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Hey! My mailman said He Can do My Mortgage, What do you think?

Hey, Look at Me, I can do it all!!!

Okay, so you have someone who said they can do your Mortgage, But is it the right Choice?

I was eating with my wife a couple of days ago, and I overheard a few people talking with their Family. The conversation was fairly simple, but I still couldn't help but to wonder what they were getting at, because they were speaking so Loudly! The one older gentleman was saying how he didn't understand how his son could be in such a Financial Ruin right now, But at the same time he said to My Amazement! That we are just like him, because we are only 1 Paycheck away from disaster Ourselves. The point of this Post! is what he said after the fact. The gentleman began saying that at his Job there was a Guy, who works with him, and who said he can do his Mortgage for him, and he thought he would try and see what he can do. it's true, a straight Part Timer! doing Mortgages from his primary Job!

So with a Jack of all Trades, Are you going to get The Highest Quality of Service you deserve? No!! is the correct answer. There is just to much changing in The Mortgage Market right now, for someone to stay truly involved, unless they do this full time.

I myself, work a Night Part time Job! but I have had this Job for over 12 Years, and Mortgages is what I do Full Time every day period.

This morning I ran into a Guy at Starbucks, and he tapped me on the shoulder to get my attention. I remember this guy as a One time Mortgage Broker, and then he Became an Account Rep for a Bank. He told me that he left the Mortgage Business about a Year ago, and now sells Concrete Walls, But he still writes Mortgages for anyone that needs one. This is when I decided to write this Post! Because I don't think it's possible to work a full time Job, and then Give even 50% to your Mortgage Work. The same thing goes for all of the Phone Solicitors, the majority of them aren't even Licensed Mortgage Brokers, Is this who you want to do your Next Mortgage?

These are the basics that a Mortgage Broker needs to know all of the time...

Current Mortgage Market, and Conditions
Changes in the Mortgage Market (These happen every day now)
Mortgage Rates and Products Available
What Qualifications are Required for Certain Loan Products
How to work with, and Understand Debt Ratios (These are your Debt To Income Ratios, How much Money is Brought in, and How much is Going out) Can you afford your Home?
What Products are Best Suited for You (These are ever changing)
Knowing what Current Loan to Values are being offered, Example: Do you 20% down? or can you do 5% down?
Complete understanding of Credit Reports, and how they are Read, (These change as well)

In Today's Mortgage Market there are too many things Changing, and it's time to Open your Eye's to Reality. It's okay for a Commission Broker to Supplement Income, But they have to have Mortgages at the top of the List of things to do, or else you are not getting Quality Work done for you.

Don't be a Statistic, and Remember You Get what You Pay For!! Don't Skim on your Mortgages, It's not worth the Risk. Here are some other Mortgage Related Posts to Check out, and Rememeber A Full time Mortgage Broker is the only way to go.

The Mortgage Market is full of Reputable Mortgage Brokers, but it's a Commission Business, So look for what seems right for you. Keep in mind that if a Mortgage Broker works for a Bank, they still get Paid Commissions, and Bonuses, So don't Assume the bank is the best way to go.

Thomas R. Weiss

Licensed Mortgage Broker

FL.TN.

tom@provagio.com

Office 561-968-6683

Cellular 561-310-0315

Posted by Thomas Weiss on 11/23/2007 09:30 AM

Comments (39)

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39 Comments on Hey! My mailman said He Can do My Mortgage, What do you think?

NOV

2007

So very very true Tom!

Everyday I come across "old" information be passed along as "current" info or just plain old wrong!

"Don't worry about the deficiency judgment, they passed a mortgage foregiveness law - you'll be ok!"

"The government is requiring all the lenders to modify all the loans to 30 yr fixed." (heard at 7-11 yesterday)

Here's the newest one;

"Arnold has asked all the lenders to not foreclose, and to keep the interest rate from changing. Help is on the way!" (that was actually from a well known RE blogger)

I have the Brian Brady quote rotating on my website, "If you thought dealing with a professional was expensive, wait until you find out how much dealing with an amateur costs!"

Tom.... I hear of this from time to time.... it kills me, but will never change. Why won't it.... for 2 reasons. The person writing the mortgage, says..."hey, I can still make a few thousand dollars"... that's easy and quick money. And then you have the lender.... some don't mind having a part timer for the same reason..... just get the loan in, we will worry about the mess later. We all can make money on it....

