Answers
I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
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I am just curious...
Do they have to have any special licenses?
I checked my TRW and have found that the mortgage company is not reporting my no late payments and I am not able to refinance due to lack of records.
What is the law?
Thank you Dion...
Yes. To act in the capacity as a broker, you must be licensed by the Department of Real Estate, the Department of Corporations, or you must be an attorney with a license by the California Bar. Additionally, banks, savings and loans, thrifts, credit unions and etc all may broker loans to each other as long as they are either chartered federally or by the state. For information on a broker, you can check their name or license by going to the following sites below.
I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.
Get a job at the Mortgage Broker Office.
at first, you'll just answer phone calls and all, but eventually, you'll either be a processor or agent.
We are in the middle of a loan modification that was supposed to take 30 days to complete, it's been 6 months, now we have letters notifying us of foreclosure. The broker tells us not to worry.....(yeah right) and I can't get answers as to when the loan modification will be complete.
Frank that wasn't the question!!!! but thanx anyway.
I am not sure how a broker was involved in a loan modification, but here is some guidance on filing a complaint:
http://www.yourhome.ca.gov/filing-compla int.shtml
My best advice would be to contact your servicer. They would be the ones in the drivers seat for a loan modification anyway.
Good luck. Sorry for your situation.
Mortgage brokers work on commission, not salary. You can make as much or as little as you are willing to work to get.
Schwarzenegger signs seven (seven!) mortgage consumer-protection bills
Thoughts: The barn door just slammed, and the horse got out months ago. That is, much of this bill is cementing items on which the marketplace has already taken action:
You cannot get a neg-am loan anymore. No investor would buy them because they turned out to be a bad financial risk for both investor and borrower. Prepayment penalties have also become rare. They were a function of broker rebates (points paid when the borrower “accepted” a higher interest rate. Officially these points were to go to the borrower, but they did not always get all the way back to the borrower’s pocket) and such rebates are out of fashion. Banning excessive prepayment penalties will have some good effect long-term, however, by limiting future abuse. Most borrowers did not, frankly, understand how the interest rate/points paid trade-off worked unless they worked with an loan agent or officer willing to fully explain it (a big ‘if’ during the refi boom.) Brokers are now specificallyHow do I become a mortgage broker or mortgage agent in California?
FRED
You have 2 options elbow to you. First way out is to go industry for a unbroken lender as an originator. This will earmark you to get to discern the firm and you will calling under their DOC certify. If licensed under the DOC then the individual employees do not call for to be licensed.
Stand-in way out is to go to exertion for a Broker. To be a advance Old Bill (originator) you will requisite to enroll and culminate a honest domain princiapals process, then timetable with the Hinge on of Genuine Holdings for your sales persons commission exam. Once you obsolescent and pay the situation their due you will then have a heartfelt station entitle. This will permit you to pioneer loans and describe buyers and sellers in Earnest Wealth transactions.
The above placard is chide in pointing out that the furnish is hard nobility now. Many lenders and brokers are closing their doors due to slowing in the activity. However, people are still buying and selling homes and there will always be a necessity for agents and accommodation officers.
Surpass of fortune to you!
Kevin 949-375-2380
News
The answer to fixing the financial crisis? Restore regulationMiamiHerald.com - Oct 30, 2009
To address the "liars' loans" and mortgage-broker trickery, Congress is pushing to create a Consumer Financial Protection Agency. It would regulate consumerSan Jose Mercury News - Oct 22, 2009
AB 260 restricts the type of home loans that consumers have access to, said John Holmgren, an Oakland-based mortgage broker and spokesman for the California Sources for mortgagesall 12 news articles »Examiner.com - Oct 13, 2009
Finally, how do you solve the issues of a mortgage broker who is Vietnamese, say, and works with his clients in that language. He cannot place that loan and more »San Francisco Chronicle - Oct 21, 2009
Dick Lepre, a mortgage broker with RPM Mortgage in San Francisco, said: "The key question is how many loans are there which under other circumstances and and more »Examiner.com - Oct 30, 2009
It doesn't matter if you are an attorney charging an hourly rate, a mortgage broker asking for an 'admin fee' or someone promising to put the money in a