Author Archive

At the end of 2007, Washington State had 13,722 loan originators licensed under a mortgage broker.  At the end of 2008, that number fell to 8739.  As of May 5, 2009, we’re at 5335.  This number also includes inactive licensees. Based on the number of LO students who tell me that they already have... »

Paramount Equity has settled their case with the Washington State Department of Financial Institutions. Read the Consent Order here.  The Statement of Charges outlined many, many violations of state and federal law: Using the term “mortgage bank” in their radio ads. Paramount Equity is not a bank and they are not permitted to use the... »

In order to go into the foreclosure rescue business, foreclosure rescuers must make themselves believe that they are helping the homeowner. This is done in a cognitive way, by attending many foreclosure seminars, reading lots of books and memorizing scripts that can be played back inside the foreclosure rescuer’s head over and over again until it... »

I attended a foreclosure auction in Bellevue, WA last week to discover if the rumor was true that banks are opening their bids below the amount owed.  I received confirmation from three professional investors that yes, the banks have been doing that, it’s no secret, and there seems to be no discernable pattern.  It’s... »

Every Friday morning at 10:00 AM, Trustee Sales are held in various locations throughout the county.  Phil Leng, one of my students, invited me to attend the foreclosure auction with him this Friday at 3535 Factoria Blvd SE, Bellevue outside of the south entrance to the Northwest Trustee Services building.  I’ve been hearing rumors... »

I heard a radio ad on KIRO 973.FM on Monday, April 13, 2009 at 11:45 AM during the Dave Ross show and again on Tuesday, April 14, 2009 at 6:02PM on the Ron and Don show.  The company was JBA Financial Group and they are advertising their loan modification services.  JBA Financial Group is not licensed to do... »

Courtney Cooper broke the news on Easter.  The Northwest MLS has voted to add a required field: ”Third Party Approval Required” and “Bank/REO Owned.” From the NWMLS (no link):    “NWMLS is excited to announce two new required fields; “3rd Party Approval Required” and “Bank/REO Owned.” NWMLS will add these fields on April 29th. These new fields will allow... »