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How Much Do I Know As a Mortgage Broker?

Kind of I should say I don’t know anything because what I know is still just a testament to my education. My education in divert visits, credit, pricing, Come values, etc and my State’s license is very good, over 6 years, I learned very well. These are all...

Deal Only With A Professional Real Estate Agent

If you are a lender or mortgage professional, it would be good if you wouldn’t shave your head (and therefore your hair) off before stepping into the board meeting. You’d be surprised at how many cleaver lenders think they know everything about everyone,...

Easing Housing Transitions for Seniors

There comes a time when families start to think about senior members moving. Factors such as retirement, finances, lifestyle, health or the distance between family members are just a few of the reasons why seniors may decide to relocate. Moving is a big decision...
How Much Do I Know As a Mortgage Broker?

How Much Do I Know As a Mortgage Broker?

Kind of I should say I don’t know anything because what I know is still just a testament to my education. My education in divert visits, credit, pricing, Come values, etc and my State’s license is very good, over 6 years, I learned very well. These are all subjects I know very well but I would never forget the various courses, monthly, quarterly, year to year training, webinars, etc, which cost MONEY!

Now you ask what is a Mortgage Broker, what’s the difference? A Mortgage Broker is the guy that finds the borrowers and calls up the banks and eventually submits the ” duly accredited wishes” in the form of an offer on a property. Brokers for mortgage brokers have to join either a national electronic or a board recognized association.

Most people think that a Mortgage Broker makes a lot of money and that he checks up on all of the borrowers. What they don’t understand is the responsibility of the broker is to make reasonable and “simulate” offers to the different banks, even though the brokerethanks. The responsibility of a Mortgage Broker is to get the borrowers approved (which has to be in process) and the bankers have to make a decision. So this may look something like this:

Mortgage Broker finds borrower and finds bank happy to lend. A broker gets paid 3% commission/points, the bank doesn’t take any less. Now we know what occurs. But let’s say that the Broker has done his job and he brings the borrower and a bank is happy to lend, so now we have a happy broker/banker. The mortgage broker has to get paid 3% of the loan. He is not paid anything because he is the mind and they have to pay the mortgage broker.

Now we need to make a determination as to what the “Sum of the parts” is. The mortgage buyers lump sum of the loan for ¼ of the parts. Where did all the money come from? It came from the wholesale bank charges. It is known that wholesale bank charges are a very, very high percentage. So I am just wondering, why are all of the bankers giving away money in wholesale loans. Hey, they have to pay the mortgage broker, right? What’s wrong with that? If everybody is getting paid, everybody is benefiting, right?

Truth be told, in my 25 years in the lending industry, I have seen a lot of things, I have been an asset manager on loan after loan, I have made some people fall on the pavement and I have helped them get up and walk again. But most importantly I have watched professionals in every industry work very hard for their money and get nothing in return. Is a Mortgage Broker get paid just to be a “clown?” I have made millions as a mortgage broker, I have helped people come out of bad situations, but I have heard countless professionals in every industry work harder to create business for themselves, take the risk away from other people and create policies that help other people while they suffer? No, I don’t think so.

I think that is the reason why every person should own a business. Because they can truly believe in what they are doing and they can choose to work very hard.

So how much money you make nor how much you are paid in your lifetime is where it all starts. I think you need to realize that you deserve to be treated with dignity and if you don’t receive it then you need to either take care of your business or find someone that will assist you in the process of growing it.

It is not just about how much money you make you can also get paid to help with the growing process. Most importantly, it is about how much you care about others and the value you have for a society that will bring so many good memories to someone’s life

We all have a choice on how hard we work because if we care enough about our clients and the people we work for, then good things will happen. You have a choice to work hard or play hard or sit back and count your blessings.

Deal Only With A Professional Real Estate Agent

Deal Only With A Professional Real Estate Agent

If you are a lender or mortgage professional, it would be good if you wouldn’t shave your head (and therefore your hair) off before stepping into the board meeting. You’d be surprised at how many cleaver lenders think they know everything about everyone, then curve them around and pray they don’t get burned. Here are some questions, from a lender’s perspective, that you should ask yourself when considering a short sale listing agent. If the answers are ‘yay’ or ‘nay,’ then that agent is the right agent for you. If the answers are ‘boo’ or ‘nay,’ then you should keep out of his or her hair. But let’s not go into unfair dealing.

Does the realtor have ‘guaranteed’ listings?

