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RAY: (February 14, 2010 6:58pm)

HAY GUYS ATT GENERAL CUOMO WAS ON THE BOARD OF AN APPRAISAL MANAGEMENT COMPANY IN 2004, AMCO, NOW WE KNOW HIS AGENDA... GUYS YOU NEED TO DO A STORY ON THIS

ssfranny: (February 13, 2010 1:53pm)

Wow I guess I didn;t know that about the HARP program I was under impression that if you had MI on mortgage now you'd have it on Refi Plus loan. Conversely, if you were at say 80% LTV on Fannie/Freddie loan and now say at 95% you still wouldn't need MI. I think the Refi Plus program is a JOKE the only reason to use it is if you have someone with a low LTV and they can do property inspection waiver but I only had one with that on there. The BIGGEST joke about it is you can't pay off a first/second mortgage like 80/20 that was used to buy house even though you can under regular DU program. How many lenders will subordinate to a new first unless they do the first....oh wait another trick by the big banks!!!!!

ssfranny: (February 13, 2010 1:52pm)

Wow I guess I didn;t know that about the HARP program I was under impression that if you had MI on mortgage now you'd have it on Refi Plus loan. Conversely, if you were at say 80% LTV on Fannie/Freddie loan and now say at 95% you still wouldn't need MI. I think the Refi Plus program is a JOKE the only reason to use it is if you have someone with a low LTV and they can do property inspection waiver but I only had one with that on there. The BIGGEST joke about it is you can't pay off a first/second mortgage like 80/20 that was used to buy house even though you can under regular DU program. How many lenders will subordinate to a new first unless they do the first....oh wait another trick by the big banks!!!!!

pipe: (February 13, 2010 1:15am)

James Nelson, Our customer support team personnel has replied to your support request #541933 Wow, it's a big red button. I'll push it myself per your request. Good luck to you too. This is the comment I received from unsubscribing from the SPAM ACT slut ceats called TBWS.

5pence: (February 12, 2010 11:00pm)

Just 300 billion? The treasury lost $9 trillion! 9!! Come on over to my pool the 300 billion is at the bottom of the pool. With the 9 trillion. Hmmmm Banks are broke? Obama didn't get that $9 trillion. Who? Bubble Ben?I love you guys and forward to all my 2 friends - hey I try! lol, God Bless

5pence: (February 12, 2010 10:54pm)

You guys are my heros. Talk about self-less omg!! Thanks

Boomer: (February 12, 2010 5:02pm)

Suzie and JROD; Lenders are doing loans with MI under HARP. It just depends on who is servicing the loan. At Wells Retail, we are able to do most loans that have MI whether they are serviced by Freddie or Fannie.

Mook Hunter: (February 12, 2010 2:12pm)

Brian: everyone knows you put the gun in your mouth. MOOK

Mook Hunter: (February 12, 2010 2:10pm)

Only attorneys can collect up front for immediate costs only. No one else in California can collect until the modification is successful

loannetter: (February 12, 2010 1:50pm)

Brian, that was really tasteless to hold a gun to your head. Some of us have lost friends to suicide

Leslie in Denver: (February 12, 2010 1:45pm)

To Suzie: I didn't say the current economic situation started in the last 8 yrs. SENATOR MICHAEL BENNETT DID! That just shows you how out of touch our trusted representatives are. Please read more carefully.

laddie jr: (February 12, 2010 1:30pm)

Great show once again guys, however, a shot of bushmills then you jump in the truck? Maybe Frank should have been driving...thanks for the entertainment

littletyty: (February 12, 2010 1:01pm)

2nd Mmrtgage short sale lenders are now having buyers pay additional funds for them to release their liens.

Deedie: (February 12, 2010 12:14pm)

appraiser guy, I just got a vendor approval notice from them today. I am also wondering the same as you. any feedback?

Valuequestor: (February 12, 2010 11:33am)

During 2009 I received orders to do enhanced field reviews on old Indymac appraisals from 2005 to 2007 (Cali Central Coast). Some were pretty shoddy but most were fine appraisals. Of course the values were way up there, but good for the DOV. After awhile from repeated questions from the client about "inflated values" I got the distinct impression that somebody was on a fishing expedition to hang appraisers and collect some E&O windfall money. Any appraisers out there get sued by Indymac or One West? Hear about it happening?

jecolorado: (February 12, 2010 11:29am)

both AI and ASA are promoting the use of designated appraisers in addition to licensing and to obviate the remainder.The unfortunate thing is that the mucky mucks making the decisions for the national boards are generally members of one or other of these assoc's so non designated ap88rs are totally screwed.

