I've been seeing people house-hack using FHA 203k to renovate dilapidated homes.
Can you use FHA 203k on a 4plex?
In LA, there's a lot of incentives to build additional units.
Can you use FHA 203k to build ADU and a junior ADU?
Has that happened to anyone?
asset depletion loans qualify borrowers by taking the borrowers post closing reserves amount and dividing by 60. That figure would be the borrowers “qualifying income,” to be used to then calculate their DTI ratio.
This program doesn’t need income or employment
My question is:
assuming the borrower only has the post closing reserves and no income, at the end of 60 months,
hoe does the lender expect the mortgage get paid?
Who has the best social media content when it comes to mortgages and lending?
Any specific mortgage posts that have gone viral?
I’ve been seeing the 5 day heloc ads on Facebook posted by west cap lending LOs.
what is the wholesale lender these are going to?
id like to set myself up with that lender as a broker, and advertise 5 day self-service Helocs too.
I’ve seen someone earn more than $500k on one commission.
Whats the most you’ve earned?
One of my clients is expecting it within 2 hours
Or he goes with another agent
His notion: If I can't be fast for the listing agent, how can I be fast once it's listed and in escrow?
How do you work with demanding clients?
Set expectations?
What systems are you using in your LO business?
Are you a direct lender or broker?
I have Calyx Point as an LOS, but looking to move to Arive
I was using mortgage coach for illustrations, but i figured that i can just use claude or gemini for that
For working with client-facing / agent-facing marketing, I'm thinking of getting HomeIQ, Homebot or MBS Highway
I have a processor and all he does is rewrite and summarize the underwriter conditions for me
is that what a processor is supposed to do? I’m paying this guy $1300 for that?
I can do that myself
and I can upload the files to the lender portals myself
not sure what the purpose of having a processor is
I figured out how to how to remove "spam" messages from Conversations Inbox.
Step 1: create a tag, like "spam"
Step 2: add the tag to each spam sender conversation
Step 3: on conversations tab, go to Filter > Tag > Is Not > "Spam"
This really helped me clean out my inbox.
what are you using to make your OMs?
buildout?
CRE builder?
Intel CRE?
Which is the best and easiest to use, and also makes the best OMs ?
Has anyone dealt with Selene Finance post closing?
I have a client whos insurance carrier changed, and we need to update the escrow impounds to make sure it gets paid accordingly.
But all phone calls go to voicemail, and no one replies to the emails?
With SB1211, you can build up to 4 detached ADUs on an existing 4-plex.
Would each ADU be appraised at the same price per unit as an 8-plex?
Example
Property 1: 8-plex (all 1 bed, 1 bath, 700sqf)
Property 2: 4-plex with 4 detached ADUs (all 1 bed, 1 bath, 700sqf)
If Property 1 sold at $1.6m ($200k/unit), would Property 2 also sell at $1.6m ($200k/unit)?
I've seen Orion's programs -
their conventional 3% grant at 6.000% intrest costs 6.411 points...
and at 7.750% interest, it costs 0.652 points
That wouldn't even make sense to get a 3% grant if it costs 6.411 points.
What other wholesale lenders offer better priced DPA programs? for conventional? vs FHA?
I know some LOs who give quotes with just a few bits of info: credit score, income, debts, available reserves, purchase price, down payment, etc.
Some LOs require an entire loan app and credit report pulled before sending a quote.
What do you do?
I’ve been interested in becoming a business broker
I currently have a mortgage and real estate brokers license
I was looking into eXp commercial since they both business brokerage and commercial real estate brokerage
any thoughts?
Like when their servicing transfers, and when their property insurance changes? And when they have questions about supplemental tax bills
I have a client whom I helped fund a DSCR loan in January.
Their insurance was changed from Farmers to Foremost (since Farmers isn't writing new policies in California I guess).
Should I be the one helping the client with updating the insurance with the servicer and the escrow impounds?
Or do you just tell the borrowers to handle it themselves, since you already did your job (i.e. closing the loan)?