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Ging
121 Posts |
 Posted - 05/21/2008 : 12:17:10 AM
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a large percent of the posts seem to be loan officers who got in the business after 2002 and they want ground hog day to be some where in 2004. don't have to learn FHA or what it means to qualify income. basic question asked at FHA training. is seven years on the job compensating factor?
answer: no, at least two years on the job is expected
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AGreene00
2578 Posts |
Posted - 05/21/2008 : 07:30:47 AM
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| So your point is that there were alot of deadbeats in this profession during the boom? Thanks for pointing that out, that had never occurred to any of us. |
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808
1676 Posts |
Posted - 05/21/2008 : 07:46:46 AM
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can I qualify him I/O on a 40 or 50yr????, what if I up the PPP to 3yrs will you make an exception???? Do you need paystubs for the borrowers 2nd job???? How many roomates can I stick on the 1003????
You mean those unemployed subprime AE's....... I mean LO's |
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rtrefflich
2458 Posts |
Posted - 05/21/2008 : 08:37:05 AM
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| I think this is one of the good things about the meltdown, only those that are serious in this business and realize that you do have to work will be left after all is said and done. many of the fly by nighters will be back to whatever they were doing pre 2004 |
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Ging
121 Posts |
Posted - 05/21/2008 : 09:02:31 AM
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| AGreene00 I think the angry ones that lost their sense of humor are next to go |
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clarenceworley
3601 Posts |
Posted - 05/21/2008 : 09:12:08 AM
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| It saddens me to think of the bad decisions some LO's convinced consumers to make regarding their finances. It actually angers me to hear some lo's brag about it. |
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dtabar
612 Posts |
Posted - 05/21/2008 : 09:22:07 AM
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quote:
Originally posted by rtrefflich
I think this is one of the good things about the meltdown, only those that are serious in this business and realize that you do have to work will be left after all is said and done. many of the fly by nighters will be back to whatever they were doing pre 2004
Amen brother. |
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cspatmon
905 Posts |
Posted - 05/21/2008 : 10:45:00 AM
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| Interesting, I was thinking the same. They will post scenarios and go on the attack if you give your professional opinion not to their liking... They will ask what lender can accommodate their deal... and turn around and ask for a contact #. Tell me is this what they meant by the "Dumbing Down Of America"? If I give you a lead and you're to lazy to follow up? Please, spare me the details! |
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StayInHomeGuy
240 Posts |
Posted - 05/21/2008 : 4:16:05 PM
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quote:
Originally posted by AGreene00
So your point is that there were alot of deadbeats in this profession during the boom? Thanks for pointing that out, that had never occurred to any of us.
I LOLD |
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AGreene00
2578 Posts |
Posted - 05/21/2008 : 4:25:45 PM
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quote:
Originally posted by Ging
AGreene00 I think the angry ones that lost their sense of humor are next to go
Obviously your parents had a sense of humor when they named you Ging. |
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cspatmon
905 Posts |
Posted - 05/21/2008 : 4:50:28 PM
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| LOL! |
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JINGLISH
71 Posts |
Posted - 05/21/2008 : 4:59:14 PM
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| Just curious, how long has everyone been in the mtg biz?? |
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RANDY P
2036 Posts |
Posted - 05/21/2008 : 4:59:40 PM
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LOL.
yo, I'm having trouble calculating 15 year IO, borrower wants a 30year IO for a lower payment. can you help me?
(kidding dude.)
quote:
Originally posted by AGreene00
So your point is that there were alot of deadbeats in this profession during the boom? Thanks for pointing that out, that had never occurred to any of us.
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Edwin
329 Posts |
Posted - 05/21/2008 : 5:19:51 PM
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Despite our often wetand rainy weather, it would appear from this thread that those of us originating loans in Western Washington have retained our dry sense of humor...at least about the mortgage business.
But, to answer JINGLISH's question, my broker calls himself a FISH, because he's First In (and) Still Here. He started in 1977. My wife and I have been in the business 19 years.
We are staying in, and we are going All Reverse. |
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JINGLISH
71 Posts |
Posted - 05/21/2008 : 5:25:31 PM
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quote:
Originally posted by Edwin
Despite our often wetand rainy weather, it would appear from this thread that those of us originating loans in Western Washington have retained our dry sense of humor...at least about the mortgage business.
