Refinancing Problem- Greenpoint - Posted by David

Posted by LeAnn on November 13, 2002 at 11:31:41:

Please share your n/o/o cash out refi source. Thank you.


Refinancing Problem- Greenpoint - Posted by David

Posted by David on November 07, 2002 at 10:05:16:

I am trying to refinance 4 investment properties with Greenpoint and it is becoming a nightmare. The rate was locked at 6.875 until 11/11. We were supposed to close 10/23. The lender says the delay is because of the appraiser and the fact that the loans have to be signed off by their CA office. I said let’s close at least two on Monday so we won’t have to lose the rate. She says No, the underwriter has to review all 4 loans together and they must close together. The only reason I use Greenpoint is because of their NOO cash-out loans for self employed people.(Any other lenders out there with this product?) Is there any recourse for me? I am giving them lots of business. I will never refinance all the properties at one time again. I do not believe the loan officer is working hard enough; I think she wants me to be upset since I talked to her boss. I want to ask for an exception or else we don’t close all 4 loans. What would they do?

Any thoughts. Thanks

Re: Refinancing Problem- Greenpoint - Posted by Matthew

Posted by Matthew on November 09, 2002 at 15:16:35:

I am a broker, abit jaded on greenpoint.I used to close alot of business with them, however after they opened anew office,ORLando, FL and they brought in their CA people, things got very complicated and slow, not to say all the additional nonsense.take for what its worth, never do more than 2 properties at any time.
I have had three clients refinance multiple properties this year and even one of my better lenders, LEAhman’s,Broker funding solutions, had a hard time with 1 investors 3 refi’s and 3 95% n/o/o purchases all at the same time,they did close all but it tookabout 60 days start to can also try entrust mortgage,1st natl bank of Arizona.
if you need contact #'s.I’ll be more than glad

Re: Refinancing Problem- Greenpoint - Posted by Investor

Posted by Investor on November 08, 2002 at 01:45:30:

I have done NOO Cash/O Refi up to 4 unit properties with no seasoning and closed in two weeks.