The New “What did you do with your Z today” (with off topic replies) XXXX

eastwest2300 · 04-22-2023, 01:38 PM

Quote:

Originally Posted by vtec to vvel

I agree with you on the number of foreclosures increasing. In fact, this was already the school of thought when homebuyers that didn't qualify before COVID qualified during COVID when rates dropped next to nothing.

BUT, even with these guidelines, they still have to qualify under the rules/regulations post-2008 housing crash, low-income or not, such as employment history, DTI ratio, cash needed to close, etc. They still have to undergo the underwriter's blessing and still have to meet ALL the requirements to get cleared to close. On a side note, there are plenty of people making 6 figures/year that still get denied due to their DTI ratio. So this new guideline in itself won't be the sole qualification standard, but in addition to.

Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. Post-housing market crash, you so much as sneeze the wrong way, and the underwriter is re-auditing the loan file. Each time an Underwriter approves a loan, they are putting their license on the line, so if anything went wrong or seemed out of place, they would be the first to be questioned.

I didnt know that, I'm also a first time homeowner.. good stuff.

vtec to vvel · 04-22-2023, 01:41 PM

On a side note, for those that are potentially buying a home, make sure you do your research and due diligence on the loan officer working your file.

On one hand, each loan officer is required to have an NMLS number, BUT, they may or may not be individually licensed. If they are working as a loan officer and working at a bank (federally chartered), they may be operating under the bank's umbrella license and not individually licensed.

On the other hand, even if a loan officer is licensed, it does not mean they know what they are doing. Just like driver licenses, everyone has one, but not everyone knows how to drive.

The reason I say this is because I get clients all the time where they have been burned by another inexperienced/unknowledgeable loan officer, and we are having to play clean up and/or fix issues the previous idiot loan officers made, all on a very short timeline.

vtec to vvel · 04-22-2023, 01:49 PM

Quote:

Originally Posted by eastwest2300

I didnt know that, I'm also a first time homeowner.. good stuff.

There is so much that goes on behind the scenes for each mortgage application. Each loan officer/originator is different, and me personally, I like to err on the side of caution and am a bit stricter. So if there is something that really bugs me, I will try to figure out any potential issues before it gets to the Underwriter. You'd be surprised at the sh!t people will try to pull to get qualified under false pretenses.

And it's not just the Underwriter that gets questioned, it's also the branch manager and the loan officer/originator on the file that gets questioned by many governing agencies, such as CFPB, NMLS, State Financial Regulating Boards, DBPR, etc. Depending on the severity of the issue/violation, it could be civil and/or criminal.

JNews86 · 04-22-2023, 01:58 PM

Rangers better put in work tonight vs NJ sons

MZ DAIZY · 04-22-2023, 02:03 PM

Quote:

Originally Posted by eastwest2300

do you think he'll tell his to inject bleach into our skin for the folks that have the coronavirus...

wait, that actually happened...

No it didn’t. C’mon Bruh, we get it, the bad Orange Man hurt your feelings. You don’t need to repeat lies to justify it.

MZ DAIZY · 04-22-2023, 02:32 PM

Quote:

Originally Posted by vtec to vvel

I agree with you on the number of foreclosures increasing. In fact, this was already the school of thought when homebuyers that didn't qualify before COVID qualified during COVID when rates dropped next to nothing.

BUT, even with these guidelines, they still have to qualify under the rules/regulations post-2008 housing crash, low-income or not, such as employment history, DTI ratio, cash needed to close, etc. They still have to undergo the underwriter's blessing and still have to meet ALL the requirements to get cleared to close. On a side note, there are plenty of people making 6 figures/year that still get denied due to their DTI ratio. So this new guideline in itself won't be the sole qualification standard, but in addition to.

Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. Post-housing market crash, you so much as sneeze the wrong way, and the underwriter is re-auditing the loan file. Each time an Underwriter approves a loan, they are putting their license on the line, so if anything went wrong or seemed out of place, they would be the first to be questioned.

<< Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. >>

Not entirely true. I got a no doc back in 2000. Put $170,000 down on a $330,000 home and they still put me through the wringer.

