Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

We've all been affected in one way or the other by the whole mortgage mess (or for many of us, we've been affected in many, many ways). For the most part, I think it's safe to say that most of the effects the average someone has felt from the mortgage meltdown over the past few years has been nothing short of devastating. The whole world is still reeling from the catastrophic financial implosion caused by irresponsible lenders who were more than ready to make a loan to just about whatever who could fog a mirror, so long as they got their commissions.

And did they ever get their commissions! To the tune of billions and billions of dollars that went straight through the mortgage commerce in the way of fees, commissions and bonuses. In the meantime, a huge chunk of the normal collective has found themselves forced into foreclosure and homeless. Not a pretty photo at all, and certainly not one to be proud of or that whatever should want to repeat. It's no wonder that there has been such a strong push for mortgage reform advent from all angles.

Thankfully, many of the lenders who robbed Peter to pay Paul (while taking a very kind slice off the top in the process, thank you very much), have gone belly up. They weren't too big to fail, apparently, and so they are no longer around. What we have now are many of the top names in the banking world who are clearly no fly-by-night operations. Lenders such as Bank of America, Wells Fargo and Chase, to name a few (actually, there certainly aren't a whole lot more to name anymore anyway!)

However, between these monster banks and the ever decreasing estimate of mortgage brokers who remain (one has to fantasize their days are numbered), we are beginning to find a few new names popping up here and their to fill the gaps as mortgage bankers (somewhere between a bank and a broker).

In theory, this is a good thing. After all, you don't want just 2 or 3 fellowships controlling all the mortgage lending in the country, right? On the other hand, one has to wonder who these "new" names are, and are they new faces too, or just the same old wolf in sheep's clothing?

One of the new names that you might not have heard about yet is Caliber Funding Mortgage. They promise to be the next great thing in the residential mortgage world, being backed by a multi-billion dollar fund out of Texas. They claim to have the latest and greatest technology to make the process smooth, quick and easy. Sounds pretty good, right? But who exactly is production these claims?

If you look into who is behind the operations at Caliber Funding, you might be surprised. (Then again, maybe you Wont be surprised...)

Running the enterprise is William "Bill" Fruit. Prior to becoming President of Caliber Funding, Llc, Bill was Managing Director of Finance for Countrywide Home Loans, and prior to that, Svp - department Finance Officer at Washington Mutual (ie: WaMu).

Greg Sayegh is the Director of National yield at Caliber Funding today. Previously he worked as Evp at Countywide Home Loans and before that he had the title of Svp, retail Loan yield at... (can you guess?)... Washington Mutual.

Linwood "Lenny" McNeill, is currently in charge of growing yield for Caliber Funding, Llc on the West coast. Can you guess his two prior employers? If you guessed Countrywide and WaMu, you win a cookie!

Now, one might look at all this feel and think, "Wow! This relatively new, unknown enterprise called Caliber Funding, Llc has all this experience. They must know what they're doing!" And that is certainly one way to look at it. However, there is another.

According to an April 16th, 2010 record on Cnn.com, WaMu's executive management's feel might not be what you're finding for. "The demise of Washington Mutual, the biggest bank failure in U.S. History, was due largely to a high-risk lending strategy pursued by the company's management, agreeing to a government record released Friday. "

I perceive that finding in the rear view mirror is no way to move forward in this life, but nonetheless, when it comes to my home, my future, and the time to come of those I care about, I always think it's wise to know exactly who I'm dealing with, and what kind of track record they bring along with them. Either Caliber Funding Mortgage is the new deal in a new era of mortgage lending, or just the same old wolf in new sheep's clothing has yet to be determined. Stay tuned.

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

The Wolves

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing
Caliber Funding Mortgage - The future of Residential Lending Or a Wolf in Sheep's Clothing

The Wolves