Where can I learn the mortgage loan process before starting work?

August 31st, 2010 by Bank Loan | 1 Comment | Filed in News
mortgage
by Mickipedia

Question by Discovery: Where can I learn the mortgage loan process before starting work?
I’ve accepted a positon as a mortgage loan officer and it’s been several years since I’ve worked in this industry. I don’t want to walk in cluesless but I know things have changed such as required documents to receive a Good Faith Estimate. Thanks for your help and any tips on being successful are welcomed.

Best answer:

Answer by Gaytheist Buddha
Read “Home Buying for Dummies” available from your public library or independent bookseller. Tells all about the home purchasing and finance processes.

Know better? Leave your own answer in the comments!

Tags: , , , , , , , , , , , , , , , , , , , ,

Lastest Bank Of America News

August 31st, 2010 by Bank Loan | No Comments | Filed in Bank

Guy Glisson Joins HomeBanc as Mortgage Loan Officer
TAMPA, FL–(Marketwire – August 30, 2010) – Tampa-based HomeBancorp, Inc. has named Guy Glisson as Mortgage Loan Officer for HomeBanc. He is based in HomeBanc’s Brandon office, located at 659 West Lumsden Road.
Read more on Marketwire

Ross Gets Ear Full
During a stop in Booneville Monday morning in the midst of a “listening tour” Congressman Mike Ross was presented questions and comments varying from the stimulus to health care, from the deficit to prayer in school, from the Department of Justice to the COPS fast grant program and Social Security.
Read more on Booneville Democrat

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

Online Mortgage Broker Training Vs Short Sale Training

August 31st, 2010 by Bank Loan | No Comments | Filed in News
mortgage
by TheTruthAbout…

Online Mortgage Broker Training Vs Short Sale Training

In today’s real estate market, the once lucrative opportunity of being a loan officer or mortgage broker originating loans and refinancing homeowners is no longer so lucrative. The sub prime mortgage meltdown and the mortgage credit crunch has really put a damper on that traditional business model.

 

What all of the mortgage news sources don’t tell you is that the short sale mortgage business is doing fantastic right now. There are more defaulted mortgages in the marketplace right now than we have ever seen before. The transition from a residential mortgage broker business to a short sale mortgage business is very easy. The mortgage brokers and loan officers that use my short sale mortgage system are making ten times more now per file than they used to make by only originating loans. The opportunity to make big money in real estate short sales is now.

 

A mortgage loan officer has to know everything about short sales, defaulted mortgages and foreclosure investing. The short sale mortgage business is the best mortgage business opportunity right now in the mortgage market. The traditional mortgage business is not nearly as lucrative as it used to be. The big money in the mortgage business is being made with defaulted mortgages.

 

You can get started in the Short Sale Business Today with no cash, no credit and no previous experience. Also, there are no licenses needed like there is with a traditional mortgage business. This allows you to get started immediately because you don’t have to prepare for a test or anything like that. You can start making money now and continue learning along the way.

 

Traditional mortgage loan officer training classes do not cover short sales, defaulted mortgages or foreclosure investing. For years the traditional mortgage broker training or mortgage lending training classes didn’t need to cover foreclosures or preforeclosures. Now that the sub prime mortgage meltdown has created this huge opportunity for us, I have prepared a free online short sale course to show you how to make a fortune with foreclosures and short sales in today’s market.

 

Once you implement my strategies that you can’t get from any other mortgage loan officer training program, you will be the envy of all of your loan officer friends. What do you think they’re goanna say why you’re bringing home ,000 to 0,000 paydays on your deals and they’re still forting around with the same old lifestyle because they haven’t taken the time to get short sale mortgage training. Those who fail to adapt to our new and improved real estate market will fail to get the results you will see once you start using real estate short sales in your mortgage business.

 

If you are just now starting mortgage business, you should skip the traditional mortgage business, and start a real estate foreclosures investing business instead. The market is ripe with foreclosures and you should take advantage of the situation while it lasts. My Free Online Mortgage broker training course shows you how to start a mortgage business with a short sale business model. If you already have a mortgage business, you will discover how to leverage your current business relationships by adding short sales as a service you offer to your customers and referral partners.

