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 [...]
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 [...]
How Well Do You Know Your Mortgage? April 7, 2007
I was at my massage therapist yesterday (I was in an auto accident last July) and she was “talking mortgage” with me because she thought I find the conversation relaxing. :) She recently was in the process of going through a refinance (with someone else, aahhhh…even more soothing) and discovered she has a prepayment penalty of $7,000 [...]
Professional Status: Perceptions and Reality March 24, 2007
In part one of this series of blog articles about the subprime meltdown, I briefly sketched the rise and fall of subprime loan products and their relation to predatory lending practices within a capitalist system.
Today’s part two will examine the structural relationship between a professional and his or her client.
Is your barista at Starbucks [...]
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 [...]
