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Written by Renee Kovacs
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Tuesday, 26 June 2007 14:12 |
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I can explain a little bit about what goes on ‘inside’ this whole
lending process, and it might help everyone understand the rhyme and
reason for a lot of the consequential situations. I do believe if we
all have a better understanding of the way The Machinery works, it will
enable us to have more empathy for the whole team of players involved
in the loan process. Having more empathy will shift the perspective –
which CAN shed a lot of the stress.
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Last Updated on Monday, 16 July 2007 18:43 |
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Written by Renee A. Kovacs
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Tuesday, 26 June 2007 14:10 |
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First and
foremost – a loan officer holds a position that squeezes them in the
middle, right from the beginning. They function as sales
representatives for the mortgage broker, banker or lender – AND they
are the primary liaison directly communicating with the borrower.
Essentially they have a boss on either end, and both ends are
pressuring them towards the middle. As sales people, they are
generally paid by commission (which may or may not include a draw or
salary, but even when present it isn’t often much). Their livelihood
is then every bit at precarious as our own – and while those
commissions might cause many of the other players to feel some envy,
the VAST majority of L.O.’s are not closing as many loans as you might
assume. They are also not closing all the loans they work on – and on
those, there is no commission.
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Last Updated on Thursday, 30 August 2007 13:53 |
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Written by Lana Skibitiansky
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Tuesday, 26 June 2007 14:07 |
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Title defects aren’t common, but when they occur, the consequences can be disastrous. To his surprise, one
seller found out that there was a “cloud” (title defect) affecting
title to his property. The title search showed that a deed had been
recorded, transferring title from the previous owner to himself. But,
that deed was signed by only one of two owners. Due to an oversight,
the wife’s signature wasn’t on the deed. She was still in title as an
owner because she hadn’t transferred her interest in the property. This
meant that the wife could still make a claim to the property.
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Last Updated on Thursday, 30 August 2007 13:53 |
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