Comments on: Where are all of the loan officers going? Hint – be careful at the dealerships. http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: car loan modification http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-14396 car loan modification Fri, 06 Feb 2009 02:23:47 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-14396 It’s just that the title loan officer conveys (incorrectly) --------------- nice points here It’s just that the title loan officer conveys (incorrectly) ————— nice points here

]]> By: Hearin http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-2864 Hearin Wed, 22 Aug 2007 19:25:27 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-2864 People what is your problem? A job is a job is a job. That is the end of the story. Most of us go to work come home and spend time with our families. We have to do what it takes to take care of our families. Most of us don't give a damn about our jobs. Being a sales person is the toughest job period all those lazy engineers and government workers (which our country is turning into) have no clue how to create value. They just dabble in bureaucracy or theory. Try to be a loan officer for a week i doubt 99% of you bureaucrats or theory-folks could last. People what is your problem?
A job is a job is a job. That is the end of the story.
Most of us go to work come home and spend time with our families.
We have to do what it takes to take care of our families. Most of us don’t give a damn about our jobs.
Being a sales person is the toughest job period all those lazy engineers and government workers (which our country is turning into) have no clue how to create value.
They just dabble in bureaucracy or theory.
Try to be a loan officer for a week i doubt 99% of you bureaucrats or theory-folks could last.

]]> By: Marc Brinitzer http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-745 Marc Brinitzer Tue, 31 Jul 2007 02:20:47 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-745 I pre-qual'd a couple the other day. She is a postal worker; he is a sheet metal guy. They informed me that they also "do" real estate and loans. Really!? A chiropractor I know just took over another chiropractor's office because that chiro had become a "loan officer". I'm pretty much speechless these days. I pre-qual’d a couple the other day. She is a postal worker; he is a sheet metal guy. They informed me that they also “do” real estate and loans. Really!?

A chiropractor I know just took over another chiropractor’s office because that chiro had become a “loan officer”.

I’m pretty much speechless these days.

]]> By: Morgan Brown http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-742 Morgan Brown Tue, 31 Jul 2007 00:08:08 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-742 I agree - the term "supervise" as it relates to brokers in California is by-and-large a joke. You are right, many of the broker/sales person agreements are worded extremely strongly towards the responsibility of the sales person as it relates to the quality of the loan and its sale. Thanks for the comment! I agree – the term “supervise” as it relates to brokers in California is by-and-large a joke. You are right, many of the broker/sales person agreements are worded extremely strongly towards the responsibility of the sales person as it relates to the quality of the loan and its sale.

Thanks for the comment!

]]> By: Frederic A Din http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-741 Frederic A Din Mon, 30 Jul 2007 23:57:52 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-741 Hi Morgan - I am aware that the State of California has many licensees however when I write a mortgage using my license, according to our brokerage agreements with lenders and banks, I am on the hook just as much as my broker if there is any fraud or if a buy-back is required. I certainly do not want to lose my licensing or livihood because of something erroneous. The concept of the CFL or RMLA, in my opinion, is for a broker to "supervise" order takers, however what we are seeing is the broker who is supposed to be supervising is not doing much of anything other than participating with the fraud, not all brokers but many. Hi Morgan – I am aware that the State of California has many licensees however when I write a mortgage using my license, according to our brokerage agreements with lenders and banks, I am on the hook just as much as my broker if there is any fraud or if a buy-back is required. I certainly do not want to lose my licensing or livihood because of something erroneous. The concept of the CFL or RMLA, in my opinion, is for a broker to “supervise” order takers, however what we are seeing is the broker who is supposed to be supervising is not doing much of anything other than participating with the fraud, not all brokers but many.

]]> By: Morgan Brown http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-740 Morgan Brown Mon, 30 Jul 2007 23:40:25 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-740 Fredric - unfortunately the DRE licenses are handed out like candy. Last year we had almost 500,000 licensees - insane. On top of that you have companies operating under the CA department of corporations and RMLA that require no licensing - just a 6 hour ethics and agency primer that in reality takes about 45 minutes to knock out online. Fredric – unfortunately the DRE licenses are handed out like candy. Last year we had almost 500,000 licensees – insane. On top of that you have companies operating under the CA department of corporations and RMLA that require no licensing – just a 6 hour ethics and agency primer that in reality takes about 45 minutes to knock out online.

