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HOBB Community
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August 28, 2008, 02:12:57 pm
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Pages: [1] 2 3 4 5 6 ... 12
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1
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Home Builders / Pulte / Re: bad roof truss connections, roof leaks, stucco, lagoons, coup de tat, etc.
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on: Today at 01:55:21 pm
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Sometimes I sort of wonder what you're going for with the roof truss issue. I get the problem. It seems though, that most of the owners know, the HOA knows, the county knows, and there is nothing but apathy from all of them.
As I said before, that aspect is much like the Katrina New Orleans issue. Everyone knew a hurricane would hit and flood New Orleans someday, and no one cared until about 48 hours before the hurricane hit. All you may have is a very loud I told you so here, or do you really hope Pulte will come in a fix all those houses for the mostly apathetic owners?
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2
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Home Builders / Ryan Homes / Re: NVR mortgage side of the story...
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on: Today at 01:20:49 am
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Kind of amusing. A page on why to finance through NVR which accuses most all other banks of creating problems with financing a home, which have been reported to me by people who do use NVR. Either their customers are lying to me or NVR is lying here. People are not always ripped by NVR, but in my informed opinion, they're fully willing and able. According to their customer complaints, almost all the schemes they warn that only other banks do, NVR Mortgage has done. It would seem truth in lending is hype, not law.
http://www.ryanhomes.com/docs/NVRM%20-%20Why%20Do%20Business%20with%20NVR%20Mortgage.pdfWhy Do Business with NVR Mortgage?
1. Buying a home from Ryan Homes or NV Homes, doing your financing
with NVR Mortgage and having your settlement completed by NVR
Settlement Services is a turnkey operation. NVR Mortgage is a business
partner with Ryan Homes and NV Homes. If issues occur during the
building/financing process, we can resolve issues much more efficiently and
effectively for you than an outside lender.
2. The financial condition of NVR Mortgage is excellent. NVR Mortgage has
been in business for 40 years. NVR, Inc. is a publicly traded stock with a vastly
superior balance sheet to our competition.
3. When doing business with an outside lender, you may be working with
someone who concentrates on existing home purchases or refinances.
Often, these borrowers experience long delays in obtaining appraisals and title
work. Settlements are pushed for 30 days or more due to the heavy volume. We
understand the intricate subtleties of working in a long cycle, constructions
business and only close loans for buyers of new construction homes from Ryan
Homes and NV Homes.
4. NVR Mortgage has one source of business, Ryan Homes and NV Homes
and their customers. We do not rely on refinances or realtors for our business,
so our existence is not ensured by the rise and fall of interest rates or the home
buying market. This means we can deliver the highest level of service to you
during the process without you having to worry if NVR is going to cut support
staff when rates go up. Moreover, NVR Mortgage will fund your loan – this is
especially critical in today’s mortgage marketplace.
5. NVR Mortgage Loan Officers and Processors are the most experienced
professionals in the mortgage industry, due to the high level of volume that
comes with a production builder. Most of our Loan Officers have worked in
other areas of the mortgage and builder business. Most started their careers in
loan processing, closing loans, underwriting and a few have worked for Ryan
Homes and NV Homes as Sales Reps. This invaluable experience provides our
Loan Officers with a complete understanding of the new home building/mortgage
process and allows them to pass these experiences on to you, our customer.
6. NVR will close your loan when Ryan Homes and NV Homes have issued
a delivery date. If you go to an outside lender, you are at risk of paying the
builder a 1.5% carry cost fee of the sales price, if the loan is not secured by the
delivery date. Most outside lenders will not send your loan to underwriting until
the week of closing, even though you are holding a “pre-approval” letter. NVR
Mortgage will completely underwrite your file from the beginning and issue you
an approval letter with closing conditions, signed by an underwriter. This gives
you a complete picture of what you need to do before settlement in order to
secure a loan. We do not play games with pre-approvals!
7. NVR Mortgage communicates with Ryan Homes and NV Homes and the
buyers during the entire building process. Most outside lenders are not
accustomed to working with builder schedules and deliveries. These procedures
are uncommon to a typical retail Loan Officer’s day-to-day function. They are
accustomed to working with refinances, home equity and resale transactions,
which close in 15-30 days. Most Retail Mortgage shops will disclose to the
buyers an incorrect Good Faith Estimate when working with new construction
financing. They can split fees which are not split for new home purchases.
Outside lenders/brokers do not always disclose the Improvement Levy Tax,
Granter’s Tax, or upfront Homeowners Association dues, which will cause you to
be short funds at settlement.
8. Internet price shopping is risky business. They have no sense of urgency
to close your loan on time or deliver your documents to the settlement table on
time. If there is a mistake on the settlement documents, you may have to call
someone in California or Illinois to get a corrected HUD. Your settlement could
be delayed for hours or days. Four major banks last year admitted that the main
reason for internet sites was to collect names for the purpose of cross selling
banking services such as home equity loans, auto loans, credit cards, and
insurance.
