Mortgage Loan Broker Regulations

Posted by Editor on February 8th, 2010

How did Bush encourage the mortgage companies to develop exotic loan products for the subprime market?

Remember when Bush spoke of his "ownership society"? Did Bush give any incentives for those brokers and mortgage companies to create those exotic loan products, so many of which are now in default? Do you think that increased regulation could have mitigated this disaster?

You can't hang this on Bush. All the elements were created before he came into office. The R/E bubble collapse is not a "disaster." It is a perfectly normal end to the latest financial bubble. Everyone who got hurt voluntarily took the risk.

"mortgage broker licensing, Loan Broker, Become Mortgage Br

California Mortgage Loan Broker Law

Posted by Editor on January 28th, 2010

ATTORNEY JOEL BANDER OF BANDER LAW FIRM, LLP.mov

Mortgage Loan Broker In California

Posted by Editor on January 13th, 2010

Which bank offers the lowest interest rate for mortgage refinance in California?

I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.

find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)

A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.

Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp

Introduction to California Mortgage Home Loan Brokers

Mortgage Loan Brokering Courses

Posted by Editor on January 11th, 2010

30-year fixed loan on my house

If I am planning to live in my house forever forever, 30-year fixed loan is the best option that I have? I have been reading some books. It seems that talking to mortgage broker is better than the banker. I should ask for the par rate of my loan to get better interest rate and pay higher loan origination fee (NO YSP of course.) Does that sound right to you? Anybody has a good recommendation on a good mortage broker in bay area?

You understand the concept. A mortgage banker actually has the money they are going to loan you. A mortgage broker does not have any money- they loan you someone else's. That can be good or it can be bad.
15 year loan is the absolute best. 30 year is 2nd. 30 year with 5 year balloon is 3rd. /

Why Use a Mortgage Broker?

Residential Mortgage Loan Broker License

Posted by Editor on January 11th, 2010

Can I, as a non-licensed mortgage residential loan broker, be independant and work from my home in Va.?

I would like to represent home sellers and seekers from my home. Can I? How?

You need a license to be a loan broker. I would think you have to be an agent first, working under a broker, but I am not positive.

Mortgages : How to Become a Commercial Mortgage Broker

Mortgage Loan Broker Fee Agreements

Posted by Editor on January 8th, 2010

The People's Court- "Not Paying Commission" Part 1 [Rude realtor steals client!]

Mortgage Loan Broker In Arizona

Posted by Editor on January 2nd, 2010

Complaint against a Mortgage Broker. How do I file?

I feel my Mortgage Broker did me wrong. First, he refused to send me a copy of the Appraisal. Then, he promised me 4 5/8% loan, but it ended up at 5.635%. This is just a few of the complaints, which I won't go into further. How do I go about filing a complaint of this Broker? I am in the State of Arizona.

Okay to answer a few things of what you have mentioned. Depending on the loan you may or may not have a right to get a copy of your appraisal. You pay for the appraisal on behalf of the lender, only on a FHA loan are they required to give you a copy. Saying that I always give a copy of any appraisal to the client (even though on 80% of the loans its not required). To make the point simple its not your appraisal.

Per the 4.625% rate you need that crap in writing. If the lender changed the rate you shouldnt have closed. Im not saying its your fault but all borrowers should be ready to call another lender at all times. Rates change up to 3 times a day. But I give you another example, you call a broker and say what is the rate for a 30 year fixed. So idiots will just quote you the best rate possible. This assumes you loan is over 250K, your fico is over 750, you lock that very second, you can close in less then 10 days. They arent real rates. When the real loan comes in its less then 250K, your fico is under 750, you need a 30 day lock. Now your rate is 5.5% instead of the 4.625% that was quoted. This is called a bait and switch. It happens all the time and it never should. Should be illegal for anybody to quote a rate over the phone until your loan is totally approved with any addons that happen all the time.

Basically it sounds like your broker is an idiot. I would report them too. I just am not sure if anything will happen. Here is where you complain too.

http://azdfi.gov/index.html

Mortgage Lending Process| Arizona Mortgage Loan |Part 4

Mortgage Loan Brokering Training

Posted by Editor on December 30th, 2009

What is the best online Mortgage Brokerage Firm or Correspondent Lender to join as a new business career?

I plan to start a career as a loan officer and want to do business primarily on the internet, from home, as well as get the training on-line and/or by phone. I'm thinking about joining either Apex Lending or Premier Mortgage. Trancontinental Lending Group is also an option. Anyone have feedback regarding these companies? I'm really leaning towards Apex Lending because I like the business structure, however there is a one-time $200 fee for purchasing software that allows you to run the business on the internet and from home. The software has the 1003 appl, credit score/info viewing, matches programs to client info, manages your accounts, funds, can do business in atleast 20 states, etc. Is having to pay this fee a norm when getting started, if so, are there companies that have a lower start up fee? I have taken a 24-hour mortgage broker course in Florida recently, but haven't taken the licensing exam yet. I will need a mentor for the first few deals and would like to get started soon.

I also work for Aapex mtg that's based in fl. working from home is cool but it's best if you can go into an office and do work there. if you're home you might bs more than if you were in an office, there fore you can get more work done. It's just a suggestion. You should look around first before you make a decision.

"Loan Broker, Loan Broker Training, Become a Mortgage Broke

Mortgage Loan Broker List

Posted by Editor on December 16th, 2009

A morgtage broker said I will have to let the bank pay off any old collections listed out of the re fi cash.

To finalize the loan and get a lower morgatge rate with a cash out for home improvements, the mortgage broker said that the bank wants to pay off my old credit collections and deduct the funds to pay them from my proceeds of the cash out at closing. Is this usual or a scam?

Its not a scam. You're lucky there are doing the refi and handling payoff off the old debts thru the closing. Some Lenders require they be paid off prior to even starting the refi process. You will need to get balance statements or a letter from the collection stating the amount to be considered paid in full. Make sure that the proper address and account number is provided. At the time of closing, the escrow company will pay the amounts due from your proceeds and you receive the balance of the funds left. Consider this a good thing since this will only improve your credit in the long run.

List of hard money lenders and hard money loan brokers in Los Angeles

Mortgage Loan Brokers Nassau County

Posted by Editor on December 14th, 2009

What do potential homebuyers need to qualify for a mortgage?