Shocking Insiders reveal First Magnus is in trouble…
As found on a popular blog topic, “What’s Up With First Magnus” at the Mortgage Lender Implode-O-Meter, mortgage insiders write about First Magnus: “I know they are very loosey goosey on their underwriting criteria, and the basic word on the street
is that if no one else will do your loan send it to First Magnus (which was the same word on the street that ABC/AHM had!). This was in response to another insider commenting “I can tell you that there warehouse lines of full of unsalable loans. They are only closing about 15% of the loans that come in the door in my area.”
Further comments on the Implode-O-Meter: ”I’m not surprised they are having trouble selling loans.I’m surprised this place has not been in the news more. They are the bottom of the barrel. I predict that they will not be around long, mark my words.” and “clogging up the warehouse lines is the first sign of major trouble.”
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Filed under: Miscellaneous
