Loan Officer Gustan Cho
Loan OfficerForum Replies Created
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Don’t tell me you got another ticket, Odio. You will never get out of a traffic ticket by claiming that you are a Sovereign Citizen and keep watch the First Ammendment Auditors videos and plead the fifth and lecture the cop on the first Ammendment and your rights to remain silent
Just be polite and sincere and stop with telling police officers that you want his supervisor present and demand the officer’s name and badge number. You are just asking for the officer not just to write you a ticket but add more charges than you deserve. Stop watching that crap. It’s just getting your ass in more trouble.
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Sonny, let me know when you and your daughter are available. @SonnyW
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There are a few key reasons why some loan officers have been leaving the mortgage industry in recent years: Declining mortgage volume – The housing market and mortgage refinancing activity have cooled off significantly from the heights of the COVID-19 pandemic. This has led to a drop in overall mortgage volume, which can make it more challenging for loan officers to earn commissions and maintain stable incomes. The reason for decling volume in mortgage loans is a combination of skyrocketing mortgage rates, out of control inflation, and surging home prices. There are more factors contributing to the reduction of mortgage loan units throughout the country.
Over the past two years, mortgage rates have risen significantly in the United States: In March 2022, the average rate for a 30-year fixed-rate mortgage was around 4.5%. Prior to March, 2022, mortgage rates were lower. Rates were as low as 2.5% in 2019. By October 2022, the average 30-year fixed mortgage rate had surged to over 7%. This represented the highest level for 30-year fixed rates since 2002. As of March 2023, the average 30-year fixed mortgage rate was around 6.5%.
So in the span of just under two years, from early 2022 to early 2023, the average 30-year fixed mortgage rate has increased by approximately 2 to 3 percentage points.
This sharp rise in mortgage rates has had a significant impact on the housing market and affordability for prospective homebuyers. Higher rates mean higher monthly mortgage payments, pricing some buyers out of the market.
The rapid increase in rates was driven by a combination of factors, including the Federal Reserve’s aggressive interest rate hikes to combat high inflation, as well as broader economic uncertainty. The mortgage industry has had to quickly adapt to this changing rate environment over the past couple of years.
Inflation can have a significant impact on mortgage rates. Here’s a general overview of how inflation affects mortgage interest rates:
Relationship between inflation and interest rates: As inflation rises, the central bank typically responds by increasing benchmark interest rates. This is done to try to slow down the pace of inflation.
Impact on mortgage rates: Mortgage rates are closely tied to prevailing interest rates in the economy, especially the yield on government bonds like the 10-year Treasury. When the central bank raises interest rates to combat inflation, mortgage rates also tend to increase.
How inflation impacts homebuyers and the housing markets is another important factor to take into consideration. Higher mortgage rates mean higher monthly payments for homebuyers. This can price some buyers out of the housing market. Rising rates also reduce the purchasing power of homebuyers, as they can afford less home for the same monthly budget.
How Inflation impact homeowners when refinancing their home: Existing homeowners may be less inclined to refinance their mortgages when rates are rising due to inflation. The incentive to refinance diminishes as rates increase, making it harder for homeowners to lower their monthly payments. Many people wonder what the long term effects of inflation is. Sustained high inflation and rising interest rates can slow down the overall housing market, as home affordability declines. This may lead to reduced home price appreciation and fewer home sales over time.
Inflation can have a significant impact on mortgage rates. Here’s a general overview of how inflation affects mortgage interest rates: Relationship between inflation and interest rates: As inflation rises, the central bank typically responds by increasing benchmark interest rates. This is done to try to slow down the pace of inflation. Another frequently asked question is how inflation impact on mortgage rates: Mortgage rates are closely tied to prevailing interest rates in the economy, especially the yield on government bonds like the 10-year Treasury. When the central bank raises interest rates to combat inflation, mortgage rates also tend to increase. Higher mortgage rates mean higher monthly payments for homebuyers. This can price some buyers out of the housing market. Rising rates also reduce the purchasing power of homebuyers, as they can afford less home for the same monthly budget. Existing homeowners may be less inclined to refinance their mortgages when rates are rising due to inflation. The incentive to refinance diminishes as rates increase, making it harder for homeowners to lower their monthly payments. Sustained high inflation and rising interest rates can slow down the overall housing market, as home affordability declines. This may lead to reduced home price appreciation and fewer home sales over time.
So in summary, elevated inflation typically translates to higher mortgage rates, which affects both prospective home buyers and existing homeowners looking to refinance. Managing the impact of inflation on mortgage costs is a key concern for manyRegulatory changes and compliance burdens – The mortgage industry has become increasingly regulated in the years since the 2008 financial crisis. Loan officers have to navigate a complex web of rules and compliance requirements, which can be time-consuming and frustrating.
Competition from digital lenders – The rise of online and app-based mortgage lenders has disrupted the traditional mortgage broker model. Some loan officers may be struggling to adapt to the more tech-driven nature of the industry.
