Tag Archives: mortgage broker

Your Questions About Mortgage Loan Officer

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Donald asks…

Was prequalified for mortgage, loan officer quit, is my approval still valid?

Me and my husband were prequalified for a VA mortgage in May and have been looking for houses. I hadn’t heard from our loan officer for a while and when I called I found out she’s no longer with the company! They transferred me to a manager and I got a voicemail and I still haven’t gotten a call back! Does anyone know how long our preapproval lasts? Can they take it away at any time? Help is appreciated! Thanks!

admin answers:

Her quitting shouldn’t matter.

You do understand that a preapproval does not necessarily mean that you’ll be approved, although if nothing has changed about your situation and the house meets all the qualifications, you should be OK.

Mandy asks…

what is the difference between a morgage broker & mortgage loan officer?

i want the definition of mortgage broker & mortgage loan officer.

admin answers:

There are two types of mortgage lenders, mortgage brokers and mortgage bankers. A mortgage loan officer can work for either a broker or a bank. A mortgage loan officer can be an employee or self-employed. Every State has different regulations governing mortgage loans and the loan officer. Most require a license and that license can only be used through a mortgage broker or banker. In otherwords you cannot do business independently, but must be done through one of the above, much like a realtors relationship with their broker. Mortgage banks and mortgage brokers have different regulations governing their operations.
A mortgage loan officer originates a mortgage loan for a borrower, escrow closes the loan. I am a licensed mortgage loan officer in Nevada and hope I’ve help to clarify the difference.

Lizzie asks…

I am looking for a Realtor and mortgage loan officer to work with. Referrals?

I am looking for a Realtor and Mortgage loan officer who is very familiar with and approved by the county for FHA loans and DAP programs for Harris County in Houston, TX. Recently I went through a nightmare of both. I did research and found a list of approved loan officers. I am speaking to one and its been two weeks and she still doesn’t have the information she needs? So I have decided to ask the community in addition to going through the list.

admin answers:

It is an international forum, you are unlikely to get the referrals you seek here. Especially when you post from Y!A UK.

Daniel asks…

What is the best state in the U.S to practice as a mortgage loan officer and why?

I would like to know the best state in the U.S where you can make tons of money as a mortgae loan officer.

admin answers:

Don’t focus on the cash. Focus on doing a great job for your client and the money will come, regardless of where you reside…

Robert asks…

How do you become a mortgage/loan officer?

Does anyone know they steps to becoming a loan officer that is free of gimmicks

admin answers:

Depending on where you live, licensing may or may not be involved. I live in Michigan, and am a mortgage banker with Quicken Loans. They are a direct lender, so I interviewed for the position just like any other job, then they hired me, trained me, and provided the materials needed so I could obtain a license in the states that required it. If you are going to be new to the mortgage industry, I would suggest that you work for a direct lender, preferably a larger company that offers training so you can get a full understanding of the industry and how it works. Most larger companies have detailed training programs that will teach you about mortgages and also how to sell if you have not done so previously. Mortgage brokers tend to be smaller companies that don’t have the resources to provide you with all the knowledge you will need to be successful. If you decide you would like to be a broker, you can always do so, but I would start with a large company with a good training program so you can take that knowledge with you. Personally, I love working at Quicken, and we have offices in Detroit, Phoenix, and Cleveland. If you happen to be in any of those locales, shoot me a message and I can put you in touch with the right people.

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Texas Mortgage Brokerage

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Product Description
This new and fully-updated title helps users identify and understand the basic elements involved with real estate finance as essential to a mortgage brokerÆs work. Each of the ten chapters introduce the subject with a list of key terms and a pre-assessment evaluation to prepare the learner for the material. A series of questions conclude each chapter helping to facilitate classroom discussion…. More >>

Texas Mortgage Brokerage

Choose Your Mortgage Broker Carefully

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The housing market is on a rebound, thanks to government tax breaks and lower property prices. So if you are one of the lucky people looking at purchasing a new home, you will want to partner with a mortgage broker who is reputable and will give you the best possible deal. Here are some ideas for how to choose your mortgage broker carefully.

–To avoid predatory lenders, make it a rule that you will only deal with a broker in your area that has a physical office! This may seem like a no-brainer, but it’s amazing how many people will trust something as important as a mortgage and their good credit to virtual strangers simply to save a few bucks. It’s not worth it: make sure your mortgage broker is someone you can visit.