I remember getting pissed and telling my Broker that they should HOPE I default on this mortgage. She said “they are not in the foreclosure business, they’re in the mortgage business”. I’ll always remember that!

The only thing I didn’t have to show was a tax return.

As it tuned out, no Docs are back (i just got one last year). My broker said they realized most of them in 2008 didn’t default. It was the clowns that put 10% down, made 4 or 5 payments and then refinanced (taking equity) due to the rising housing costs and then walking away.

Was a pretty good scam I know a bunch of people pulled. Buy a $300,000 house, put $30,000 down, wait a couple of months, refinance at a lower rate, take $90 to $100,000 back in equity, spend that money on cars and vacations, default on loan, lose their $30,000 and their house, but pocket $60 to $70,000.

MZ DAIZY · 04-22-2023, 02:44 PM

Quote:

Originally Posted by JNews86

Rangers better put in work tonight vs NJ sons

F you Ran-gers! Clap-clap clap-clap-clap!

LOL! Lifelong Devils fan from Joisy since the days of Mel Bridgeman and “Sonny Boy” (peter McNabe) back when they were rocking those Red, White and Green “pizza box” uni’s.

Not as passionate since I’ve moved to GA. The team being pretty much unwatchable both on TV and on the ice, but still follow them. We had a good run with Jacque and Lou Lamerillo. Hoping to see a competitive game tonight.

Let’s go Devils! Clap-clap clap-clap-clap!

eastwest2300 · 04-22-2023, 03:27 PM

Quote:

Originally Posted by MZ DAIZY

No it didn’t. C’mon Bruh, we get it, the bad Orange Man hurt your feelings. You don’t need to repeat lies to justify it.

didnt hurt my feelings..

never that bro, never that.

its gonna hurt your feelings when he's sitting in prison.

JNews86 · 04-22-2023, 03:50 PM

Quote:

Originally Posted by MZ DAIZY

F you Ran-gers! Clap-clap clap-clap-clap!

LOL! Lifelong Devils fan from Joisy since the days of Mel Bridgeman and “Sonny Boy” (peter McNabe) back when they were rocking those Red, White and Green “pizza box” uni’s.

Not as passionate since I’ve moved to GA. The team being pretty much unwatchable both on TV and on the ice, but still follow them. We had a good run with Jacque and Lou Lamerillo. Hoping to see a competitive game tonight.

Let’s go Devils! Clap-clap clap-clap-clap!

Die hard NYR here for life.

MZ DAIZY · 04-22-2023, 03:54 PM

Quote:

Originally Posted by JNews86

Die hard NYR here for life.

I'm going to guess Knicks, Rangers, Yankees and Giants?

I remember the brawls in the stands at I'm pretty sure it was Brendan Byrne arena? Could have been the Meadowlands, don't really remember, but I remember the brawls! Lol. Lots of buddies being arrested, photographed, fingerprinted and banned... ah the good old days!

I was one of the 334 dopes that showed up for the 87 blizzard game. Someone in marketing walked around the rink and took our names and addresses. 3 weeks later we received a t-shirt in the mail. Front said, "I survived the blizzard" the back had everyone's name that was there on it. Was a very cool.thing to do.

vtec to vvel · 04-22-2023, 04:00 PM

Quote:

Originally Posted by MZ DAIZY

<< Remember back then, the toxic mortgages/securities came about because the lack of rules/regulations. In fact, a very popular loan then was the "no documents" loan, where people go could into a bank and claim they made $10000000000/year and did not have to show proof of it. Mortgage lending itself was very loose then and anyone could virtually qualify then. >>

Not entirely true. I got a no doc back in 2000. Put $170,000 down on a $330,000 home and they still put me through the wringer.

I remember getting pissed and telling my Broker that they should HOPE I default on this mortgage. She said “they are not in the foreclosure business, they’re in the mortgage business”. I’ll always remember that!

The only thing I didn’t have to show was a tax return.

