Companies to Avoid

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Let me preface by saying that every person should conduct their own research, and the opinions expressed in this thread are just that ... opinions.

So, I know when I asked about Ditech, a few people said they tended to not be as good as it seemed up front, and that in the end, they weren't even the cheapest.

What other companies would you recommend people steer clear of?
And why?

chow · Posted: Wed Jan 26, 2005 4:21 pm Post subject:

David, this is like asking if my well water taste better than your well water.

Just becasue one Branch or Hub of a lender is bad-and they maybe bad only because of the type of the file you turn in, That doesn't mean the whole company is bad.

This is something I have never understood about discussion groups. People get into them and then slam a company, without ever taking any responsibility, or at least telling people which Hub you deal with. You people will never understand the selling I did for SIB. And I was in post closing. Hell, I could sell you the shirt off your back right now if you have a line of credit!

I am the Queen of slam on CW's hub in Indy. Linda and I went round and round for two days, because I nailed her to a wall, and I could document it. On the vine.

I got over it. First I accepted her apology. She is a lady, and she talked to me Lady to lady. I will alway give her credit for that initial conversation. I agreed to shut up. I didn't send a loan to her Hub for 4 years. I just avoided that 9000 lb "monkey."

And I've had other issues with other lenders, but nothing like the dust bunny file at CW, with a Purchase aggreement signed by HUD as an accepted offer.....for a cop next door rehab-and if you write one, you'll know the hoops, and the relitter ass eating you take on them.

So, I guess my question back is: If you're going to nail a lender-who has the gold, to the wall- are you ready to miss the serving of food the lender may offer?

If a program is on our plate-we eat.
8) Be Gentle, be honest, and call someone else for a file opinion.

Now, can I pick on Spittle???? 8) I need your help!

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Okay, chow
I understand better now.
It seems the point I keep seeing is you need a good referal.
So I am going to need to learn how to get such a referal, as would someone else.

Are there people in the business who can give a qualified referal?
For example, maybe they don't do loans, but they know lots of lo's?

chow · Posted: Wed Jan 26, 2005 4:59 pm Post subject:

David wrote: Okay, chow
I understand better now.
It seems the point I keep seeing is you need a good referal.
So I am going to need to learn how to get such a referal, as would someone else.

Are there people in the business who can give a qualified referal?
For example, maybe they don't do loans, but they know lots of lo's?

Networking with people you trust? I'm sorry David, but I'm working on several deals where I may or may not make money. My focus is doing the right thing. This week, it's all about family. I've been on the phone for 6 hours making sure one transacation will not bite my "little brother."

I won't make a dime. But he's my Brother, and I want him out of the mess!

<chow pulls up Legal Licnese and goes to work>

Referral business. You can give loans to who ever you want to, in any state you want to. But I'm a" bit comfewesed"

"Are there people in the business who can give a qualified referal?
For example, maybe they don't do loans, but they know lots of lo's?"

if this is your question, here is the short answer.

if you are not licensed and give a referral, then you can not get paid. If you are selling a packet of leads, you buy all of them. (that is okay) If you are licensed then you need an agreement in wiriting with the referral, if it is a single deal-and the referral wants a fee.

Never Assume, just because a "Lender" will let you co broker-it's okay.