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This thread is currently closed for responses.Answers (23)
Best Answer
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
You can check out the NMLS to look up the loan officers number to see if they are registered, as well as the institution they work for. here is the link http://www.nmlsconsumeraccess.org/
As for if a company is a "direct lender" there is generally confusion on the part of the public of exactly what constitutes being a direct lender. A direct lender funds the loan in their company name, in the majority of cases the loan is then resold to one of the national lenders such as Wells fagro, Chase, ect. This is not to imply you will get better rates and fees by dealing directly with the "Big Boys" in fact in most cases the reverse is true. Smaller Direct lenders are called coorespondent lenders and have agreements with the big banks to resell to them. as a result they get lower "wholesale rates" and make their profit on the spread. Do not confuse Coorespondant lenders with brokers, brokers are independent businesses that sell the large banks products but have none or very little financial exposure. Are are considered by some to be dishonest and the root cause of our housing crisis. While there were plenty of dishonest brokers, the biggest player that caused the problem was Washington Mutual followed close behind by Countrywide. So yes mortgage Brokers did cause some of the problems but for every bad broker there were many more that conducted business in an honest way. I currently work for a direct lender but have worked on the broker side in the past and have found, what really matters is the corporate culture and guiding principals that determine the if the company you are dealing with or working for is honest.
Sorry, I have to call BS on this now. What is being said is not honest and totally misleading.
Let's start here:
" Their are two links when you reach the link provided to check the status of firms and their employees that are licensed and regulated in our state. Be sure to check the bottom of each search for Comments and Disciplinary Actions. http://www.dre.ca.gov/gen ... info.html The NMLS link Gordon furnished may help although the NMLS is barely out of puberty. In the year's ahead, it will also be an excellent source for checking folks out. "
That's a load of nonsense and you know it. Directing people to the DRE site to validate their ability to originate a mortgage is nonsense. You very well know that possessing a California RE license does no by itself allow anyone to originate a mortgage in the state. Downplaying the importance of the NMLS site by saying that it's "barely out of puberty" is an obvious attempt to head off any potential comments about your terminated MLO endorsement. I am glad that you have resolved this, but what you attempted to do is misleading and certainly not valuable information to anyone who may read it in the future. The NMLS is not only an excellent source for checking out one's license RIGHT NOW, but's it's the ONLy one and the only accurate one per federal law.
The California DRE site will show licensed California real estate agents. Any California MLO worth a grain of salt is one, but not all California RE agents also have the MLO endorsement. The DRE site will also link the the NMLS site for those that have a MLO endorsement. (because that's the only site that matters) The NMLS site is accurate and fully operational. The ridiculous notion that it somehow should be discounted because it's only a year old would be very interesting news to them because they are the final word on your status. If your status there does not show as "approved," there is no lender on this planet that will fund your file.
You seem to have taken on a "victim" mentality and that's unfortunate because no one did anything to you, but you. You are the only want that started the misleading "look at me I'm licensed" portion of this thread where you point to your valid RE license as a means to deflect your expired MLO endorsement. You are also lucky that Zillow removed your spammy comments in this thread where you were so desperate to undercut the person you claim to love so much that you proudly posted your credentials and told the OP to check them.
There is no conspiracy; you asked that your credentials be checked and they were. Even your best efforts to deflect didn't work and that's all that happened here. I really hope Zillow leaves this thread (all of it intact) because this is a great education for the public so they can see where they need to go to check licensing status and how not to be deceived. It would be a crime for them to believe that checking the California DRE would be sufficient.
There is no conspiracy; you asked that your credentials be checked and they were. Even your best efforts to deflect didn't work and that's all that happened here. I really hope Zillow leaves this thread (all of it intact) because this is a great education for the public so they can see where they need to go to check licensing status and how not to be deceived. It would be a crime for them to believe that checking the California DRE would be sufficient.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
ATTN: Concerned Parties
Well- every thing came together today. My NMLS License & Registry was renewed on 1/4/2012. I have posted the appropriate links on my Profile Page for verification purposes. .... Happy funding- Rudi
Thumb for you PM.
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Rudi, you are 1000% wrong, Abrooman is certainally not AA..a real surprise that you can not figure out who it really is... It is like there is a zillow stepford spell on you that prevents you from comprehending the lingo.
I will tell you that I am very disappointed after reading your comments pertaining to me on the mansion thread, this after the 'move on' was suppose to have taken place... you might want to finally drop it now. Afterall, insuating that I sent the fat albert email to AA, when it clearly came from you was pretty low...remember you sent me a very derogatory one as well?
And why would you ever post words from a personal email without my permission?
You should consider taking a break from here for a while. It will give you more time to keep up on important stuff like licensing [grin]
Not to mention it will ease up all the back peddling that you have been doing lately.
I will tell you that I am very disappointed after reading your comments pertaining to me on the mansion thread, this after the 'move on' was suppose to have taken place... you might want to finally drop it now. Afterall, insuating that I sent the fat albert email to AA, when it clearly came from you was pretty low...remember you sent me a very derogatory one as well?
