By: Angela

Angela — Wed, 24 Sep 2008 17:05:22 +0000

Hi FHA, I have been a mortgage broker for approx. 17 years. I live in a small town and see my client’s across my desk. I do not buy leads and have never offered an opt-arm (neg-am) loan in all my years of origination. I have done allot of 2 year fixed rate loans for people that could not qualify for a 30 year conventional mortgage. When I wrote these loans I counseled my clients on paying their bills on time and for me to pull their credit approx. 2 months before their loans adjust so I can take them out of it and into a 30 year fixed. I was very stern in telling them I can’t help you if you don’t keep your bills paid on time esp. their mortgage. Now, for me to help my repeat clients I need an FHA license. In order to get that you have to have 63,000.00 net worth with 12,500.00 liquid. 2 years ago I had that!! Now I don’t, however I still have a 776 mid credit score and current corp. tax returns (and I pay my taxes on time) as I am Inc. Why can’t the feds come into my office do an audit of my files (as they would see I don’t rip people and price my loans with no more than maybe a .50 ysp on my loans. Our association doesn’t help I quit paying dues 2 years ago as I don’t believe they represent the small broker shops. So, now they want all the small broker shops to sign up under a net branch (cause bigger offices have the net worth) they want the now loan officer, with little or no liability and the net branch manager is in another state just collecting their 10% of every loan you originate and for the loan officer (was a broker) now will not want to take a cut in pay just so they can write FHA and have to give 10% of every loan they write and also collect a 450.00 admin fee on every file. HELP. . . WHO IS PAYING FOR THIS FHA LIC.??? OH NO!!! IT’S THE CONSUMER ONCE AGAIN. . . AND THE LOAN OFFICER IS NOT BEING SUPERVISED!!!! Is this helping our industry?? I have seen LO’s make allot of money on FHA. . why don’t they restrict how much LO’s get paid on these loans. . ??? I still believe you should restrict LO’s from ripping clients by limiting the ysp on every loan!!! Also, let me state. . did you know that when I pull credit for real estate loans purposes the Credit Bureaus within 30 minutes have sold my clients info to a lead company and they are now harassing my client.. Oh and by the way I just spent 2 hours on a Sat. talking to them about their family and their kids sports and where they grew up . . and now some guy in a telemarketing room is calling them now to say “I really care about you and your family”. . you know the one that never shows up at the closing table . . #1 He is out of state and #2 that rate is higher and the fees are too. . and the person at the title company can’t get a hold of the loan officer. . ??????? Can we stop the bureaus from selling trigger leads. . why do I have to lock up my files behind closed doors, in a drawer. . where if you want to see you have to have my clients authorization. Please make the bureaus quit selling my clients info. for profit. . . I educate my clients and they don’t want to be bothered. . yes I know about opt out.. it takes time to take effect. . and in the meantime they can’t even put their phone done to eat dinner. . .!!
Also,, , now with the fed’s taking over fannie and freddie. . does this mean now that all loans are going to FHA. . and the FHA lic. requirement??? Regards, Angela
By Angela on Sep 11, 2008
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By: Myrtle Beach Rentals

Myrtle Beach Rentals — Sun, 07 Sep 2008 02:18:54 +0000

they are too big to save and too big to let go under.

By: Click Broker

Click Broker — Sun, 24 Aug 2008 10:26:51 +0000

Thanks for publishing Freddieâ€™s letter. I have written extensively about the systemic banking risks of nationalizing the GSEs.

Comments on: The Mortgage Story You Haven’t Heard

By: Angela

By: Myrtle Beach Rentals

By: Click Broker