joecolorado: (February 12, 2010 11:24am)

lendershop-This was promoted by the AI and now their local chapter states that they are putting a teacher in the schoolyard to stop bullying!!!!!WTF...darn,it was the AI and ASA that promoted the amc's in the 1st place & now that they probably have affected members are bitchin about not having enough control!!!!these assoc's are nothing but self serving dinosaurs & to think that they profess to helping ap88rs!they DO NOT,they only help ap88rs in AI and NO ONE else.They are not interested in the general ap88r populace,just in protecting their own members, so dont get taken in by this rhetoric.non AI and ASA ap88rs are expendable to them,less ap88rs more AI members,more fees(we'll have to join to get some/any work or protection).They both will not be seeing my fees next year.

Atlanta LO: (February 12, 2010 11:23am)

To peanut gallery - Some of us have had a relative do what Frank did . . .but pulled the trigger. Maybe it is a sensitivity issue.

Team Woelky: (February 12, 2010 11:19am)

It was October 13, 2009 when you could no longer accept upfront fee's for loan modifications. I holp that this helps

Valuequestor: (February 12, 2010 10:50am)

Brian and Frank....hey guys! Just curious if you guys are planning a cook-out or picnic with fireworks to celebrate Appraiser Independece Day this Monday February 15th. I've been getting emails telling me I should celebrate and that I'm very happy about it.........woo-hoo.

lendershop: (February 12, 2010 10:50am)

Bill To Regulate AMCs Heads To Beacon Hill http://www.bankerandtradesman.com/news136905.html

peanut gallery: (February 12, 2010 10:49am)

I think those of you complaining about the gun need to go get a gun and do yourselves a favor, jesus there is always some prick out there that always has something negative to say! liven up and give these guys their props.

CA appraiser: (February 12, 2010 10:44am)

@Chuckie - I have sent in complaints to the FTC and the DRE. Both sounded dismissive on the phone. Does anybody have a phone number or email for somebody who can really do something to shut these scammers down? thanks for the help everybody.

appraiser guy: (February 12, 2010 10:38am)

Any one here heard of CLEAR CAPITAL,, It's an AMC among other things. Just wandering about there rep in different areas.

nick: (February 12, 2010 10:30am)

Gun is poor form. Use a red squirt gun instead.

lendershop : (February 12, 2010 10:30am)

Tighter Rules Sought On Appraisal Management Cos. http://www.commercialrecord.com/news136910.html

Frank: (February 12, 2010 10:26am)

G Money... I think the FTC is working on a national level.. not state. Keep up buddy. :)

NWO 4 LIFE: (February 12, 2010 10:26am)

Do you have a permit for that Gun?

Did I miss something???: (February 12, 2010 10:26am)

Just recieved notice that starting Feb 15 FHA Appraisals are NOW regulated by HVCC??

G money: (February 12, 2010 10:24am)

In California the up front fees for home MOD'S were outlawed in NOV of last year. Frank keep up there bud, drink more or alot less to keep that recall sharp.

Tahoe Loan Guy: (February 12, 2010 10:23am)

shot of Jamisons then in the car, off to have a beer! What has our industry gone to, hell three years ago you would have never gone to the office first! Think Beer & Whiskey Shots. You guys are my hero's!

Chuckie: (February 12, 2010 10:15am)

Turn bad loan mod companies into the FTC.

Anonymous: (February 12, 2010 10:14am)

I thought the gun to the head was really funny. They're clearly just goofing around. Lighten up.

CA appraiser: (February 12, 2010 10:14am)

WHAT IS THE BEST WAY TO TURN IN A BOGUS LOAN MOD COMPANY? I KNOW WHERE THEY OPERATE, HOW THEY MARKET, ETC ETC. I CALLED THE DRE BUT THEY GAVE ME THE RUN AROUND. WHO CAN I TELL TO SHUT THESE SCAMMERS DOWN?

Happy Days: (February 12, 2010 9:49am)

The other side of the story for INDYMAC is the must be short saling and that would help a lot of people and Realtors. Oh and by the way the buyers will need a loan. Frank and Brian, before you said people knew what they were getting into when they took the loan out. I do not like it but there is the other side.

Gmoney: (February 12, 2010 9:47am)

20 years in the business, 30 hours every other year for education and my work is reviewed by a high school drop out who has less then 10 min's to do it. Love AMC's !

Anonymous: (February 12, 2010 9:29am)

Come on guys... the gun to the head is not funny.

