mortgage: Honesty is the Best Policy - 07/31/13 03:24 AM
 
Recently spoke to a friend that had to learn this lesson the hard way.  He had taken some bad advice from a lender.  This lender advised him to add his wife to his business’ payroll, so they could add her as income (when in fact she was a stay at home mom). This would allow them to qualify for a larger loan. When the loan went to the underwriter, guess what happened?  His loan was declined.
 
I feel for my friend, because he was just taking the advice of a professional.  But if a loan officer ever suggests being … (1 comments)

mortgage: To do loans not not do loans, that is the question.... - 07/23/09 12:42 PM
A few of my agents have been asking for the opportunity to originate loans, too. I have been hesitant, very hesitant as I do not have a loan background. Also, there is the question about conflict of interest. In California, with a real estate broker's license, I can sell real estate and do loans, too. I think the best way is to look for a mortgage broker partner so that my agents can originate loans for them and get the support from them. What's your opinion out there?
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mortgage: Make sure your loan officer has done FHA loans before! - 04/22/08 12:54 PM
Just last week, one of my newer agent came to me all excited because he got his first buyer who is FHA approved. And, not only that, they have found a condo they love, ready to put in an offer. I congratulated him and somehow I happen to ask him if the condo was FHA approved. He was shocked and said the loan officer did not mention anything about condo projects needing FHA approvals! So I went to the FHA website to see if his condo was approved. Low and behold, his condo's not approved. That's mean now they need to … (13 comments)

mortgage: Make sure your loan officer has done FHA loans before! - 04/22/08 10:32 AM
Just last week, one of my newer agent came to me all excited because he got his first buyer who is FHA approved. And, not only that, they have found a condo they love, ready to put in an offer. I congratulated him and somehow I happen to ask him if the condo was FHA approved. He was shocked and said the loan officer did not mention anything about condo projects needing FHA approvals! So I went to the FHA website to see if his condo was approved. Low and behold, his condo's not approved. That's mean now they need to … (0 comments)