![]() ![]() Our Intranet is cutting edge and you can access a free demo.Marketing & Software (state of the art cloud base) (203K/DPA/Construction to Perm) all have CANCELED on the wholesale of the business.Flat fee of $995 per file and you still make the full compensation of 2.75%.Approved with 50+ lenders in the industry.NET BRANCH MANAGER $2500 FOR AS MANY LOANS.Top tier banks such as Wells Fargo, Chase, and Trusit (Suntrust).Rates on FHA/VA at 2.75% fixed, paying back 2.875%.FHA down to 550 with 4% to 5% compensation.Non-QM Loans Make up to 4% compensation.Loans (Not available for broker channel anymore) Best rates in the industry, with no marked-up fees, and raw pricing.I cannot count how many times Quicken or UWM declined a loan where we have turned around, approved, and closed it within 10 days!įLAT RATE FEE FOR BRANCH $2500 DO ALL THE LOAN AND KEEP THE FEES Your Territory Manager will help you structure your deal to help get it approved and closed, along with training, webcaster videos, and tons of marketing material. That's part of what's wrong with the government's case, Quicken Loans says.Are you over the fact that you cannot close a loan in 10 days!? Are you working for a broker that just does not come through, or a lender who would not give you the ability to broker?Īt Obsidian Financial Services, you are assigned a personal Territory Manager. Quicken Loans issues tens of thousands of FHA loans a year and also serves as a consultant to FHA about how to improve the lending process. That likely would be a big blow to FHA and perhaps the broader housing market. ![]() whether we can continue in this program," Emerson said. ![]() "At some point, we have to ask ourselves. Many FHA lenders have pulled out of FHA, leaving some consumers with fewer options to try to get financing for homes. There's another concern here, Emerson said in the interview. At stake, he said, is not only a multi-million dollar settlement, but more importantly, the company's reputation if it admitted to wrongdoing when it didn't do anything improper. "We're the lone soldier." Quicken Loans Chairman Dan Gilbert, who also is majority owner of the Cleveland Cavaliers, last year vowed to fight the case. "I'm not aware of anyone else that is fighting it like we are," Emerson said. As long as the borrower and home meet certain standards, the government will guarantee the loan and reimburse the lender if the loan goes bad. FHA, an 81-year-old program, can help consumers buy homes with lower down payments. The government has gone after at least 15 large lenders in the country during the past several years, with similar claims that they fraudulently approved loans that ultimately defaulted and cost the FHA money. That irony is one of the reasons Quicken Loans is pushing back so forcefully when other lenders have just settled. Emerson notes that Quicken Loans is the nation's largest FHA lender and also has the lowest default rate. The company expects a ruling on the motion in the next couple of months, Morganroth said in an interview. The court has requested that Quicken Loans file papers to renew the motion that's expected later this week. The company's lead counsel, Jeff Morganroth, said it makes much more sense to have the case heard by a jury in Michigan because all of he witnesses are in Michigan, as are all of the records and company officials. "We're going to continue to fight it." Quicken Loans had previously filed a motion to have the case heard in Michigan instead of Washington D.C. "The case is absurd," Quicken Loans CEO Bill Emerson said in an interview. While many lenders have settled with the government, Quicken Loans says it will not. The defaults also rocked neighborhoods nationwide after the houses went into foreclosure. The loans in question were backed by the Federal Housing Administration, and the defaults left taxpayers on the hook when lenders collected FHA insurance on the loans. The government has accused many large mortgage lenders of committing fraud to push through home loans before, during and after the economic crisis, and those loans eventually went into default. The Department of Justice has its own lawsuit against Quicken Loans, also filed last year. ![]()
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