Mortgage Lenders

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It might have 2 or 3 levels depending on income and two limited deductions -one for charitable contributions and one for home mortgage.
No income tax should be higher than 20% . In fact we need to amend the constitution to put in this limit.
Then we need a national value tax at the wholesale level-the % would be adjusted to balance the budget.
That’s it-two taxes.
yoy=you, typing error

I like the idea of a flat tax. Nobody pays tax on income under 25000. After that it is one flat rate. No deductions. It is much more fair this way than the current robin hood system.

We have a motor home that we purchased in 2005/2006 for about $237k. We owe $197k. We are just now late on our 1st payment because my husband is a framer and can’t find work in this economy and hasn’t for quite some time. We’ve eaten through savings and are selling off things to pay our mortgage and basically living off of credit cards and maybe a job a month now. I know, credit cards are a last resort but we have to eat and use gas to find work & get kids to school.
The bank suggested we short sell the motor home but we can’t seem to find a buyer. What do you suggest we do if we can’t find one? We will be 30 days late soon. Our credit is excellent(for the next week or 2 anyhow). I know we’ll take a hit but I don’t want to owe the $80k or so that will be left on the loan if they repo and sell at wholesale.
We have a 1st mortgage, no car payments, retirement savings of about $70k that I’d rather leave as a last resort.
Is bankruptcy an option with this high of debt? Would a repo be better? I don’t know what to do.

If you don’t pay the monthly on the motorhome, your bank will order a reposession. When they sell it, you will continue to owe the difference between the $197k + legal fees, repo fees, and lawyer fees, minus what someone will pay. If they sell it for $100k, you will owe $100K plus to the lender. Yes you will take a hit on the credit report, but at this time you can’t worry about that.

When (and IF) you go into bankruptcy, the court will take your $70k savings right off the bat. Then they will see if you can afford to hang on to your house. They will probably take one of the cars and sell it too. You credit cards will be canceled by the MC or VISA companies. But your entire CC debt will probably disappear as long as you can prove you did not go on wild spending sprees during the last 90-120 days, and the bankruptcy will be on your credit report for 10 years. But—not the end of the world.

I suggest you continue in ernest to sell the motor home–cut the price before the bank does it their way. A repo is not as bad as a bankruptcy. Make a sever emergency budget: 1) food-and cut this down to rice and beans (cheap as you can)-only to be bought to cook at home (no fast foods, no restaraunts, no Starbuck Lattes), 2) heating and electrical, 3) mortgage, 4) gas for one car, and insurance for the same car—as long as you don’t drive two, you park the second, and take off the insurance.

If you can afford it keep one cell phone (land line is cheaper), cable goes, other electronics can go too. No more malls, no more going out for a while. If you can’t afford the credit card payments, tell them so, and although the collectors will harassess you, just remember your are only worried about your family, your home, and getting by. If that motor home is not gone in 30 days, think about cracking open the retirement fund, but that is not endless, as you know.

I was a wholesale Rep in the mortgage industry a year ago and was laid off. Couldn’t find a job so I had to file for BK13 recently. During this time I finish an MBA and actually got on with a really good company. I make really good money now and very stable company. I am need of a car and need a car loan. Any way that I could get a autoloan while in BK?

i i was in your shoes the first place i would start is at the back where i have my checking account — if i was turned down i would request what i could do in three months to be able to obtain the loan– go on the offense and get the loan you need!!!

If Bank of America does takeover Countrwide Financial, what will happen to all their employees? The transaction is soley for the servicing potfolio. 90% of Countrywide’s loans were bought or originated by their wholesale division. Bank of America does not have a wholesale division anymore. BOA has been very vocal about their dislike of the wholesale business and mortgage brokers. Obviously all their wholesale reps will need to go elsewhere, but where will all the retail reps be placed? Bank of America already has a very exclusive sales force, so they are not interested in taking on any of Countrywide’s junk. One Bank of America loan officer produces the same as 5 Counrtwide loan officers, so obviously BOA is more concerned with quality that quantity.
A Countrywide loan officer in New York has stated that they will all likely end up at First Horizon as they would have a very difficult time adjusting to the banks culture.

Has anyone else heard where they may end up?

