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Lenders quoting rates in states they are not approved in.

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He says he is licensed in Colorado, but Colorado Department of Real Estate (who we are under) has no license info for him.  Makes you wonder how many others there are out there doing this.

  • May 15 2008 - US
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Answers (27)

Hi tammy.

 

This was way worse thru 'netbranches' back in 2005 -06. Apex mortgage was the worst. They got booted out of a ton of states due to licencing and ripoffs, then finally shut the doors and ripped off their staff.

 

I dont know how consumers can save themselves from guys promising 'we are nationwide' . This is why I have always believed in working with someone locally where you can meet them face to face.

 

I know I sound biased cause thats how I built my business. But you can avoid a lot of scams by working locally and getting quotes from a local guy like MYSELF (shamless plug) and the local banks.

  • May 15 2008
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Tom- I agree about working with locals. 

  • May 15 2008
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So, should he be flagged?

  • May 15 2008
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Of course!!!

  • May 15 2008
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Won't accomplish anything...

  • May 15 2008
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I'm afraid CL is probably right, but I'll do it anyhow.

  • May 15 2008
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If she reports it to the state, yes it will. The state will contact the lender and warn them. If they care caught selling a loan without a licence, they will be shut down.

  • May 15 2008
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I flagged him.  We'll see what happens.

  • May 15 2008
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Hold your breath...

  • May 15 2008
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I might turn the same shades of blue as your pic!  Call 911 if I don't respond soon!

  • May 15 2008
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So I flagged him yesterday afternoon, still on the board this morning.....

  • May 16 2008
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I wonder how any company is able to close loans they sell in states in which they are not licensed? I know my sources are always on my hiny to get them my renewals. I was a little late on the whole Texas Entity thing and my sources made me show proof I have Fedex'd it!!

  • May 16 2008
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PS,

 

When it was rockin' and rollin'... The QC didn't couldn' tkeep up with it... Now, the Keystone cops  have nothing better to do...  Also,, the quoters... possibly:

 

A) Idiots

B) Lead Grabbers for reselling

C) Both A & B

 

If folks feel the "value" if we want to call it that is worth the lack of people involved personally or within proximity, so be it.. We have Amazon... but most transactions, especially PUR are captured very close to home..  How's Tampa?

  • May 16 2008
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Tammy,

My license is listed under my legal first name. Thank you for being on top of it.

  • May 16 2008
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I just read all the posts and this is not an issue. Zillow investigated my Colorado State and my Washinton State license's before they approved me.

  • May 16 2008
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That's what we do, stay on top of it. 

  • May 16 2008
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JG,

 

If you're good2go.... you're good2go...If folks want you regardless of proximity, KUDOS to you for hanging on to someone with that much headwind...  Keep rockin'.

  • May 16 2008
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JG--You're a local loan officer?  What area code locally is (425) ?  Is that down by you Tammy?

 

 

  • May 16 2008
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.

  • May 18 2008
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CL,

 

Do you average 300 closings/year personally??  Is that even possible??

  • May 18 2008
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30 a month.  6 million in volume monthly. 72 million annually?  1% GPM = $720,000 income per year? 

 

 

Personally not even close........would be nice though

  • May 18 2008
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No, no can't say 425 is in my "local" area......

  • May 19 2008
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at that rate, we should all be able to retire!

  • May 19 2008
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Ya me neither.......wierd eh?

  • May 19 2008
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ya, just a lil' bit.

 

  • May 19 2008
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Guess it depends on what your definition of local is.

 

 

 

You see ole Rich's got a couple of bad reviews now?

  • May 19 2008
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Ironically enough, I got the same bad review Rich got from the same knucklehead!!!  Funny though, out of 4 quotes, he only reviewed Rich and I. 

 

Look at the quote and what he says in the lender comments.  It's rather confusing.  When he actually called me, I got what he actually wanted and contacted several lenders, of which only 1 lender did what he wanted.  I got the information, called him back, but he never returned my phone call. 

 

Now a bad review.  Oh well.

  • May 19 2008
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