lenders: Shopping for Mortgages
- 06/01/08 02:56 PM
I thought I revisit this issue again, since it comes up so often in the course of doing business. I frequently get asked about using a funding lender vs. a mortgage broker vs. an online lender. I have some very strong opinions on the topic and have never been shy about it and why I have the opinions I have. Randy's Rules: I strongly recommend using a funding lender whenever possible. I strongly recommend in using a local lender. I strongly recommend using an experienced agent and not a rookie. I know there are some really great mortgage brokers out there. … (18 comments)
lenders: A Loan Approval from Bob?
- 05/03/08 04:56 PM
Have you ever gotten a loan approval letter from Bob's Mortgage and Hair Cutting Emporium? You think I am kidding, don't you. I did make that one up, but trust me some of the companies I have run across are just as crazy. In the last couple of years it seems like every third person thinks they are a mortgage professional. In Hawaii to be a loan officer all you need is about $100. That will get you a license and a set of business cards. Today I received a copy of the Governor's e-newsletter. She spoke this week to the mortgage … (22 comments)
lenders: You May Need a Mortgage Loan Officer if…
- 12/07/07 07:05 AM
The final in this series designed to lighten it up a little. Here is a short list of things to watch out for when working with a loan officer. If your loan officer has any or all of these attributes you may need a loan officer: The name of their company is ABC Mortgage & Hair Cutting Emporium.Or the name of the company starts with Bob or Lefty.They promise you $100,000 cash back on all transactions.Says your 100% loan requires a large down payment.They ask you to fudge you income or employment information.Tell you if they can also be your real … (17 comments)
lenders: More Regulation & Stricter Standards Needed For Loan officers
- 11/24/07 08:34 AM
OK, I am bracing for the backlash from that title. Those who know me know that I am not a big government kind of guy. To the contrary in almost every case I believe in less government; unfortunately not in this case. There have been several great blog posts written the last couple of days on similar topics. Rather than hijacking their posts I felt it better to write my own. CALIFORNIA SUBPRIME BORROWERS MAY GET RELIEF? - More Questions than Answers by Lenn HarleyThe subprime mantra, "Easy in.....easy out" by Broker Bryant TutasWhat Part Do Individual Markets Need to Play In Our … (34 comments)
lenders: King For a Day Series – Mortgage Industry
- 10/28/07 07:38 AM
If I were king for a day what changes would I make to the mortgage industry to better protect the public? I have read thousands of news articles, blog posts and sat through many hundreds of hours of training and meetings through our industry. As a result I have formed some very strong opinions about changes I would love to see in our industry. I have decided to write a small series of articles that will pick on several parts of the real estate industry. First I would insert more accountability into the process. For a start I would require that each and … (74 comments)
lenders: Balancing Venders
- 04/01/07 10:20 AM
As I get more experience and more recognition in the industry, I get to meet many fine professionals that provide services that can be used by my clients and me. There are just so many of them. I have developed a system for venders; that has worked fairly well so far. I have a services directory that I give clients. I try to keep no more than three contacts in each category. It is made up of people I have had good success with or have been working with the agents in my office and consistently have provided top service with reasonable … (30 comments)
lenders: We Need More Control Over Licensing of Loan Officers
- 11/12/06 07:51 AM
As a real estate agent, I have spent a lot of time and money to ensure that I have the best training and knowledge. The state required me to take as tough exam and get continuing education. I carry E&O insurance and subscribe to an ethics code. It is not a perfect system, but it has improved with time. Loan officers on the other hand are not held to a set of standards.
Don't get me wrong, I work with some of the finest people you could ever want to do business with and proudly recommend their services to friends and clients. … (23 comments)
I thought I revisit this issue again, since it comes up so often in the course of doing business.
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