Mortgage applications 43pc higher than last year Telegraph.co.uk
14.12.09
Remortgage activity also increased, with 5pc more applications in November
than in the previous month.
Grenville Turner of Countrywide said: "Compared to applications made in
November 2008, last month saw an increase in mortgage applications of more
than 40pc. Competitive pricing from lenders is making a huge difference to
the market with interest rates now much closer to current standard variable
rates, which may further boost both the purchase and remortgage markets."
Melanie Bien, a director of Savills Private Finance, a rival broker, said: "Falling
rates on new mortgages are enticing an increasing number of borrowers to
remortgage, rather than stick with their lender's standard variable rate.
More competition among lenders has led to falling fixed and tracker rates,
and more choice for borrowers."
Lenders are lowering their rates in a bid to entice last minute customers
before the year end. This means affordable deals for homebuyers and those
looking to remortgage.
Source:
You may fill this form to ask for payday loan
Mortgage Broker?
Jul 03, 2008 by sunnylv702 | Posted in Renting & Real Estate
We're working with a Mortgage Broker who seems inexperienced. Does anyone know what they are responsible for; what their duties are? Also, if she forges any documents that go to the underwriter are we liable? She told us we were approved but came back to us saying the underwriter needs more docs, letters of explanation, etc. Some of the stuff we just don't have and I get the feeling we will be denied if we can't provide them. She says she'll get it done "one way or another". We've been denied once. We're exhausted with the whole process and can't understand why she says we're approved and then needs more stuff!!!!
If she write an explanation letter, you will have to sign it @ close. She can't forge any docs. If you don't provide what they are asking for, you will not get the loan! It's as simple as that! The reason she is asking for more docs is because the underwriter is asking for more.
It sounds like you don't trust her & if that is the case, find another broker.
Biggie @ Arbor Mortgage | Jul 03, 2008
First of all, a broker should be able to explain what it is they do. And there are many sites where you can get that information from credible sources. To me, that is enough reason not to work with this woman.
I'm sorry to say that it does not sound like you are approved. In fact, to even be properly PRE-approved you should have been required to submit your income and asset statements, and had your credit pulled. Your employment and housing history may have been requested later as a "condition" by the underwriter to verify the info supplied on the application.
It's too important a transaction to work with someone who has you feeling uncomfortable, and you can choose a knowledgeable, honest broker to work with (though it seems you do know how to identify one). This woman may not know all of the loan programs that could potentially (and legitimately) suit your needs.
The fact is, if you don't qualify, you don't qualify. But if someone forges documents, and you sign them, you have both committed fraud. It's a federal offense ... not golf camp.
If I were you, I'd step back to catch my breath and clear my head. I'd go ask another broker to seek PRE-approval (for free, quickly, and you are not obligated). If you can qualify in a legal and compliant manner ... great. If not, at least you will know what the issues are that need to be addressed, and then you could work on it and try again later.
Be careful, and good luck.
Bob F | Jul 03, 2008
One way or another does not necessarily mean fraud, but you should definitely ask for an explanation. For example, if the underwriter wants to see tax returns or W2, and you can't find them, there are ways to get copies of them directly from the IRS. This is perfectly legal.
What documents can't you find?
ADP_14 | Jul 03, 2008
I will say this, you may be working with an inexperienced broker, the crisis has weeded out some less ethical people as it should. Many brokerages are hiring new people. Also remember that laws change every day for the states and brokers (I am one) can be licensed in mulitple states, thus making it very difficult to keep the mountain of paperwork straight. That being said, it is their job to understand the paperwork and have a working knowledge of what is required. Are you liable, no, it's not your job to know what docs have to be signed for regulatory/audit purposes, you job is to ask questions, know what program you are being offered and pick the best option that fits your families dreams today, next year and 20 years from now. Bob had a point, to be truely pre-qualified, you should have provided some documents. Underwriters will require more docs, they always do. It's rare that anyone gets everything to an underwriter on the first try. Each lender has their own underwriting requirements thus I completely understand the frustration on your part, but this is what the mortgage crisis has done, lenders are crossing every T and dotting every I. If you feel they are committing fraud, request a copy of the commitment letter from the bank so you can see the conditions for yourself. Ask me a question if you need to as well. Be patient, ask questions and be fully informed. good luck
Big daddy | Jul 03, 2008
How can I become a mortgage broker in california?
