loan officer: The Three Types Of Mortgage Loan Officers
- 04/12/23 02:00 PM
The Three Types Of Mortgage Loan OfficersMinneapolis, MN: Congratulations on wanting to buy a home. Unless you have cash, you are going to need financing. If you need financing, you are going to speak to a Mortgage Loan Officer.
Not all Loan Officers are created equal. Assuming the person who answers the phone, just because they say they are a Loan Officer is a qualified person, is a big mistake. Understanding the differences between Loan Officers is important to the success of your loan.
The Application ClerkUnfortunately, this is where the bulk of Loan Officers fall. Lower level, lower education, low experience people … (2 comments)
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loan officer: Do you know what to look for when choosing a mortgage lender?
- 03/23/22 01:15 PM
Do you know what to look for when choosing a mortgage lender?
You have most likely noticed ads for mortgage companies on the radio, TV and even at the gas pump. There are surely enough options to choose from, but how do you know if a lender is right for you? I've put together a few tips on what to look for when choosing a lender. Check them out below!
Your Best Interest
The first thing to remember before starting this journey is that you are looking to make the best choices for your financial future. Making sure you enlist the correct team to … (3 comments)
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loan officer: The Importance of a Local Mortgage Expert
- 01/26/22 09:29 AM
Minneapolis, MN: Real Estate Agents are more likely to be credited as local neighborhood experts, while a mortgage Loan Officer is not, and the lender at the 1-800 phone number is OK to use.
In fact, it is almost always never in your best interest to use a lender who isn't relatively local.
Just like the Real Estate Agent, a Loan Officers knowledge and experience in the local community is extremely helpful in many ways.
Understanding challenges clients face in the local market, like if seller paid closing costs are commonly allowed or not allowed by sellers, and how to structure your loan program … (2 comments)
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loan officer: The Tool Clients, Realtors & Mortgage Lenders Are Raving About
- 07/27/21 02:06 PM
Minneapolis, MN: It’s no secret that our world operates on the principle of instant, fast and seamless. To be expected… Client, realtor and lender expectations are built on the same foundation. As a company, we are proud to offer the tools and technology that allow us to meet and exceed the expectations of the modern consumer. We have what clients, realtors and lenders are raving about… The Cambria Mortgage Mobile App.
To continue to offer the absolute best experience possible as the industry rapidly changes, we launched a brand new mobile app and online loan application in the beginning of 2021. Here … (0 comments)
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loan officer: Checklist - Shopping for a mortgage loan
- 12/29/17 12:20 PM
Best CHECKLIST - Shopping for a mortgage loans
Minneapolis, MN: Face it, few of us can pay cash for a home, so you are going to need a home mortgage loan. A little bit of information can go a long way into determining who to use for your financing and why.
Mortgage Loan Types
Most people will end up with one of the standard tranditional loans; a Conforming conventional loan (Fannie Mae or Freddie Mac backed), and FHA loan, a VA loan for our military personal, or a USDA Rural Development loan.
These loans all have the exact same underlaying guidelines, no matter what bank, … (1 comments)
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loan officer: How long does credit repair take?
- 10/18/16 03:30 AM
How long does credit repair take?
Minneapolis, MN: As a mortgage loan officer, how long does credit repair take is a question I receive multiple times a week. The fast answer is that it depends.
No two credit profiles are the same, therefore for one person, it can be pretty quick, while the next person, it can take a significant amount of time. So a generic how long does credit repair take answer is impossible.
What is pulling down credit? Bankruptcies and foreclosures, collection items, judgements, incorrect items, max'd out credit cards, or just a slow payment history? All of these effect credit differently.
Paying … (3 comments)
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loan officer: How to find the best mortgage lender
- 06/07/16 03:58 AM
How to find the best mortgage lender using these tips.
Buying a home for most people is the largest financial transaction of your life. Finding a Loan Officer that is licensed, educated, experienced, professional and ethical is probably the most important decision you'll make next to actually picking out that perfect dream home.
