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Indy Mac Bank? Anyone?


seider903
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Does anyone know anything about Indy Mac Bank? Are they considered a "prime lender"? I'm trying to refinance and I feel like I'm getting the run around and a whole lot of lies from all these different companies! Grrrrrrrrrrr!! What can any of y'all tell me about this bank? Thank you!!

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We had a broker hook us up with IMB. A Refi and we had little education about the entire process.. . If I knew then what I know now..... I would educate myself.. educate myself.. educate myself. Please... take that advice.

If you feel unsure take it to an attorney, a loan officer anyone you can get wisdom from.

I would not consider them a prime lendor. We had no issues but the

way the broker handled our loans it left us very suspicious. We ended up

with a over inflated appraisal and were very excited until we had to sell the home and pay off the two loans they gave us a 80/20 loan. We could NOT sell our house for the amount of both loans and my DH had to take some cash out of his 401K to pay it off... it was a sore spot in our life I will never forget. Just get a legal person, a college kid educated in realestate a college professor.. flatter them, ask for their advice on the contract but get someone who knows the language to look at the loan docs.

Make certain there aren't any prepaid penalties, and educate yourself, hire an attorney to look over all your documents. Pay the extra few hundred dollars to have someone look over the loan before you sign it.

I had a guy from American General offer to just look over our loan.

So, just see if anyone can find a reason why it may lock you into something

you may not want..

If I could save one person from what I went through... it's worth it just typing this to you.

Good luck.

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I deal with IndyMac bank-but only if they are the only ones that will do a loan for a client with a decent rate. WHY?

When we get an approval from the bank it is pretty clear cut. Once you have mets those "conditions" required, it is done. With some lenders outside of the bank it is different. My processor sends in a condition and then it makes the Underwriter think of 2 more things they would like to know. The next to last loan we did with IndyMac it started off with about 5 conditions. When the loan finally funded we had ended up with 74. Not an exaggeration-a number I will never forget. So, was that the last loan with them for me. Nope. but I do and will always let the client know that they are miserable to deal with. The only thing that they seem to do easily is HELOC's-and I pretty much don't do them as I don't believe that they are a good product for my clients.

RE: Appraisals:

I am going to post a sticky note sometime (soon is my plan) to teach people how to read an appraisal/what to look for/etc. Long term it is not in anyone's interest to get a "goofy" appraisal. It makes rates in general go up (If you owe 200K on a home that in real life is worth 180K and you are having problems, you are more likely to walk away. This loss to the industry makes the risk increase and the rates have to go up)

If you are in doubt, seems too good to be true, request that your broker run a LARA or a HANSEN appraisal review. It will cost you 75-35.00, but possibly worth the piece of mind. Most all of the loans through the bank require one or the other-depending on the mood of the Underwriter (I wish their husbands and kids would be nice in the morning so they don't start off the day crabby)

Hope that helps.

Charles

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My processor sends in a condition..

Oh yeah, processors have to write the loan # at the bottom of every page of every fax for conditions. Send in 50 pages and write the loan number fifty times. No other lender that I know of requires that. Your processor probably doesn't miss them too much.

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