@Anonymous wrote:Ready for this? The Quicken Rep told me....What if Amazon and UPS go out of business? Then my business will disappear.
I actually have this in an email from them, in writing.
I think I would have to laugh as loud and obnoxiously as possible. Of course, it could very well happen but extremely unlikely.
For us, I asked our CU if they sold their loans. They told us that they sell them but they service them, meaning, we pay the CU and they distribute the funds.
@Anonymous wrote:Applied with a portfolio lender who was open. Will see what happens.
On a side note, the rep as Quicken Loans told me a second reason why I was denied.
(Keeping in mind here I sell online with my own site, Amazon, ebay, etc and ship things out.)
Ready for this? The Quicken Rep told me....What if Amazon and UPS go out of business? Then my business will disappear.
I actually have this in an email from them, in writing.
I totally believe you that the Quicken Rep made such a *stup*d* comment. 
My experience with them (through my buyers) is that they can't do anything that has the least bit of difficulty - most especially self employed type income. They can process A paper with W-2 type income somewhat well but so can anyone. At least you found out early on and not toward the end of the deal...
@StartingOver10 wrote:
@ezdriver wrote:
@Anonymous wrote:So a credit union possibly?
How do I know if someone is a portfolio lender?
Assuming chage/quicken sell loans, always?
Good question. You can call each bank/credit union and ask if they portfolio their loans or sell them. If they portfolio any, ask for details on those loan products.
As EZ states, get information before you make application. I have found that there are quite a few lenders out there that say they have portfolio loans but they still use Fannie and Freddie underwriting criteria. The reason they say they have portfolio loans is because they keep the servicing and maybe even keep the loan for a period of time before they sell it (1 to 5 years).Make sure the LO contacts underwriting before you make application to find out which criteria the u/w is using. There are few portfolio lenders. They are typically smaller regional type banks and local community lenders. A mortgage banker will have a few contacts too. So will a mortgage broker - but be careful with the broker that is not a lender that funds their own loans -make sure the information you are getting is accurate. I don't hate mortgage brokers at all - a good one is worth their weight in gold. But the good ones are few and far between so quiz them appropriately before you make application (they have a tendency to say 'yes' and then the 'no' comes just days before closing). Get referrals from your agent or family and friends before you make application too.
Aren't servicing vs. portfolioing utterly different?
There are hundreds of mortgage servicers out there, I wouldn't think there is anyone portfolioing mortgages which meet GSE's conventional criteria: the money has been in refi's (and presumably new sales) for the past 5 or more years... with interest rates so low and presumably going higher, other than possibly ARM's, who would want to tie up their assets on likely soon to be below market rates (from the lender's perspective).
Seems like a shoddy business practice currently unless there's some CU / local community bank restriction I'm unaware of when it comes to mortgages? Hard to imagine otherwise they wouldn't take the Wells Fargo route, at admittedly a better service level.
@Anonymous wrote:Ok, I will bite.....Wells Fargo Route?
Poster child for massive mortage origination especially refi's: collect the origination fees, sell to Fannie/Freddie ASAP, then keep pushing the cycle forward.
Cynically I think this accounts for the ups and downs of the mortgage interest rates over the past few years: if there's no spread, there's no refi's, and therefore no banks making money 