Most people these days pick their mortgage company one of three ways:
Calling the bank where they have their checking account Going with whomever the Realtor suggests Online search (but usually only for the person quoting the lowest rate) None of these in and of themselves are right or wrong, … (1 comments)
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loan officer: What's the difference - Pre-Approved vs Pre-Qualified
- 03/11/16 04:53 AM
Everyone knows it is smart to get lender Pre-Approved before starting to look for a home, yet many people are actively looking at homes thinking they are Pre-Approved, when in reality, they are only Pre-Qualified.
Pre-Approved or Pre-Qualified? So what is the difference?
As a Loan Officer for over 20-years, I can tell you story after story of people who thought they were Pre-Approved, signed a purchase agreement, gave notice on their apartment, only to be told a week before closing that they were denied. The vast majority of these people, calling me to see if I can magically help them had … (4 comments)
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loan officer: The best Loan Officer? How to decide.
- 12/11/15 11:31 PM
Buying a home for most people is the largest financial transaction of your life. Finding a Loan Officer that is licensed, educated, experienced, professional and ethical is probably the most important decision you'll make next to actually picking out that perfect dream home.
Most people these days pick their mortgage company one of three ways:
Calling the bank where they have their checking account Going with whomever the Realtor suggests Online search (but usually only for the person quoting the lowest rate) None of these in and of themselves are right or wrong, but here are some tips to know and understand:
First, … (40 comments)
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loan officer: What are First Time Home Buyers First Steps?
- 03/25/14 12:55 AM
First Step for a First Time Home Buyer Minneapolis, MN: Congratulations, you've decided that you would like to own you own home. As a first time home buyer, what should be your first step to home ownership?
Consult a Local Mortgage Loan Officer The vast majority of people, in my opinion, start the process wrong, by talking to a real estate agent first. Without fail, the number one step to home ownership is to talk to a local mortgage company Loan officer.
Why? Simple, how do you know what you can afford, what mortgage programs are available to you, or how … (0 comments)
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loan officer: What do you know about your Loan Officer?
- 02/24/14 10:04 PM
What do you know about your Mortgage Loan Officer?
All Mortgage Loan Officers are required to register with the Nationwide Mortgage Licensing System (NMLS) & Registry. The Registry assigns each Loan Officer a unique identifier number that stays with them throughout their career. Using this number you can review professional background information for a Loan Officer through the NMLS database prior to doing business with them.
The display of an NMLS number tends to lead most people to believe all Loan Officers are licensed. This is far from the true. Only about 20% of Loan Officers are actually licensed, the rest … (0 comments)
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loan officer: What you should know BEFORE buying a house
- 11/20/13 11:59 PM
What should I know before buying a home Here are some tips that could save you a lot of time, money and trouble. Especially if this is your first home.
Plan ahead. Make sure you have good credit and save as much as you can for the down payment and closing costs. Get fully pre-approved before you start looking. Real estate agents prefer working with pre-qualified buyers, plus you will have more negotiating power and an edge over homebuyers who are not pre-approved. Get a REALISTIC housing budget and stick to it. Talk to your Loan Officer about debt-to-income ratios, … (2 comments)
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loan officer: Beware of what the loan officer DOESN'T tell you
- 11/07/13 11:47 PM
I just got off the phone with a client... She was very happy with me, but extremely pissed at "her" Credit Union. It's not that her Credit Union is a bad place, it is just that she isn't a mortgage professional, and the unlicensed application clerk she had been talking to for a mortgage loan was only selling what the Credit Union offers.
A good mortgage customer This client banks at a Credit Union. She wants to buy a home. She believed the Credit Union would be a great place of get a mortgage loan because "they know her", and "she … (3 comments)
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loan officer: Are you and your Loan Officer violating RESPA?
- 09/23/13 03:29 AM
RESPA, the real estate settlement and procedures act can be a bit overwhelming, and it is easy to be in violation without realizing it.
On the Loan Officer end, we can NOT give Realtors ANYTHING of VALUE to you because you are in position to refer settlement services to the loan officers.
