November 15, 2012
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My Schedule…and A Little Extra: WHAT IS WRONG WITH THESE PEOPLE?! Before I tell you how unscrupulous this real estate agent is, let me say the purchase transaction in question was submitted just 6 calendar days ago and we had an underwriting decision within 2 days. The only issue on the approval is the gift which was coming from an LLC and we conditioned that it come from an individual. My broker called me to tell me the real estate agent is upset on how long it’s taking and she has advised the borrower to cancel the loan and go with her broker instead. Are you blanking kidding me…it’s been 6 days!? The borrower invested in an appraisal! The Broker has spent time putting the transaction together! Interbank has spent time in receiving and underwriting the loan! She is clearly trying to steal the business away for her own broker which I wouldn’t be surprised if she receives a kick-back. Too many times I hear this ridiculous complaint from real estate agents that they are putting a Notice To Perform if this or that. It’s a completely bogus threat. All they are doing is putting a ton of undue pressure on everyone and I’m sick of it. This is 2012 and the lending environment is challenging. Everyone is doing their best including the broker and lender. Now I’m not suggesting that there aren’t fowl-ups, but most of the time things go well. Brokers work their butts off and processors work endless hours and endure a very frustrating process in today’s world. And at Interbank we are constantly trying to improve the process which is why we invested so much time and money into a new automated CIC and closing process. And we funded near $1 billion last month and I personally funded 143 loans for almost $50 million. We’re doing something right, right? I know there are very reasonable and level-headed real estate agents out there and you may be one of them so don’t get offended with this post. But there are too many agents out there that are unreasonable and need to take a chill pill with expectations. Moreover, they need to stop putting so much blanking pressure on everyone…pressure that is already distinctly present without their nonsensical Notice to Perform threats. Ugh! That’s all I have to say about that. My fingers hurt…. Is it Happy Hour yet?
My Market Watch: Rates/Pricing came out unchanged which is surprising considering the market movement yesterday afternoon…but who am I to question Capital Markets, eh? And there is more good news…the Jobless Claims indicated weakness in the market which bodes well for bonds, and, economic news out of Europe bodes well for bonds. On this news, you would think bond prices would improve and we could expect a mid-day rate change improvement. You would think. But so far, despite the news, bonds are not pushing as high as you’d expect…we are even. Why? I guess getting back losses from yesterday afternoon is good enough in trader’s eyes? Or, maybe they are holding off on buying bonds to see what happens later this afternoon or tomorrow? Your guess is as good as mine. Your thoughts? My Disclaimer
My Schedule: I am available all day except for one afternoon conference call from 1-2p.