Comments on: Your Loan Officer Is Not Your Friend

By: Home building guide

Home building guide — Thu, 04 Nov 2010 11:54:29 +0000

Good Twitter conversation. Loan officers are interested in making money just like everyone else and for the most part will do what it takes to write the loan. So they are not your friend regardless how nice they seem to be or how often they compliment you. With some of the changes in favor of the consumer after the crisis they now have more protection, but consumers are consumers and many are easy to influence.

In a couple of years when the economy is booming we wont hear the words transparency and honesty as much. It's amazing how much we overlook when things are going great.

Thanks for the post and good conversations do take place on Twitter.
My recent post Different Types of New Home Builders

By: A Simple Rule of Thumb Could Save You Thousands On Your Mortgage

A Simple Rule of Thumb Could Save You Thousands On Your Mortgage — Fri, 01 Jan 2010 03:28:03 +0000

[...] Your mortgage originator is not your agent who has a fiduciary responsibility to you. [...]

By: Augusta Real Estate

Augusta Real Estate — Mon, 28 Dec 2009 23:14:48 +0000

That’s good information for all of us as we assist our buyers in getting pre approved. I always encourage buyers to shop “rates and terms” and compare apples to apples. I realize we all have to make a living but honesty and transparancy go a long way. Real Estate Agents need to be up to speed on current mortgage information so we can better advise our clients.

By: Augusta Real Estate

Augusta Real Estate — Mon, 28 Dec 2009 16:14:48 +0000

That's good information for all of us as we assist our buyers in getting pre approved. I always encourage buyers to shop "rates and terms" and compare apples to apples. I realize we all have to make a living but honesty and transparancy go a long way. Real Estate Agents need to be up to speed on current mortgage information so we can better advise our clients.

By: Redding Mortgage

Redding Mortgage — Mon, 28 Dec 2009 12:18:30 +0000

Great Article! This is one of the main reasons that the regulators are mounting up and cracking down on the Mortgage Industry! We always have had a full disclosure policy, where we tell the customer how much we are making on a loan. The new GFE's will fix alot of this problem!
.-= Redding Mortgage´s last blog ..Mortgage Fees Explained! =-.

By: A Simple Rule of Thumb Could Save You Thousands On Your Mortgage — The Phoenix Real Estate Guy

Mon, 28 Dec 2009 05:10:48 +0000

[...] from experience (note: any mail that comes from me is not “junk”).Consider these facts:Your mortgage originator is not your agent who has a fiduciary responsibility to you.Your mortgage originator will charge you as much as he wants.Direct mail is expensive – [...]

By: Blair@Homes for Sale

Blair@Homes for Sale — Wed, 23 Dec 2009 10:09:04 +0000

Great article! You can’t tell if your loan officer is telling you truth or lie and if they are misleading you but there are also quite a few good loan offices out there that are honest and ethical in their profession. You sharing this will make the public aware of this. Thanks for sharing!

By: Nick Johnson

Nick Johnson — Sat, 19 Dec 2009 21:13:47 +0000

I knew it, I knew they were never my friend!

Its so hard to trust anyone these days when greed drives our decision process. I think it would serve the consumer great if they were required to read a brochure or pamphlet of some sort written by a consumer advocacy group and the LO should be required to explain how they get paid. This way the homeowner will have a heads up that the LO will be presenting them with the loan product that will make the LO the most money, not represent the consumers best possibility.

By: Justin

Justin — Wed, 16 Dec 2009 09:24:25 +0000

@Paul,

Great point.

I need to make sure I gather up all the "right" information about all the changes before I crank out some headline-grabbing piece… and I have my full time legal staff of 3 working on that now!

Thanks for stopping by, hope you (the Best Mortgage Originator in Tucson) rock on into 2010.

Justin

By: Paul Dunn

Paul Dunn — Wed, 16 Dec 2009 06:22:35 +0000

"Here come the Regulators" is right on…

I imagine each state is different in their LO licensing and definitions of what an LO is. In AZ the regulators have defined that the LO cannot have a fiduciary responsibility to the borrower. Yes, I said "cannot". Big changes coming down the road here in July of 2010 with the AZ licensing, including the fact that the LO will no longer be "in the business" of originating loans… That would be a good conversational post to write Justin…