Gmoney: (February 12, 2010 9:27am)

Just a note from my co-worker: I think I know why we are getting so many addendum requests. Yesterday, a guy called to ask me questions on your Pasco Road job. He was filling in for the guy that was reviewing it and said they want them to review files in 10 minutes or less and that there wasn't enough time to look at the 3 reports you sent them. This explains why they are asking for so much that is already in the reports.

loaner55: (February 12, 2010 9:19am)

Here's a great Indymac story. Last year I represented a Buyer on both the loan and the purchase side. Our original offer was submitted and accepted by Indy and was $9k over asking. With the short sale being already approved, my buyer ( who by the way was the executive assistant for a group of Real Estate Attorneys ) was thrilled and thought I was the greatest thing since sliced bread. Our offer was $174k. We were waiting for the accepted offer in writing but it never came.The sellers agent called me to inform me that we would still retain our position but that the servicing company had transferred the loan off to another servicer so we had to get the short sale re-approved. Nice. So 5 months later we got the approval, but by then values had plummeted.I did my job, got my appraiser involved ,and submitted an addendum to the sales price for $130k which I stated would only be good for 30 days.Needless to say Indy took the offer, we closed, my buyer saved $44k and the taxpayers got screwed

Suzie: (February 12, 2010 9:14am)

JROD makes an excellent point although the HARP program does allow for borrowers with MI, no lenders anywhere will do them. I suspect its because MI companies would have to reissue the MI and they are all on the verge of going BK but who really knows? It would make a good story for the Daily if you could find out. And to Leslie in Denver..the current economic problems did not start during the past 8 years, they started with the Clinton administration and the CRA.

loaner55: (February 12, 2010 9:09am)

I agree with the FTC putting the pinch on all those loan mod companies. I mean, c'mon guys, the Lenders can do them all by themselves and our Government will help them 'cause they do such a good job ...right?

loaner55: (February 12, 2010 9:07am)

You guys are great! Conan, Jay, David....move over...Brian and Frank are comin' !

Andi: (February 12, 2010 9:01am)

You were right. But that did not stop anything..."On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1 – 4 unit residential"

MortgageAngel: (February 12, 2010 8:49am)

hahaha! omg! pass the bottle!

Where the $300 Billion went : (February 12, 2010 8:30am)

I know where the $300 billion went. Obama put gold rims on Air Force One, Barney Frank now has gerbils dipped in gold that he sticks up his behine, congress spent at least $100 billion on hookers and drugs, Joe Biden and Tim Geitner have used at least half in therapy bills and Michele Obama used the rest to feed all the kids in America happy meals made from oatmeal and creatine shakes!

Leslie in Denver: (February 12, 2010 8:23am)

Danny in D: Go to FDIC.com and read the Shared Loss Agreement. The formula is there. Really. Do the math and you might be able to persuade them that they are not losing money on this short sale. Better still, watch the 2/8/09 video from TWBS for the formula. Brian got it right.

Leslie in Denver: (February 12, 2010 8:19am)

Danny in Denver: Why would they want to do a short sale when they get let it go to foreclosure and make more money? Ask them about their Shared Loss Agreement with the FDIC and do the math yourself. Point this out to them and perhaps they will reconsider your offer.

Flo: (February 12, 2010 8:19am)

I tried for almost a year to do a short sale with IndyMac. I actually had an agreement from their California office for $410,000 total payoff on a $520,000 balance. Then I was told that my file had to be approved by the Austin, TX office, who told me that I had to start over. They did not want to work with my realtor or my buyer. They also wanted $448,000. I submitted a new package, found a new buyer who offered $460,000. $12,000 more. He really wanted the house. IndyMac did nothing to approve the offer. I called and emailed everyone who had worked on my file, up to the VP of Short Sales. Nothing!! No response. They took the property to auction for $410,000. My buyer baught it at the auction for $430,000 saving himself $30,000. No I am starting to understand their logic, somewhat. Thank you for bring their little back-room deal to light.

danny in denver: (February 12, 2010 8:17am)

I have been working on a short sale with WAMU/Chase since Feb 26th 2009. Hear's the deal we have an offer of $200k on a property a $220k balance. WAMU is willing to let it go to the foreclosure sal for $154k. I cannot get them to give me answer or any counter for the last year. Common sense is nowhere to be found!!

Leslie in Denver: (February 12, 2010 8:12am)

Oops! I missed a paragraph.) The seeds of the current economic turmoil were planted during the past eight years, when insufficiently regulated markets allowed financial institutions to swell and the housing market to balloon to unrealistic proportions. There is an undeniable need for smarter regulation given the seriousness of the current financial meltdown. It will take bold action and a willingness to embrace new ideas to get our economy moving again.

