  Lefty2 Member Username: Lefty2 Post Number: 528 Registered: 07-2007 |
i concur with you there Kid D | ||
Abracadabra Member Username: Abracadabra Post Number: 216 Registered: 04-2007 |
I heard a rumor today, Quicken is moving to the former Hershey factory. Detroit is out of luck. | ||
Lefty2 Member Username: Lefty2 Post Number: 530 Registered: 07-2007 |
rich very rich there - Abra | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 363 Registered: 06-2007 |
They could capitalize on the chocolate theme and rename Nestle Quicken. I'm done talking. | ||
Renfirst Member Username: Renfirst Post Number: 62 Registered: 12-2006 |
3wc. You're not helping yourself. You made it sound like you're in the mortgage industry, then you indicated you called someone to get a quote. I would think if you were in the mortgage industry, it wouldn't be necessary to call someone for that information. While I do not originate loans on a daily basis, I work with reputable brokers and have some decent knowledge on this subject. A conventional mortgage from what I know seems to be a mortgage with an interest rate that does not change during the entire term of the loan. There are some 30 year fixed rate programs with an IO option for the first 10 years. Would that be considered "non-conventional" ? I would think it would still be considered conventional, considering the rate stays the same, but the P&I payments are limited to just Interest. I just logged in to one of our investor's sites and checked their rate sheets to see if they had IO options available with 30 year fixed products, and they certainly do, so I'm fairly positive that Fannie Mae is still purchasing these loans. With all that said, Quicken Loans has to be in trouble. They were pushing their ARM products, especially their Option ARM for a while, and if anyone is familiar with the standards of their loan officers, it would be no surprise that many borrowers were put into loan products that weren't for them. Quicken has never been interested in the long-term needs of their borrower. If they were, they'd never push their ARM products like they have. In the 18 years our company has been in business we have had less than 1% go into foreclosure. Why? Because we're committed to serving the client so they'll come back to us for more business and refer us to their friends and family. When others were pushing IO and ARM products, we were advising our clients to be conservative and go into a 30 year fixed. We still have our clientele base, do you think Quicken can say the same thing? And on a side-note, Bank of America just announced last night that they are ceasing wholesale mortgage operations. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4476 Registered: 10-2004 |
Maybe NO will move to the Chocolate City too. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 964 Registered: 01-2005 |
Just thought I'd check back to see if Kid had backed up his "rate quote' in post 358; of course he hasn't. What I don't understand is why so many of you people believe the guy when he has blatantly lied to you about an allegedly available I/O rate and his idea of a meaningful response is to "promise you he's right" and the classic "Haaaaaaaaaaaaaaa." I have never disagreed that people take out interest only loans for reasons that only they know and feel is a good idea. However, some things cannot be disputed: 1. I/O loan payments will increase sometimes sharply when amortization kicks in. 2. Lenders price to risk. 3. A lender making a I/O loan, ALL other things being equal, has more risk. 4. Having more risk, the I/O loan will always be priced higher rate wise than the corresponding conventional, amortizing loan. Historically, a conventional loan has been one that is prudently underwritten (LTV ratio, competently appraised collateral, borrower due diligence etc) and AMORTIZING. [I don't agree w/ Renfirst on this; he thinks a blended amortizing and I/O is conventional. Think about it.] If all other things being equal except amortization -v- I/O, the amortizing loan will be considered conventional anf the I/O loan unconventional. Renfirst: You make a few well thought out statements but you either didn't read or didn't comprehend my posts. You say I "made it sound" as if I am "in the mortgage industry." When did I ever say or imply that? I said I took over a company that had made commercial mortgages but was distressed. I also said I've been out of active involvement in real estate for a five or six years. Under those circumstances, what's so unusual about picking up the phone to call friends who are currently mortgage bankers or on Boards of banks to get a current rate quote? | ||
Jz_detroit Member Username: Jz_detroit Post Number: 38 Registered: 12-2005 |
3rd....it depends on what you consider conventional. 30-35 years ago people considered a 15 year conventional and a 30 year non-conforming. Remember Fannie Mae decides what is conventional, not you. Fannie Mae is a conventional quasi-government agency that sets the conforming limits on conventional loans. That means if a mortgage is underwritten by Desktop Underwriter (Fannie Mae's underwriting tool), it is considered conventional. It can be interest only, it can be stated income, it can be anything Fannie Mae wants it to be, if it's Fannie, it's conventional. Get with the times and realize that Fannie Mae has accepted interest only as conventional financing years ago. Sub prime would be examples of low credit (non Fannie approved), no assets, no income, loans over $417,000 are non-conforming (non Fannie Mae). Again, understand things change. Fannie Mae understands that what got us here today won't get us there tomorrow. | ||
