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Answers (10)
Best Answer
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I address most borrower's concerns on my website. In person, I answer all concerns. Most everyone that offers their advice on Zillow has good intentions. I regret you found the opposite.
DRE Licensed Brokers and Loan Originnators in CA initially must have a minimum of 3 months study of Real Estate courses prior to taking their first exam. Licenses are for four year terms. Continuing education is required to take their renewal exams. In addition a background check and figerprinting is performed. Here is a DRE LINK.
If the broker is licensed by the CA Department of Corporations (DOC) they do not have to take a test nor are they required to have any knowledge. They just have to post a Security Bond and may hire Loan Originators lacking experience. .... Happy funding, Rudi Hofmann
DRE Licensed Brokers and Loan Originnators in CA initially must have a minimum of 3 months study of Real Estate courses prior to taking their first exam. Licenses are for four year terms. Continuing education is required to take their renewal exams. In addition a background check and figerprinting is performed. Here is a DRE LINK.
If the broker is licensed by the CA Department of Corporations (DOC) they do not have to take a test nor are they required to have any knowledge. They just have to post a Security Bond and may hire Loan Originators lacking experience. .... Happy funding, Rudi Hofmann
- Hamp Yonce, "Zilluminati"
- Contributions:3463
caveat emptor
- Scott Reiber
- Contributions:151
Wow, a lot of long answer to a simple question. The answer is no.
- Julie Messina, "CNN Mortgage"
- Contributions:70
I always recomend a homebuyer education class for anyone who is new to homeownership. These classes are often free of charge and administered by HUD approved counseling agencies. These classes are available in every metro city. Contact your city housing resource division to find on close to you.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
I've worked all sides of the fence. Banker, mortgage banker, and now mortgage broker owning my own company.
It is unfortunate what you have experienced so far. I know loan officers at the banks who know very little, and are not much more than order takers....Not All....but enough.
As a broker here in CA, I had to pass extensive licensing requirements with countless hours of study in preparation for my exam. On top of that I had to meet background checks through the state and Department of Justice.
Let just say you can find poor or bad apples anywhere. When you find a pro, be thankful.
Good Luck
It is unfortunate what you have experienced so far. I know loan officers at the banks who know very little, and are not much more than order takers....Not All....but enough.
As a broker here in CA, I had to pass extensive licensing requirements with countless hours of study in preparation for my exam. On top of that I had to meet background checks through the state and Department of Justice.
Let just say you can find poor or bad apples anywhere. When you find a pro, be thankful.
Good Luck
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
JWF,
Yes, "Honesty Matters" ... Thank you so much for your kind words! : >) ... Happy funding, Rudi Hofmann
Yes, "Honesty Matters" ... Thank you so much for your kind words! : >) ... Happy funding, Rudi Hofmann
- jwf24
- Contributions:23
Thank you all who replied on this blog. I would like to thank all the people on Zillow that have lent their advice over the course of my homebuying process. I think that websites like this are a very important tool to first-time homebuyers who just want to get the facts. Rudi, I got a new one for you " Honesty Matters", keep up the good work. I wished I could have worked with someone like you.
- Steve Felty, "SteveFelty"
- Contributions:396
JWF,
I too am sorry your experience turned what should have been an exciting event into such frustration. As Andrew wrote, there is a significant difference amongst originators. I believe your experience ( and so many other people's experiences being similar to yours) is one of the leading factor's in Zillow starting the ZMM last year. For the first time, consumers have an opportunity to anonymously review both quotes and feedback about a particular loan officer before initiating contact - and you will hopefully leave feedback for the other ZMM users about your experience (good or bad) with the originator.
There are many good honest hard working originators in the industry; and plenty here on Zillow. Hopefully those consumers who read your post will consider Andrew's comments and try to evaluate the benefit of using the services of a professional, rather than someone who offers a low ball quote.
I too am sorry your experience turned what should have been an exciting event into such frustration. As Andrew wrote, there is a significant difference amongst originators. I believe your experience ( and so many other people's experiences being similar to yours) is one of the leading factor's in Zillow starting the ZMM last year. For the first time, consumers have an opportunity to anonymously review both quotes and feedback about a particular loan officer before initiating contact - and you will hopefully leave feedback for the other ZMM users about your experience (good or bad) with the originator.
There are many good honest hard working originators in the industry; and plenty here on Zillow. Hopefully those consumers who read your post will consider Andrew's comments and try to evaluate the benefit of using the services of a professional, rather than someone who offers a low ball quote.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Wow...3 months...they must know everything....and the tests to be licensed are soooo difficult!!!! (Note the sarcasm)
It was not too far back that loans had been commodotized...anyone with a pulse could get one and anyone that could pick up a phone could originate one. Back to reality...The loan professional you decide to work with needs to have the knowledge to get the loan done and done properly.
Having been in the business for more than 16 years I can tell you even the most seasoned loan officers are finding that no deal is easy and what was no problem yesterday poses a problem today. In most cases the problems can get resolved with more documentation...in the past they were simply brushed under the rug!
Licensing is fine but it by no means weeds out the hacks and there are plenty of hacks in the business.
Sorry your experience was so poor. I will bet the next time around you will be less concerned with price and more focused on the professionals you choose to work with have the experience and reputation to take care of you through the process. The bottom line is the better the professionals you work with the more expensive they will be. Like anything you can shop at target and get a pair of pants or you can go to Noordstom. A pair of pants is more or less a pair of paints. Your shopping experience will be very different.
I by no means recomend shopping at the most expensive shop you can find. I also believe in the law of diminishing returns...At some point the additional cost does not justify the additional service.
It was not too far back that loans had been commodotized...anyone with a pulse could get one and anyone that could pick up a phone could originate one. Back to reality...The loan professional you decide to work with needs to have the knowledge to get the loan done and done properly.
Having been in the business for more than 16 years I can tell you even the most seasoned loan officers are finding that no deal is easy and what was no problem yesterday poses a problem today. In most cases the problems can get resolved with more documentation...in the past they were simply brushed under the rug!
Licensing is fine but it by no means weeds out the hacks and there are plenty of hacks in the business.
Sorry your experience was so poor. I will bet the next time around you will be less concerned with price and more focused on the professionals you choose to work with have the experience and reputation to take care of you through the process. The bottom line is the better the professionals you work with the more expensive they will be. Like anything you can shop at target and get a pair of pants or you can go to Noordstom. A pair of pants is more or less a pair of paints. Your shopping experience will be very different.
I by no means recomend shopping at the most expensive shop you can find. I also believe in the law of diminishing returns...At some point the additional cost does not justify the additional service.
- Ken Kopper
- Contributions:1578
Paul Mondello
Contact a professional who will not only lay out the process before you but also hold your hand throughout
Contact a professional who will not only lay out the process before you but also hold your hand throughout
Do Loan Brokers need Qualifications?
As a first time homebuyer I lacked knowledge of the buying process. I seeked out for some advice on Zillow, but mostly relied on my real estate agent and mrtg. broker.
What I have learned in this process is that the buyer should really do there own homework on the loan process, real estate contracts, and all their particulars.
My loan has probably been more difficult that most others to get approved, and that seemed to have an effect on the way my file has been handled.
I have been treated like I should know the purchase/ mortgage process which only angered me. It seems to be easy to broker loans, and tell people what they want to hear.
SO SIGN ME UP!!!
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