Tag: "Loan Originators"

Are Loan Originators Professionals?

mf | November 24, 2009 | 32 Comments

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 [...]

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Bellevue LO Sentenced

mf | February 27, 2009 | 9 Comments

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 [...]

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Fee for Service

mf | October 19, 2008 | 30 Comments

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 [...]

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Informed Consent for Mortgage Lending

mf | October 19, 2008 | 31 Comments

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 [...]

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