Remote Originators?
Is anyone aware of a good correspondant lender that would hire loan originators to work out of their house? I am looking at several different options. Finding that fees, pricing, compensation, and processing very greatly between all of them. Origination was only one thing I did working for a large company. Now that i am independant, I need a new way to originate.
I am not sure if everyone else runs accross the same thing i do:
1) I find that i run into all these mortage deals that i ultimately refer away. I would like to get payed something on these deals.
2) Have also received alot of preforeclosure leads from people to refi etc. As we all know, most people in that situation have no shot at refi... but, it has broken down alot of the barriers if you "try to help" refi or get them out of the situation they are in. When they finally see there is no way out... somehow i have "my own" way to take over the property to help them. I have ended up with several properties that way.
Just another "arrow in the quiver" as we are out beating the streets.
Correspondent lenders, national lenders, regional lenders, or local lender it doesn't make much difference. All have to operate under the state licensure laws. The loan originators would also be required to do what ever the state requires of loan agents/officers.
I have many friends who work for mortgage companies, but seldom go to the office. The computer age allows them to work at home. They go to the office only if and when necessary. That's almost never. Most are independent contractors so legally they can't be required to follow the same requirements for an employee.
My concern is with the second part of your post. Finding a distressed property owner, trying to get them refinanced and then ending up buying their property has its perils. How hard did you really try to get them refinanced? Could another agent have gotten them refinanced? A hungry lawyer (are there any other type?) may paint a picture of you being, "the fox guarding the hen house" for judge and jury. Many distressed property owners will thank you and bless you when you take care of the problem. Two years later they sue you.. Either I'm an investor or I'm a Realtor. Either I'm an investor or I'm a Loan Officer. My position and intent is perfectly clear and I document the heck out of all my transactions. Wearing two hats can be a problem. Sometimes one head will roll. [ Edited by sammyvegas on Date 01/30/2004 ]
Excellent point. Hadn't really thought about it that way. I honestly do try to get them financed out. But... easily see your point. Liability is a big issue for me and i dont want that type of exposure. Too often we assume people will do the "right" thing. Lawyers have even "clouded" that. Great point.... appreciate the feedback.
I can assist you in finding a good correspondant lender.
Good imput sammyvegas.
Quote:
On 2004-01-30 14:27, sammyvegas wrote:
Correspondent lenders, national lenders, regional lenders, or local lender it doesn't make much difference. All have to operate under the state licensure laws. The loan originators would also be required to do what ever the state requires of loan agents/officers.
I have many friends who work for mortgage companies, but seldom go to the office. The computer age allows them to work at home. They go to the office only if and when necessary. That's almost never. Most are independent contractors so legally they can't be required to follow the same requirements for an employee.
My concern is with the second part of your post. Finding a distressed property owner, trying to get them refinanced and then ending up buying their property has its perils. How hard did you really try to get them refinanced? Could another agent have gotten them refinanced? A hungry lawyer (are there any other type?) may paint a picture of you being, "the fox guarding the hen house" for judge and jury. Many distressed property owners will thank you and bless you when you take care of the problem. Two years later they sue you.. Either I'm an investor or I'm a Realtor. Either I'm an investor or I'm a Loan Officer. My position and intent is perfectly clear and I document the heck out of all my transactions. Wearing two hats can be a problem. Sometimes one head will roll.
<font size=-1>[ Edited by sammyvegas on Date 01/30/2004 ]</font>
One more point, if you are doing this it is better to be a silent partner. That is why there are predatory lending laws.
lori
[addsig]
As a licensed Real Estate Broker, I really work at what is called "Clean Running."
50 years of it and I have never had an action filed against me. Oh I have settled some disputes. I think the classic one was the lady in foreclosure. The house was a mess. She had given up on life. But there was equity. So I went into partnership with her. Moved her to an apartment so I could clean up the house and spent money. Added a bathroom and that kicked it up to the next level. I sold it and included her for half the profit, all the way. We settled up after sale and guess what, she wanted it all. Including the $25,000 second taken back on sale.
So there I stood having invested $15,000 . I settled the threat of lawsuit by getting my $15,000 back. She kept the other $20,000 in cash and the second Trust Deed for $25,000.
We celebrated, her clever attorney and her having taken me to the cleaners. Ah the older man dun in by the clever lady.
When the attorney had to go home too much booze. Eliza and I had a talk. She felt bad about welching on the deal. I told her to forget it keep the money I needed a lesson, I was getting too cocky.
It was one month latter that she offered to give me the $25,000 second in exchange for $2,000 cash. Seems the new boyfriend had taken all her cash and invested it.
So lets see, my profit was a second note secured by Trust Deed in the amount of $25,000 which cost me $2,000. My profit
the $23,000 when I refinanced the property six months down the road.
The Moral. Sometimes you have to work a while on a transaction until it all works out and sometimes that working is way past the point of close. Sometimes just sometimes it all works out nicely.
So it did this time.
Lucius[ Edited by Lufos on Date 02/04/2004 ]
I've sent you a private message re: remote originators.