–Always go with experience. Because of the upswing in the market, there are many newcomers who are trying to cash in on new mortgages. Beware of opportunists and choose a mortgage broker who has been around a long time. He will have weathered all of the housing market’s ups and downs, and will have extensive knowledge and expertise in the best ways to help you get financed.

–Choose someone whom you can be comfortable with. Selecting a mortgage broker is like choosing a lawyer or any other kind of professional: you will spend a lot of time together and you will be entrusting him with important and sensitive information.

It really is a wonderful time to buy a home: remember to choose someone whom you can deal with in person, go with experience, and make sure he is someone you feel comfortable with. Brian Ofsie is still in business closing mortgages for customers and providing them with great low rates and top of the line service. For more details please visit Be Team. Ryan Coisson is a freelance writer.

Article Source: http://EzineArticles.com/?expert=Ryan_Coisson http://EzineArticles.com/?Choose-Your-Mortgage-Broker-Carefully&id=3231913

How Do I Calculate Mortgage Payments When Buying A Home From A Family Member?

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We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?

Reverse Mortgage Brokers – Settle For The Best

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With the dramatic increase in senior citizens turning to reverse mortgages as a way to finance their retirements, the importance of having ethical reverse mortgage brokers has increased dramatically as well. Ethical standards for reverse mortgage lenders have been established in the National Reverse Mortgage Lenders Association Code of Conduct, but not all reverse mortgage brokers deal with members of the NRMLA.

What Your Broker Should Tell You

Many people who decide to take a reverse mortgage rely on their reverse mortgage brokers for information about the costs of the process about which an ethical reverse mortgage broker will be forthcoming. Yours should be willing at the very least to tell you the following:

The cost of your application fee may not be refundable, so potential borrowers clarify that in advance. The application fee covers the cost of a home appraisal and a check to determine if the potential borrower is in arrears on any other federally-insured loans.

Closing fees can be added to the loan itself, but if they are, will accrue interest. Some of closing fees are comparable to the closing fees of regular mortgages, but others are strictly designed as part of the reverse mortgage process. The origination fee and continuing loan servicing fees will differ widely among reverse mortgage lenders.

At the loans termination, there may be shared equity or value appreciation fees assessed. If so, they will entitle the reverse mortgage broker to a share of your homes residual value.

If you find reverse mortgage brokers hesitant to discuss these fees, immediately see warning signs and look elsewhere. Reverse mortgage brokers who take advantage of the ignorance of prospective borrowers are, unfortunately, far more common than one would like to think.

The sum you will actually receive for your reverse mortgage payment, whether you take it as a single amount, in monthly payments, or as a line of credit, can differ by thousands or tens of thousands of dollars, depending on the abilities and honesty of the reverse mortgage brokers with whom you consult.

Take Your Time

Take the time to shop among reverse mortgage brokers for the lowest fees; if you have family members or friends who have taken out reverse mortgages, ask them about their experience and whether they are satisfied with the performance of their reverse mortgage broker; if there are senior citizens advocacy groups in your community, find out whether they can recommend any reverse mortgage brokers.

Make sure your reverse mortgage broker finds the loan which is right for your needs; you have the right to a retirement as worry-free as you can make it!

Shopping In A Tightening Mortgage Market

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In recent months the media has been rife with stories of a meltdown in the mortgage sector. And while reporters are often prone to hyperbole, there’s no denying that the home financing industry is suffering. Mortgage investment funds have faltered, home prices have declined, residential foreclosures are on the rise, and about one hundred nationally operating lenders have closed their doors.

But many homeowners struggle to understand what the current mortgage climate means for them. What caused the current situation? How will the downturn affect them? And what can they do to avoid any negative repercussions when purchasing or refinancing a home?

Domino Effect

Recent events within the mortgage industry have fostered a domino effect which has toppled many precariously balanced facets. During the most recent housing boom many borrowers felt emboldened or were encouraged to obtain adjustable rate mortgages on homes which were realistically outside their comfort zone. Some went so far as to adopt Option ARMs and pay a minimum payment which didn’t even cover monthly interest. Unfortunately, as interest rates rose and teaser rates expired, many of these borrowers found themselves in over their heads.