And why would you ever post words from a personal email without my permission?
You should consider taking a break from here for a while. It will give you more time to keep up on important stuff like licensing [grin]
Not to mention it will ease up all the back peddling that you have been doing lately.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I think Mr Broman and BofA would work well together.
He could look up all of their "licenses".
He could look up all of their "licenses".
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Hamp- Thank you for your support. TU. - Rudi
- ABroman
- Contributions:7
@ Mr Hofmann - I don't know what your link is referring to but I will answer your question. I came up with this from what was posted here. I never heard of the site that Mr Haraway posted before reading this post and I took the advice given and checked. I also read your post and went to the link you posted and it linked me back to the site where it showed neither of you were licensed. I am unsure why you would post that if you knew you had not completed your training or whatever is required.
@ Mr Yonce - I'm not sure what you mean either but it's ironic that you say that because I happen to know a very good attorney and one that does not let his license lapse.
@ Mr Yonce - I'm not sure what you mean either but it's ironic that you say that because I happen to know a very good attorney and one that does not let his license lapse.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
A Borman- Extremely coincidental that you would come up with that or did it really have something to do with this
http://www.zillow.com/advice-thread/Has-anyone-ever-heard-of-a-mansion-fee-on-an-appraisal-of-a-house/426180/ ?
Isn't Zillow grand? They do not require anything to verify folks that ask questions or wish to cause trouble. No one knows who you really are. I think I have a very good idea. Other regulars may also have their ideas.
Bless Your Little Heart- Rudi
http://www.zillow.com/advice-thread/Has-anyone-ever-heard-of-a-mansion-fee-on-an-appraisal-of-a-house/426180/ ?
Isn't Zillow grand? They do not require anything to verify folks that ask questions or wish to cause trouble. No one knows who you really are. I think I have a very good idea. Other regulars may also have their ideas.
Bless Your Little Heart- Rudi
- Hamp Yonce, "Zilluminati"
- Contributions:3463
A Broman
This is the best free advice in the world. Take it or leave it.
You should consider hiring an attorney to follow you around CYA.
This is the best free advice in the world. Take it or leave it.
You should consider hiring an attorney to follow you around CYA.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
A Borman- My CA DRE License is valid as you can see here: http://www2.dre.ca.gov/Pu ... =01230315
My NMLS License would have expired on 1/1/2012. I performed all required hours to study the material. On 12/26/2011 I took all 4 Chapter Tests and passed. Then I took my Final Test and passed. Then I received my Certification of Completion.
Afterward I called the NMLS and said the above. I also asked when do I send in the my fee. I was told my fee is required after they verify Allied Schools Data that may take several days..
I was also concerned when ACC HR Dept. contacting me today informing me that they have not received confirmation from the NMLS in regard to my 2012 NMLS License and Registry.
I called Allied Schools to see what had occurred. They informed that my Certificate of Completion along with the Testing Data was in the batch of the last class. This was sent to the NMLS on 12/30/2011 at 3:15 pm PST.
I will call the NMLS in the morning to see if there is a way to expedite the processing of my file. If you wish to be contacted I will inform as soon as I receive more information. Hopefully that will be tomorrow. Just send me an email and I will forward that to you..... Best wishes- Rudi
My NMLS License would have expired on 1/1/2012. I performed all required hours to study the material. On 12/26/2011 I took all 4 Chapter Tests and passed. Then I took my Final Test and passed. Then I received my Certification of Completion.
Afterward I called the NMLS and said the above. I also asked when do I send in the my fee. I was told my fee is required after they verify Allied Schools Data that may take several days..
I was also concerned when ACC HR Dept. contacting me today informing me that they have not received confirmation from the NMLS in regard to my 2012 NMLS License and Registry.
I called Allied Schools to see what had occurred. They informed that my Certificate of Completion along with the Testing Data was in the batch of the last class. This was sent to the NMLS on 12/30/2011 at 3:15 pm PST.
I will call the NMLS in the morning to see if there is a way to expedite the processing of my file. If you wish to be contacted I will inform as soon as I receive more information. Hopefully that will be tomorrow. Just send me an email and I will forward that to you..... Best wishes- Rudi
- James Yancey, "MortgageLendingMan"
- Contributions:1
The advice you've received thus far I hope has been helpful - however there may be another point to consider.
Choosing a lender is important, however choosing a reputable loan insider the lender/broker is critical. Your loan officer will be the individual handling the important details to your transaction, handling your personal documents, and insuring that you transaction accomplishes the goals you have in mind whether they be short term or long term needs.
More often than not you will have a recurring need for expert advice over your lifetime, whether it be a need for several transactions or simply questions in regards to any personal and/or investment real estate.
[ content removed by Zillow, due to violation of Good Neighbor Policy ]
James
Choosing a lender is important, however choosing a reputable loan insider the lender/broker is critical. Your loan officer will be the individual handling the important details to your transaction, handling your personal documents, and insuring that you transaction accomplishes the goals you have in mind whether they be short term or long term needs.