Jan 06, 2007 by Dennis S | Posted in Financial Services
I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
gear jammer | Jan 06, 2007
How do I become a mortgage broker in ohio?
Oct 30, 2007 by Wondering???? | Posted in Renting & Real Estate
I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans...is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.
Here's a link to the application required by the state. It included a list of requirements to be eligable. http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket_000.pdf
I would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent.
Traverse City Agent | Oct 31, 2007
How do I become a mortgage broker or mortgage agent in California?
May 18, 2007 by Nelson | Posted in Renting & Real Estate
I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.
Get a job at the Mortgage Broker Office.
at first, you'll just answer phone calls and all, but eventually, you'll either be a processor or agent.
nostalgia80 | May 18, 2007
Are you sure thats a business you want to go into? Your entering a very tough market were people are leaving the business and not entering it because its so tough.
MrAnswers | May 18, 2007
You have 2 options available to you. First option is to go work for a direct lender as an originator. This will allow you to get to know the business and you will work under their DOC license. If licensed under the DOC then the individual employees do not need to be licensed.
Second option is to go to work for a Broker. To be a loan officer (originator) you will need to enroll and complete a real estate princiapals course, then schedule with the Department of Real Estate for your sales persons license exam. Once you pass and pay the state their due you will then have a real estate license. This will allow you to originate loans and represent buyers and sellers in Real Estate transactions.
The above poster is correct in pointing out that the market is difficult right now. Many lenders and brokers are closing their doors due to slowing in the industry. However, people are still buying and selling homes and there will always be a need for agents and loan officers.
Best of luck to you!
Kevin 949-375-2380
kruorock@sbcglobal.net
Mudisfun | May 18, 2007
What can I do if my mortgage broker lied about income to the lender without my knowledge?
Sep 09, 2007 by Hitesh P | Posted in Renting & Real Estate
Hi
I want to know, according to UK laws and FSA regulations what can I do if my mortgage broker lied to the lender about my income? I accidently came to know this and broker is not yet accepting this. Mortgage lender is now asking for income proof (which broker wasn't expecting) which would result in rejection in mortgage application. I have signed the document that the information in application is correct, but whatever was shown to me was different info. and not the one which is sent with application. and application was made on date prior to my signing date. What can I do to teach them a lesson, to get compensation. prefferably I do not want to spend money in hiring lawyer. The firm is FSA regulated, but it does not comply with FSA in this matter.
You signed the application with the information as stated, and thus will be held to that. You can claim someone changed it, but can you prove it? Hate to say it but it sounds more like you also tried to get away with something (IE knew it was wrong) but thought you could get away with it, and now where caught and am looking for a scapegoat . Now you want them to pay because you are not eligible for the mortgage. Give me a break
Pengy | Sep 09, 2007
Call FSA and inquire with them . . .
>
kate | Sep 09, 2007
Looks like now the broker is going to have to alter your proof of income to match what is on the application. This could get to be a real mess. Over here that is called fraud.
kokopelli | Sep 09, 2007
sounds like all you want is $ compensation
Mopar Muscle Gal | Sep 09, 2007
Do not go to the closing. Cancel the mortgage application, and go to the bank for your mortgage. Get the mortgage that you can legally qualify for and don't get in over your head. Lenders are putting everyone under a microscope right now.
northville | Sep 09, 2007
How much does a mortgage broker make of a deal for a home refinance?
Jul 10, 2007 by Frank Rizzo | Posted in Renting & Real Estate
How much does a mortgage broker make off a refinance loan? vs How much does a bank employee doing a refinance make off a refi loan? Besides ideal credit scores, what steps can be taken to ensure getting the best possible rate?