 

To get a Free Online Mortgage Lending Training Course in Short Sales, Go here:

in Short Sales

Mortgage Lending Training

 

For more info, go to: www.realestateforeclosuresinvesting.com

 

The author is a business building coach to The Foreclosure Industry. To get a Free Online Mortgage Officer Training Course in Short Sales, Go here Mortgage Officer Training For more information visit: http://mortgagetraining.realestateforeclosuresinvesting.com

Dave Ramsey’s book, “The Total Money Makeover Workbook”, will motivate you to immediate action so you can: * Design a surefire plan for paying off all debt * Set up an emergency fund * Prepare for college funding * Maximize your retirement investing…and lots more! Truth To Go: Dave Ramsey Author / Radio Host The Lampo Group, 1749 Mallory Lane, Suite 100, Brentwood, TN, 37027 www.daveramsey.com 100 Huntley Street program #8243
Video Rating: 4 / 5

More Mortgage Articles

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

What percentage does a mortgage loan officer make from the sell of a home?

August 29th, 2010 by Bank Loan | 2 Comments | Filed in News

Question by teamwewin: What percentage does a mortgage loan officer make from the sell of a home?
I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?

Best answer:

Answer by ps2754
Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.

The percentage of commission varies from state to state and from lender to lender.

What do you think? Answer below!

Tags: , , , , , , , , ,

Florida FHA Guidelines Loans Under 620 Credit Score, ALL DAY LONG

August 28th, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by Xavier de Jauréguiberry

Florida FHA Guidelines Loans Under 620 Credit Score, ALL DAY LONG

Florida FHA Guidelines Loans Under 620 Credit Score www.FHAmortgageFHALoan.com

It is still very possible as a Florida homeowner or Florida homebuyer to purchase a Florida home with less than a 620 fico score under the following conditions:

lorida FHA Guidelines Loans Under 620 Credit Score

Purchases (Min 530 score)

12 months cancelled checks or Management VOR Must have 3 open and active tradelines for last 12 mths Payment shock limited to 1.5 times 35/45 Max DTI No late’s or collection in last 12 months NO late’s after BK

 Refinance’s ( Min 530  score)

o 0×30 on Mortgage

o 35/45 MAX DTI

o No cash in hand

o Tangible net benefit

o NO late’s after BK

o NO consumer lates in last 6 mths

No Score Borrowers

 3 Alt tradelines 0×30 with 12 month history

Management VOR or 12 months cancelled checks

Max ratio 31/43

NO collection other than medical

For first time home buyers and other borrowers, the FHA home loans can have key advantages:

Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you’re likely to find FHA mortgage loans with terms that make it easier for you to qualify.

Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.

Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!

Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA’s lower risk to the lender means a better rate for the borrower.

Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you’ll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.

Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured home.

FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.

These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!

FHA home loan Advantage:

FHA Home loan insurance guarantees the private FHA approved mortgage lenders against loss making it easier for Florida homebuyers to qualify for a home loan with less then perfect credit, Other FHA advantages include:

 ·      Down payment requirement only 3.5% gift funds OK.

·      Better Interest rates.

·      Seller paid closing cost up to 6%.

·      No Minimum Fico or Score requirement

Apply for an FHA home loan at www.FHAMortgageFHALaon.com

http://www.fhamortgagefhaloan.com/

http://www.fhamortgageprograms.com/florida/Miami-Beach/

http://www.fhamortgageprograms.com/florida/N-Ft-Myers/

http://www.fhamortgageprograms.com/florida/N-Miami-Beach/

http://www.fhamortgageprograms.com/florida/Naples/

http://www.fhamortgageprograms.com/florida/Ocala/

http://www.fhamortgageprograms.com/florida/Okeechobee/

http://www.fhamortgageprograms.com/florida/Orlando/

http://www.fhamortgageprograms.com/florida/Ft-Myers/

http://www.fhamortgageprograms.com/florida/Ft-Walton-Beach/

http://www.fhamortgageprograms.com/florida/Gainesville/

http://www.fhamortgageprograms.com/florida/Hollywood/

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Low Mortgage Rates in Texas Starts With The Loan Officer

August 28th, 2010 by Bank Loan | No Comments | Filed in News
mortgage
by mtlin

Low Mortgage Rates in Texas Starts With The Loan Officer

For many Texas families looking for a first mortgage, the proposed mortgage rate can often be the one determining factor in whether or not the desired home is affordable. A low mortgage rate in this day and age is no longer a desire, it is a necessity. Low mortgage rates can make it possible for families to realize the dream of home ownership. With the cost of living increasing much faster than the standard rate of pay, a low mortgage rate means financial stability.


