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Dustin

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July 20, 2023 at 5:35 pm in reply to: One-Stop-Online Loan Officer Career Website

@gustan-cho @John Parker Excellent! I think this will be great for all of us!

Dustin

Member

July 20, 2023 at 5:34 pm in reply to: Revenue Share Offered By Lenders

It looks like the revenue share concept in the mortgage industry can be traced back to the late 80s and early 90s when mortgage companies looked for ways to incentivize loan officers to increase individual and company-wide loan production. Loan officers responded, and began to generate more loans which they, then got a piece of the company’s growth in sales.

Dustin

Member

July 20, 2023 at 5:24 pm in reply to: Revenue Share Offered By Lenders

@gustan-cho After a quick dive into this question… I found a lender (Atlantic Bay Mortgage Group) who does something similar to what NEXA offers it L.O.s. This is called the Progressive Earnings Plan. Here is a link to the article from The Truth About Mortgage from 2021 https://www.thetruthaboutmortgage.com/mortgage-lender-to-share-servicing-income-with-loan-officers/

thetruthaboutmortgage.com

Mortgage Lender Offers to Share Servicing Income with Its LOs

A Virginia-based mortgage lender has launched a loan officer compensation plan that provides originators with a piece of the loan servicing fee.

Dustin

Member

July 20, 2023 at 5:11 pm in reply to: Late Payments in The Past 12 Months

@Alex Carlucci @gustan-cho Will you please share the specifics on this file? This would be great info to have for future BK clients.

Dustin

Member

July 11, 2023 at 10:06 pm in reply to: HARD MONEY LOANS UTAH 75% LTV

Utah is a great place for investors outside of the Salt Lake Valley. Hard Money loans & DSCR are great opportunities for your investors. If you are an MLO with no license in Utah, call me. I am happy to help your clients get a foothold in this market.

Let’s Make Your Mortgage Work For You!

Dustin

Member

July 11, 2023 at 3:43 pm in reply to: Refinance Cash-out/Debt Consolidation

Hey, Felix. There is no way anyone is going to touch this. The borrower needs to get their mid-score over 500 to even have a chance of making this happen. Once 12 months have passed on the mortgage late, the borrower will technically qualify for an FHA C.O. refi. LTV looks good, DTI would be the next hurdle. What are the recent lates specifically? I would suggest you get the borrower working on the mid-score now so you are ready to submit by the end of August 2023. A rapid re-score is your only hope to boost that score. If the borrower’s DTI is low, you might be able to have them open credit-building CCs with Cap One & Discover. They would need to be very disciplined and proactive with those credit-building new lines of credit. Usually, a 459 tells you they are not and will not be disciplined.

Dustin

Member

July 10, 2023 at 6:06 pm in reply to: Late payments before filing g a chapter 13 bankruptcy

@alexcarlucci Is your client trying to execute a C.O. Refi to pay off the debtors named in Chapter 13? If yes, contact your borrower’s lawyer and ask them to email you the proof of payment leger. If that leger is good to go with no payments missed or showing lates, the lawyer will email you a letter on company letterhead stating so. Then the judge will more than likely sign off on the transaction. Usually, that will force the underwriter to comply. You will need a 24-month bank transaction statement from the borrower as well.

This reply was modified 1 year, 4 months ago by Dustin.

Dustin

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July 10, 2023 at 3:55 pm in reply to: Car Enthusiasts Garage Fans

My 04 STI

Dustin

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July 20, 2023 at 5:37 pm in reply to: DIY CREDIT REPAIR

Wow! This is great to know. I am always looking to find new ways to help potential clients.

Dustin

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