Ive been managers at a bank over loan officers. Ive been a loan officer at a bank. We paid our loan officers 50-75% of the Loan Origination Fee. Thats it. Its a high turn over job. The reason being is because they are only working for the bank for free training so they can become a broker or work for a broker.
The company I work for is 100%. I pay them a small fee 250-450 dollars per loan. I just use their name.
So to give you the bank example. The bank will price the loan for approx 1.5% YSP and charge a 1% origination fee. Ill pick on wells fargo. If you work at wells fargo as a loan officer and you are new on a 200,000 loan you will get 1/2 of the origination fee. So you made $1,000.
Where I work, Wells Fargo will pay me as a broker 2% YSP, and I take 1% origination. I would as a broker make $6,000 minus 350 bucks I pay the broker.
Brokers can get better deals then the retail side of the bank offers their own clients. The reason is simple. Banks normally will give better rates to the brokers then to their own loan officers. Ive worked on both sides. The reason is because brokers do 95% of their business.
I have a friend that works at say *Bank A* Large Bank. She is a loan officer at *bank A*. She hasnt trained enough to be on her own. She is working on it. She was doing her own loan and *bank A* was waiving the Origination fee because she worked there. She did it through me, and we took it back to wells fargo. Why? Because I still make 3,000 and she saved 1,000. Even though she worked there. She couldnt even come close with her rate sheet to what I was doing. Same bank.
There is alot you will learn over time.
financing_loans | Jul 10, 2007
1% of the loan price!!!!!!
Juliu C | Jul 10, 2007
Its all negotiable. Our mortage broker waived alot of his fee because he was a family friend so clearly it can be done.
The norm is around 1% of the price.
iceman | Jul 10, 2007
When you go to the bank your paying retail rates.
When you use a Mortgage broker you get wholesale rates.
Most of the major banks have what's called a WHOLESALE division that deals strictly with mortgage brokers. The rates are usually on average of about 3/4 of a point better. So instead of maybe getting a 7% rate at the local bank branch, you could use a mortgage broker and obtain the same loan through the WHOLESALE division of the same bank at around 6.25% normally.
Now Mortgage Brokers are paid by the borrower on what's called the MORTGAGE BROKERAGE FEE (front end), AND also from the bank on what's called the YIELD SPREAD (back end) which is why you don't normally see that 6.25% example wholesale rate, because the mortgage broker is paid a certain amount for anything over the 6.25% that you agree to. These people who posted before me and are saying Mortgage Brokers only make 1% are WAY OFF, trust me. Banks will usually charge arund 1%, but your paying the retail interest rates. I just obtained my mortgage brokers license and most companies I interviewed with try to make atleast 2-4% on average either in the front or the back of any loan or refinance. I've seen Mortgage Brokers make as much as 7% on loans when I first started as a Real Estate Agent, that's what made me go get the additional Mortgage Broker license.
My personal suggestion would be go to a Mortgage Broker preferably ME :-), but if not that's ok, and tell them you want the PAR rate but you'de be willing to pay them a 2% mortgage brokerage fee to obtain it. The PAR rate means that the Mortgage Broker is NOT receiving a YIELD SPREAD on the backend of the loan from the bank. You will be amazed at the rate you can get and most Mortgage Brokers will do this for you because you'll sound like you know what you're talking about.
So I hope this helps,
Please don't stone me fellow Mortgage Brokers ..lol
Harry J. Misner
888-352-8199 ext #1
SELL2K_com | Jul 10, 2007
Usually go through a broker if you have bad credit and/or cannot get financing through a bank. They charge a little more but your guaranteed a loan because they are in touch with banks all over the country. The broker does all the work for you. Just make sure you ask alot of questions and are informed of all costs before signing anything because some brokers will rip you off or try and change the conditions at closing. You legally have three days after signing to change your mind.
abrunette70 | Jul 10, 2007
I give my mortgage broker good leads, how much should I charge him for these leads?
