GMAC has recently suspended their Open Access program. Are there any other wholesale lenders out there still doing it?

THANKS!!!

MetLife is still doing these loan - but only retail.  Happy to discuss with you - Jennifer

Thank you for the fast response. I would like to look at wholesale, if possible but I will definitely keep you in mind if I cannot help.

Thank you!

Chris

US Bank still do them.

Metlife Wholesale will still do them and I just closed one with them and they are still on todays rate sheets.  I believe Citi Wholesale and Flagstar still offers the product as well.

5th 3rd, and Plaza.  Met still has open access on their wholesale rate sheet. I closed a NOO last month.  Their max hits are 1.75%.

Thank you!

Flagstar

Jacob

NMLS 327086

swanloans.com

It turns out that all of the suggested lenders will do this loan but only if they are the current servicer... Does anyone know who will do the Open Access if they do not currently own the loan?

New Insured/Servicer refi?

Borrower currently has MGIC as PMI company. They agree to transfer the same PMI insurance to the new lender. My problem is I haven’t found a lender who will allow the Open Access program if the borrower currently has PMI...

Any additional help is greatly appreciated!

It turns out that all of the suggested lenders will do this loan but only if they are the current servicer... Does anyone know who will do the Open Access if they do not currently own the loan?

New Insured/Servicer refi?

Borrower currently has MGIC as PMI company. They agree to transfer the same PMI insurance to the new lender. My problem is I haven’t found a lender who will allow the Open Access program if the borrower currently has PMI...

Any additional help is greatly appreciated!

Are you trying to do OA with MI?  If so then I think you are correct otherwise there is no requirement with the ones I listed that it needs to be brokered to the same lender as currently being serviced.

Sorry I missed the MI part.  I've not heard on anyone doing OA unless it was their loan.

Tim: You gave me a very good answer and were spot on. It was I who failed to mention the PMI. Thank you again for your help!

As per the guidelines on the link below, MI should not be a problem.   Send this link to the AE's that you speak to!!  Did you try Flagstar? Flagstar accepted a loan from me even though, they were not the current servicer.

http://www.freddiemac.com/sell/factsheets/pdf/relief_refinance_openaccess.pdf

Jacob Varghese

NMLS 327086

swanloans.com

Jacob: I just heard back from Flagstar and you are correct. They confirmed they will do it with no problem. I am filling out their broker package as we speak. Thank you for the reply!

Chris