Wholesale Lenders

I need some advise...I am new to the site and have been reading some of the wisdom from my fellow members. Most of it is very wise. I manage a mortgage dept at a credit union. We broker most of our mortgages. I have been using TB & W but they have been extremely erratic lately. They are killing me with the national company 2nd appraisal thing. I get some idiot who could care less about the value he still gets his check kind of appraiser. They are killing my deals. I am in a rural part of Utah. Any thoughts about another lender choice?

Kris,

Are you talking about the HVCC and the requirement of the lender ordering the appraisal?  I don't have TBW, so I assume that they have implemented this standard early.  If you have mostly conformaing customers, if this isn't stopped soon, it won't matter who you are using; they will all have the same standard.

I've had a several cash-out FHA's over 85% with TBW and not had any issues with the 2nd appraisal requirement.  You are, right, however, that they have been hard to deal with over the last month.  Until the end of January, I was getting 24 hour approvals from them..... since then..... well, a much different story. 

United Wholesale Mortgage has great turn-times ..... their rates are not nearly as favorable as TBW, though.  A rate that TBW pays fairly nicely on costs with UWM.  There are a few others that are OK, but it seems like lots have limited cash-out to 85%.  You might try 5/3.......

I think that the lender has to order the 2nd appraisal per FHA guides.

Citi just declined a 95% CO Refi not because of appraisals but because the borrower's DTI exceeded guides prior to the refi.  I had Approve/Eligible findings and after refi it would be 31/31.  No other issues other than they don't have cash reserves. Anyone experiencing this on 95% Cash out?

Kris Udy:

I manage a mortgage dept at a credit union. We broker most of our mortgages.

Interesting, why isn't the CU keeping more of it's mortgages?  Do you guys keep ANY? Or just sell all of them?  Are you brokering high LTV FHA deals only?  I like TBW, but only have to do the 2nd appraisal on FHA, otherwise I typically don't have a problem with getting appraisals reviewed.

Kris Udy:

I get some idiot who could care less about the value he still gets his check kind of appraiser.

I know the type....god how we hate those people....   So, if the appraiser sucks so bad at customer service the only way they can get any biz is to sign up with these 3rd party providers...of course they are not going to give a darn about the value.  They get to put their "underwriter" hat on and not care about the consequences.  Just does not seem right.

Kris Udy:

I am in a rural part of Utah. Any thoughts about another lender choice?

I'm in a rural part of Oregon.  If I get a manny, and TBW won't do it?  I pass on it.  Plain and simple.  If its just acreage or something like that, I've had good luck with Wells and First Horizon aka Metlife.