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Mortgage Glass H
196 Posts |
 Posted - 04/25/2008 : 9:53:37 PM
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Hey a couple of quick questions to everyone out there in this crazy mortgage world.
How many people are using credit repair and tool in their mortgage belt? Is it worth it for you? Have you thought about it? Are you using a company or are you trying to do it yourself?
In the middle of this crazy 580 FHA mess and the deletion of the subprime market. It seems like it could help build our future business as well as become an additional revenue source.
Last question: does it look like credit repair is the new hot business like how mortgages were back in 2001?
In an honest conversation let me know your thoughts.
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JEMORTGAGE
242 Posts |
Posted - 04/25/2008 : 10:15:05 PM
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| a friend of mine tried it and had no luck, he charged about 500 bucks but had to do 5 times as much work as we do in our industry for no where near our pay...if you think about it, we do credit repair now without even charging for it(rescores,payoff etc)..if its something crazy on credit that you cant fix on your own just team up with someone..you send them your bad credit and they send you a loan for each one, even if you send them 5 credit reapairs and they send you 5 loan referals and you only close 1 loan, that more than you would make in credit repair..maybe i'm wrong but thats my opinion |
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hpmfinancial
1206 Posts |
Posted - 04/25/2008 : 10:23:43 PM
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We offer up to $100 for each client and delete a little less then half the negative items on our client's reports within the first 45 days. We also offer a money back guarantee on our services.
There are a few good companies and a large amount of bad companies. Right now we are working on "Darkstar's" credit in order to prove us as a valuable resource for the outpost. We did post some of our results online at http://hpmfinancial.com/results/cindex.php
If we can get those turndowns into loans our service is well worth the cost, if we can't the customer their moneys worth, we refund it. Let me know if you have any particular questions and I will be happy to answer them. |
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CoolMtgGuy
1608 Posts |
Posted - 04/26/2008 : 06:10:58 AM
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If you are not a broker/owner, check with the owner as the service contracts with the credit report supplier(s) prohibit one to be in both businesses. If you are the broker/owner and are still asking this question, then you obviously do not care about violating that agreement and possibly being blocked by the credit repositories from ever pulling credit reports.
...but you already knew all of this ... right? |
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Mortgage Glass H
196 Posts |
Posted - 04/26/2008 : 06:23:39 AM
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quote:
Originally posted by CoolMtgGuy
If you are not a broker/owner, check with the owner as the service contracts with the credit report supplier(s) prohibit one to be in both businesses. If you are the broker/owner and are still asking this question, then you obviously do not care about violating that agreement and possibly being blocked by the credit repositories from ever pulling credit reports.
...but you already knew all of this ... right?
True, just trying to get an understanding what people are doing and thinking. Like I said. We are having an honest conversaition.
Thanks for the reply.
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CoolMtgGuy
1608 Posts |
Posted - 04/26/2008 : 07:03:48 AM
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quote:
Originally posted by Mortgage Glass Half Full
quote:
Originally posted by CoolMtgGuy
If you are not a broker/owner, check with the owner as the service contracts with the credit report supplier(s) prohibit one to be in both businesses. If you are the broker/owner and are still asking this question, then you obviously do not care about violating that agreement and possibly being blocked by the credit repositories from ever pulling credit reports.
...but you already knew all of this ... right?
True, just trying to get an understanding what people are doing and thinking. Like I said. We are having an honest conversaition.
Thanks for the reply.
I know ... there is no harm in researching new channels of revenue. Have never been in the credit "repair" business but I do see a need for the services as consumers can't handle this stuff by themselves. Have no idea how much money you can make but I know one originator doing it, in violation of his shop's contract of course, and collecting maybe 1k/month income. Is that really worth being kicked out on the street? I don't think so.
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Mortgage Glass H
196 Posts |
Posted - 04/26/2008 : 07:09:50 AM
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| Your right it is not work being kicked out on the street. |
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Douggie
1357 Posts |
Posted - 04/26/2008 : 08:10:13 AM
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| yeah you wouldnt be able to do both. |
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RodneyLO
791 Posts |
Posted - 04/26/2008 : 10:16:04 AM
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I recently stopped a friend from doing this.
You see, I was once hired to be a Jr. Branch Manager, and learn-up 3 rookie LOs. Unfortunately, after being with the branch about 2 weeks, the owner's sponsoring lender found out he was also doing credit repair, and yanked his branch. Damned if he didn't encounter massive black-listing with other lenders too. I left shortly thereafter. |
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