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johnmbryant

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Reply with quote  #1 
I am reading some comments on GAMLS and FMLS.  Occasionally, I run across something like this.

"Financing type is UI.  Case #105-529330" or "Financing type is IE.  Case #105-529330".  Are these HUD REO's.  A couple of times, the listing said HUD owned but not on most of the listings.

Also what is UI and IE financing?

Finally, once, the case number started with 101 but looked like the ones that started with 105   Specifically, the listing said:  "Financing type is UI.  Case #101-811835".

Is 101 a typo or does it have the same meaning as 105?
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Meatloaf

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Reply with quote  #2 
IM not sure what the U and E stand for exactly but I imagine it has something to do with insurance.

UI = UnInsured???? Maybe

IE = Insured with Escrow???? Maybe

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johnmbryant

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Reply with quote  #3 
I think you are right.  HUD will insure the loan or insure it conditionally.

I spoke to a Realtor who thinks my case numbers are HUD case numbers and the houses are HUD REOs.  She is not certain.
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Meatloaf

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Reply with quote  #4 
Those are definitely HUD case numbers from the original loan.  I would imagine they are also HUD owned houses.  Generally, you will find it is the same few agents handling all the HUD REO's.

If you search the agent, you will probably find that most of their listings are REO listings.

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nogava

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Reply with quote  #5 
Why are the majority of transactions recorded in FMLS being shown as 'Other' in the financing section now?  And BTW, let's get more folks than me (specifically appraisers) asking FMLS to calculate DOM for active & pendings (like they used to).  Thanks.
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nogava

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Reply with quote  #6 
The DOM thing will effect 1004mc results. Just sayin.
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pnalley

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Reply with quote  #7 
Meatloaf is correct about UI uninsured, or IE insured with escrow. The case numbers are the case numbers for the defaulted loan
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RubberStamp

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Reply with quote  #8 
Quote:
Originally Posted by nogava
Why are the majority of transactions recorded in FMLS being shown as 'Other' in the financing section now?  And BTW, let's get more folks than me (specifically appraisers) asking FMLS to calculate DOM for active & pendings (like they used to).  Thanks.


I'm guessing because it is the listing agent that records this and nobody is holding them accountable for entering it properly.  The listing agent is one removed from the transaction so they really are not informed if the financing changes as it can.  Maybe they are seeing this as the path to least liability? 
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Meatloaf

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Reply with quote  #9 
Its possible that the purchase wasn't contingent on financing.  I have seen many many offers "cash" yet the borrower gets financing.  In fact, every house I have ever purchased was based on a "cash" offer.  The financing may come from financing another property or some other type of financing that may have zero to do with the subject.  Many rental homes are bought with a commercial portfolio loan.  This would fall into "other".
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