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THIS GOTTA STOP

By J.R. Quarles

Mortgage and Lending with Mortgage Executives LLC

August 21, 2007 08:59 AM

I KNOW I'M ABOUT TO OFFEND OR RUB SOMEONE THE WRONG WAY...... BUT I HAVE TO CLEAR MY MIND!!!! I'M GETTING REAL TIRED OF PART TIME REAL ESTATE PROFESSIONALS WHO DON'T KEEP UP WITH THE LATEST TRENDS.

I'D RECEIVE A CALL FROM A CUSTOMER WHO WAS MISLEAD BY A PART LOAN OFFICER/ REALTOR. I HAVE TO BACK TRACK BUT LET ME EXPLAIN THE CUSTOMER SITUATION.

SCENARIO

CUSTOMER IS AN FTHB WITH A CREDIT SCORE OF 560. MR. CUSTOMER HAS NO MONEY TO PUT DOWN AND BARELY ENOUGH TRADE LINES. MR CUSTOMER HAS A DISCHARGE 7 BK ABOUT 4 YEARS AGO. SINCE THE BK MR CUSTOMER ONLY APPLIED FOR SMALL CREDIT CARDS AND A AUTO LOAN. CUSTOMER HAS NO CHARGE OFFS OR COLLECTION ACCOUNTS... I KNOW SOME OF YOU TRUE MORTGAGE PROFESSIONALS NO EXACTLY WHERE TO PLACE THIS LOAN (FHA). MR LOAN OFFICER/ REALTOR INFORM THE CUSTOMER THAT THEY CAN GO SUB PRIME AND GET 100%. APPARENTLY THE PART TIME LOAN OFFICER DIDN'T KNOW THIS TYPE LOAN DIDN'T EXIST ANY MORE.

YOU WILL NOT BELIEVE THAT THE LOAN OFFICER PROMISED HE CAN GET THE DEAL DONE WITH NEW CENTURY. YES YOU HEARD ME NEW CENTURY!!!

I DON'T DISLIKE ALL PART TIME REAL ESTATE PROFESSIONALS BUT JUST THE ONE'S WHO DON'T KEEP UP WITH THE INDUSTRY.

WOW!! I FEEL BETTER NOW!!

Comments(9)

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Kayana Lewis Gaines

Hamilton Realty Advisors - Tallahassee, FL

Your Tallahassee Realtor

You mean the New Century that went belly up in Feb 07 New Century???

Aug 21, 2007 09:10 AM

Highland Beach Condos David Serle

RE/MAX Services - Highland Beach, FL

Boca Raton Agent David Serle

part time real estate professionals do not work. i do everything 110%, and i am not sure how you can do part time real estate at 50%. consumers and people alike must research their realtor, and pick a very good one, and not just because he or she is a friend. good post. i do not like part time real estate professionals or mortgage people or attorneys or teachers, or anything part time to me means no time for me as a consumer

Aug 21, 2007 09:13 AM

Tiffany Wilson

Compass Properties - THE Costa Rica Real Estate Expert - Manhattan Beach, CA

The Costa Rica Real Estate Expert

I don't understand the part time thing either. How can you offer good service when you don't have enough time to do your job basics AND keep up with the goings-on in the industry. Heck, my To Do List from yesterday had 24 items on it, and I've since added another 10, and probably need to add another 10 by the end of the day.

Aug 21, 2007 09:18 AM

Mike Taylor

Exit Realty Of The Valley - Huntsville, AL

Great Post! I sooo feel you right now on that one.

Aug 22, 2007 01:22 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Oh Professor Quarles....but the team at New Century appreciates the loyalty from this part timer! There are exceptions to the rule, but you are 150% correct that part timers don't generally get it.

Thanks for venting!!

Aug 22, 2007 01:27 PM

Jason Danowski

Wells Fargo Home Mortgage - Quincy, MA

you could stop that scenario at 560 FICO and no-money-down...lol

It kills me what little homework people do before buying a home...

Don't worry, the morons are exiting the business in masses (vouluntarily or otherwise). I can't say that all part-timers (LO's or Agents) are hacks....there are a few out there that are great and had a need to diversify their income streams. I could never do this part-time, but some (not many) can, and do it well. The bigger problem is that people will still employ morons to assist people with tasks that require intelligence and professionalism.

"going through New Century"...lol...yea and Santa Claus is handling the settlement proceedings. I hear the Easter Bunny goes great inspection work as well.

if ya can't laugh, ya can't love it

Aug 22, 2007 01:33 PM

Jay Beckingham

Christensen Financial Mortgage - Port St Lucie, FL

Seniors ROCK!

we are no longer in a marketplace for the weak or pat timers. daily exposure and education to the on going changes is a must.

that being said the situation that you just described has been an fha loan as long as i've been a loan officer, 30 years.

Aug 23, 2007 10:13 AM

Rob Wesler

Harborview Financial Partners, LLC - Land O Lakes, FL

New Century is gone? What is FHA?

Just trying to make us all giggle...... thanks Dr. Quarles

Aug 23, 2007 10:31 AM

Christopher Onwuasoanya

Atlantic Waste & Power System - Sparta, NJ

You must be really upset. Lenders are changing guideline and rate daily that it is difficult to stay abreast. Give the guy a break... Just kidding. This is what we need. After his all those who used to deliver pizza will go back to delivering pizza and loan officers will do what we have always done.

Aug 23, 2007 12:12 PM

Comments(9)

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