Well, as most of us expected the home mortgage and refinance boom is over now in early 2007. Now that the dust has settled and home sales have backed way off, many so called “loan officers” are back to their old professions or jobs. These people, along with the very unethical companies that once employed them are greatly responsible for the high default rates that many mortgage companies are experiencing now. When some consumers called these mortgage companies, it was unknowing to them that the person that was supposedly advising them on the other end of the phone was an untrained and inexperienced person.
Can you imagine trusting a three to four hundred thousand dollar borrowing decision to a person that was stocking shelves two months ago at the super-market? Would you hire an attorney that hasn’t been to law school to represent your best interest? Well, it is hard to believe it, but this happened very frequently. The sad part of this, is that it is still happening throughout Florida, Georgia and many other states. When the mortgage industry started its meltdown in December of 2006, Allblogsidea.com https://TheBestOfPanamaCityBeach.com https://orlo-osaka.com/ I thought for sure that now these inexperienced and disgraceful members of the mortgage industry would go away. Well, they did, as they were not getting any business. However, the same companies are out recruiting these types again. Not a day goes by that I don’t see an advertisement promising huge wealth to uneducated and inexperienced people.
These advertisements tell these prospects that it’s easy to make a quarter of a million dollars a year. They hire them, give them business cards and tell them to go get some business. That is the extent of training that ninety-five percent of them are given. I receive at least 5 emails a week from rookie so called loan officers asking me questions about mortgage loan qualifying and different mortgage loan scenarios. My reply to them is go back to school or find an industry that is more devoted to the talents that you have. My advice to home-buyers and customers wishing to refinance their home is this. Interview the loan officer or mortgage broker you are speaking with. Ask them how long they have been in this business and please ask them for references. A mortgage in most cases is the largest financial transaction in a persons lifetime. Be sure that you are dealing with a proven mortgage professional.