As it tuned out, no Docs are back (i just got one last year). My broker said they realized most of them in 2008 didn’t default. It was the clowns that put 10% down, made 4 or 5 payments and then refinanced (taking equity) due to the rising housing costs and then walking away.

Was a pretty good scam I know a bunch of people pulled. Buy a $300,000 house, put $30,000 down, wait a couple of months, refinance at a lower rate, take $90 to $100,000 back in equity, spend that money on cars and vacations, default on loan, lose their $30,000 and their house, but pocket $60 to $70,000.

If you were put through the wringer back then, with lack of regulations, then your situation must have put up alot of red flags. It was so much easier to qualify for a home loan then than it is now.

And the scams you mention are just the tip of the iceberg that contributed to the housing crisis. Alot of people were doing shady sh!t, including the ones you mentioned, but there was also alot of shady sh!t lenders were doing to push loans through (predatory lending).

No Doc Loans never went away, but alot of traditional lenders/brokers won't do them - too risky and it's most likely the hard-money lenders that will specialize in this. Remember, not all lenders/brokers offer the same types of loan programs, and one may specialize in one while the other doesn't.

Regarding tax returns, these are generally requested only if:

1. You have 1099/self-employment/rental income you are claiming.
2. You owe taxes.

MZ DAIZY · 04-22-2023, 04:07 PM

Quote:

Originally Posted by eastwest2300

didnt hurt my feelings..

never that bro, never that.

its gonna hurt your feelings when he's sitting in prison.

Nah... we both know that's not going to happen. Slow Joe and his grifter family has a better chance of seeing jail time. Wasn't that long ago that treason was a "hanging" offense but nothing is going to happen to either one of them.

eastwest2300 · 04-22-2023, 04:12 PM

Quote:

Originally Posted by MZ DAIZY

Nah... we both know that's not going to happen. Slow Joe and his grifter family has a better chance of seeing jail time. Wasn't that long ago that treason was a "hanging" offense but nothing is going to happen to either one of them.

lets see what happens.

vtec to vvel · 04-22-2023, 04:17 PM

Quote:

Originally Posted by MZ DAIZY

Nah... we both know that's not going to happen. Slow Joe and his grifter family has a better chance of seeing jail time. Wasn't that long ago that treason was a "hanging" offense but nothing is going to happen to either one of them.

When the charges were brought against Trump, why were previous charges brought against other high-profile politicians that committed some serious crimes? Clinton emails, Brandon China deals, etc.?

vtec to vvel · 04-22-2023, 04:19 PM

https://www.cnn.com/2023/04/21/busin...and/index.html

"Easily stolen Hyundais and Kias should be recalled, more than a dozen attorneys general say."

04-22-2023, 01:41 PM	#10622 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,915 Drives: 13 Z Rep Power: 502909	On a side note, for those that are potentially buying a home, make sure you do your research and due diligence on the loan officer working your file. On one hand, each loan officer is required to have an NMLS number, BUT, they may or may not be individually licensed. If they are working as a loan officer and working at a bank (federally chartered), they may be operating under the bank's umbrella license and not individually licensed. On the other hand, even if a loan officer is licensed, it does not mean they know what they are doing. Just like driver licenses, everyone has one, but not everyone knows how to drive. The reason I say this is because I get clients all the time where they have been burned by another inexperienced/unknowledgeable loan officer, and we are having to play clean up and/or fix issues the previous idiot loan officers made, all on a very short timeline. FL 4Motion, Rusty and MZ DAIZY like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

04-22-2023, 01:58 PM	#10624 (permalink)
JNews86 A True Z Fanatic Join Date: Jan 2013 Location: East Coast Age: 38 Posts: 1,453 Drives: 2021 STI Rep Power: 282896	Rangers better put in work tonight vs NJ sons MZ DAIZY likes this.

04-22-2023, 04:19 PM	#10635 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,915 Drives: 13 Z Rep Power: 502909	https://www.cnn.com/2023/04/21/busin...and/index.html "Easily stolen Hyundais and Kias should be recalled, more than a dozen attorneys general say." FL 4Motion, Rusty and MZ DAIZY like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

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