Overall, I just ran into this myself the other day.... but I can't remember where. And people are setting up people that have no clue as agents or loan officers, especially selling that new loan that is out... I will be writing about this.... it's sad....

Tom - Run into the same thing with part time agents...I'm sure their are good part time agents around, who can fully service their clients. Unfortunately, I usually run into the ones who don't.

Dumb@$$&$ all! My wife's nail-lady does mortgages too! That is beautiful. I love realtors and loan officers that combine their roles as well. I spend a lot of time each month unwinding nightmares that would be loan officers have created!

Tom - Great post! This is a very, very good point. I feel the same way about people who try to sell real estate while working as grocery store managers or from their desk job at Dell. I flagged this one for consideration to be featured. Have a great weekend!

Tom, Well said and well written. In this market your points apply for almost everyone in the real estate industry.

Great post. With your permission, I'd love to copy this to my personal blog, giving you full credit of course!

Tom - Great, this is just what we need, the Mortgage Industry going postal:-)

Sardi- ;0) That was Great!!!!! Dude that was the best... Lol!!!

Hey, easy there, I will write your mortgage, appraise the property, inspect it for any defects, while disclosing that I'm the owner (which would never cloud my judgement), and even throw in a detail job for free. Some of us just multi-task better than others.

If you believe that, please call me, I'm ready to get started on your case. I'll muddle my way through.

Tom, it is bad enough that the Real Estate Industry already has a bunch of part time Realtors that do not know what they are doing, but now we are going to compound the problem with clueless Loan Officers. Buyers and Borrowers that deal with them deserve everything they get, and only have themselves to blame as far as I am concerned.

NOV

2007

Tom, First off this poist should be a feature. Ok now with that said anyone who has not written a mortgage in the last 3 months needs to get out of the business. I know my email has changes daily with guidelines and programs changing.

Mike- Thats one Example of what I was talking, Changing Programs..

Jeff- I will wait for your Post! you have a way with words!!

Sandra- Realtors who are Ignorant, thats just Lovely! Gotta Love them..

Rich- Nail lady!! I think I ran into one of those before :0)

Jason- Thanks for commenting, and thanks for the Flag

Mana- Thank you very Much.. ;0)

Ed- It's all yours :0)

Sardi- Oh! man, I'm still laughing. You are a Trip.

Bill- Listen Punk!! ;0) too hard to do all of that..

George- Thats what I say, if they are dumb enough to deal with these people, then they get what they deserve. ;0)

Matt- Thanks Brother!! It feels good coming from you :0)

I thought I seen and hear it all until now ! But actually, we have a Pastor of a church here who does mortgages part-time and offers his services free of charge to his congregation.

Melissa,

Now thats Great!! who is not going to Trust God..

Bubble Wrap Boy (Thomas)...

So you hear it too? :)

I recently over heard a conversation at the local grocery store. The cashier was telling a customer that she was getting her RE license so that she could help her Mother buy a house.

If I were the cashier's Mother I would be deeply concerned. Saving a few thousand is hardly worth it as far as I am concerned. A newly licensed individual has no clue about the finer details of a transaction.

This is part of what's wrong in this business. Get the license...Screw up the transaction...Then blame it on the seasoned professional that was on the other side of the transaction.

Okay. So you hit a nerve with me. Way back when I wrote a post about folks having multiple licenses. It's a big problem in our market.

I better stop. Blogging etiquette dictates that this comment is getting too long. Not to mention the fact that this is your Blog :)

Popping my way outta here :)

TLW...ROAR!

TLW- I don't think for a Minute, that you should keep this to your self! speak it freely. This is why I wrote this Post, so that I can get Responses like yours.

" Bubble Wrap Boy "

Tom Weiss

Tom,

I'm really afraid to say too much on this one but I will say this. Everyone in California is an actor...the mailman...the waiter...the milkman....the bartender. We have had roofers and plumbers and guards at our gates who wore a few different hats. I know a few people that I would love to lable but they wouldn't be taken as a compliment....should I say anymore?:)

Neal,

Your too funny!! Hey I need to E-Mail you with some Info..

Tom, so true, we make it too easy for Realtors to get licensed too. With the mortgage industry in such flux, it is wise for Realtors to work with seasoned lenders. Enough said, you get it.