OR LoanGal: (February 12, 2010 8:11am)

MIMortgagedude - You will not get a Approve/eligible on a DU Refi plus if there is anything different from the originsl loan. Double check that all borrowers who are on the current loan, names spelt correctly , middle initials everything has to be exact.

MortgageAngel: (February 12, 2010 8:10am)

Thinking this through...(yes I need to touch up my roots now!) "she clearly got into a fixed rate loan with a variable that came up after some time.." Really, how did that happen? What index is her loan tied to? What's the margin? The way I figure it, even in the most horrific subprime scenario and assuming her rate adjusted sometime over the last 12 months, her fully indexed rate is about 6%! WORSE CASE! Not saying the story isn't true just letting the air out a bit so there's room for the whole story. And I'm not saying the whole story would be any less significant but, it MIGHT be. Do the math!

Leslie in Denver: (February 12, 2010 8:10am)

(Continued....) As a member of the Committee on Banking, Housing, and Urban Affairs, I will carefully examine these proposals and others as we work to create a more accountable, transparent and effective financial regulatory system. And once we complete the temporary measures used to shore up our economy, it is my hope that we can both provide more certainty in our markets, and accelerate the pace of reducing our deficit and federal debt. Again, thank you for contacting me. Sincerely, Michael Bennet United States Senator

Leslie in Denver: (February 12, 2010 8:08am)

(Continued...) In the coming months, Congress will carefully examine the financial regulatory system to determine what changes need to be made to prevent a similar crisis from happening again. As we work to reform the system, we must ensure that there are ways to resolve future failures of financial institutions without putting the American taxpayer on the hook. In addition, I believe consumers should have more information about the various financial products available today. To that end, I strongly support the creation of an independent consumer financial protection agency (CFPA) to ensure that Americans are adequately protected from unsafe financial products. There may be several other alternative proposals for protecting small investors.

Leslie in Denver: (February 12, 2010 8:07am)

Here's the 2nd response regarding Shared Loss Agreements I received from Sen. Michael Bennett (D-CO). The first one was so far off target it smacked of moron category. I told him so in my follow up email in exactly those words. Read on... (Talk about weeny-whiny! Blaming this ghastly agreement on the previous administration. Ohhhhhh Puleeze!) It'll take two blogs to print it all. Dear Leslie: Thank you for contacting me regarding financial regulatory reform. I appreciate hearing from you. The ongoing financial crisis has taken its toll on companies, large and small, across Colorado and the nation. Families continue to struggle. And while the unemployment rate in Colorado is lower than the national average, it is still too high. While many have talked about our road to recovery, that recovery means little if it doesn’t translate to jobs for hard-working Americans.

Leslie in Denver: (February 12, 2010 7:59am)

The Indy Mac/One West story has been one of the most widely circulated stories of late. Many people, back in 2009, tried to get media attention to this story, but guess what? No way, Jose! Those Big Bastard Bankers (BBB) also fund networks and they don't want to rock their precious boat. It's up to us, the Pitiful Poor Public (PPP) to get the story out there. I personally sent this to darn near everybody in the world, including our fearless leader, Premier Obama, to no avail. But, hey! Don't give up! I didn't. TGIF to the boys at TBWS. (Love those acronyms - like S.A.F.E., F.D.I.C., H.U.D. and S.H.I.C. - Stuff Happens in Crony-wood - oops, I meant Washington. LOL

BrokeBroker: (February 12, 2010 7:56am)

Sorry, no loan mods for investors. Priority should be for owner occupied homes. Homeowners should get a fixed rate 5 0r 10 year interest only mortgage at market value and the upsidedown balance held in a silent second by Help for Homeowners to be paid when sold or refinanced.

GODLIKE: (February 12, 2010 7:54am)

What's the headache rack for on the PU, doing a little real work on the side? And yes, guys you do look fat! But keep in mind that the camera adds 10 lbs so you are probably just 2 skinny dudes in real life.

Jrod: (February 12, 2010 7:51am)

MIMortgageDude: Im am betting that you are just checking to see if DU backs the current mortgage. The reasons why you would get in ineligible even when fannie has the loan would be if the existing loan is IO or was a MyCommunity Loan. In these cases the loan is not eligible. I have closed several DU refi's but had to turn even more do to existing MI policies...

FSB Man: (February 12, 2010 7:50am)

One of the reasons that a Fannie Mae loan might be exluded from the DU Refi Plus is that the original lender included that loan in an insured mortgage pool. This gives the lender better pricing when the pool was sold, but does exclude the loan from this program

MIMortgageDude: (February 12, 2010 7:50am)

You get approve/eligible findings, but when you read the findings, it will state that the loan is not being underwritten as a DU refi becasue the proeprty doesn't qualify. But when I check on Fannie's site, it is actually a fannie owned property.