9. Outside lenders are constantly promising rates and approvals to get
more business. We see a lot of these rates, loan programs, and lower cash to
close promised by outside lenders which often change when settlement actually
happens. In addition, you have to remember rates quoted on the telephone are
generic for the perfect loan. Most lenders will quote low rates to you over the
telephone based on a generic profile to capture your attention. Once you walk
into their office, any small issue with your credit, assets or income will drive your
cost and rate higher. In some cases, they will not inform you of this until
settlement time, because of the fear you may not stay with them. They tell you
what you want to hear, not what you need to know. At NVR Mortgage, we will
disclose this information to you up front, within 30 days of writing your contract.
Over 70% of our loans are approved within 10 days of application. This is a real
approval – one that an underwriter certified. Retail mortgage companies simply
do not do this.
10. The bottom line? NVR Mortgage is the best at what we do - originating,
processing,
underwriting, closing and servicing Ryan and NV customers during the
building process. NVR Mortgage specializes in approving loans for Ryan
Homes and NVHomes and their customers. We have been doing this
successfully and professionally for 40 years. |
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3
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General Category / General Discussion / Re: another board bug?
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on: August 22, 2008, 01:03:35 pm
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My S.O. Carmen is trying to post for the first time here. Her and her father's name are actually on the title to the house I’ve spent thousands of hours trying to deal with for her. Her first attempt was rejected with an error message. She was knocked off the site and couldn’t get back on as a result of trying to submit. The sign up process went okay. I had to go through posting tips to beat the bugs. Have to wonder if this is why so many sign up but never do a post or file a complaint. If it had been anyone else they would have just left and not returned. I had presumed the primary reason for the drop in forum stats was due to the mortgage crisis taking center stage. But the drop off dates correspond to the board’s technical issues. We have thousands of members who have signed up here, and are capable of posting. Fear or apathy do well enough to stop people from going public with builder issues. No telling how many complaints or comments are rejected by a software glitch. I fear fixing the software might mean wiping the current data though, unless someone is very good at understanding code. Again for those that try to post and have issues, avoid posting through AOL. Use IExplorer directly, or download the free Mozilla browser. http://www.firefox-download-3.com/ |
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Home Builders / Pulte / Re: WARNING!
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on: August 22, 2008, 11:33:34 am
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One sign you’re doing your job as a consumer advocate in home construction is, someone takes the time to try and make you go away.
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5
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General Category / General Discussion / Re: Ariz. ruling finds leeway for home defect suits
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on: August 22, 2008, 11:26:24 am
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Reliance argued that its potential liability shouldn't be expanded and that doing so could disrupt an important economic sector.
The Supreme Court rejected the argument, saying that builders can be sued by developers themselves and sued by home buyers
An eloquent way of saying what they’ve always said (builders). The industry should be void of liabilities because they’re important to the economy. Usually it was more, keeping new homes affordable to Americans guise, but that no longer floats since they had to lower prices. As has been said for years, prices were actually based on market conditions, they're NOT centered on the ability to build cheap. If poor workmanship stops being cost effective, it will cease being so common. It will only really hurt builders that can't do it right, and/or don't follow up with customers. One day a builder won't just "lose a few" customers due to seriously defective construction-the type most avoided by builders. How is that bad for the economy? |
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6
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Forum Suggestion Box / Forum Requests / Re: FOR THOSE NEW TO THE BOARD addendum
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on: August 21, 2008, 02:54:50 pm
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I can't speak for all who post here, but I think passers by may misunderstand some of where stuff comes from on this board. I don't think any of us are conspiracy "nuts," but I could see someone never exposed to this stuff interpreting a lot of things said in that way. Everything is NOT a conspiracy.
I would say builders and all their employees do not specifically set out to rip-off people as a rule, or to build defective homes (of course there are exceptions). The big name builders had two major problems in their goals to maximize profits, even if their intentions started out as legit. In most cases it worked out, but for millions of others it has caused harm and sometimes devastation.
Firstly, even the builders will admit they did not have enough skilled labor to meet the demand of the housing boom. But what they don't admit is, they built the houses anyway, only hoping the unskilled labor wouldn't create a lot of defects and construction errors, but knowing otherwise.
Where they became conspiratorial is in how they dealt with the problems primarily caused by the qualified labor shortage. At this point home builders did, with intent, lay down a minefield between themselves and consumers nailed by the resulting defective construction.
They then worsened the situation by lying about their intent to keep inevitably defective construct profitable, using terms like "affordable housing" to block consumer protection. There is a real reason why some of us come off as bitter and disillusioned by the business and consumer protection.
