Just Mortgage, Inc. - Wholesale, Agency & FHA

DEmortgageguy at 15:23 2009-01-26 said:

Just Mortgage isn't funding anyone's loans right now. I just had a short and candid conversation with someone there and was informed they he is now looking for other employment.

Apparently management has not be very honest with their employees about the situation. In fact, management hasn't even bothered to tell their employees, AE's or business partners what is really going on. I had to hear about the situation from an Escrow Officer because my AE was in the field and hadn't been aware of the situation. During this whole debacle, no one from upper management has even bothered to inform their business partnes, much less their employees of the situation at hand.

I was also told today that even if I did bother to relock my loans, the likelihood of their funding is non-existent because there is simply no money available, much less a new investor. And why would I relock anyway? Have you seen their pricing. I have locked loans that are now costing me 1.5 points vs the par or rebate pricing I previously had. Why should I have to pay for their misdeeds!!!

If anyone thinks think Just Mtg is going to be around in the near future, you're fooling yourself. Remember Monument Mtg had the same problem funding loans back in 2001. (Yes, my history in this business is quite long as is my memory). Why put yourself through this all over again by sending loans there? I don't know of any Broker that likes to get yelled at by their clients.

At this point there is no incentive on my part to send any more loans to JMI. Their service was never that great. Their underwriters were sub par at best, as evidenced by their odd conditions and very argumentative UW manager. After 20 years as a DE Underwriter/Realtor/Broker and Manager, I think I know a thing or two about loans. I feel terrible for the people working for JMI, but I won't miss their lackluster service and disengenous management. Permalink

Q Nation at 11:32 2009-02-16 said:

Is Just Mortgage, Inc still origination and closing loans? Permalink

JustDeuceBagMortgage at 23:00 2009-03-19 said:

It seems a lot of investors/ banks and MI companies have cut them off and it’s just a matter of time that their c**ppy warehouse line cut them off as well. All the bad loans they done are going to come back and haunt them. What comes around goes around… serve them right… Permalink

JustDeuceBagMortgage at 23:14 2009-03-19 said:

This is an open forum and im going to exercise my freedom of speach. Thank god we have great forums like implode o meter to help us express our freedom of speach

I’m sick and tired of Just Mortgage. Let me shed the light on them and tell you what behind the scene. Go ask their reps and they will make up stories, give non straight answers or give you the run around on this….

Just mortgage is the same old [deleted] owned mortgage lender (small chop shop) . Oh, I forgot to tell you that they opened a retail branch and are going to go into the mortgage retail business ( sound like competition) . They open a retail broker shop called Majestic… hmm, doesn’t that make you think, who else is going to look at your loans…hmmmmm, can you really trust these guys after they bait and switch their brokers and made everyone (even loans at funding) relock with a ridiculously high rate (inflated by them) because at that time they knew that their brokers could not take their loans to another lender (because turn time were so out every were else) ( if your loan was in funding (purchase) and your lender told you that they could not absorb the cost of the rate because they screwed up. What would you do? Pretty much you’re stuck and you’re on the mercy of the lender or you can submit it somewhere else (during this time all the lenders had outrageous turn times) that not going to happen

Let me shed the light on the Citi mortgage incident with Just Mortgage. I have no pity for them because they are deceiving and dishonest. They knew that they were going to get cut and they didn’t tell their brokers and their own AE’s until the day citi chop them. The day before their correspondent line got cut, they pulled back the wires on all their fundings, hmmm I wonder why. Surprise, surprise the next day Citi cut there correspondent line. ( Did your ae tell you that, probably not… can't blame their AE’s, their management screwed their own AE’s over too.) Did your rep tell you that citi kept a score card on Just mortgage and everyone that doing correspondent lending with them are aware of this. If you don’t meet the score card requirement then you will get the axe, Just Mortgage was aware of this. How much more of a warning do you need. Oh, sorry their AE’s couldnt tell you this at the time because management didn’t really care to inform their own AE’s. Its because their management was busy raising the rates and kicking the brokers while their brokers were down. I feel bad for all the brokers that trusted Just Mortgage and had to relock their loans at a higher rate (inflated rates because Just Mortgage knew that all the other lenders turn times were so out that the brokers had no choice to go with Just mortgage inflated rates. What can I say, when your docs are signed and you’re at funding. Its hard to just submit it out to another lender and at that time, everyone turn times were so out) Very sleazy….

For all you loyal Just Mortgage fans… You’re going to get screwed anyways… You didn’t read the fine print on your broker package did you? They did this on purpose. There a clause that state that they can make you buy back your loans no matter what. Translated, even if there nothing wrong with the loan and there no time limit. So they can make you buy back your loans any time. They will take you to court if they make you buy back the loans. If you do the research you will see a record of this.

There a sucker born every minute and Just mortgage is laughing at them and taking an advantage of them... Permalink