javi

non-profit simply they are required to spend the money they make or get as donations/grants and as some have said above – tend to request “donations”. I have worked with many non-profits and they have there place and have a nice ring to the public. make no mistake a bad apple non-profit can be just as bad for the industry as a bad apple traditional broker.
Almost all the credit debt negotiation agencies are non-profit….i once performed a loan for an owner of one of these not for profits…his income (i mean compensation) sure supprised me.
non-profits are typically required to take any excess (profit) money and funnel it back into the organization for programs, expenses, and oh yea compensation. it is a good concept but we need to understand it is simply the up front concept packaged well. part of the job of brokers is to consult with the client and discuss affordability and suggest programs for the benefit of the client..just because the bad apples were not doing this and the regulators were not regulating does not mean deceptive practices were the standard amongst any and all brokers.

i am for any entity that will consult, work for the financial benefit of the client and disclose their fee for their service they provide…no matter the rate or terms. does this entity disclose what the lender pays them for the deal?

the concept is interesting and has a place in the mortgage lending universe however it should not be a tool meant to replace the value and service traditional brokers also provide.

Consumer Credit Counseling was established in the 1950’s I think by Sears and Wards to help people manage their credit purchases, and be a collection arm (in a different dress.) Fast forward to more recent times, this foreclosure (loss mitigation) trend has been coming in a big way since late 2006, not just last week, and a slew of the CCC imitators have been lining up for the last 3 years just for this occasion. Talk to the owner of USLM. He has been in the loss mitigation arena for over 20 years. The Non-profits profit well in both sides of the mortgage/foreclosure arena.

Would the big banks like to blame the LO? Sure. Better to have those guys working inside the bank getting $8 per hour. Would the same bank like to restrict brokers out there? Yup. Part of this has occurred because the sharing of information has become very easy with the internet. Many “broker” type entities have gone by the wayside.

Any rational fiduciary agent will provide good service, within the regulation of the law. Probably cuz if they do a good job …the client might give a referral. Does it mean the non-profit will provide better service…i sincerely doubt it. That counselor won’t be able to have a life until he pushes some loans…. gee…he might not even get to see how much his boss is making….

Different Chris. I use to work at Aegis Retail years ago. I’m a broker in Louisiana. What in the hell happened to the Pats?

Hope all is well ! I see you are a broker in NJ and have worked at WAMU. Did you know J . Regan …wholesale rep?

No it’s not better than the private sector for the L.O. There is also a draw component attached to the salary if you don’t perform up to specs. If you don’t perform you get switched to an $8hr. per diem. And on that draw, you owe that money when your commission final shows up.

Read CTAN explanation again. It’s right there. They are making alot of money. Expenses are being covered. The L.O. is taking the short because in essence they are only data entry clerks.