Their second big conspiracy, much more publicized but I think is misunderstood, began when the boom clearly showed signs it was ending. Some of the big builders did not stop building, and thus did things to artificially keep the boom statistically intact. This meant creative financing, often referred to as mortgage fraud today. The general trend was about moving inventory and transferring convoluted loans to the heavily involved investment sector, who were enjoying the profits of the boom effects.
When builders reached a point where they had to lie to protect their financial goals and liabilities, the result was what happens when anyone starts building on a lie. They have to lie more to cover lies. To those caught up in that side of the business, and you can see them scattered all over the Internet, they become interpreted as conspiratorial.
The general distrust of the industry has been well earned, not simply manufactured by distorted thinking. If you've watched the industry's dark side long enough, you begin to notice it has created a universal script to explain, justify, or deny common problems. When you hear the same lines word for word from several builders in different regions of the country about common problems dealing with home builders, even the most trusting person would give pause at the very least, about how that happens.
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7
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Off Topic / Miscellaneous / Reply from Sen Warner VA
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on: August 21, 2008, 12:54:04 am
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Unfortunately the reply was not about consumer protection of homebuyers directly. I’m sure we’re all aware of some recent standard banking abuses that are in high gear since the Mortgage schemers put many on thin ice. Fees are a Multi-billion dollar source of profit for banks, and usually target the weaker affected by the strained economy in many cases.
We fell into that vulnerable class, since losing $80,000 per year in future income for at least the next 4 years, so this is a big issues to us. Not from the economy’s downturn, but from the debt train that a soot damaged moldy housed cost to (mostly) fix.
My banks have been doing some straight up illegal things with impunity as of late, so I wrote our Senator, whose office is surprisingly responsive to most issues, though there was no reply about consumer protection issues and homebuilders. I now have more offices to write thanks to his office’s reply.
This is not a builder issue, except it came about as a ripple effect from builder issues. I could be wrong, but it seems homebuilders were also at the forefront of forced MBA on consumers, which the banks and every other business are sticking on consumers. It in essence puts banks and their schemes above the law.
It also shows how abusive and unethical practices can spread like a virus through an entire industry, if unchecked. The abusive practices started at the least scrupulous banks, or the most desperate and were adopted as standards for most all banks. Maybe this was to remain competitive, or just as likely, because they saw they could.
The mortgage industry did the same sort of thing. Homebuilder sales people who had the cliché ethics of used car salesmen set new standards, as they commonly pushed big builders in house financing. Even reputable mortgage lenders began knowingly or unknowingly participated in the misleading to out right fraud, as it became an industry standard. Unfortunately for our purposes, it the hot topic in new home problems.
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8
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Home Builders / Ryan Homes / Censored from city-data forum
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on: August 20, 2008, 02:05:17 pm
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This post was deleted from city data forum, as defamatory and a consumer complaint. Per chance this site is presumably also threatened, I'm adding my source for the post, and my reply to the city-data forum manager, which includes the source of my comments. This post isn't a "complaint" it's a comment based on information I believed to be accurate from a third party. to city-data forum manager (no name just an alias) Though it doesn't really matter in this situation, the post was based on this letter from (on file) and their former website, both of which I still have on file. It was removed by the victims as a requirement of settlement with Ryan Homes. I also have that on file. You may of course remove anything at your discretion, but so you know, I do not post baseless or completely false information, though I understand proving information is not false and defamatory is generally not worthwhile. Thanks for taking time to explain your actions though. I do understand and sincerely appreciate your consideration.
Ron
*******************
copy of letter from victims:
I am sorry about your problems.
We have been fighting Ryan Homes for almost 3 years now. $15,000 in attorney fees, we are no closer then the day we started. I am really disgusted by the morals and ethics of Ryan Homes.
NVR Mortgage sold us up the river with our mortgage. We were paying about 15% interest. We were not able to refinance with another bank or mortgage company because of the damage to the house. We were paying about $1,700/month for a mortgage the should be about $950/month. This has about bankrupted us. My uncle saw our problem and helped us out. He loaned us the money to pay off our current mortgage. Now we make payments to him of $900/month. Once the house is fixed, we will refinance at a bank and pay my uncle back in full. I trust the Lord will take care of us through all of this. In the Bible it says all things work for the good. This is rough to go through, but we will be better people in the end
Lou addendum: moderator did reply. Complaints are against their TOS was all that was said. The censored post was in a topic that was mostly derogatory, or "complaints" about Ryan Homes incentives so... |
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General Category / General Discussion / Ripoff Report: Legend Homes
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on: August 18, 2008, 10:30:36 pm
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A sad but all too common story now. Warranty, guarantees, big reputable brand names, great "visible" record of earned public trust. When a home has really serious defects, might as well go after the Martians who messed it up. No one on Earth is ever responsible.
