About Lee County, FL

Good Morning...Here is what the boys are talking about today; "HELP" Homeowners Equity and Liquidity Pathway. This may be an effective way to help the housing industry; To me it sounds like it has possibilities. They also talk about BOA and the deal they cut with the government for improperly done foreclosures; and Fannie Mae's finances.

Think Big Work Small

DISCLAIMER. If you prefer reading your news over a cup of coffee in a relaxed atmosphere, or your family’s sense of humor gene skipped a generation, don’t watch this video; these guys talk fast and are high energy.

Have a Great Day

I am a licensed "Loan Originator" working for a mortgage company...what does that mean.

as a "loan originator" I need to meet certain specific financial and educational requirements in order to qualify for licensing through the NMLS, the national licensing sytem established to regulate a "Loan Originator."

It would be easy just to say that the loan originator has replaced the mortgage broker, but actually it's more than that.

Here's why;

the "Loan Originator" must meet some fairly stringent standards established through the NMLS system, including but not limited to:

Financial:

in most cases no bankcruptcies, foreclosures, and or judgements. Other credit related issues considered to be significant could also prevent someone from obtaining a license.

Education;

you must meet upfront educational requirements, and pass a state test. You must also meet annual educational , legal/background, and credit requirements, to be eligible for renewal.

Your performance is evaluated on an annual basis. You must behave and conduct your business appropriately.

anything else;

I don't know, how do you feel about being fingerprinted and passing an FBI/criminal background check? Also, the state will pull and review a credit report, and they need to deem it to be satisfactory.

Oh yeah, you probably saw this coming;

get out your checkbook

So would you feel it might be safe to say that one must really want to be able to perform in this position in order to go through the licensing requirements. And I'll go a little further, and say that the individuals who meet these requirements and do become licensed are in all likelihood, in most cases, the industry leaders.

You may be wondering, and/or assuming that the mortgage lenders at the banks must meet the same requirements, but the answer is

Noooooo!!!

The legislation that requires this licensing was not imposed upon the federal banking institutions. And, before you go further and assume that the banks would not hire anyone who they know was unable to become licensed, let me help you out.

they would and they have.

So, if you think that I have a sense of pride in being a licensed "Loan Originator," you're right I do. Further, if you think I believe that anyone who participates in the mortgage industry should have to satisfy the same requirements, right again.

But here's how things are, the reality of it all.

If you can't satisfy the requirements of becoming a licensed "Loan Originator," and want to work in the mortgage industry, don't worry, you can always just try the bank.

Good Morning. Here is your TBWS daily report, with the boys discussing a new bill to increase rates to pay for the BP Gulf oil spill. They are also talking about FHA initiating guidelines on outstanding credit; not discounting medical bills will eliminate qualified home buyers.

Watch the video below to get the full story.

Think Big Work Small

DISCLAIMER. If you prefer reading your news over a cup of coffee in a relaxed atmosphere, or your family’s sense of humor gene skipped a generation, don’t watch this video; these guys talk fast and are high energy.

Have a Great Day

Good afternoon. Here is your TBWS daily news. FHA has significantly reduced the MI factors to give an incentive for Refinancing of loans. Fannie Mae has done a survey and found 70% of the public thinks this is a good time to buy a home, but 80% don't think they would qualify or have the 20% down payment.

Click the link and hear what the boys have to say.

Think Big Work Small

Disclaimer: If you prefer reading your news over a cup of coffee in a relaxed atmosphere, or your family's sense of humor gen skipped a generation, don't watch this video; these guys talk fast and are high energy.

Have a Great Day