mortgage industry: Loan Approval letters - Mortgage Broker vs. Funding Lender
- 09/10/11 06:51 AM
Over the last few years I have caught heat from mortgage brokers who disagree with my opinion in regards to why it is better to work with funding lenders over mortgage brokers. I have also gotten a far larger number of responses from real estate agents who from their experiences, agree completely. In CE classes I teach for real estate agents, I use the following example to differentiate between loan approval letters from brokers and funding lenders. Mr. & Mrs. Buyer are looking to purchase a home with a $500,000 mortgage. With my recommendation they contact a loan officer at a … (21 comments)
mortgage industry: Mortgage Loan Officer Licensing
- 12/09/09 03:19 AM
New federal law requires states to have licensing laws for loan originators or they will fall under a HUD back-up system. Hawaii introduced a new state law to take effect July 2010 (Senate Bill 1218, SD2, Act 32). It exempts Bank employees but covers almost everyone else. A nice thought but a long way from what is needed. In my opinion anyone who originates a loan in the state of Hawaii should have to be licensed by the state; banks included. They should be required to complete an education process, pass a test and have continuing education requirements. To have … (8 comments)
mortgage industry: To Start an Argument – Just Talk About Higher Standards
- 07/15/08 07:00 AM
Have you ever noticed that all you have to do to get less than ethical folks to show their ugly side is to talk about ethics or professional standards? Over the last few months when one of us writes about ethics and professional standards we get a few off the wall people who will argue against them. It is so insane. A real estate agent or a loan officer being offended by the mere suggestion that we need higher standards or that a professional is someone who strives to conduct themselves at a much higher level than the basic minimum. Reading … (10 comments)
mortgage industry: Have You Changed Your Practices for Lender Referrals?
- 03/13/08 01:11 PM
Since the lending industry is in the shake up period, I am curious to see what have been the experiences of other professionals in our industry. Many mortgage brokers and lenders have closed their doors or gotten absorbed by others. Many of the loan programs have or are drying up. I am sure many of you have felt the impact in different ways. During this period of change for the mortgage industry, have you changed your approach to how you give referrals to loan officers and lenders? Do you still use brokers or do you find yourself giving more of your referrals … (2 comments)
Over the last few years I have caught heat from mortgage brokers who disagree with my opinion in regards to why it is better to work with funding lenders over mortgage brokers. I have also gotten a far larger number of responses from real estate agents who from their experiences, agree completely.
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