Nov 10, 2007 by Ted (Canton,OH) | Posted in Renting & Real Estate
I am a new investor and giving the mortgage broker I am using lots of leads every day and now think I should charge him for these. How much should I charge him? I don't know what the standard is for giving these brokers leads. Thanks.
Wrong - you can charge for leads under RESPA...but, the charge must be for leads, not for just closed transactions, and you may need a license as a lead provider to do so.
It may easily become a RESPA violation if you charge more than what he could pay for similar quality leads elsewhere. For instance, if you can show that your leads close an average of every 1 out of 2 - that's a more valuable lead than leads that close on average of 5% of the time. Check with your state banking and finance department and licensing bureaus
walkinandrockin | Nov 14, 2007
$100 finders fee for every one he sells a mortgage to.
curmudgeon | Nov 10, 2007
it usually is sold in cents ....
it all depends on what information ur leads have...
i got leads with complete client info and i bought them for 5dollar a lead ane believe me that was a good investment ...
if ur leads have complete info regarding the persons current mortgage then u shud sell it for that much i think
oh and if u want to buy some leads from me email me at r3dcomm@gmail.com
good luck
imrantshah | Nov 10, 2007
Under RESPA, you cannot charge him for the leads.
He is already paying you by closing the deals for you that allow you to sell the property. If you don't sell the property, you don't make any money, right?
As a former broker, I would tell some investor to go fly a kite that tried to charge me for leads...any good broker never puts their eggs in one basket and never rely on one source for leads. I fail to see how that will benefit you unless you like destroying business relationships.
Mary B | Nov 10, 2007
You cannot charge him. As Mary said, under RESPA, this is illegal.
Why do you think you should charge him for leads? If he is your broker, I would think you would want to refer your friends to a competent lender. If you think you deserve some sort of compensation for this, let them find their own lender.
Since you are sending the broker business, I suspect you will get a nice Christmas gift or something.
godged | Nov 10, 2007
How to Become A Mortgage Broker in Ontario?
Dec 16, 2006 by JJ | Posted in Small Business
Hello,
I would like to know how to become a Mortgage Broker in Ontario, Canada. Once I have completed the education I would like to have a home based business.
Can I do this? Am I required to register as a Mortgage Broker under the Mortgage Brokers Act?
Firstly, I don't know, but I am interested as well. Almost finished a 4 year finance BBA from UofT. You are in Ontario, I think Senca has some courses you can/need to take.
Check this link
http://www.senecac.on.ca/fulltime/FSU.html
diarcadian | Dec 17, 2006
Is a mortgage broker different than just going to the bank to see what I am approved for?
Aug 18, 2007 by dozertank | Posted in Renting & Real Estate
I am looking into buying my first home. I live in Ontario Canada, and everyone is telling me to go to a mortgage broker. I thought I would have to go the bank first to see what I qualify for. Is a mortgage broker and a bank, the same thing? I also heard something about a 'first time homeowner' thing that is also available. I am so clueless about this and I don't want to get ripped off. Please tell me what steps I need to take to finally get out of this stupid apartment.
The advantage of a mortgage broker is they deal with many lenders, and are knowledgeable about a broad range of lending programs. So the mortgage broker can probably find you a loan with a better rate and that is structured better for you.
If you go to the bank, they will only offer the lone programs they do.
There are also many loan programs - and a number of government programs that give special terms to first time home buyers, that allow you to purchase with a lower down payment.
Either the bank or the mortgage broker can prequalify you.
rlloydevans | Aug 19, 2007
How can I learn the mortgage broker business without working for a mortgage company ?
May 28, 2006 by Carmen M | Posted in Small Business
I am interested in obtaining a mortgage broker license and would like to start a business from home. I would like to find someone who can teach me the business or find out how I can learn the business, so that I don't have to work for a mortgage company.
I belong to a company thatwrites loans in 47 states. I am an indepemdent loan officer. You can view my site at
http://www.nlcofhollywood.com/jgottschall
It sounds as though this may be what yur looking for.