Finding a low mortgage rate in Texas starts with the mortgage loan officer. Low mortgage rates aren’t under every mortgage loan officer’s pillow, as some are bringing rates to the table which are nearly twice as high as other mortgage loan officers. What exactly is the difference? The higher the mortgage rate and the more the process costs you, the more business a mortgage loan officer is likely to earn if they are paid strictly on commission. Bad news for you can mean good news for the mortgage loan officer. Mortgage companies that offer their loan officers a fairer determining factor in their salary or commission are more likely to bring better offers to you.


Online loan officers seem like a really good idea. They try to make it simple for you. All you need to do is enter your information and Presto! You have mortgage offers flooding your email inbox, right? Sure, and not exactly. People with perfectly spotless credit may receive mostly fair and even a few low mortgage rates by doing it this way. But for truly low mortgage rates, the personal touch is still a requirement. Even people with nearly perfect credit don’t typically have spotless credit. Something as simple as a disputed charge or a charge from a credit card company that you never knew about can ruin your chances of a low mortgage rate from an online source. Yet when dealing with credit scores, mortgage rates, and financial obligations, there is not real black and white formula which can spit out exactly what is available to you. Being able to talk face to face with mortgage loan officers makes a huge difference. For those who knowingly do not have perfect credit, which is most of us, there really is no other alternative than a real live in the flesh mortgage loan officer.


If your mortgage loan officer is truly searching for the lowest mortgage rate possible, they will gladly explain the process, how they came up with the low interest rate they are offering you, and why they can’t go any lower. Mortgage rates fluctuate nationally, and there are various low mortgage rate options available. Some people want to opt for fixed rates while others are looking for balloon payments. These things can not be adequately discussed with an online mortgage loan officer. Perhaps you believe you know exactly what you are looking for and why. A good and ethical mortgage loan officer can not only bring you a low mortgage rate, but they can help guide you in the process of deciding which type of mortgage is right for you. Often the mortgage loan officers have information that you don’t. Mortgage loan officers can often guide you in the best direction to save you money beyond a low mortgage rate.


Low mortgage rates are an imperative requirement for young families. While online mortgage loan officers find young families a high risk category, not all mortgage loan officers will. Some mortgage loan officers can find deals that simply blow the internet mortgage loan officers clear out of the water. This is exciting stuff when you think about it. Despite the fact that young families are not well established, they can still be an excellent risk for a low mortgage rate. Established families are typically a good risk as well, although some mortgage companies do not give them the credit, so to speak, which they deserve since they were renting properties for the first twenty years or so of marriage. These factors do help determine whether or not you will receive a low mortgage rate. It’s not necessarily fair, but it’s true.


When seeking low mortgage rates and the best mortgage package available for your personal circumstances with an online mortgage loan officer, there is no consideration given to your personal goals and desires for your future. Online mortgage loan officers can only determine a given set of information based on a predetermined formula, and none of it has anything to do with flexibility, probability, dreams, goals, wants, needs, or hopes. The right personal mortgage loan officer is able to sit down with individuals, couple, and families, and look at a larger picture and hear what the clients are hoping to attain for themselves and their families before making recommendations. There is more to a low mortgage rate than just a low mortgage rate.


All of the variable and all of the factors which go into finding the right mortgage package can only be well put together by finding the right mortgage loan officer. The right mortgage loan officer means different things to different people, but low mortgage rate always falls somewhere into the description. Knowing whether or not you are receiving a low mortgage rate depends on your circumstances, your credit rating, your income, your stability, and of course, the present market. You should walk into a mortgage loan officer’s office understanding what you think would be a low mortgage rate, and why. You should also remember that you may not have all of the information available to you to really determine what a low mortgage rate will mean for you.