GODLIKE: (February 12, 2010 7:49am)

Instead of posting your email addy occasionally in the blog, how about an email link maybe just below the video and above the blog. I'm betting that would increase your email volume since it would be easy.

AustinLuvr: (February 12, 2010 7:46am)

Ebeneezer - You might have a point about CO2 if Realtors fart even half as much as cattle!

tcusick: (February 12, 2010 7:42am)

I've never came across a DU refi that meets the guidelines not getting done unless of course you have a second then it's a completely different story. Did you get an approve/eligible from Fannie? If so then the bank must have some overlays they've added.

Fossil: (February 12, 2010 7:38am)

TGIF

MIMortgageDude: (February 12, 2010 7:35am)

Any idea why Fannie Mae is denying some DU Refi Plus loans? If the property is Fannie backed, why arn't they allowing you to refi under the refi plus guidelines. I have two clients that don't have MI and they are not eligible even thought the property is fannie owned. Arn't these programs supposed to be helping homwowners?

Frank@TBWS: (February 12, 2010 7:34am)

Jrod - please email us your story at [email protected]. Thanks!

Jrod: (February 12, 2010 7:30am)

Frank & Brian, I have a suggestions for you. Why dont you do a story on the HARP program and the fact that no one with MI can take advantage of the program. I have had multiple borrowers come to me eligible for harp only to be declined once we validate that they have MI or LPMI on their existing loans. If Obamas intent with HARP is to help upside down borrowers refi, then they need to open the program to homeowners with MI. Please look into this>

Frank@TBWS: (February 12, 2010 7:30am)

loantech - I'm sure it will... that video will hit 500,000 views today.

Frank@TBWS: (February 12, 2010 7:29am)

Thanks Fossil... Don't worry... our brass is the best.

Fossil: (February 12, 2010 7:21am)

Mazda pickup? You guys really need to negotiate raises. Nice daily...I get it, well done.

joecolorado: (February 12, 2010 7:10am)

Frank & Brian-jeez louise guys, you are not fat, you are built for comfort not for speed!

loantech: (February 12, 2010 6:58am)

The Indy Mac stories and e-mails from the viewers are great. Guys, this information needs to get out to the public. The apparent lack of compassion from One West and the FDIC contract backing them up is an outrage. Nothing will be done unless the Public is aware and is willing to speak out. You coverage video's need to be on ever possible u-tube-twitter-face book site possible. Translated into 20 different languages.

TNR: (February 12, 2010 6:41am)

I think that was the funniest ending to any Daily I've ever seen - "Do I look Fat?" "I am fat!" move to FnB in the car that won't start!! LOL!!

Ebineazer Scrooge the Banker: (February 12, 2010 5:30am)

Brian.... Ahhh you missed the Realtor Next to you. Shoot the Realtors first since they are mostly at fault for the bubble. Reduce global warming because one Less Realtor will mean less CO2 being released into the atmosphere.

kdwall: (February 12, 2010 5:29am)

I talked to One West with a client. They said they are not doing any modifications because there investors!!! are not allowing it. I guess why should they when the fed is paying them more than what they bought the loan for. In fairness I negotiated that if they paid the next 3 months on time they would move the 3 payments they are past due on back to the end of the loan. Doesn't help on payment amount but does get them back on track.

Wendy Valko: (February 12, 2010 5:19am)

I really enjoyed todays discussion. Good job guys. Thank You!

Modgirl: (February 12, 2010 4:59am)

On the loan modification front we have been facing this for some time. California is just about the only state currently enforcing the no up front fee ruling. However, that generally only affects properties that are already in foreclosure status. There are huge holes in all this legislation and the best we can do is try to navigate the pitfalls. Our biggest defense is we are a legitimate company and not scammers. We have offered 100% money back guarantee for years and now offer a step retainer that allows clients to cancel after each phase. We also hold all fees in an escrow account until the file is closed (in states that require the no up front fee rider to contracts). Thanks for the update I will keep you posted on what we find out.

Kat: (February 12, 2010 4:37am)

Ok, so much Chat and emails last week regarding FNC's Quantrix and Appraisers, yet no mention. I'm dissapointed.

Kat: (February 12, 2010 4:28am)

You want us to email you.. what is the address. The only email address is support for the website.

TJS-CMC: (February 11, 2010 6:23pm)

Hey, guys. In our market, attorneys are cleaing up on loan mods. According to all the new info I've picked up in the SAFE course and study materials for botht he National and State (AZ) tests, these guys are no longer exempt from licensing. Let's do a show on that!

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