Much as i hate to be the bearer of bad news generally speaking the cream of the crop will be held and the rest will be dumped.
This field is cyclical and the amount of loan officers and bank reps will be greatly reduced. If you are a loan servicer your chances are greater to be retained if you are not a member of upper management.
The masses of people at Countrywide for there own benefit should obtain letters of reference from bosses and favorite coworkers right away. Then the job hunt should happen right away. this will make it possible to not get caught in a down draft when this or any merger activities take place.
Lets face it new loan activities are not going to be as brisk going forward so that end of this business will shrivel. The servicing to some extent must remain in place so people there will be held onto if it is deemed they are a highly needed asset.
The other nasty thing is parent companies will combine jobs and duties are they will press there newly acquired asset into higher performance with less recourses. this is pretty typical corp culture.
I see a number of people in your company getting the stacks of folders on there desk doubled. Majority I see unemployed. Transferring to a new place like Horizons might as well be a firing cause the job could be a geographic change unacceptable to family. It could also be a down grade in pay and job title and a way to let you go slowly over time.
I think using this opportunity to see whats out there would be a great idea and you can never be hurt by trying to find a better deal in a new place of employ or work. remember get that resume together now and you will be ready! If you leave now after you find a new job you might beat others that are looking in 30 to 90 days from now that are looking in the same areas you are.
Good luck!

RIGHT NOW IM JUST BUYING CARS FROM THE AUCTION AND POSTING THEM ON THE AUTO TRADER AND CRAIGS LIST. IM BUYING AND SELLING ABOUT 3-5 CARS A MONTH…..I JUST STARTED ABOUT 3 MONTHS AGO. IM MAKING AND AVERAGE OF $1,200.00 A CAR. ALL AT THE COMFORT OF MY OWN HOME AND LESS THAN 20 HRS A WEEK. I USED TO BE IN MORTGAGES AND MAKE $30,000.00+ A MONTH……WOW DO I MISS THAT $$……IS IT POSSIBLE TO GET THAT BIG WITH CAR SALES?? HOW?? ANY TIPS OR ADVISE?? CAN I GET SUCCESS STORIES PLEASE……ONE DAY I WANT TO BE AS BIG AS CARMAX

So, for ow, you are curbing cars. This is a normal way to start in the business. When you get up to 8-10 cars a month, consider opening up your own used car lot.

This is a perfectly normal way to make a living and indeed it is possible to use this method to get back to your previous earning level some day.

Carmax did not start in the same way, but Cal Worthington did. Look up his web site.

i work at a large wholesale mortgage lender. I am the closing auditor. That means each file that is "clear to close" I am supposed to audit it before the closers send docs to the title company for the closing. The person that I work in conjunction with is not giving me files and giving them straight to the closeres. I get paid comission on each file that I audit. No matter waht, if i audit the file or not, everybody else involved gets paid, except me. I have told the person to let me audit all files because that is my job, etc. I told him a few times. Today finally i noticed he did it with a couple other files so I emailed him and asked him wats up with that. He said that "we have to make a smooth transition as possible for the brokers and passing them off doesnt help anybody get paid"
so he is basically saying that he wants to kiss the brokers ass and doesnt give a crap if I get my comission or not. But wat is messed up is that he has zero authority to decide this! wat 2 do?

Tell your boss. There is a reason for having a closing auditor, as you already know. Your co-worker may just be acting like a horse’s behind, but something more shady could be going on as well.

I have been a wholesale mortgage underwriter for 5 years; In the consumer finance biz for 10 yrs. I have been laid- off 3 times (2 times in the last year). I’m very fustrated and pretty much done with the industry as a whole. Only thing is that I’m lost! I have no idea what I can do/ want to do for a living. I really cannot go back to school full time because I need a full- time job to make ends meet. I have a college degree (in History, I wish I could do that over again) that I really do not use. So I guess what my question is, has anyone out there been in this situation? If so, what did you do? What process did you use to come to your end result? And my final question… What the heck can somone do with their only experience coming from the consumer finance industry?

Look into the possibility of becoming a Bank Manager. They have steady work, good hours, great working conditions, and terrific benefits. Your salary will depend upon your experience, which, by the sounds of it, you seem to have what it takes to get top dollar in exchange for your time. Consider taking the civil service test for positions of interest. Just visit their website for a lits of current job openings, and the required test for that position. Hope this helps.

I am building a website for my husbands business. www.tobarhomeloanservicesinc.com It’s a real estate site so I wanna have cool tools on it like a mortgage calculator, a tool to search for properties currently on the market, a tool to check property comps for clients to know the value of their property, a tool Check Rates both wholesale and retail, etc. I have found a couple of websites that offer the mortgage calculator and rates but they link the viewer to their website which obviously I don’t want. Don’t mind paying a reasonable price just dont know where to start. HELP

Try this tool. I hope this helps,

11.5 years in mortgage industry both on wholesale and retail side looking for good career minded company to utilize experience and knowledge in Tampa, FL area. Any takers? Willing to start ASAP. Thanks.

Honestly, you may want to look at FEMA. They’ve got plenty of business down there and they could always use a hand. You won’t make as much as you did in sales though.