This resulted in growing mortgage delinquencies and foreclosures, fewer first time buyers, and falling home prices as demand dried up. As demand lessened the situation became worse, and the lenders who had originally funded the failing loans were required to take on obligations which homeowners could no longer manage. By 2007 those obligations had reached a breaking point for some lenders, and they began to close their doors.

New Requirements

As often occurs, government regulators and officials reactively weighed in and began examining some of the fast and loose lending tactics which had caused the mess. Lenders have consequently enacted stricter loan requirements and funding obligations to negate the need for government legislation. And while that strategy has reduced future abuses and irresponsibilities, it has done little to assist borrowers who are struggling to keep their homes. It has also curbed the flow of first time buyers even further, which in turn has crimped demand still more.

As a result of these stricter requirements, homeowners and buyers today can expect lenders to be more demanding. The sun is setting on fuzzy income requirements and no-down home loans. And credit score requirements are becoming increasingly strict. Whether you’re looking to refinance or purchase a home, make sure you have some money for closing costs and a down payment, present solid documentation of your income, and take the necessary steps to clean up any credit report discrepancies before you begin the mortgage process. And above all, if you’re buying a home don’t extend beyond your means: it’s better to keep a smaller, less glamorous home than to loose a larger, chic home.

Finding the Right Deal

Over the past few years many lenders and banks have been aggressively marketing to consumers. That’s because it benefits them to work directly with you. But the best way to find the right mortgage today is via a mortgage broker or aggregation service. Working with only one lender can leave you vulnerable to their corporate motives, and unless you’re knowledgeable about the mortgage industry you might end up with a bad deal. And seeking out two or more lenders directly can be stressful and time wasting. A mortgage broker can help you find multiple local and national lenders who can offer the best mortgage deals, regardless of whether you’re purchasing a new home or refinancing an existing one.

But when using a mortgage broker it’s important you don’t jump at any old company. Many brokers have an online presence: but a website alone doesn’t guarantee a bona fide company. Before filling in an online loan application you should look for some important content and links. Is the company a member of the Better Business Bureau and legitimate mortgage organizations like the MBA? Do they offer sensible advice free of charge? Does their website look professional and is it secure? Do they have their finger on the pulse of the mortgage industry? Do they readily provide customer testimonials? Are they available to talk to you over the phone? Only the best brokers can fulfill all of these requirements, and they are the ones who are worthy of your business.

If you’re falling behind on your mortgage payments and even a broker can’t help you, just remember you still have options. Lenders and investors don’t want to be burdened with foreclosed-on properties in today’s market. So call your mortgage company and ask about restructuring your loan. It’s better for your lender if they get a reduced payment over more years than if your home is foreclosed and sits dormant for months.

Conclusion

The mortgage market is changing at a rapid pace, and prospective borrowers are finding it harder to find an affordable and competitive deal because of the lack of restraint of recent years. But with careful preparation and the right broker you can successfully navigate today’s hurdles and find a mortgage which suites your needs for years to come.

Things Mortgage Companies Don’t Want You To Know!

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Mortgage brokers have a huge advantage when you are applying for a loan, this is because mortgages are their life. They know everything about mortgages and so can make a lot of money due to your lack of knowledge.

Mortgage brokers know all about the wholesale interest rates that you will qualify for, and are able to add on as much commission as they want, just to make some extra money. Mortgage brokers dont want you to know that there are certain tips to help avoid paying the full price of the interest rate that the broker gives you at first.

Here are a couple of tips that should be able to help you to avoid paying the full price of your refinance loan.

Before you look into refinancing your loan, you should first check your credit rating. Your credit rating is what lenders will look at in order to assess how risky you are.

You should request copies of your credit report from all of the credit agencies, then you should carefully study all of these documents and try to spot any errors. There are three credit reporting companies that are responsible for maintaining your credit records, because there are three different companies that manage the credit reports, it is very easy for them to develop errors.

Any errors in your credit record will negatively impact on your credit score, and so will mean that errors will cost you much more money in interest charges. By ridding yourself of errors, you should be able to get much better interest rates, and so save yourself much more money.

The best way to improve your credit score, is simply by paying all of your bills on time. If you dont already make all the payments on time, you should start making them on time and then wait for at least six months before you apply for a new refinance loan.

