Ar_home_b_search
 



mortgage brokers: Why I don't work with Realtors - How to become a Top Producing Mortgage Originator - 07/31/08 11:41 AM
Seriously, you have to work with Realtors.  But I figured the title would be catchy. 
Over the years, I have received numerous questions from other mortgage brokers as to how to become a top producing mortgage originator.   My spam folder is filled with "proven systems" to becoming a mortgage broker millionaire.  I am not aware of any systems that can turn chumps into millionaires overnight, but I have learned somethings over the past couple of years that seem to be pretty common among top producing LOs.
First, I am an active mortgage broker.  I consider myself a top producer in that … (3 comments)

mortgage brokers: The Media Just Doesn't Get It - More Mortgage Broker Bashing - 07/24/08 03:28 PM
I was going to write something on how to read Good Faith Estimates (GFEs), but an article on CNNMoney.com caught my eye.  As you know, I have been pretty critical of the mainstream media in their reporting of mortgage issues.  Mainly because they don't have a freaking clue.  This article is yet another piece that is so full of misinformation all I can do is just shake my head.  Journalist have really got to do a better job sourcing information and really understanding the issues they are writing about.  However, I guess this is what you get when you have english … (3 comments)

mortgage brokers: What Gas Stations Can Teach Us About Mortgage Brokerages - Part 2 - 11/09/07 11:01 AM
The other day, I showed you how the gas stations and mortgage brokerages have a lot in common.  You can read it here.  As promised, there is more to the story between Big Moe's and BP.  Recall that Big Moe's is just across the street from BP.  Since Big Moe's doesn't have much overhead, he is buying gas from BP wholesale and selling it to consumers five cents cheaper than the BP located just across the street.  As the customer, you are happy because you get cheaper gas.  Big Moe's is happy because they are a making a few cents profit.  BP is happy because even though they didn't sell the gas … (5 comments)

mortgage brokers: It Ain't Little Old Ladies Going Into Foreclosure - 09/06/07 09:52 PM
I told you several months ago that 99% of people pay their mortgages on time and also suggested that once we start digging into the foreclosures data we will see that it isn’t little old ladies going into foreclosures but specuvesters. My main point really is that all the talk about predatory lending causing foreclosures is much ado about nothing for the most part.
As a mortgage broker, it is frustrating because we have been anointed the bad guy du jour and ultimately all of the pandering by boot licking politicians will ultimately impact my industry negatively. Politicians and consumer groups … (7 comments)

mortgage brokers: The Loan Officer Species - 07/18/07 01:49 PM
The hunt continues!  A couple of weeks ago we discussed the various types of Realtors one is likely to come across.  Now it is time for the loan officers to be exposed.  Once again, this post is littered with stereotypes and generalizations, but we all know we have run across these folks at some point in our lending careers so don't get all politically correct on me.  It would be wise for consumers to figure out which one they are dealing with.
The Gangster:  Maybe you haven't heard, gangs and street thugs have figured out that mortgage fraud is a lot more … (7 comments)

mortgage brokers: The Vultures are Circling - 05/01/07 10:13 PM
Last week I told you about the Supreme Court ruling in Watters versus Wachovia that pretty much solidified the mega mortgage bankers and their subsidiaries skirting of state regulations and their attempts to drive mortgage brokers out of business by unfair legislative tactics.   An email I received this evening from a recruiter should further prove my point.  Notice that the recruiting pitch has nothing to do with the company being a great place to work, but how by working at a federally chartered mortgage bank you can skirt state laws such as Illinois' House Bill 4050 to your advantage.
Click here to view … (9 comments)

mortgage brokers: Supreme Court Bends Over for Mortgage Banks - 04/27/07 02:07 PM
With very little fanfare the Supreme Court ruled in favor of Wachovia Bank in the Watters vs. Wachovia case last week. The case was about whether a subsidiary mortgage company of Wachovia Bank should be governed by state laws or federal law. Most of the big mega banks we are all familiar with (WAMU, BofA, Wells Fargo, Citibank, etc) are regulated by federal laws under the National Banking Act and enforced by the Office of Comptroller of the Currency (OCC) which means they are generally exempt from state banking laws. The case in question was about whether a subsidiary of these … (2 comments)

mortgage brokers: Shop for the loan officer, not the mortgage - 12/27/06 08:57 PM
I am in the process of moving older posts from my old blog at http://www.smartmortgageadvice.com/ to Activerain and testing out off the shelf software http://www.smartmortgageadvice.wordpress.com/, so please bear with me.  I made a comment on Brian's blog that consumers should shop for loan officers instead of shopping for a mortgage.  I wanted to expound on it. 
The reason I say you need to shop for the loan officer and not the mortgage is because mortgages by in large are a service.   When you obtain a mortgage, it is the loan officer who will make or break your experience.  The loan officer's … (2 comments)

 

Russ Martin Residential Mortgage Advisor

Chicago, IL

More about me…

Perl Mortgage

Address: 101 West Grand , Suite 504, Chicago, IL, 60610

Office Phone: (312) 651-5355

Cell Phone: (847) 722-5355

Email Me



Links

Archives

RSS 2.0 Feed for this blog

Find IL real estate agents and Chicago real estate on ActiveRain.