]]> By: The Mortgage Guide http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-736 The Mortgage Guide Mon, 30 Jul 2007 23:17:34 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-736 Realtor 4 sure ;p Realtor 4 sure ;p

]]> By: Frederic A Din http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-726 Frederic A Din Mon, 30 Jul 2007 18:18:41 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-726 There is much truth to what is being discussed with regard to loan officer licensing, examination, knowledge, ect. I cannot speak of all states, I can only speak of the state that I am licnesed in. In California, if you work for a Department of Real Estate licensed mortgage brokerage, you are required to have your own real estate license, which comprises of various classes, continuing education, background check, FBI fingerprinting, and an examination. Those loan officers licensed under the Department of Corporations do not have to endure these items as their corporation is their supervisor and is responsible for their actions. Mortgage professionals take their role differently than most loan officers by further educating themselves in their business. True mortgage professionals tend to focus on a niche or a narrow speciality of business, thus not listing or selling real estate, they focus soley on their mortgage practice. They engage in and are part of association groups at large, either at the local, state, or national levels. They seek out designations of professionalism by furthering their education and knowledge within professional circles of business. Just the other day I noticed a "human directional", those people who stand for 6 hours a day holding a sign pointing to new home developments, this person was sitting with her sign while her red BMW was near her...do you think she is a Real estate agent or Loan officer??? Guess I should have asked... There is much truth to what is being discussed with regard to loan officer licensing, examination, knowledge, ect. I cannot speak of all states, I can only speak of the state that I am licnesed in.

In California, if you work for a Department of Real Estate licensed mortgage brokerage, you are required to have your own real estate license, which comprises of various classes, continuing education, background check, FBI fingerprinting, and an examination. Those loan officers licensed under the Department of Corporations do not have to endure these items as their corporation is their supervisor and is responsible for their actions.

Mortgage professionals take their role differently than most loan officers by further educating themselves in their business. True mortgage professionals tend to focus on a niche or a narrow speciality of business, thus not listing or selling real estate, they focus soley on their mortgage practice. They engage in and are part of association groups at large, either at the local, state, or national levels. They seek out designations of professionalism by furthering their education and knowledge within professional circles of business.

Just the other day I noticed a “human directional”, those people who stand for 6 hours a day holding a sign pointing to new home developments, this person was sitting with her sign while her red BMW was near her…do you think she is a Real estate agent or Loan officer??? Guess I should have asked…

]]> By: Morgan Brown http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-621 Morgan Brown Tue, 24 Jul 2007 04:22:58 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-621 Markus - I can see many more GAP policies being sold on each and every vehicle coming off the showroom floor! You're right about car financing - whether people have the ability to save for a cash payment on a car is another thing. Cash payments on cars are probably going to be even more rare now; seeing as there isn't any home equity to pull out and plop down. Markus – I can see many more GAP policies being sold on each and every vehicle coming off the showroom floor!

You’re right about car financing – whether people have the ability to save for a cash payment on a car is another thing. Cash payments on cars are probably going to be even more rare now; seeing as there isn’t any home equity to pull out and plop down.

]]> By: Morgan Brown http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/comment-page-1/#comment-620 Morgan Brown Tue, 24 Jul 2007 04:21:16 +0000 http://blownmortgage.com/2007/07/21/where-are-all-of-the-loan-officers-going-hint-be-careful-at-the-dealerships/#comment-620 Jim G - Amen! In the 80's it was the lawyers catching the brunt, in the 90's it was the corrupt corporate execs - in the first 10 years of the 2000s the mortgage brokers have the infamy! Jim G – Amen! In the 80’s it was the lawyers catching the brunt, in the 90’s it was the corrupt corporate execs – in the first 10 years of the 2000s the mortgage brokers have the infamy!

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