Good Luck
john g | May 28, 2006
Mortgage Brokers Get The Final Dagger In The Heart
Even if you’ve been living in a cave for the last few years, if asked, “Who caused the mortgage meltdown?”…the mortgage debacle that triggered a bank implosion and a real estate market slide that would make a Japanese landlord cringe…
You’d answer…”Those greedy mortgage brokers are the cause of this mess.”
Why would you pull that answer out of your hat?
Because that’s the most common answer everyone comes up with due to the never-ending barrage of bad press mortgage brokers get in the mainstream media. I’ll not rehash all the attacks as it only serves to perpetuate the myth. Suffice it to say, from a real estate investor perspective the demise of mortgage brokers will make life much more difficult.
What I will discuss is the systematic dismantling of the wholesale lending industry that is quickly making being a mortgage broker so difficult soon there may not be many left.
Bank Wholesaler Slaps Brokers in the Face
Last month we heard the CEO of Citigroup imply the reason they pulled out of wholesale lending was the poor quality of the broker mortgages they received. A ridiculous accusation that a company spokesperson qualified the following day. But the damage was done. Another news cycle blaming mortgage brokers for “poor quality” loans.
A few months back, we had the New York Attorney General Cuomo get his dander up due to what he called a systemic over-valuing issue. The case involved Washington Mutual and an outsourced appraisal management firm called eAppraiseIT. The short version (here is the long version) is Cuomo found a few emails where he noticed undue pressure was being exerted by Washington Mutual on the appraisal firm to the “hit the number”. This could in fact create overvalued homes, but without due process proving the allegation, he simply threatened Fannie Mae and Freddie Mac with a lawsuit.
Fannie Mae and Freddie Mac caved in to the pressure and settled with Mr. Cuomo. The agreement reached ended up forbidding mortgage brokers from ordering appraisals as part of the mortgage process.
16 () -- A London mortgage broker received a jail sentence of four years and nine months for fraud and was banned by Britain’s financial regulator. FSA helps jail fraudulent mortgage broker London mortgage adviser jailed for fraud
Dallas Morning NewsHome of Dallas man, 79, saved from foreclosure by mortgage broker Forrest Brannon, 79, now has a reverse mortgage on his Dallas home after mortgage broker John Thurston stepped in to find a solution.
WarningLocal New Bedford, Massachusetts Mortgage Broker Finally New Bedford, Massachusetts Based Mortgage Lender Shawn Figlioli reveals mortgage secrets at a new web site that is full of free reports, a home buying guide
Homeowners bank on foreclosure assist The mortgage was scheduled to reach $6000, so when a mortgage broker offered to modify his loan for a $900 upfront fee, Komornik jumped at the chance.
Washington PostPresident of Everything He may have to become an auto executive, a banker, a mortgage broker and who knows what else before this crisis is done.
www.PacificMortgagesUK.co.uk As a Liverpool mortgage brokers we specialize in providing a first class service for all your mortgage inquires.Based in the Southport area but cover the whole of the UK. Merseyside brokers.
Graphic Real Estate Agent Newsletter design template by Octavian Belintan.Showcased on Inkd.com.
The bright colors and shapes of this real estate agent newsletter is fresh and fun, and is an attractive way to send out monthly or quarterly information to clients.
Austin real estate agent Jay Carter has a new listing on Wilma Rudolph Road in the south Austin neighborhood, Olympic Heights. For more details about this listing and all other Austin real estate listings, visit Jay's website at www.livinginaustin.com or call 512-997-7653.
Austin real estate agent Jay Carter has a new listing on Wilma Rudolph Road in the south Austin neighborhood, Olympic Heights. For more details about this listing and all other Austin real estate listings, visit Jay's website at www.livinginaustin.com or call 512-997-7653.
Dallas Morning NewsHome of Dallas man, 79, saved from foreclosure by mortgage broker Forrest Brannon, 79, now has a reverse mortgage on his Dallas home after mortgage broker John Thurston stepped in to find a solution.
Washington PostPresident of Everything He may have to become an auto executive, a banker, a mortgage broker and who knows what else before this crisis is done.
