It's a brutal fact, but we have to face it...

By
Mortgage and Lending with Southwest Funding

A survey from the Federal Reserve last week found that 56% of Mortgage Banks have tightened standards. The BIGGER question is what can YOU do, as a loan officer, to keep yourself prepared in this changing market? The answer is to know your options.  Especially once I approve someone on a product and they are looking for a house.  I make sure things don't change while they are looking.

 

Dallas Loan Officer

Jeff Schraeder

Imperial Mortgage  

Comments (2)

Leo Namiot - SimplerHomeLoan
Canopy Mortgage - Leo Namiot - Saint Augustine, FL
Before you chose a lender check my rates and fees
I think this is good for our business, it will weed out the LO's that have no clue. These LO's took any application and did what ever they had to do to get a 540 FICO ,100%, 75% DTI deal done @ 5 points I should add. I am seeing it now in my area that I am getting more and more calls from Realtors and borrowers where a LO told the buyers they were pre-qualified and then they could not come up with an approval once the buyers found a property, I look at the credit and the LO had no business even saying they could do the deal. These types of LO's are the one's that help the sub prime industry sink. Once we flush out these bad LO's we will see more professionals in our business and more business for all of us who take this as our career not as a way to screw borrowers for nothing more than financial gain.
Jun 16, 2007 02:47 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
We Realtors(R) are going to have to be even more vigilant about getting our buyers preapproved now.
Jun 16, 2007 02:47 AM