Some short sale listing agents may make the claim that their short sales and REO listings are ‘guaranteed to result in the listing. Does the agent have Fannie Mae or sightings of the dollar amount to list each property? No, might not even happen. But look at the listings either before or after the company claims the ‘guaranteed’ pools of ‘guaranteed’ listings. Are the listings real? Often, the listing agent simply may not know whether a property is a short sale or an REO. A short sale listing is a property in distress that a lender has approved for a short sale and is offering to let the property ‘work its way through the pipeline.’ But a listing is not a property in distress that a lender will approve for a short sale.

Will the agent give you exclusive listing leads?

An exclusive listing lead is information exclusively given to the listing agent which the lender will not be given to the acquisition agent. It costs a listing agent nothing to provide because the listing broker is actually profiting from the sale. Why then is a bank so quick to deny the request for exclusive listings? Look at the listing prices of the property. In an REO scenario, the prices are only partially negotiable because the banks are already taking a loss and will be fighting not to eat up all the upside money of the loss. In a short sale scenario, the banks are already receiving a profit from the sale and, even though they ‘may’ open the property to the public for a glimpse, often will reject the low-ball offers. That puts the listing agent in the position of ‘ contesting’ the price paid or making ridiculous lows as a way to get the listing. The listing agent is getting paid a commission for having the property listed and having contact with all potential buyers; so there is nothing ‘numbers’ to pay. If the agent is open to listening to your requests and setting your expectations at a level that will result in a successful and profitable closing, then look at the listing as an opportunity for the listing agent. The bank is paying the commission, and they don’t want you to go broke while they’re pulling the rug out from under you. If you look at the listing as an opportunity for your representative to not waste his or her time, then any other logic, the deal just doesn’t stack up.

Is the agent truly an ‘asset’ and partner to you, not the bank?

Don’t mar the wonderful relationship you and your agent have. The agent has a fiduciary responsibility to the bank to be an asset and partner to you. Be wary of any agent that tries to lose the bank as a service to you.

The larger banks are more likely to be open to working with agents that will achieve results for them that are in line with their goals, even to simply cover the operating expenses of doing business with you. They will, of course, be looking to get the highest price possible and are in it for the long haul. You can convince a bank to delay the foreclosure process and there are many other strategies you can use to work with a bank, but if you aren’t skilled in these areas you should go where the money is… direct lender money, that is.

Easing Housing Transitions for Seniors

Easing Housing Transitions for Seniors

There comes a time when families start to think about senior members moving. Factors such as retirement, finances, lifestyle, health or the distance between family members are just a few of the reasons why seniors may decide to relocate.

Moving is a big decision especially when a senior has lived in one place for a very long time. Many things must be considered, including access to health care, recreation, social activities and practical concerns, such as grocery stores, libraries, climate, etc.

Access to Quality Care

For many seniors access to health care or options for health care assistance is the primary reason for moving. When considering options it is important to look at the short-term solutions, but also consider long term scenarios. Options may include drop-in help, moving closer to a family member that can assist when needed or retirement communities that offer fully independent living to supportive assistance as required.

Community Services

It is also important to research the area community services. You will want to make note of services such as home care, cleaning services, snow removal, transportation, and home repair. Some individuals may want access to volunteer organizations or senior centers where they can be involved in the community.

Support

As an older adult, moving is an especially difficult transition. Finding the support the senior needs in the new community is imperative. Groups that seniors can connect with will help the transition go smoother. Connect with church groups, home visit solutions or perhaps meetings that would be conducted in a home setting.

Make Your Own Furniture Polish

Make Your Own Furniture Polish

Are you tired of spending so much money on things like furniture polish? Do you want to free your home from harmful chemicals? You can be frugal and live green by making your own furniture polish.

Here are three recipes for making your own homemade furniture polish:

Recipe I

Ingredients:

1 tablespoon vinegar or lemon juice
1 tablespoon boiled linseed oil
1 tablespoon turpentine

1. Combine the ingredients in a glass jar with a tight-fitting lid and shake until blended.

2. Dampen a cloth with cold water and wring it out until it’s dry.

3. Saturate the cloth with the mixture and apply sparingly to a small area at a time.

4. Let dry for about 30 minutes, then polish with a soft cloth. This mixture gets gummy as it sits, so make just enough for one day’s work.

Recipe II

Ingredients:

White vinegar  
Lemon juice

1. Combine equal parts white vinegar and lemon juice in a bowl or spray bottle.

2. Use a clean cloth to rub a small amount of the polish into your furniture.

3. Wipe dry with another cloth.

Recipe III

Ingredients:

1 cup olive oil
1/2 cup lemon juice

1. Combine olive oil and lemon juice in a bowl or spray bottle.

2. Use a clean cloth to rub a small amount of the polish into your furniture.

3. Wipe dry with another cloth.

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