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loan officer: Sometimes Loan Closing is Out of Your Loan Officers Control - 04/20/10 11:47 AM
Nick Pakulla has a great post up asking Realtors what they look for in a Loan Officer or Mortgage Broker, I like to dedicated this post to those Realtors who have piped up with the ability to close the loan as a quality they'd like to see.
You've all, or maybe I should say most of you have worked short sales, you've experienced the bank decline a good strong offer resulting in the foreclosure of the home. You then see the home listed for much less than the offer your client submitted during the short sale period. While banks are trying … (4 comments)
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loan officer: The Imploding Housing Bubble, Who’s Responsible? - 04/03/07 06:45 PM
By Ed BrophyApril 3, 2007Yesterday’s news of New Century’s bankruptcy filing got me thinking, who’s responsible for the imploding bubble that is the housing market? Are the lenders, the FED, borrowers, Realtors® mortgage brokers, appraisers or loan officers responsible? Who’s ultimately responsible for the real estate debacle we now find ourselves in? The answer to this tough question is that everyone is responsible to some degree or another.Ultimate responsibility can be laid squarely at the feet of former Federal Reserve Chairman Alan Greenspan. Greenspan lowered rates and encouraged borrowers to...(more)
Copyright © 2007 The Brophy Chronicle All Rights Reserved
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loan officer: Stated Income - Not a License to Lie - 01/24/07 10:27 PM
Stated income loans are around for a reason, they're designed for those people who are self employed, work in a business where income in generally earned via tips (cash). Stated Income loans were not designed to inflate your income so high that you'll qualify for the home. Remember you still have to make those mortgage payments on the loan amount your "stated income" qualified you for.
For instance a retail clerk stating they make $10,000 per month is sure to raise a few red flags. Let's take a look at www.salary.com for a retail clerk in my area (92270). The salary ranges … (7 comments)
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Ed Brophy - REALTOR® - DRE #01344385
Palm Springs,
CA
More about me…
Ed Brophy, REALTOR®
Address: Rancho Mirage, CA, 92270
Office Phone: (760) 844-3736
Email Me
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