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Written by Renee A. Kovacs
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First and
foremost – a loan officer holds a position that squeezes them in the
middle, right from the beginning. They function as sales
representatives for the mortgage broker, banker or lender – AND they
are the primary liaison directly communicating with the borrower.
Essentially they have a boss on either end, and both ends are
pressuring them towards the middle. As sales people, they are
generally paid by commission (which may or may not include a draw or
salary, but even when present it isn’t often much). Their livelihood
is then every bit at precarious as our own – and while those
commissions might cause many of the other players to feel some envy,
the VAST majority of L.O.’s are not closing as many loans as you might
assume. They are also not closing all the loans they work on – and on
those, there is no commission.
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What I've learned as a buyer in a 'soft' market |
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Written by Lana Skibitiansky
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A
couple of years ago, home buyers were confident about making an
investment in the housing market. With prices racing higher at a
break-neck pace, how could they go wrong? Now, the housing market is
softening. Home values may not increase much, if at all, for a while.
In some areas, prices will drop. In high-end markets around the
country, home prices have already declined from a year ago.
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Written by Renee Kovacs
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I can explain a little bit about what goes on ‘inside’ this whole
lending process, and it might help everyone understand the rhyme and
reason for a lot of the consequential situations. I do believe if we
all have a better understanding of the way The Machinery works, it will
enable us to have more empathy for the whole team of players involved
in the loan process. Having more empathy will shift the perspective –
which CAN shed a lot of the stress.
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Senate Appropriations Committee Passes Runner Notary Bill |
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Written by Hazzaa Kassis
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Sacramento – On Wednesday, the State
Senate Appropriations Committee passed AB 886, a bill that will strengthen
notary law and fight real estate fraud. “I am very pleased that this
important legislation is moving forward,” said Assemblywoman Sharon Runner.
“Real estate fraud is a serious problem and this legislation will save untold
dollars now lost to fraud.” Essentially, AB 886 makes it easier
to investigate unethical and criminal notaries public. In these types of cases,
notaries aid and abet fraud by loaning their journal to a non-notary, by
notarizing documents without all of the parties present or by failing to
properly secure their journal and stamp.
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Written by William Ponsot
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Just recently, I was startled out of a deep sleep by the ringing of my front doorbell on a early Saturday morning. When I opened the door I was facing two New York City Police Detectives.
After introducing themselves and showing ID they asked to be invited in for a chat. We sat in the Living Room and they proceeded to ask a few general questions about my business, and then said “Do you remember working on July *** ? I replied that I probably had; but I needed to check my Journal to answer with any certainty.
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What is Notary E&O Insurance? |
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Written by Jennie Stormes
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Most
reputable title, escrow or lenders are now requiring notaries to have an error
and omission policy to be an approved independent contractor. Recently, they are requiring at least
$100,000 limits. Why? Well, this insulates their liability by at
least $100,000 before their policy will kick in and take effect. Wouldn't you like to have a $100,000 cushion
on someone else's (the notary) dollar?
Of course you would, this is a great business decision.
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