Did anyone else hear this??  I received an e-mail from one of the other loan officers at my company about this today.

http://ml-implode.com/imploded/lender_MetrocitiesMortgageLLC-Wholesale_2008-10-15.html

I used to hate No Red Tape, they had the most Red Tape possible.

Downey S&L joined that club yesterday, as well.  They were the last place I know of for 4+ properties.

Brian Conner:

Downey S&L joined that club yesterday, as well.  They were the last place I know of for 4+ properties.

Brian,

Do you mean 4-plex or 5 or more units?  We do 5+ units all day long.

What are your minimum credit requirements?

I had always heard of Metrocities, but never used them.

Downey!  Now there's a saga.  One of the first lenders I ever used in this biz.

Hayden, Brad's a good guy and smart!  I happen to know he won't lose his temper very easily either!

Cheers Brad!

Brad Easter:

Brian,

Do you mean 4-plex or 5 or more units?  We do 5+ units all day long.

No, I meant owners w/ 4+ mortgages, not number of units.  I have a number of investors who I am unable to help.  Who came up with such an idiotic rule, my investors are the guys who can scoop up the inventory, and now their hands are tied.

Amtrust Portfolio Arm!

I expect a 25% spiff now.

I did time in their retail side and it was the absolute worse experience in mortgage lending.  The eastern division was run by two former Bank of America executives and it was structured like a BofA wanna be.  Of course, I did not know that until I got to BofA and saw how things were suppose to run (up until it became a government market - then both MC and BofA seriously stumbled).  But back to the topic, I could never understand how wholesale could function with someone outside of the organization.......it was bad enough being on the inside. We had *rules that were crazy, like "no changing the loan amount 3 days prior to closing."  hahaha, tell that to the underwriters, or the realtors that renegotiate something at the last minute.