A group from our local CREOL people met with one of the local mortgage companies last night. He said many of the same things from our perspective. Multiple sources, reputation and involvement. I would suspect that you have gotten a referral from a mortgage broker for a deal- preforeclosure, note sale, or buyer. Networking in real estate can provide many paths leading to good deals. Being a mortgage broker does not preclude anyone from investing.
I have been looking at opportunities to beome a loan officer? for a couple of mortgage brokers. In trying to do some due diligence what kind of things should I be leary of?? I thought this might be a way for me to get involved in RE and make some contacts within the industry and maybe make a few bucks on the side. Any feed back would be appreciated
Posted by John Behle on October 15, 1998 at 10:25:45:
Also, look for a lender that has many different funding sources they are approved with. This may be a given if they have been around a long time, but make sure. Sometimes when a broker has just one or a few sources, you end up with rejected deals that could very easily have been funded by some of the other sources out there.
Find out about their processors. A good processor can make or break a company. In some companies the processor carries most of the load in getting the loan done and works direct with the borrower. In others, the processor follows the lead of the loan officer and you need to know their job VERY well. If I were starting out in the mortgage business, I would seriously consider working as a processor and taking classes to learn that side of it well.
Knowing what I know about the processing side has saved many deals for me - as a loan officer, real estate agent, investor and buyer/borrower. It is totally a sad situation to have to step in and do the work when a processor or loan officer is doing a lousy job, but sometimes it is needed - even as the borrower. I had a deal a few years ago that had to be closed in a week. The only way it happened was for me to to much of the job of both the mortgage company and the title company. I should have billed them.
Posted by Ed Garcia on October 15, 1998 at 09:45:25:
Buddy:
The first thing I would do is find a broker that has been around for a while.
Longevity, stability, and reputation, is important.
Check around and find out who the main Mortgage Brokers in your area are.
Try to hook up with them.
Unfortunately every broker presents them selves as knowing what they are doing.
As we know from working with them that is not so. Some of you larger Realtors
will be working with the better brokers, you might check with them.
I agree with you as far as you can make extra money in brokering. Many times when
I offered to buy a foreclosure, or worked with a seller for that matter, if I could not
buy the property for my terms, I could help them refinance it and in doing so,
had a second opportunity to make money.