Renfirst Member Username: Renfirst Post Number: 73 Registered: 12-2006 |
I agree, I think it comes down to what you think is conventional. Google for a definition and you'll get a dozen different definitions... And renfirst is a she, not a he... lol Nothing personal 3rd... I'm not looking to get into a heated debate on I/O. Frankly I'm hoping it won't be around any longer... | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 965 Registered: 01-2005 |
On that we agree. How about a thread on how many angels can dance on the head of a pin. I should have known you are a female based on your reasoned responses. Sorry about the unthinking reference to "he." And we do agree about Quicken. | ||
E_hemingway Member Username: E_hemingway Post Number: 1399 Registered: 11-2004 |
WDIV just announced that an announcement will be made tomorrow at noon about the move downtown. | ||
E_hemingway Member Username: E_hemingway Post Number: 1400 Registered: 11-2004 |
Downtown Detroit wins Quicken headquarters By TOM WALSH FREE PRESS COLUMNIST After two years of speculation and negotiation, Quicken Loans and Rock Financial founder Dan Gilbert told the Free Press today that he will move the mortgage firm’s headquarters office and 4,000 people from Livonia to downtown Detroit. Detroit Mayor Kwame Kilpatrick and Gov. Jennifer Granholm are expected to join Gilbert at a noon press conference Tuesday to formally announce the deal. http://freep.com/apps/pbcs.dll /article?AID=/20071112/BUSINES S06/71112026 | ||
Yvette248 Member Username: Yvette248 Post Number: 1020 Registered: 10-2006 |
They did it!••• WDIV.com -- Detroit has been trying all year to sweet-talk Livonia-based Quicken Loans Inc. to move its headquarters from the suburbs to the city. Now, the online financial services firm has finally decided to give in to the temptation and is announcing its decision to take the plunge. | ||
Bobj Member Username: Bobj Post Number: 2752 Registered: 11-2003 |
I am really surprised! | ||
Johnlodge Member Username: Johnlodge Post Number: 3581 Registered: 10-2003 |
Hooray! After over 1000 posts, it has happened. Quinn, get the paperwork together for Qwiggen's launch. | ||
Rfban Member Username: Rfban Post Number: 193 Registered: 02-2004 |
WOW, it's finally coming together!••••-not over till the Fat lady sings though.. | ||
Detroitrise Member Username: Detroitrise Post Number: 613 Registered: 09-2007 |
Quinn has 3 or 4 years to get Qwiggen together (2 if she wants it done immediately). | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 701 Registered: 11-2006 |
why the hell have you posted on all 3 of the quicken threads? | ||
Detroitrise Member Username: Detroitrise Post Number: 614 Registered: 09-2007 |
Technically, this was the original thread (if you didn't notice). The other ones are wannabes that went mainstream on the site. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 702 Registered: 11-2006 |
More useless babble | ||
Mackinaw Member Username: Mackinaw Post Number: 3983 Registered: 02-2005 |
Cut the shit, people. ---- I was also surprised, but mainly because I put this out of my mind with all the talk about Quicken struggling, and the so-called insiders saying they would never move to Detroit. Great job, Gilbert, and the various powers (KK) that forced the issue. | ||
Bearinabox Member Username: Bearinabox Post Number: 375 Registered: 04-2006 |
I think calling Livernoisyard an insider, even a so-called one, is a bit of a stretch. | ||
Mackinaw Member Username: Mackinaw Post Number: 3984 Registered: 02-2005 |
I would never give him that credit. I was speaking about some other people who actually work at QL. | ||
Detroitrise Member Username: Detroitrise Post Number: 620 Registered: 09-2007 |
Paging Kid_dynamite... (Message edited by DetroitRise on November 12, 2007) (Message edited by DetroitRise on November 12, 2007) | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 370 Registered: 06-2007 |
I said it looked like a go a long time ago. I also teased everybody on DYES in the summer about something I heard through the grapevine at work. From what I've heard, you don't even know the tip of the iceberg about everything that is going to come along with this move. Get ready. | ||
Quinn Member Username: Quinn Post Number: 1532 Registered: 01-2005 |
QWUIGGEN!•••••• YAY! | ||
Detroithabitater Member Username: Detroithabitater Post Number: 69 Registered: 10-2006 |
I know where my next homeloan is going through.... | ||
Rbdetsport Member Username: Rbdetsport Post Number: 406 Registered: 11-2005 |
Kid, mind filling us in? | ||
Rjlj Member Username: Rjlj Post Number: 417 Registered: 11-2003 |
I might have heard the same things Kid_dynamite based on what you said. Lots move to come. Gilbert is thinking BIG. | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 374 Registered: 06-2007 |
Sorry. I can get in deep crap by posting unofficial information when it's established that I am an employee of the company. |
