Response to application?

[Tom Raymond]

The HOC was very quick to return my app as incomplete, but I haven't heard anything since resubmitting.

I was wondering if the others who applied are having a similar experience?

[Scottpat]

I never got a response! One day I checked the roster and my name was on it!

[Tom Raymond]

I recall that happening to someone else here also. I guess no news is good news then. I'll just keep checking the roster.

[Tom Raymond]

I guess I need to be more patient, I checked yesterday and was on the roster. Anybody wanna go rehab something?

[randynavarro]

Congratulations. Let's compare notes as you need.

[Tom Raymond]

Thanks.

OK. I'm on the roster, now what? Market to banks? Mortgage brokers? REs?

[randynavarro]

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.

[Tom Raymond]

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.

[Marc]

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

[randynavarro]

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

The reason the K is so popular right now is because of the all the foreclosures, short sales, and dilapidated houses on the market. This, along with tougher lending guidelines makes the K a very appealing and do-able option.

I wonder how those homes in your area will get sold otherwise?

[Scottpat]

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.