Make sure you stop using your credit cards as much as possible, by maintaining as low balances as possible you should be able to prevent getting poor credit. Also avoid taking out new credit cards as these can also impact on your credit worthiness.

Your mortgage company doesnt want you to know about the mark up that they put onto the interest rate that you could really get the loan for. You are effectively paying for the services of a mortgage broker twice, once up front, and then every month for the life of the balance.

You should compare the rate that you are offered to the rates that you have received from other mortgage brokers, or companies.

By learning how to prevent yourself having to pay the mark up, you can save yourself a lot of money.

Mortgage Brokers For Home Loan Refinance

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Online brokers negotiate financing deals with several lenders. This may mean that you can find a better deal through their site than by working with the lender. Not all mortgage brokers guarantee the lowest refinancing rates, so you should also compare brokers.

Understanding Mortgage Brokers

Mortgage brokers specialize in finding financing. They work with many lenders to offer you several financing choices. They partner with traditional banks as well as thrift institutions, credit unions, and mortgage companies. They can even connect you with subprime lenders if you have poor credit.

Not all brokers call themselves mortgage brokers. But any site that offers bids from more than one lending company is a broker. Make sure you know if you are dealing with a broker, since this will affect your closing costs.

Brokers collect a fee for each loan they refer to a lender. Sometimes you will pay this fee as part of the closing costs, other times it will come out of the mortgage companys fees. Even with the additional expense of a fee, brokers can usually find you better deals than if you shop alone.

Working With Broker Sites

Online broker sites enable you to make quick comparisons from basic financial information that you provide. Usually, you will need a general idea of your credit score, loan amount, and down payment. The quote you receive gives you a rough idea of rates and closing costs.

Take the time to check with a couple of broker sites to find the best deal. Each broker works with different lenders and negotiates unique deals. Spending a few extra minutes analyzing quotes can save you thousands in interest costs.

Taking The Next Step

Once you have narrowed your choices down for refinancing, request a detailed quote from the lender. This will require the financing company to look at your credit score. You dont want to request too many detailed quotes, since your credit score is temporarily lowered every time a lender makes a credit inquiry.

The detailed quotes will list rate along with terms, such as required points. Even with this accurate quote, it can change hourly based on market indexes and bank rates. If you find a good deal, it is best to act on it quickly to lock in rates.

Mortgage Companies – Different Breeds Of Mortgage Lenders

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If applying for a new home loan, there are numerous mortgage lending options. New homebuyers may not know where to start. Different mortgage lenders fit different circumstances. In fact, choosing the wrong lender may result in paying more interest. With this said, it is important for homebuyers to educate themselves on the different types of mortgage lenders, and select the lender that is perfect for them.

Traditional Mortgage Lenders: Banks, Credit Unions, etc.

While waiting in the lobby of a bank or credit union, perhaps you have observed signs advertising low mortgage rates. Some homebuyers choose to finance their homes through mortgage companies. However, it is possible to obtain a mortgage loan from your local bank.

Using a local banker may be advantageous. Each mortgage lending institution establishes its own lending guidelines. Moreover, these lenders can pick and choose the type of loans they want to service.

There are various types of home loans. These are intended to help individuals with good credit, poor credit, no credit, recent bankruptcy, etc. Unfortunately, not all lenders offer a range of home loans. Thus, persons with bad credit may have trouble getting approved.

Likewise, banks and credit unions may choose not to service bad credit loans. Therefore, those with a credit score below 680 may not qualify for a traditional loan. If this is the case, these applicants may have to seek alternative financing.

Mortgage Loan Brokers

Because mortgage comparisons are important, many homebuyers bypass local banks. Accepting the first mortgage offer received is not a wise act. Lenders offer different interest rates. The only way to get the lowest mortgage rate possible is to obtain quotes from many lenders.

Mortgage brokers are very useful. Although brokers do not finance home loans themselves, working with a mortgage broker gives homebuyers the opportunity to receive multiple offers from different lenders. Additionally, brokers have access to many types of loans. Thus, persons with a low credit rating can also obtain quotes from different lenders offering bad credit mortgages.

Mortgage brokers are also successful with locating suitable home loans for people with unique conditions. This may include self-employment, no money for closing, real estate investors, etc.