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Advice Pool - What is Wrong With Mortgage Brokers Today?
At the end of June I called a mortgage broker to have one of our investment properties refinanced with a cash out. They told me they can give me a new first mortgage at 8.125% and a second mortgage at 12.5% to get the cash out we needed. My husba
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
nd and I are self-employed so we want it this done as a stated income-verified asset loan.
Their initial proposal and the terms seemed reasonable to us after checking with a few other brokers so we have gave them the go ahead to precede with the
Their initial proposal and the terms seemed reasonable to us after checking with a few other brokers so we have gave them the go ahead to precede with the
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
loan with the rates locked and that's when we have learned that all of our troubles just started...
We have received loan documents and disclosures in the mail first week of July and the loan programs and the interest rates were not what we hav
We have received loan documents and disclosures in the mail first week of July and the loan programs and the interest rates were not what we hav
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e agreed on. When we called to inquire they said not to worry this is how their system worked.
Then they have proceeded to inform us that their system is having trouble pricing our loan out as a four-plex and that they need to contact the lender
Then they have proceeded to inform us that their system is having trouble pricing our loan out as a four-plex and that they need to contact the lender
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
. By the way pricing has also changed since the original quote from almost three weeks ago from 8.125% to 8.625% on the first mortgage and they needed to charge two points origination instead of one. Also, the rate on the second mortgage has gone
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
up from 12.5% to 14.25%. They have already checked with other lenders, so this is the best rate at this time.
We were outraged and asked for a supervisor. She told us that; "We can't get the 8.125% rate, which was back on June 15th, not today.
We were outraged and asked for a supervisor. She told us that; "We can't get the 8.125% rate, which was back on June 15th, not today.
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
They don't lock rates when they do pre-qualifications. They can't lock rates until disclosures are in and loans are run in the lender's websites. Between that time the rates have gone up everywhere. We are in a very volatile market and she will n
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
t be responsible or be held accountable for increases in rates."
I have reminded her that this was almost a month ago and we are supposed to close on our re-finance in two weeks. She noticed that I was very upset and angry, so she has offered an
I have reminded her that this was almost a month ago and we are supposed to close on our re-finance in two weeks. She noticed that I was very upset and angry, so she has offered an
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
other solution. She has found a lender that would do the first mortgage at 8.8% but with a 40 year amortization, which would keep our payments about the same as the original quote but this program requires 12 months bank statements. We have agree
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
d with her to proceed.
The following day we get a phone call from a processor wanting to know what we actually do in our business. Do we receive investment income and if so, do we have an actual management company like a brick and mortar? Unbeli
The following day we get a phone call from a processor wanting to know what we actually do in our business. Do we receive investment income and if so, do we have an actual management company like a brick and mortar? Unbeli
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
evable!-I thought this was clear when we have applied. Clearly, the left hand doesn't know what the right hand is doing.
So, by know it's July 18th and I went down to our bank got copies of our past 12 months bank statements and gave it to the b
So, by know it's July 18th and I went down to our bank got copies of our past 12 months bank statements and gave it to the b
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
roker.
After several phone calls and E-mails from the processor, I get this phone call from the supervisor again: "We are not coming up with enough income to make this loan fly. I just went over the numbers and in talking with the lender; the ba
After several phone calls and E-mails from the processor, I get this phone call from the supervisor again: "We are not coming up with enough income to make this loan fly. I just went over the numbers and in talking with the lender; the ba
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
nk statements aren't documenting enough deposits. The lender will only allow us to take 75% of the total deposits since these are business bank statements. Based on the insufficient income, this file should be cancelled. We have run out of option
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s for you."
Nice, this is after a month of messing around with this loan. We are done with these people, unfortunately what they do not and continue to refuse to acknowledge is that their role in not getting the information into the lender in a
Nice, this is after a month of messing around with this loan. We are done with these people, unfortunately what they do not and continue to refuse to acknowledge is that their role in not getting the information into the lender in a
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
imely manner so that the rate can be locked ASAP. Have they done that, this whole situation would have been avoided. We did not expect to get the pre-qualification rate, but a rate that was close due to the fact that we have done everything they
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
have requested in a timely manner.
We have submitted our file to another local broker with similar results. They were unable to help us, but we have learned our lessons from the previous experience and this time it didn't take us more then a mon
We have submitted our file to another local broker with similar results. They were unable to help us, but we have learned our lessons from the previous experience and this time it didn't take us more then a mon
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ths to figure out that they aren't going to perform.
Finally, through a recommendation from one of our business partners we have contacted a local mortgage bank the Toth Team with the following outcome:*
"The Toth Team got an invest
Finally, through a recommendation from one of our business partners we have contacted a local mortgage bank the Toth Team with the following outcome:*
"The Toth Team got an invest
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ment deal done when two other lenders could not. The time wasted on the previous two lenders cost me money and time I didn't have. I've found a new, investor-friendly lender that does what they say they can do!"
-Brend
-Brend
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
a Hannu, Real Estate Investor
Imagine working with mortgage professionals who continually add tangible value, you can feel comfortable with, trust, will go the extra mile for you and...? elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Imagine working with mortgage professionals who continually add tangible value, you can feel comfortable with, trust, will go the extra mile for you and...? elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
g" target="_blank">contact us by visiting our Web-site here.
Mortgages Made Simple-Get the Unfair Advantage!
*Note: This arcticle was created from an interview conducted by Steve Toth-Mortgage Banker/Radio Show Hos
Mortgages Made Simple-Get the Unfair Advantage!
*Note: This arcticle was created from an interview conducted by Steve Toth-Mortgage Banker/Radio Show Hos
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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