Comments on: Non-Profit Mortgage Brokers Have Begun Their “Secret” Attack on the Mortgage Industry http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Home Mortgage Refinance http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-18092 Home Mortgage Refinance Thu, 19 Nov 2009 02:08:15 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-18092 <strong>Home Mortgage Refinance...</strong> It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor... Home Mortgage Refinance…

It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor…

]]> By: Dave http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-17990 Dave Thu, 12 Nov 2009 16:36:00 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-17990 I have been reading the comments posted here and it follows the same pattern any other web site collects in their comment section from those willing to rail against a new idea and methodology. Particularly since it may have different rules and puts high money earning so-called "professionals" out of work, or technically in a pay scale commensurate with their performance and skills. The mortgage industry has created its own monster with the debacle in the market. Their lack of self-regulation and policing led to the nonsense we have in the mortgage markets today. What we need are more sensible and rational approaches to finding and qualifying borrowers whose resources match the property they are trying to purchase. The insanity of no-doc loans, falsifying loan applications, zero-interest loans and directing buyers into balloon loans the lenders knew the buyers could not support has created the mess we now have. Now that someone has come along with a reasonable pay scale and methodology or doing business, the "fat-cat" mortgage brokers and their employees are mad because their scams have been revealed and the market is correcting a long overdue practice of screwing the buyers. No not all loan officers took advantage, but the majority did and they deserve to suffer tremendously for what they have done to this country and its citizens. When they were riding high they were heroes and pillars of the community. Now that they have been exposed I hope all that took advantage now reap the rewards of their excesses and all starve! I have been reading the comments posted here and it follows the same pattern any other web site collects in their comment section from those willing to rail against a new idea and methodology. Particularly since it may have different rules and puts high money earning so-called “professionals” out of work, or technically in a pay scale commensurate with their performance and skills. The mortgage industry has created its own monster with the debacle in the market. Their lack of self-regulation and policing led to the nonsense we have in the mortgage markets today. What we need are more sensible and rational approaches to finding and qualifying borrowers whose resources match the property they are trying to purchase. The insanity of no-doc loans, falsifying loan applications, zero-interest loans and directing buyers into balloon loans the lenders knew the buyers could not support has created the mess we now have. Now that someone has come along with a reasonable pay scale and methodology or doing business, the “fat-cat” mortgage brokers and their employees are mad because their scams have been revealed and the market is correcting a long overdue practice of screwing the buyers. No not all loan officers took advantage, but the majority did and they deserve to suffer tremendously for what they have done to this country and its citizens. When they were riding high they were heroes and pillars of the community. Now that they have been exposed I hope all that took advantage now reap the rewards of their excesses and all starve!

]]> By: Mark http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-13974 Mark Tue, 14 Apr 2009 18:51:30 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-13974 NACA is not a scam! They get they're funds from BofA and Citibank so they loan out their money not other lenders funds. Because of this they can use their own guidelines. They are more interested in putting someone into a home they can afford then their credit score. NACA's problem is that they are so overwhelmed that they take way too long to get a basic loan done. Even an A+ borrower can do a NACA loan but it could take 6 months or more to get approved (I have experienced this). The lack of communication and loan agents with too many files can make it a very stressful and aggrevating loan program. For the best borrowers still plan 6-9 months for approval. If purchasing they tend to put the Loan Modifications and Foreclosure Prevention clients ahead of buyers. If getting started with them...GOOD LUCK!! NACA is not a scam! They get they’re funds from BofA and Citibank so they loan out their money not other lenders funds. Because of this they can use their own guidelines. They are more interested in putting someone into a home they can afford then their credit score.
NACA’s problem is that they are so overwhelmed that they take way too long to get a basic loan done. Even an A+ borrower can do a NACA loan but it could take 6 months or more to get approved (I have experienced this). The lack of communication and loan agents with too many files can make it a very stressful and aggrevating loan program. For the best borrowers still plan 6-9 months for approval. If purchasing they tend to put the Loan Modifications and Foreclosure Prevention clients ahead of buyers.
If getting started with them…GOOD LUCK!!

]]> By: iggie http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10209 iggie Sun, 13 Apr 2008 03:27:34 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10209 Jason - most lenders are now raising min. scores for FHA whereas before scores never mattered - do you think that NACA will begin to look at scores ever? thanks ... javi Jason -
most lenders are now raising min. scores for FHA whereas before scores never mattered – do you think that NACA will begin to look at scores ever? thanks …

javi

]]> By: john http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10208 john Mon, 31 Mar 2008 14:16:01 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10208 995-hope? more like 995-joke. Just more bullshit from Bush and as usual it never works. 995-hope? more like 995-joke. Just more bullshit from Bush and as usual it never works.

]]> By: GATORBAIT http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10207 GATORBAIT Wed, 05 Mar 2008 04:29:19 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10207 salery plus annual compensation? sounds like commission to me. 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. salery plus annual compensation? sounds like commission to me.

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.

]]> By: stevejoee http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10206 stevejoee Sat, 16 Feb 2008 02:03:07 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10206 Everyone knew there was a problem coming with the way sub-prime $ was being handed out left and right. The non-profits are not just that. They are paid with kickbacks in the the form of grants from the banks through Fannie. Very few LO's make much more than the esteemed "counselors". Brokers maybe, but they are the ones that have to manage the LO's. 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.... Everyone knew there was a problem coming with the way sub-prime $ was being handed out left and right. The non-profits are not just that. They are paid with kickbacks in the the form of grants from the banks through Fannie. Very few LO’s make much more than the esteemed “counselors”. Brokers maybe, but they are the ones that have to manage the LO’s.

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….

]]> By: paul http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10205 paul Fri, 15 Feb 2008 03:16:42 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10205 A big can of Giant whoopass !!! A big can of Giant whoopass !!!

]]> By: Chris http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10204 Chris Fri, 15 Feb 2008 02:12:03 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10204 Paul 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? Paul

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?

]]> By: paul http://loanworkout.org/2008/02/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10203 paul Fri, 15 Feb 2008 00:22:58 +0000 http://loanworkout.org/2008/02/13/non-profit-mortgage-brokers-have-begun-their-secret-attack-on-the-mortgage-industry/#comment-10203 Hi Chris, Hope all is well ! I see you are a broker in NJ and have worked at WAMU. Did you know J . Regan ...wholesale rep? Hi Chris,

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

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