All Forum Posts by: Brandon Croucier
Brandon Croucier has started 2 posts and replied 626 times.
Post: Prepayment on DSCR
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Do you want lower rates & fees? If so take a longer prepay.
Is your anticipation a lower rate environment in 12-24 months? If so, pay the cost (or higher rate) for a 1 year prepay and expect to refi down in 12-18 months.
It really just depends on what your risk tolerance is and where you see the interest rate market going.
Post: Escrow Agents Not Following Directions
- Lender
- Nashville, TN
- Posts 687
- Votes 279
@Erik Estrada I followed up four times too...LOL
I was able to recoup it, but it was just wasted hours.
Post: Escrow Agents Not Following Directions
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Quote from @Jeff S.:
Just a broker’s fee? Ha.
Several years ago, we were shorted $132,000 on a payoff. I never understood why it happened because our payoff demand is clear and detailed to the penny. A quick call to title resolved the issue, and we received the remaining balance the next day. No big deal, but it prompted us to make a few minor tweaks to our payoff process.
Among the changes, we added to our payoff demand letter that we request that title call us to verify the payoff amount and verbally confirm our wire instructions. You’d think they would do that without being asked, but apparently not.
Now, title always calls. It's interesting that we’re occasionally overpaid and almost always by a day of per diem interest. In this case, I know the problem is that title doesn’t always know when their wire will go out, so they err on the side of caution with the payoff. This makes for a good excuse to have dinner with our borrower and hand them a check.
Not sure how someone could miss that one. Ha
Glad you got it corrected, Im having to tweak my process and issue broker demands on every file as well now.
Post: Escrow Agents Not Following Directions
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Quote from @Patrick Roberts:
I have not, but I have seen interested party info be inaccurate on the CD/settlement statement, which could lead to the wrong selection if this is automated. Were both deals with the same lender? If so, I would proofread their closing instructions and initial CD. The lender may be mixing stuff up.
They weren't thats whats shocking. It was 2 different lenders.
Everything was fine on the final statement, I came to the conclusion it was just people not paying attention to details.
Post: Escrow Agents Not Following Directions
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Is it just me or have escrow agents been failing to follow simple wire directions?
On my previous 2 closings I have had escrow agents wire a Broker Fee to a third party processors as well as crediting a borrower the entirety of a broker fee.
Neither of which were approved by broker or lender.
Just trying to gain an understanding if this has EVER happened to other lenders in the space recently.
Post: Seller Financing - Understanding
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Typically the seller would have a note and deed of trust on the property.
You make the agreed payments to whomever is servicing the note.
Its the same as getting a traditional loan, just the holder of the note happens to be the seller.
If you make payments on time you will not have an issue.
Post: Anyone closed a mortgage with 20% down + offer letter only (job starts in 60 days)?
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Quote from @Aaron Eisenberg:
Hey y'all,
To clarify, I'm currently self-employed, but I'm switching over to a salaried W2 position. I don't want to qualify using my self employment, I want to qualify with the new upcoming job. This is for a primary residence.
Is it in the same line of work?
What were you doing prior to self employment, what were you doing self employed, and what will you be doing in your new role?
Post: Anyone closed a mortgage with 20% down + offer letter only (job starts in 60 days)?
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Is this for an investment property or a primary residence?
Post: Short-Term Bridge Loan on $1.25M+ Equity in NC Residential Assets - Business Sale Exi
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Hey Corey,
I have a private investor in the Carolinas who would possibly be interested in funding this.
Give me a call, happy to assist!
Post: Quit claim deed into LLC now or wait until I can refinance
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Whats your current rate?
I typically recommend just waiting to refi into an LLC & vest everything at the same time at closing with a DSCR loan.