But, to answer JINGLISH's question, my broker calls himself a FISH, because he's First In (and) Still Here. He started in 1977. My wife and I have been in the business 19 years.
We are staying in, and we are going All Reverse.
That's interesting, I got into mtg in 1/06 (after most everyone else started running away) and have made more money each year, but the bulk of my business is reverse mtg! I live in a predominately retired county. |
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Edwin
329 Posts |
Posted - 05/22/2008 : 09:37:27 AM
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Jinglish,
What is the most effective marketing plan that you have for your county? I need to quickly get some fresh deals into my pipeline... |
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EMScommercial
4545 Posts |
Posted - 05/22/2008 : 10:01:37 AM
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how long has everyone been in the business?
this is my 9th year.... |
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JINGLISH
71 Posts |
Posted - 05/22/2008 : 10:08:41 AM
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quote:
Originally posted by Edwin
Jinglish,
What is the most effective marketing plan that you have for your county? I need to quickly get some fresh deals into my pipeline...
We have about 10 senior centers all within about a 40 mile radius from our office that we visit with on a regular basis. There is also a local event every year that they call a "Summer Bash" where they bus in about 500 seniors and we set up a booth, just like we do for all of our home shows. I also have a letter that we send out to people. If you have access to senior homeowner leads I would be happy to share a copy with you. Just shoot me an email. Most effective plan for us is just constantly being in front of as many seniors as possible. Make yourself known in your community that you are the RM leader. |
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rtrefflich
2458 Posts |
Posted - 05/22/2008 : 10:20:35 AM
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The worst part is I have had to explain to people (usually the same people) that there is no difference, they just cannot understand.
quote:
Originally posted by RANDY P
LOL.
yo, I'm having trouble calculating 15 year IO, borrower wants a 30year IO for a lower payment. can you help me?
(kidding dude.)
quote:
Originally posted by AGreene00
So your point is that there were alot of deadbeats in this profession during the boom? Thanks for pointing that out, that had never occurred to any of us.
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anthonyt2325
1321 Posts |
Posted - 05/22/2008 : 10:28:00 AM
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quote:
Just curious, how long has everyone been in the mtg biz??
Originally started in 1999. Left in mid 2000 and went back in full time in September of 2001, right about the time lenders started coming out with the "crazy everyone qualifies" programs. I'm about to close up my business and move on. |
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hapa haole
10 Posts |
Posted - 05/22/2008 : 10:56:20 AM
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| Started in 1982 - left (read that as laid off) in 1988 - came back in 1998. |
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RANDY P
2036 Posts |
Posted - 05/22/2008 : 11:53:57 AM
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| the headache started in 1996 for me. Including a self imposed banishment from the biz from 2000 to 03 |
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Ging
121 Posts |
Posted - 05/22/2008 : 3:48:44 PM
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| if I knew this job was going to last this long I would have brought more money. hope you all make it through the next 3 cycles |
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velecico
2914 Posts |
Posted - 05/22/2008 : 3:55:42 PM
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Have any LO that started past 2004 go back and take a written test plus 30 hours of class time , weed out all the loosers |
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cspatmon
905 Posts |
Posted - 05/22/2008 : 3:58:33 PM
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| Since 1999. After going out of the commercial drywall construction business. |
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rtrefflich
2458 Posts |
Posted - 05/22/2008 : 4:03:54 PM
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I've met some LO's that can't even read, let alone take a test (or atleast it seems that way)
quote:
Originally posted by velecico
Have any LO that started past 2004 go back and take a written test plus 30 hours of class time , weed out all the loosers
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fund-n
314 Posts |
Posted - 05/22/2008 : 4:50:36 PM
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| I started in 1998 during that subprime bust. |
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lucky1s
3295 Posts |
Posted - 05/22/2008 : 5:21:54 PM
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Escrow officer from 1988 to 1999
Real Estate Sales from 2000-2002
Lender since 2002.
I would have gone straight into lending but we already had an in-house lender that the broker (my husband) was loyal to.
I would be happy to take a test.
My EO background prepared me for just about anything.
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