Comment

Comment by Brigitte Powell on August 30, 2010 at 11:30am

Ben comes thru as usual :-) . Like I said, did exactly what Ben told me to do, Faxed AND emailed to negotiator (Rosie) :-) and her supervisor. We got it closed....and I am done.
I have another one in the works where GMAC says the MI wants 7,000 from the Seller. I have an offer coming but want to know if they are going to come off the 340,000 or nothin' kick.

Comment by Brigitte Powell on August 30, 2010 at 11:24am

;-) lol!! Imagine that! I became a real piece of work after that and emailed everyone on the list ALL the time. I think they just closed it because they wanted to be rid of me, but i had a great closer :-)
You are right Melanie it should be on their statement somewhere, in their loan docs, but she could not find it....and she is not uneducated. Never found it never got it....three lashes with a wet noodle for BoA :-) Her orig loan and second, were both with Countrywide

Comment by Ben Benita on August 30, 2010 at 11:23am

The "QWR" or qualified written request, is ANYTHING signed and requested by the homeowner.
For B of A, these get faxed to:

Fax - 805-520-5019
Attn: Correspondence Department

With the Loan Number clealry displayed thereon

Use this for finding out who investor is, or, who the MI company is INCLUDING their contact information.

THAT ALONE IS WORTH THE PRICE OF ADMISSION GUYS!!!!

If they say "we cannot share that" for ANY reason, know that they are either ignorant to what they MUST do, or, most likely JUST TO LAZY TO PULL THAT INFORMATION FOR YOU!!!

If the above does not work (we have started requesting this for EVERY B of A deal we have), send the written request to the Customer Relationship Advocacy Department, or, to the executive offices.

Regardless, NEVER take "no" for an answer from the Servicer.

ALWAYS remember, they make more money dragging out the process....some Servicers are REALLY REALLY good at this!!!!!

Comment by Melanie Ross on August 30, 2010 at 11:15am

if the client is paying for MI it should be on their statement somewhere or in the original loan documents. They have a right to that information. I have talked to MI companies in the past trying to track down the right one. One company said if they did have my client, then yes they would talk to me and NEGOTIATE! You gotta get to the right person. and that may take some time but in the long run it will be worth it.

Comment by Jeff Payne on August 30, 2010 at 11:08am

Interesting, BofA not playing by the rules, imagine that

Comment by Brigitte Powell on August 30, 2010 at 11:07am

Hey Jeff....I did exactly what Ben told me to do. It was in writing from me And from my buyer and the escalation agent and his supervisor told me in writing exactly what I just posted. Did not happen with BoA.

Comment by Brigitte Powell on August 30, 2010 at 11:04am

Yea!! Better than I did.
BoA would "not share that info due to our confidentiality agreement with the MI company" (direct quote). Let us know what happens, I have a VA with Wells

Comment by Jeff Payne on August 30, 2010 at 11:04am

Brigitte, if the seller makes a Qualified Written Request, they have to give you the information for the MI company. most of the time the lenders will say no but if you make the request in writing by the seller, they will give it to you

Comment by Jeff Payne on August 30, 2010 at 11:02am

Just make sure that you can show them that the seller does not have the money to pay them at closing. Be prepared and get the seller prepared that it may cost them at closing but you should be able to get this down to a small number or a promissory note.

Comment by Brigitte Powell on August 30, 2010 at 11:00am

Curtis....they may NOT give you the MI - in my case they said it was confidential info (that was BoA). Apparently they either think he has the $ or they want to negotiate. It happended to me with GMAC. My people do make lots of money but also have lots of bills and they were asked for 7,000 which was not unreasonable....BUT the servicer would not accept the contract offer price, they wanted 25,000 over the assessed value and over what it is actually worth. Lost the deal. Now GMAC says they will get another BPO done (two months after I stuck the price they wanted (340,000) and did not have one showing) I did keep them informed bi-weekly.
they also think you will reduce some of your commission to make it work. First provide them with info that shows the Seller does not have that kind of money anywhere. Is this a VA loan? Also send a shout out thru this website to Ben Benita....he is better at this than I am ;-)

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