Washington Mutual giving real estate agents headaches?

Washington Mutual has always been tough to close a loan. I have have done loans for their own employess. Dont got to Wamu for a loan in my opinon

Washington Mutual has always been tough to close a loan. I have have
done loans for their own employess. Dont got to Wamu for a loan in my
opinon

Washington Mutual has always been tough to close a loan. I have have
done loans for their own employess. Dont got to Wamu for a loan in my
opinon

Washington Mutual has always been tough to close a loan. I have have
done loans for their own employess. Dont got to Wamu for a loan in my
opinon

Thanks!

The next time I need to know if a bank is going to go under, I'll check with your broker.

Perhaps, it is because the loans that your broker was able to put through in the past no longer are eligible.

The above is pretty strong words to be passing along as fact.

Nice blog.

This guy must have a MAJOR short position on WMU. to be making those kinds of comments.

I have 400 + shares of WM and continue to accumulate while the cost is down.

Wamu looks to be in pretty bad shape -- they just reduced my zero balance equity line by 75% -- I have 800+ credit, 6 figures in the same bank, earn 6 figures, the credit line is in first position, and my home is still worth 1M ++ -- and I have a net worth several times that.... it is frustrating as I use the credit line for investment purposes -- from my perspective this does not bode well for the economy or WAMU -- and my friends at WAMU -- said this would never happen as management was very conservative... IMO -- I think they lie too... or simply have no idea where they (management as well) stand

NOT TRUE , I work with Wamu and they still are lending plenty!!!. Just need decent credit , assets, and some income, the days of wild west lending are over ....at least 4 now

OK Cdog, Wamu among other banks have been reviewing thier HELOC portfolio and reducing the line amounts based on all or one of the these factors: credit score decrease, late pays and the lamest of all, Automated Value Matrix results. In your case it was most likely a soft hit of the AVM model they use. Also your balance was the trigger for them to run your AVM. Sorry to tell you even if you prove your value has not gone down you are SOL....

Trader777, as a former 15 year employee with WaMu and a VP in the Home Loans division I can tell you, you are correct, their standards, like everyone else have tightened, but since WaMu's aggressive growth in the 90's WaMu could not close a loan on time if it smacked them on the side of the head. The news that WaMu is giving realtors headaches are nothing new. It is not because of the sales force in general, but because of the operations side. Opening and closing and opening and closing LFC's, several crappy mortgage origination systems, and managment that always places the blame on the sales force. That is why the billion dollar boy in No. Cal. has gone to Wells, and alot of other top producers have been trickling out the door for the past several years. For example, WaMu exited the FHA/VA business becasue of two reasons, but really just one: 1. We were not doing enough to justify the risk. 2. 33% of the loans were processed wrong so there fore we could not get them insured by the goverment. *See #1: What loan officer would risk doing a loan that processing ALWAYS messed up!

On top of that, the recent push to develop loan officers to service the bank branches have put a large amount of knuckle heads doing loans in the branches. Taking away from the bank branch employees the ability to do them themselves. Most of the time they did them very well, who by the way are some of the best banking sales people in the US! What we ended up doing when the Banking Loan Consultant program was rolled out was moving crappy loan officers into the position and hiring loan officers from out side the bank who could not cut it in the real world. We should have let the banks service their customers and the professional loan officer develop and fight with operations to close our loans as we were use to it.

The WaMu banking system, I believe has some of the best sales people, and leaders in the industry. They also have some of the most loyal employees, typically bleeding blue and gold... It would be a shame to see the bank merg and lose it's identity with Chase or be cut to nothing by Wells.

I am a big stock holder and am in this for the long haul even if I now work for the competition....

Sell WaMu stocks! The WaMu management is in need of thorough brain scanning. In the Loss and Mitigation department, the management will favor foreclosure in place of 73% recovery of their mortgage interest in the midst of mortgage meltdown. Go figure…