My Review

Now, times are very difficult for mortgage brokers.

One of the most important factors in order to survive in this market is not listening to all the media and “bad news”. Much of the information is not based on facts and is transmitted by people who do not know what they are talking about. In fact I was flipping television stations last night and I saw a woman who gives advice for financial management and credit on the TV. She said that you need at least 750 FICO, full disclosure of income and the money to buy a house. She is a respected TV, and she said to America that you need a FICO 750 and money to buy a house, that 100 is true, but the rest is absolute rubbish.

Since we know that brokers, there are 100 under the programme for financing their own names such as “Gain” Champ “or” Flex100. “At present, many lenders will be reduced from 620 to 100 and there is talk of LTV being raised to 100 the financing. Those who live by the sword, die by the sword… was the media that created a panic several years ago that we all benefited ‘. It has been called the “Refi Boom.” The media have created a real sense of urgency to refinance before it is too late. Now, we live in a different sense of urgency in our industry, which is fueled by the media. Sadly it is not helping our business.

Now, the next important issue here is to continue to promote your business and get prospects as never before. If you listen to the media and your fellow brokers, you can go into apathy and the promotion of stopping. It is the worst thing you can do. In fact I stop talking and socializing with brokers and real estate agents who are constantly negative. You need to be constantly talking to people, handing out cards, make calls, all you need to do to keep your business going. I must admit, I have fallen victim of all the bad news and ceased wearing my hat prospects get my own business. I will not do that again!

The other point that will help you to remain active for a long time is to be alert for fraud. Be sure to check and verify all information on the application is correct. If the borrower chooses to use said unaudited revenues seek their profession in line and be sure of their declared income is reasonable for the profession. In addition, I have my borrowers sign a form indicating they do what they said and they have disclosed all their debts.

If you work with investors sure to disclose all property they own. You do not need to disclose property owned or not it is visible on their credit record. Also, remember that an owner of the primary residence is occupied and that the owner can occupy a house. Do not be afraid to say ‘no’ to a customer. Especially if you are not comfortable with the loan.