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Collins, NY
Posts: 3143
Joined: Apr, 2008
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Spring Hill (Nashville area), Tennessee
Posts: 3384
Joined: Nov, 2003
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Response to application?
[#2] Posted: 03/24/2011 - 11:06:22 AM |  |  |
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I never got a response! One day I checked the roster and my name was on it!
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Scott Patterson
http://www.traceinspections.com
"Minds are like parachutes they only function when open"
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Collins, NY
Posts: 3143
Joined: Apr, 2008
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Response to application?
[#3] Posted: 03/24/2011 - 11:14:26 AM | | |
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I recall that happening to someone else here also. I guess no news is good news then. I'll just keep checking the roster.
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Collins, NY
Posts: 3143
Joined: Apr, 2008
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Response to application?
[#4] Posted: 03/26/2011 - 09:36:30 AM | | |
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I guess I need to be more patient, I checked yesterday and was on the roster. Anybody wanna go rehab something?
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Kenmore, WA
Posts: 2101
Joined: Sep, 2004
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Collins, NY
Posts: 3143
Joined: Apr, 2008
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Response to application?
[#6] Posted: 03/27/2011 - 3:21:31 PM | | |
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Thanks.
OK. I'm on the roster, now what? Market to banks? Mortgage brokers? REs?
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Kenmore, WA
Posts: 2101
Joined: Sep, 2004
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Response to application?
[#7] Posted: 03/27/2011 - 10:46:54 PM | | |
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I'd start with letting your local lenders know that you're a 203k Consultant--just some simple, no B.S., informational kind of flyer or even biz card. For the most part, a loan officer is just happy to find an active Consultant--you should check and see how many Consultants are in your area.
Of course, you want to talk to the lenders that are doing the 203k. Many lenders will do the Streamline K but not the Full K. The lenders that do the full K are much fewer in numbers.
In the meantime, get to work on the docs and forms you'll need to prepare. I wouldn't buy software, MS Word and Excel do pretty well, although I wish I knew how to work Filemaker Pro because it seems like it would work better. There's still a lot of manual redundant inputting I have to do. Someone much more knowledgeable with macros in MS might be able to make a more efficient and streamlined document package.
When I've been contacted by a new loan officer whose bank I haven't yet worked with, I'll ask to see what sort of package of documents the underwriters are expecting to see. Usually, the L.O. will have a sample package that's been provided to him/her. For the most part the forms are the same, but a lender migh have a different twist on it.
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Randy Navarro
http://www.thecompleteinspection.com |
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Collins, NY
Posts: 3143
Joined: Apr, 2008
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Response to application?
[#8] Posted: 03/28/2011 - 06:26:50 AM | | |
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I looked before I applied. An hour drive in any direction there are nine but two of those have been terminated. Half that and there's only three. There are a ton of consultants in the Rochester area, 2 hours or more to the northeast of me, but south of the I90 I'd have to go to Cortland or Binghamton, 3 hours, to run into another consultant.
I'll work on the forms and start calling on banks. We'll see where it goes from there.
Thanks.
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Lafayette, Louisiana
Posts: 3858
Joined: Nov, 2009
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 Response to application?
[#9] Posted: 03/28/2011 - 06:32:08 AM | | |
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I put my 203K endeavors on hold for now. A check with lender savvy friends of mine points towards a lack of interest in 203K packages by local lenders.
Marc
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"If Guam gets too overpopulated, it might tip over."
Congressman Hank Johnson (D) GA |
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Kenmore, WA
Posts: 2101
Joined: Sep, 2004
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Spring Hill (Nashville area), Tennessee
Posts: 3384
Joined: Nov, 2003
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Response to application?
[#11] Posted: 03/28/2011 - 11:50:44 AM | | |
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The 203k market in my area is not very robust either, the lenders do not push them. Of the few that I have done over the past year a major hurdle has been finding contractors that are willing to work with the program.
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Scott Patterson
http://www.traceinspections.com
"Minds are like parachutes they only function when open"
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