
0 votes
Annette Levi…, , New York, NY
Tue Jan 17, 2012
JJ,
I am with a direct lender-no middlemen, who does jumbos (even non conforming jumbos). Our underwriting is quick if you give us everything up front.
0 votes
Tony Lacy-Th…, Mortgage Broker Or Lender, San Jose, CA
Tue Jan 17, 2012
I think I can speak for all the mortgage brokers here when I say that a) we can nearly always get better rates than the retail banks - conforming loans or jumbo, and b) we work much faster - and harder. We're actively competing for your business where the banks are just waiting for customers to walk in. Need a pre-approval letter on the weekend? No problem. Need to talk after 5pm? 7pm? No Problem.

Try a broker!
Web Reference:  http://www.svmortgageguy.com
0 votes
Gregorio Den…, , San Diego, CA
Sun Jan 15, 2012
20% down and need a 700 credit score. No problem with a 30 day escrow.
Contact me for a quote.
Web Reference:  http://WeFixRates.Com
0 votes
JJ Dickens, Home Buyer, Los Altos, CA
Sun Jan 15, 2012
Loan amount would be 750-800K on a 1.1M to 1.15M home purchase. Thanks
0 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Sat Jan 14, 2012
JJ Dickens- I have my "little Book" website. I only originate non-conforming & commercial loans.- In addition to the portfolio loans I originate we are a correspondent lender for the major "Jumbo Lenders" as, Chase- GMAC- U.S. Bank - Wells Fargo & Portfolio Lender BOI (Bank of Internet).

You receive the same products & programs offered by them.

We underwrite & fund these loans in our name. After the property is "recorded" we sell the loan to them and they "service" your loan. - Currently we are funding purchase transactions in 30-days or less.

If you don't read all of my website- I have a "Next" "Hot-ling" on the bottom of each page. You can see "click Thur- in 40-seconds or less. I f you do not explore in-depth embedded links it will take around a half-an-hour to read.

Happy funding- Rudi
Web Reference:  http://www.umboc.com
0 votes
Gregorio Den…, , San Diego, CA
Thu Jan 12, 2012
What loan amount are you looking for and at what loan to value? A jumbo won't take any longer than anything else will. Should be able to get it done in 30 days; contact me if you'd like a quote.
Web Reference:  http://WeFixRates.Com
0 votes
Carl Henker, , 95928
Thu Jan 12, 2012
Bank of the Internet has some very compettive programs and I hear UW is quick.
0 votes
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