Missy- It is very Easy to get a License, last time I looked, you just had to be Breathing!! ;0) Sorry but it's true, and it implies for the Mortgage Side and the Real Estate side.

Let's not forget the appraisers. We deal with the same problems as well. Because I run my own firm, I get at least 3-4 calls a month from new appraisers looking to do this part time. I have to tell them that aside from the fact that I am not hiring additional appraisers, this is not a part time job.

At least they have started to increase the barriers to entry for our profession. New for 2008, you will need a degree to become certified in the state of GA.

NOV

2007

Benjamin,

At least you will have well educated Appraisers :0)

If someone is going to do something they should do it all the way. I can't imagine doing mortgages part time. The learning curve alone is a full time job...it's crazy. No wonder the industry has such a bad name.

NOV

2007

You make some very good points in this post about working with a "working professional". Keep spreading the word.

DEC

2007

Hi Thomas,
Why anyone buying a home or property and spending that kind of money would work with anyone other than a professional is beyond me. Kinda like, having a heart transplant by someone who took a course in first aid.

DEC

2007

That is rich, 4 years ago anyone with a pulse could claim to be a loan officer.

Today, the posers are still posing.

DEC

2007

I see a part time doctor who actually works full time at a greenhouse, but he's a great guy!

My mechanic only works at night because he's a full time waiter at IHOP, but he swears he can repair my car at half the price of anyone else!

Pick any other industry and it would seem idiotic to use a part timer, and yet people all over seem to trust their most important investment vehicle to someone who may have answered an ad in a newspaper and paid the $13 to print up the business cards.

DEC

2007

The part time factor is definitely out there. Even worse are the MLM Mtg Companies that are popping up. A colleague of mine ran in to someone who was an associate of one of these companies. I don't remember the exact scenario, but the person had charged an exorbenant fee to refinance a friend or family member and brushed it off saying the signed up that person and now that person/friend/borrower could make similar profits by orginating mortgages themselves.

I don't say that to knock network marketing (there are some great comapnies out there), but to simply highlight the fact that the Mortgage Profession is for Professionals. Regardless of career path, everyone needs to make money, but more importantly, they need to earn it by providing expert knowledge and service!

-Sean

JAN

2008

Benjamin,

I agree with you. I can't wait until all the wannabie part-time appraisers leave this business. I had to turn down two appraisal review asssignments from an assistant that was "appraising" 2-4 million deals. When she called me at 9 at night, the appraiser says to be "can you review this ASAP because it has to be done by the morning". Both reports were sloppy, full of big mistakes, and misleading. This assistant appraiser works full time answering phones for a mortgage company and they give her there million dollar deals to "appraise". DOES THIS MAKE ANY SENSE?

Have a great New Year and look forward to servicing your appraisal needs,

Philip Maltaghati

New York State Certified Residential Appraiser

Interestingly, the UPS guy that services my wife's building, mentioned to her that he does mortgages part time! Now, I'm sure he's a great UPS guy, but in today's climate how can he possibly keep abreast of all the changes in products and compliance regs.

-Sean

JAN

2008

this is florida so he probably has a real estate license too.

i believe you're required to obtain these licenses either as a condition of moving to florida or upon your 18th birthday if you were born here.

JAN

2008

Right on Tom. With everything changing on a daily basis, from Lenders restricting LTV's in what they call "declining markets" to PMI companies restricting the LTV based on credit score and level of approval... Every other day hearing about another Wholesale Lender going under and having to re-consider and adjust according to the reaction of the markets and further credit constrictions.... Absolutely if you are going to adequately advise someone seamlessly throughout their mortgage process in these turbulent times, this needs to be your full time career. Good post.

JAN

2008

Thomas, right on! I have to admit there have been times the past couple of years when I thought, "should I look for another job? I can always broker loans for family and friends and even past customers." But what kept me from doing it is that I am a professional and no matter what the market is, this is what I do, good times or bad.

JAN

2008

I could not agree more brotha! Preach it!!

JAN

2008

In WA, Loan originator required passing background check and exam on Jan 1, 2008. After the subprime melts down, I don't think people (or your postman) would spend so much time & energy to get a license to do loan as easy.

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Thomas Weiss

West Palm Beach, FL

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Thomas R. Weiss

Address: 6850 Forest Hill Blvd, West Palm Beach, FL, 33413

Office Phone: (561) 968-6683 x 203

Cell Phone: (561) 310-0315

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