All Posts Tagged With: "Loan Originators"

Are Loan Originators Professionals?

When I ask the question “Are loan originators professionals?” to a group of loan originator students in ethics classes, almost everyone says “yes.”  Anyone can do their job in a professional manner (adjective,) but not everyone is a Professional (noun.) Is your barista at Starbucks or the person who bags your groceries a professional? If [...]

24Nov2009 | mf | 23 comments | Continued

Bellevue LO Sentenced

From the Seattle Times:
A federal judge today is expected to sentence a former Bellevue loan officer to prison for perpetrating what prosecutors say is one of the largest home-mortgage fraud cases brought so far in Western Washington.
Christopher Brooks, 39, pleaded guilty to conspiring to commit wire fraud in connection with fraudulent loan applications on 18 [...]

27Feb2009 | mf | 8 comments | Continued

Fee for Service

In Washington State, SB 6381 mandates Fiduciary Duties for mortgage brokers and the LOs working under mortgage brokers.  At the end of the bill, there is a small but powerful addition.  Brokers/LOs can now charge a fee for service.
Before this law passed, the only way brokers/LOs could earn a fee is when a loan closed (with [...]

19Oct2008 | mf | 23 comments | Continued

Informed Consent for Mortgage Lending

In Part 4, of a 6-part series, the Mortgage Professor states, as follows:
“In sum, regardless of why borrowers refinance, the question of whether they receive a net benefit from it is for borrowers alone to answer. Loan providers do not have the information needed to second-guess them.”
He goes on to say that
“on the other hand, borrowers [...]

19Oct2008 | mf | 24 comments | Continued