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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (45455)	11/14/2005 3:01:04 PM
From: loantech	Read Replies (1) \| Respond to of 110194

Ramsey, I started out this business as a retail loan processor just pushing paper at barely above entry level for a mortgage bank. I did well. Went in to streamline FHA and VA refi sales for 92 and 93. Processed in 1994. In 1995 I went to work for 5 years selling subprime loans but only on a retail level in house for Norwest and Wells Fargo. I did fairly well as I saved most of our income. The last 5 years I have worked as a processor again. I know very little about our servicing department and do not have to take "those" phone calls. <g> I would assume many borrowers will get some surprises but maybe it will take longer on the Prime or good credit arms as most of them were done as 5 year fixed then ARM. I think Russ has a good handle on this part. tom