More often than not you will have a recurring need for expert advice over your lifetime, whether it be a need for several transactions or simply questions in regards to any personal and/or investment real estate.
[ content removed by Zillow, due to violation of Good Neighbor Policy ]
James
- ABroman
- Contributions:7
Ok I need help. I am looking for a good lender and I followed the advice here but it seems the people giving the advice are not even licensed themselves.
I checked the link that Gordon gave and it says he is not licensed. I also checked because I am particularly interested in California lenders so I checked out Ray who is licensed, Clay is licensed also, but Rudi Hofmann has an expired license. Isn't this illegal what they are doing? When 2 out of the 4 lenders giving advice about how to select a lender are not even licensed, isn't that a problem?
I checked the link that Gordon gave and it says he is not licensed. I also checked because I am particularly interested in California lenders so I checked out Ray who is licensed, Clay is licensed also, but Rudi Hofmann has an expired license. Isn't this illegal what they are doing? When 2 out of the 4 lenders giving advice about how to select a lender are not even licensed, isn't that a problem?
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
I would also recommend the BBB to see if there are any reports made on their performance. Also, you can find reviews regarding really anyone through Angie's List, the Yellow pages and simply Google. Just type the name of the lender in there to see what you get. Most professionals understand the importance of the internet and you should be able to find out about anyone there. Thank you for the question.
- ABroman
- Contributions:7
This is good information. Thank you.
- Steve Wiederin, "stevegwiederin"
- Contributions:50
BBB is always a good way and then check with mutual friends or co-workers. It may not be a bad idea to contact other local realtors and ask their opinion.
- Kamil Andrukiewicz, "homesbykamil.com"
- Contributions:57
Check BBB rating as well as reviews on google or yahoo, make sure the license is current
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Same here Ray. Happy New Year. All the best! ... Happy funding, Rudi
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Hi, Rudy. I obscured my point by comparing some FHA loans to sub-prime ones. I was trying to say that even originating these loans is not the originator's fault. Thanks for your input. Always good to heat from you.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
2010- Their are two links when you reach the link provided to check the status of firms and their employees that are licensed and regulated in our state. Be sure to check the bottom of each search for Comments and Disciplinary Actions. http://www.dre.ca.gov/gen ... info.html The NMLS link Gordon furnished may help although the NMLS is barely out of puberty. In the year's ahead, it will also be an excellent source for checking folks out. .... Good luck.
Happy New Year.
Happy funding, Rudi
Happy New Year.
Happy funding, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Ray- In my early days on Zillow 2008/2009 I said basically the same as you just said, "a loan to someone with a 520 FICO and only 3.5% down with ten different jobs in the past year? Can you say, "modern day sub-prime?"
The ZBC almost always bullied me on that. To me it is the same horse, just a different color. In the days of sub-prime loans, if you read an article in a newspaper or magazine the journalist would typically also link sub-prime to predatory lending (P/L).
Our government does not seem to correlate FHA to their strong position against P/L. If it is made available to the lending community, you cannot blame those that chose to originate FHA loans, as in sub-prime, it is a matter of were they want to draw the line.
Happy New Year.
Happy funding, Rudi
The ZBC almost always bullied me on that. To me it is the same horse, just a different color. In the days of sub-prime loans, if you read an article in a newspaper or magazine the journalist would typically also link sub-prime to predatory lending (P/L).
Our government does not seem to correlate FHA to their strong position against P/L. If it is made available to the lending community, you cannot blame those that chose to originate FHA loans, as in sub-prime, it is a matter of were they want to draw the line.
Happy New Year.
Happy funding, Rudi
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Gordon,
Are you @#$% kidding me? "Some" mortgage brokers are "the root cause of the housing crisis"? Where do you get your information? Brokers and bankers, for that matter, put together loans based on the guidelines of the lenders offering them.
Even in today's lending world, is it the brokers' fault that FHA will guarantee a loan to someone with a 520 FICO and only 3.5% down with ten different jobs in the past year? Can you say, "modern day sub-prime?" A broker AND a correspondent lender is just putting a borrower together with a loan.
You need to pull your head out of your @$$ and put blame where it needs to be.
Are you @#$% kidding me? "Some" mortgage brokers are "the root cause of the housing crisis"? Where do you get your information? Brokers and bankers, for that matter, put together loans based on the guidelines of the lenders offering them.
Even in today's lending world, is it the brokers' fault that FHA will guarantee a loan to someone with a 520 FICO and only 3.5% down with ten different jobs in the past year? Can you say, "modern day sub-prime?" A broker AND a correspondent lender is just putting a borrower together with a loan.
You need to pull your head out of your @$$ and put blame where it needs to be.
- Clay Branch, "Georgia Loans"
- Contributions:7836
If you are talking to someone that is running a scam it will probably show up in Google. Put the company name in a Google search and add the word scam or complaints after their name.
How do you check a lender out?
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