Steve Kyles is a prominent Mortgage Loan Officer in Houston, Texas and leads a highly skilled team of professionals. Kyles is consistently recognized as one of the Top 10 Mortgage Originators in America. Contact Steve Kyles at 713-623-5109 or http://www.stevekyles.com

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Q&A: How much does a mortgage loan officer make? Is it a good job?

August 27th, 2010 by Bank Loan | No Comments | Filed in Loans
Loan
by connect2canada

Question by C: How much does a mortgage loan officer make? Is it a good job?
I have an interview with a mortgage company tomorrow hiring a loan officer. The owner mentioned he typically hires for commission only, but has in the past and considered a small base salary plus commission to get started.

The Economy: Rates are historically low on mortgages, home prices are low, but banks are not lending.

Do you think I could make money? I have 7 years sales experience. How much do loan officers make?

Best answer:

Answer by Matt
Avg. Salary: 42k$

50 Salaries registered here:

http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm

Know better? Leave your own answer in the comments!

Tags: , , , , , , , , , , , , , , , , , , , , ,

Mortgage Loans FAQ

August 27th, 2010 by Bank Loan | No Comments | Filed in Loans
house loan
by Florida Community Loan Fund

Mortgage Loans FAQ

More Mortgage Loans questions please visit : QEOK.com

Why won’t my mortgage company rewrite my house loan so I can get hold of lower payments?
I can’t afford my payments as my occupation changed and my income has dropped drastically. You necessitate to fight like hell beside them. Call up the chain of command, don’t take no for an answer. WTF. …

Why would a knotty money lender not gross this loan? 65% 1st Mortgage from lender street trader second for 35%?
If in fact the lender requests to make sure the house has ample equity in case they own to foreclose, they have more than enough equity to tender them that comfort. …

Why would co-signers on house loan ask us to put 2nd mortgage on our house?
ok so my husband and I just refinanced our loan in October and still needed a co-signer.We only do not have that great of credit yet. But, we enjoy decided we want to move and rent again, found a…

Why would my ex-husband’s mortgage company be asking for my refinance loan papers?
My ex-husband is trying to purchase a house. When we divorce we agree that I give him a settlement. He got the settlement. Now, his mortgage company want to see my refinance papers to create sure that I…

Why would the mortgage loan officer want my landlord’s contact information? What question will he ask?
I am planning to break my current lease to buy the house Because the lender wants to see how you paid your rent payments. If you did not recompense rent on time, you might not pay the…

Why would you bring back denied for a mortgage loan?
What reason have you be given for being denied or not approved for a mortgage loan? Doesn’t the call only just come at the worst time… We give loan at 2%,Any interested person,irrespective of your country and any kind of loan required by you…

Wife signs the loan near husband for first mortgage on the house,within casing of divorce she still have to pay cheque it?
Husband and wife have paid of house,purchased surrounded by marriage.They take a loan from private investor,both sign the loan,within case of divorce what happens beside this loan?In state of Florida. The…

Will a interest one and only mortgage loan effect my federal rates return?
I refinanced in 2008 to an interest only mortgage. I rewarded alot more interest this year but I’m getting alot less money back on my taxes. It will not affect your taxes. You will pay slightly more interest (assuming…

Will a mortgage company refinance a loan currently within forebearance?
I’ve got a mortgage that is surrounded by a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company…

Will a Mortgage company nouns a loan below 5k ?
A friend of mine wants to mortgage a second home under 5k. She dosent want to seize in over her head surrounded by payments and the house is worth 70k. Would a company make a loan at such a small amount? Thanks for any…

Will a mortgage loan that I want to hold will affect my application process for Air Force Officer?
Currently I own an apartment that pays 6 including maintenance. Something like to be exact almost impossible to obtain in where on earth I live. Because mostly you end up paying 1,500 at least monthly surrounded…

Will a recent Medical Collection affect us closing on mortgage loan?..please lend a hand!!?
We are closing Dec11th, I just paid sour a medical collection that said “REPORTED”. The letter was dated Nov13th. Just salaried it today (Nov25) How will this affect us closing on this loan? The collection was for 5.00 paid surrounded…

Will Congress bail out the Mortgage Loan Business even tho 69% of the public is against it…?
Who will have more power on this issue…us or the desperate K Street lobbyists? Why should we bail out businesses who’ve been making adjectives the big bucks all alone at our expense? People with money natter…