A 'thing of value' can take many forms on a transactional basis or cumulatively, including, 'monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate … (2 comments)
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loan officer: Tips for a smooth mortgage closing, by a guy who has been to thousands
- 08/26/13 01:59 AM
Applying for a home loan can be a stressful time, but doesn't need to be if you follow certain rules that can unexpectedly trip up your mortgage loan approval and the buying of real estate.
Some of these tips will be obvious, while others won't - but all of them are items that regularly cause underwriting headaches. Avoiding these mistakes will help lead to a smooth stress free home loan closing.
Dos and Donts of a Smooth Home Loan Approval
DO continue to make your home loan payments or rent payments on time DO continue to use your credit as normal … (0 comments)
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loan officer: Tips for Choosing the right Loan Officer
- 07/31/13 06:26 AM
In this market it takes an extraordinary amount of energy to get a loan closed with new regulations, lenders changing their guidelines and rates shooting up and down.
Are you working with the right Loan Officer?
For most people, a home is the biggest investment they will ever make. However, few people do the research necessary to make a good buying decision. The home-purchase process is extremely confusing for most people. With a little bit of homework, and some advice from family and friends who have been through the process before, you can make this a little easier on yourself. … (0 comments)
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loan officer: How to pick a Loan Officer
- 07/30/12 01:34 AM
With today's super low mortgage rates, many people are looking to refinance or buy a home. Everyday, they call lenders and ask "What is your rate." A seeming logical question to ask - but the reality is, the #1 most important aspect of a successful mortgage transaction is the quality of the Loan Officer.
When selecting a Mortgage Loan Officer, most people mistakenly call their local bank first and assume the banks have hired qualified people. The reality is, most banks hire relatively new, and have low paid people as mortgage loan officers. Bank Loan Officers are NOT required to have any education, nor do … (1 comments)
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loan officer: CFPB to steal loan officers income. Real Estate Agents income is next
- 05/25/12 12:02 AM
May 23, 2012 – Washington D.C. – Small Business Panel and Small Entity Representatives (SER’s) meet to discuss CFPB’s Proposals Under Consideration
The Meeting’s Outcome Flat fees – YES!!!???
Real Estate Brokers – Might be welcome to wage control for you, too!!!
CFPB listening – NO!! Industry Has to Act – Yes!
The meeting makes it is clear that amending the Dodd Frank Act is the only way to avoid a January 2013 train wreck!
The Box Score as of May 23, 2012 –
Comrades for Penalizing Brokers (CFPB) - 1; Small Business - 0
SIGN THE PETITION TO AMEND DODD FRANK
go to: http://www.change.org/petitions/petition-to-amend-the-dodd-frank-act and sign … (2 comments)
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loan officer: What do you know about your Mortgage Loan Officer?
- 11/24/11 12:51 AM
What do you know about your Mortgage Loan Officer?
All Mortgage Loan Officers are required to register with the Nationwide Mortgage Licensing System (NMLS) & Registry. The Registry assigns each Loan Officer a unique identifier number that stays with them throughout their career. Using this number you can review professional background information for a Loan Officer through the NMLS database prior to doing business with them.
The display of an NMLS number tends to lead most people to believe all Loan Officers are licensed. This is far from the true. Only about 20% of Loan Officers are actually licensed, the rest … (3 comments)
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loan officer: Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understand
- 09/20/11 02:02 AM
Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understandRecent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage Licensing System and Registry). It should be displayed on their business cards, E-Mail, web sites, all correspondence, and most loan documents.
The display of the NMLS number may make many believe the Loan Officer is licensed. Sadly, this isn't true, and working with an unlicensed, untrained Loan Officer can cause you many headaches and hassles.
Simply put, Loan Officers at Banks, most … (6 comments)
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The Three Types Of Mortgage Loan OfficersMinneapolis, MN: Congratulations on wanting to buy a home. Unless you have cash, you are going to need financing. If you need financing, you are going to speak to a Mortgage Loan Officer. 
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