They could at least thank their elected officials for listening to the NAHB, who kept the cost of construction down by inexplicitly making space aliens responsible for fixing serious builder defects. It's apparently good enough to know their Legend Homes disaster was created for the sake of affordable housing.
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General Category / General Discussion / Re: HOBB.ORG and HADD.COM
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on: August 17, 2008, 01:50:37 pm
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I think this topic shut itself down, though I'm curious why I can still post where others apparently can't (seeing if this will this lock me out too now?) Anyway, I created an account to blog on HADD as promised, and tried to comment, but couldn't get past the software (Got it to work!). Blogging about builder defects has never really been in vogue anyway. The mortgage crisis has been the only area that got enough sustained national attention to be addressed, though both problems are in tangent.
Some people have figured out builder defects are tied directly to the same factors that created the mortgage crisis. One would think it would call attention to how a poorly regulated industry or largely unregulated with only a pretense of guidelines can be harmful to all, even to the industry itself. But I mostly see our elected official trying to get it back to business as usual.
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General Category / General Discussion / Re: FBI probes builder incentives
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on: August 16, 2008, 11:07:42 pm
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I was just doing posts on that topic anywhere I could find. Thanks for the link. Oh I wrote the author... Thank you for the story. Those of us burned by this industry recognized the kind of risks in-house home builder lending could bring. Our builder typically tries to force in-house financing (NVR mortgage) for incentives, then takes them back at closing on way or another. Then they sell the loan, so to them homebuilding and financing is cash and carry, little risk, little commitment. There’s no “incentive” for in-house lenders to do anything but clear the loans anyway possible to sell their homes and collect excessive fees. Really surprised the FBI would care about disparities after all this time.
Sincerely yours,
Ron
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General Category / General Discussion / Re: boldface type
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on: August 13, 2008, 08:02:40 pm
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Bold face goes away after you click on them. I suppose it is meant to notify you there are new topics not read by your browser in the bold ones. If they don't go away, likely an AOL thing. AOL will try to read everything from the cache instead of refreshing the browser, and ignores some changes to a web page sometimes until the cache is cleaned.
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General Category / Binding Arbitration / Re: Great story on credit cards and the use of MBA in disputes.
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on: August 10, 2008, 03:31:34 pm
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That’s a big issue to me. What is the logic, if a person has trouble making a house payment, the bank demands a double payment and late fees or face foreclosure. Worse are credit cards. Any sign you are having trouble paying any bill, they create an unpayable interest rate which only insures you will never be able to pay, or paying is useless.
Banks have been busy digging their own graves, and the people they’re bilking are expected to bail them out with tax dollars. The “mortgage crisis,” skyrocketing energy costs, the loss of affordabilty and lack of access to medical care, all were foreseeable and preventable. Some people making decisions for Americans WANT it to be this way.
Banks and credit cards pick off the weak like vultures swarming, yet the dumb-ass Republicans passed bankruptcy reform to protect banks. They would never address what banks do to consumers and constituents as long as they were Bush Parrots. The banking system in general is designed to insure the poor stay poor, and keep struggling middle class get bled dry.
I think the MBA thing is the worst, as consumers need class action protection MBA takes away. As is CCs can and do charge anything, and there's nothing the consumer can actually do. They are for all practical purpose totally self regulated.
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Home Builders / Ryan Homes / Ryan Homes/NVR buyer incentive rip-offs
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on: August 10, 2008, 08:36:10 am
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DO NOT finance through NVR Mortgage. They have been known to alter contracts, and give people the option of signing the crap deals point blank at closing or default on their contract and lose tens of thousands on their non-refundable deposit. In one case, NVR/Ryan homes nailed reputable people that had good credit with a 14% APR, more than twice what was agreed long before closing. They signed under threat of losing their deposit and assumed they could just go to another bank to get a fair deal.
But it got worse...the Ryan Homes house was seriously defective, and thus they could not get refinancing, nor would Ryan Homes fix their house. It took these people almost two years to get their life back from Ryan Homes and NVR mortgage. This is just one case. Not all get their life back, once you get mixed up with these people.
Sure things work out in some cases, but do not believe that your contract is binding to NVR. The rule of law is designed to serve them, not you the buyer. Try to find a mortgage broker or actual bank, that doesn't just use trust as a logo. You can still get your incentives without helping the pres of NVR mortgage department make his $5 mil bonus, on top of his meager $300,000 a year salary.
THE BOTTOM LINE anyway you cut it, the goals of forcing NVR financing on buyers is to extract back any benefits you think you're getting through incentives. People have successfully gone through a different broker or realtor, because of the bad terms NVR tried to stick them with. They still got the buyer incentives without tipping NVR, which is nothing more than a broker anyway.
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