Florida Capital Bank says NO to Broker Mortgages

mortgagemess at 20:04 2009-01-23 said:

Why is this surprising? Seems to me the bank is obviously been or is currently in a risk management mode. Something spurred this on. It has been well documented that most of the fraud done over the past few years came from brokers(Sorry to the one that were doing their job right!).

All the credit card companies have reduced the limits of exposure to any person employed within the finance and real estate market. Why should the banks not be doing the same? Permalink

Alexius12 at 00:18 2009-01-24 said:

These people seem to be so silly that they are not even redirecting their old url traffic from www.flcbmortgage.com to their new one at https://www.flcbmtg.com.

If you want its CEO to know how you feel, you can reach him directly here __>> http://www.flcbcfl.biz/?p=3 Permalink

SteveP at 01:10 2009-01-24 said:

It's not illegal to discriminate against any group unless the group is a protected class. Like those with prior criminal records, or those with credit scores below 500, loan brokers are not considered a "protected class" under federal law. Permalink

Alexius12 at 01:19 2009-01-24 said:

It's not illegal to discriminate against any group unless the group is a protected class. Like those with prior criminal records, or those with credit scores below 500, loan brokers are not considered a "protected class" under federal law.

Yes, thank you. I knew that much, but nevertheless it is a very stupid policy that can only damage their good name and reputation.

Cheers! Permalink

SteveP at 01:44 2009-01-24 said:

I'm sure they made the change based on their prior experience with loan broker employee loans. How were you able to conclude that their policy change was stupid? Do you have inside knowledge that their prior experience with loan broker employee loans in regards to early payment default, short sale requests, loan modification requests, compliance defects, foreclosures, and loss severity are all equal to or less than the general population of their loans?

In other words, instead of just blabbing that their policy is stupid, please present your empirical data that demonstrates that their policy is in fact stupid. Otherwise stop slandering an institution that is simply trying to be prudent and wanting to protect its depositors' assets and reduce the potential for tax payer intervention. Permalink

mattfoley at 14:15 2009-01-24 said:

Hey Alexius12:

Maybe they decided not to lend to broker employees because of:

1) "owner occupied" loans that turned out to be investment properties?

2) LO's who jacked a YSP on their own loans when the appraiser wouldn't push the value in order to get the cashback they wanted? (that's like poking yourself in the eye, unless of course you have no intention of repaying, then it's ok)

3) The cozy relationship LO's have with the AE's doesn't present a true arms length transaction.

Oh, and when churches, police departments and all the others you mentioned can be documented to have committed the amount of fraud that brokers did and still are, then they should be part of the policy too.

I doubt a church or police station is going to strip equity from grandma's house and leave her in foreclosure only to lose a home she's lived in for 30 years.

Branch managers using employees, relatives and relatives of employees as strawbuyers in foreclosure bailout scams

Originating 8 loans in one month to another employee (all different lenders), all primary residence, then that employee originates a half dozen back to the first dirtbag and so on and so forth.

Think this is isolated? Not hardly...

OH yeah...it is just disgusting and discriminatory that a lender would actually practice risk management. Oh MAN what is the world coming too LMAO! Permalink

mortgagebanker at 03:29 2009-01-29 said:

The bulletin clearly states that Florida Capital will no longer accept lock-ins on loans where the borrower(s)/co-borrower(s) are employees of our approved Brokers. Most banks and wholesale lenders adopted this policy years ago. Why is this so surprising, so controversial?

The headline is misleading. There is no news here. Permalink

Alexius12 at 08:06 2010-02-11 said:

This Bank went through some many URL name changes, makes you wonder.

Most of the links from their latest URL are no working. And that IP address hosts 281,826 other sites on the same server. Yikes, talk about secure transactions! Glad they do not do take Brokers. Now I think most of us know that the fraud has been, and increasingly is, perpetuated by banks in bed with FDIC, FED, and others. I mean the CEO of the Mortgage Bankers Association is being pursued for fraud in big scale and shortsold their own building by almost $40,000,000, and then has the nerve to profess teh "what example are you giving your kids by not paying your mortgage loan"!

www.floridacapitalbank.com

http://www.flcb.com/aboutus.htm

http://www.flcb.com/locations.htm

http://www.flcb.com/business.htm

http://www.flcb.com/personal.htm

http://www.flcbcfl.biz

Why is this surprising? Seems to me the bank is obviously been or is currently in a risk management mode. Something spurred this on. It has been well documented that most of the fraud done over the past few years came from brokers(Sorry to the one that were doing their job right!).

All the credit card companies have reduced the limits of exposure to any person employed within the finance and real estate market. Why should the banks not be doing the same?

Permalink

MortgageDrummer at 10:39 2010-02-11 said:

Amazing if it's true. . full exposure is what I say. . . let's see it!

All the credit card companies have reduced the limits of exposure to any person employed within the finance and real estate market. Why should the banks not be doing the same?

[/quote]

I recv'd a letter from my Business card Amex that stated that due to the industry I was in (Dec. 2008) they were limiting my high credit amount. What?

I'd been with them 20 years always paid my balance off monthly and never missed a payment. . . after several levels of mangement they changed it all back the way it was. . .

The 3 major credit bureaus will soon be able to do a blast email and notify everyone that because how many points you get for the profession you are in will determine soooooooooooooo many things................ just like the universal health care record they will have on you. . .

Get ready FEMA!!! Get the trailers ready. . . the 3rd world order .

Stand in line and get your micro chip or don't get fed. . . Permalink