What it’s like to be a mortgage originator today December 19, 2007
As a Correspondent Lender, it’s difficult for me to call myself a mortgage broker or a mortgage banker since I’m an odd mix of both. I’m sure my sister-in-law who happens to be the President of our company would prefer to say the “best of both worlds” and she could be right. This is not what [...]
Perspectives: Is this a former loan officer or a customer of a LO/subprime lender? September 13, 2007
Evidently, this is circulating in e-mails everywhere. Depending upon your perspective it could be funny or not so funny. On the one hand it could be a former employee of a defunct sub-prime lender or it could be a customer with a toxic loan. Either way this evokes a lot of [...]
No, Chicken Little, the sky isn’t falling… August 18, 2007
A friend of mine that works in a small town bank in Kansas called me in a panic the other day because the officers at the bank were freaking out during a meeting saying that Countrywide was going bankrupt. For them there is concern because Countrywide buys all of their residential loans. Apparently [...]
Loan Originator Licensing Update May 21, 2007
An article in yesterday’s Seattle PI provided an update on our state’s Loan Originator Licensing. It fails to mention that only Loan Originators who work as for Mortgage Brokers are required to meet the state’s guidelines. If a Loan Originator works for a bank-mortgage company or credit union, they do not have to take the [...]
5 Steps for Shopping Mortgage Interest Rates March 29, 2007
What? I’m writing about something I don’t agree with in principle? True. I think that many people are spinning their perfectly good wheels in order to try to find a rate they cannot have unless they’re prepared to lock at the precise moment they are shopping. But, the practice of rate shopping and kicking the [...]
Quick Update on Loan Originator Licensing February 5, 2007
Since I’ve covered Loan Originator licensing before on Rain City Guide, I thought I should provide this update. Apparently DFI is loosening up on their previous decision to not allow LOs to take loan applications if they did not submit the required information prior to the original January 31, 2006 deadline.
So if a Loan Originator did not [...]
Licensed to Loan January 12, 2007
This New Year brought significant changes to the mortgage industry. Loan Originators who provide residential loans in Washington State are now required to be licensed. This legislature applies primarily to Mortgage Brokers and not LOs who are employed by banks or credit unions. As I am employed by a Mortgage Broker (technically, we [...]
The Rockford Files leads to “The Escrow Files” September 1, 2006
For those of you who grew up in the 70’s, if you were like me and missed an episode of the Rockford Files, you were really bummed out. Missing the Rockford Files was almost as bad as my parents making me late for my soccer games. Not a good thing. Tivo, [...]
