Easiest Lenders to work with?

Question

Who are some of the lenders you have gotten Shorts done with that were good to work with?

My Favorites:
WACHOVIA-Only ask for authorization, Purchase Contract, HUD1, and Proof of funds. Just got an approval and submitted the packet 13 days ago. Plus they take a good percentage of BPO/Appraisal. They move fast!

ASC-The Milwaukee office moves very fast in my experience

AURORA-Used to be my favorite but are becoming slower. Now they say once the file is assigned that they have 90 days.(have the homeowner call and complain, helps a lot)

HOMECOMING/GMAC-Easy to work with once the file gets assigned. Love the Philly and Dallas office.

AHM-Slow at first but have gotten them to take the lowest percentage of their perceived value...73.6

WELLS FARGO-Same as ASC

M&I-Easy to work with.

PROVIDENT FUNDING-Easy

LITTON LOAN-Still solid but getting slower

ONE WEST/INDYMAC: So slow but the BPO company(Fidelity Info. Service) they use instructs their agents to come in below whatever it is on the market. Even after the BPO, you are looking at 45-60days for the approval.

GREENTREE-Usually a 2nd and always want 5% of sales price

HOMEQ-Great! Very fast and actually return calls quickly

MIDLAND/MID FIRST-Biggest deal i've done. Only dealt with them that once though.

SELECT PORTFOLIO-Used to love them but have not had one with them in 6-7 months

WILSHIRE- Same as SELECT

EMC-they had my favorite negotiator. Did 11 deals with him. Not a fan of Chase though and since they merged they aren't the same to deal with.

FIRST HORIZON-once assigned they are fine but that part takes usually 30-45days

Lenders I just refuse to work with:

COUNTRYWIDE/BofA-waste of time

FIFTH THIRD-brain damage

Ocwen- done some deals with them but am forced to talk with someone from the Caribbean every time I call

CHASE-Hate'em but am trying them again since they merged and heard they use Fidelity Information Service now.

Not too terrible but not my favorite:

Suntrust Saxon ING CIti Mort Citi Res US Bank BankUnited WAMU National City

PLease share your good and bad experiences. I am sure I will remember some more later

Scott Hubbard · Answer

Until this Wednesday, I ahd to say my favorite was ASC, but now it is Quantum Servicing.

I received an approval letter without a buyer assigned.

Scott Hubbard · Answer

I would mail your package, somewhere on BP is their address. Try searching the thread.

Karim Almandos · Answer

I just got a Short Sale with Saxson. Can someone share an experience with this Bank?

David Marasco · Answer

My top lenders

WaMu ASC Aurora GMAC

Absolute worst: Bank of America Countrywide (used to be OK but their process has really slowed down as of late.)

Mark Yuschak · Answer

The only one I disagree with is Wilshire. They're absolutely horrendous to work with. I hate their entire operation with a passion.

Chris B. · Answer

I have to say that our lists would be pretty much the same InvestorMinded. I will tell you that the only lender I have had an awful time with is Indymac. I would rather work with BofA/CW than Indymac. Maybe you could share a contact at Indymac?

-Chris

Justin S. · Answer

1) Wachovia 2) GMAC 3) HomeQ 4) Wells Fargo - except for this last one, for some reason it is moving slow.

What strategy did you use to get this big of a discount? I cannot get them to budge off their BPO unless I pay for a full up appraisal.

Michael Scott · Answer

Not sure what strategy you are referring too. 73.6% was their NET. They countered me at 45k and I countered them at 36k with 5% Commissions and 3% concessions which gave them a NET of $33,120.

"What strategy did you use to get this big of a discount? I cannot get them to budge off their BPO unless I pay for a full up appraisal."

Did their BPO come in too high? How long ago? I have some BPO forms you could just fill out and send in. Sometimes it works and sometimes it doesn't. I've paid for appraisals in the past but don't recommend it.

James Ward · Answer

My top three(3):

1) Wachovia 2) GMAC 3) Chase

Not in any particular order.

Easiest Lenders to work with?

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