Loan Think

What do you do when a client tells you that they already been pre-approved by another lender and they are just shopping around for rates?

Every once in a while I get a slew of questions and comments centered on the family members of the seniors. And yes you guessed it, those questions and comments are about the kids.

On Aug. 9, 2010 in San Francisco, Wells Fargo & Co. agreed to pay $20 million to settle a nationwide lawsuit brought by mortgage consultants who alleged they were misclassified as exempt by the bank so they would not have to be paid overtime.

For one's marketing efforts to be successful, it is more than just gathering up names so that an e-mail list can be created. Contacts are good, but to be able to make your sale, you need to have a real follow-up program.

THIS JUST IN: Industry veteran Jess Lederman —who has done stints at Bear Stearns and Ohio Savings during his long career in mortgages —has apparently left Kinecta Federal Credit Union of Southern California where he was involved in a jumbo lending program. Lederman did not return a telephone call late this past week and a colleague said he was looking to get involved in a jumbo program at another firm...

Ed Pinto, a former Fannie Mae executive from decades ago, who has emerged as a harsh critic of the GSE and its sister company, Freddie Mac, has an update about what may lie ahead for the two: "I have found that many are under the impression that the government's backing of the GSEs ends on 12-31-12 and, as a result, resolution of the GSEs' status needs to be accomplished well before that date.

We have all heard this statement: If I just knew then what I know now...blah, blah, blah.How about this updated version: Everything you know now that you wish you had known then you need to take action immediately to adjust that thing to the new and current level of knowledge. Now!

I recently wrote an article called "How to Get Face Time with Realtors-Become Their Teacher." Since then I have received requests from loan originators, asking how to get the managing broker to send their real estate agents to your training classes.

As we all know, the home equity lending business has slowed to a crawl with many banks ceasing their direct mail barrage to home owners in select zip codes. Then again, not all lenders are backing away from home equity.

Less competition and more work for the ones that are left. Problem is that many of the loan officers were classified as independent contractors when they did not meet the criteria under federal or state law. Especially in California.