Will getting a refinance mortgage loan aid me let go money?
Yes if the terms of the new mortgage are better than the jargon of the existing mortgage, and taking into account the costs of refinancing. You can decide that single be evaluating the mortgages available to you and comparing with your current…

Will I be pre-approved for a mortgage loan given my work history?
I’m 26 and want to buy a house. But I have a 20k student loan I’m working on and only working 30 hours a week. I just now got back from a career overseas in which I paid past its…

Will I grasp a mortgage loan approval?
My wife and I had recently put our home on the marketplace and are now under contract. We sold our home contingent on a pre-approval reminder from chase prior to listing our house. My wife has a 697 fico and I enjoy a 596. We make 80k…

Will I know how to return with a mortgage loan for 5,000?
I live in the state of Texas and will be making 43,000 dollars as a teacher this year. I hold just graduated college and with the sole purpose have my student loan debt (56,000) and a small credit card debt of (4,000)….

Will I Qualify for a mortgage loan and how much ?
Hello, I have a FICO Score of over 730, credit card debt of about 00.oo near small balances and Auto Loan with something like ,000 remaining. My rent is currently 0 a month. I make about 00 a month. I’m …

Will I qualify for a mortgage loan?
I need an ,000 loan and I make 1300 a mo and that would simply be my only bill No you necessitate more income – also know that the mortgage company looks at disposable income- we have to leave you beside enough to pay regular household expenses-…

Will I still be capable of seize a mortgage loan?
In July I was pre-approved for an FHA loan of 130K in Minnesota (which is more house than I inevitability, I was looking mostly at homes around 115K). I decided to loaf until this spring to pay off some credit card debt in…

Will money within a in your favour statement relief you qualify for a mortgage loan?
I’m hoping to purchase a house this year. However, I only qualify for a mortgage loan of about ,000 (because I solitary make ,000 a year, my credit source is actually pretty high). I’m hoping to buy a house…

QEOK.com

Find More House Loan Articles

Tags: , , , , , , , , , , , , , , , , , , , , ,

Pakistani and IMF officials meet to discuss $11 billion loan restructure

August 24th, 2010 by Bank Loan | No Comments | Filed in Loans

Pakistani and IMF officials meet to discuss billion loan restructure
23 Aug 2010, Islamabad : Pakistani officials on Monday announced that they have held talks with the International Monetary Fund (IMF) to discuss an $ 11 billion loan package to help rebuild the country in the wake of the devastating floods, BBC reported.
Read more on New Kerala

Melissa Coury Joins HomeBanc as Mortgage Loan Officer
TAMPA, FL–(Marketwire – 08/23/10) – Tampa-based HomeBancorp, Inc. has named Melissa Coury as Mortgage Loan Officer for HomeBanc. She is based in HomeBanc’s office in Lakewood Ranch, located at 6230 University Parkway, Suite 101, in Sarasota. Ms. Coury brings to HomeBanc more than 10 years of mortgage banking experience. Her community and professional affiliations include membership on the …
Read more on Marketwire via Yahoo! Finance

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,

Westpac plays dead bat to mortgage rate rises

August 24th, 2010 by Bank Loan | No Comments | Filed in Loans

Westpac plays dead bat to mortgage rate rises
THE Westpac chief executive, Gail Kelly, yesterday played down the prospect of an out-of-cycle rise in home loan interest rates despite continuing pressure on the bank’s margins which saw third-quarter profits come in $ 100 million lower than expected.
Read more on Brisbane Times

PAB Bankshares to adjust loaning practices
PAB Bankshares, Inc., the holding company for The Park Avenue Bank, with a branch office off State Road 200 in Ocala, is trying to raise money and reduce its bad loans after posting a loss of more than $ 20 million for the second quarter of the year.
Read more on The Ocala Star-Banner

Melissa Coury Joins HomeBanc as Mortgage Loan Officer
TAMPA, FL–(Marketwire – August 23, 2010) – Tampa-based HomeBancorp, Inc. has named Melissa Coury as Mortgage Loan Officer for HomeBanc. She is based in HomeBanc’s office in Lakewood Ranch, located at 6230 University Parkway, Suite 101, in Sarasota.
Read more on Marketwire

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

« Older Entries