Mortgage Portfolios - Posted by Mark

import · February 14, 2002, 10:12pm

Posted by christopher on March 20, 2003 at 06:15:50:

It’s time for me to start my own portfolio although I have a good idea of what to do Iam still uncertian as to what"area" “of the feild” will best fit my needs
Iam interisted in learning the differant aspects of of this feild “what how WHARE”
Any help you could give me on WHARE would be a GOOD place yo continue OUR work would be verry verry VERRY helpful
thank you

import · February 14, 2002, 10:12pm

Posted by Mark on February 14, 2002 at 23:12:53:

I am gearing up my marketing plans for the note business.
I have worked as a Mortgage Loan Originator for the last five years.
I was wondering if it is worthwhile to contact the smaller Banks and S&L’s that sell their Mortgage Portfolios and refer these loans to an end buyer of these portfolios and of course, hopefully receiving a referal fee for doing this.
I don’t know if this is even possible, my hope is that some of you experienced veterans of the note business can answer this one.

Thanks Much !!
Mark

import · February 17, 2002, 3:59pm

Re: Mortgage Portfolios - Posted by Doug Rink

Posted by Doug Rink on February 17, 2002 at 16:59:44:

Hey Mark,
I’ve been doing this for about 5 years and I am also a mortgage banker. I have found that buyers for seller held notes and “secondary morgage market” buyers to be two completely diff. animals. I prefer to deal with the seller held guys quite frankly.

Unfortuantely, we haven’t created enough volume of business in the note business to attract the likes of the wall street BIG money.

So while in theory the concept of brokering small banks loans to larger pools will work and might be a great nich, you’ll be suprised to learn that there aren’t many “wisords behind the green curtian” with the money as there once was. Since you know how to originate loans, you might could just “option” the portfolio of loans you find and try to “refi” them for the seller.

I have done this. Since most seller’s know they have to “discount” their loans to sell them and you buy them one-at-a-time anyway, why not develop a wharehouse line of credit (wharehouseline.com is good) and individually refinance the loans. You can make a great spread by having a lower “strike price” with the seller and you and I both know we can earn PAR-PLUS pricinging in the mortgage origination business which is UNHEARD of in the note business alone. Hope this helps.

Doug Rink