Burnout and work-life balance issues – The mortgage industry can be high-pressure, with long hours and the need to constantly prospect for new business. Some loan officers may be leaving the field in search of more balanced lifestyles.
Career changes – For some loan officers, the mortgage industry may have been a stepping stone to other financial services roles or completely different careers. The instability of the past few years may have prompted some to seek more stable or fulfilling work.
It’s worth noting that the mortgage industry is still sizable, and many loan officers remain successful in the field. But the combination of market forces, regulatory changes, and evolving consumer preferences has made the job more challenging for some professionals.
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Just a note and tip on my insights to investing in precious metals versus other investments unless it is real estate. Even with real estate, I think it is overvalued and mortgage rates will drop and the way to score on real estate investments is building or buying a fixer-upper or property flip. I will cover real estate on a different forum or subforum. If you decide you are going to invest in gold and silver, invest in the physical silver or gold bars and not the paper silver and gold certificates. There is so much fraud and deceit in the marketplace. Look at the dollar. The dollar is not backed by any hard assets. Look at the stock markets. It is artificially inflated and when it tanks, it will not just tank but you can bet there is going to be a freefall market crash. Do you think that the Dow Jones Industrial Averages should be at 40,000? Do you believe the Joe Biden Administration and their cronies like Janet Yellen, and Jerome Powell that inflation is under control and we had a soft landing? Have you been to the grocery store lately and seen the prices of goods? Have you tried to get a mortgage and see where rates are? Have you gone car shopping and seen prices of vehicles and interest rates? How many friends and family members do you know who are unemployed, underemployed, or are looking for a job. You decide. Anyways, paper silver and gold can be shorted and printed but real tangible gold and silver cannot. What you inves
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Good evening, folks. What a week it’s been. Inflation keep riding and more companies are closing its doors. Four large companies closed in Illinois spiraling unemployment numbers upwards despite the Joe Biden Administration doubling down and talking out of their assess that Bidenomics is the best thing since sliced bread for the economy with the support of the FAKE MEDIA with CNBC Jim Kramer lying with a straight face on how great the economy is. Good new is Silver and Gold prices have broke their resistance point and is surpassing 2 year highs. Gold closed at $2,349 per ounce and Silver at $27.60 per ounce. Guess now I know why I am called Nostramas of Silver. Silver is still a bargain and safe to load up per my forecast.
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@Wendy GM Lahn, Esq., MBA, LL.M. has the answer
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Former President and Co-Founder Mat Grella talks about the termination of the partnership agreement at NEXA Mortgage to the press: In this thread, I like to show my personal independent insights and thoughts of the separation between CEO Mike Kortas and former co-founder Mat Grella. I, as most of my colleagues at NEXA Mortgage and third-party business associates was more than surprised when news broke there will be changes in the leadership at NEXA Mortgage. Our CEO Mike Kortas and his junior partner Mat Grella were separating and terminating their business agreement and corporate partnership. Did not know how to take the news. My first instant reaction to hearing the news was calling CEO Kortas the minute I heard. However, out of respect to CEO Mike, I could not be selfish and control myself and give the courtesy to the gentleman who I have grown to know, work with, respect, and grow extremely fond of the past 26 months I have been part of the NEXA Mortgage team under CEO Mike’s leadership. The reason I am mainly addressing CEO Kortas is because he is the person who I mainly dealt with from the day I committed myself and my team to NEXA Mortgage. I have only spoken to Mat Grella no more than 6 times during my tenure at NEXA Mortgage and five out the six times were communications via text and/or email channels. My team and I did meet Mat Grella once when he flew to Chicago for a business luncheon. Very professional, fun, and had a great time. Team GCA got to know who co-founder Mat Grella was, is, and which direction we were headed with finally meeting the junior partner at NEXA Mortgage, LLC. As for CEO Mike Kortas, I communicated by talking to him, texting and calling weekly. I have the honor of meeting CEO Mike Kortas and Mrs. Edna Kortas in Chicago last year for lunch which was the best luncheon I can remember. It was a surprise luncheon where CEO Mike and his family had personal family affairs to take care of in Chicago. CEO Kortas and Mrs. Edna Kortas took time of their precious personal schedule in Chicago to meet with me personally for lunch: It was not small lunch either: Several hours of lots of food and expensive cognac, whisky, and wine. Will always cherish and remember the special lunch we had. As time passed, our relationship between me, my team, and our CEO Mike Kortas grew stronger. By our relationship, I mean mutual trust, loyalty, respect, and the separation between personal and business sides of our growing association with one another. I know that CEO Mike did not know how to read me when we first met. Seemed like he had a “WTF is This Gustan Cho Character?” Ya, see, I am kinda rough around the edges and cannot be two-faced or an actor. I can only be professional for five minutes, and the WTF’s come out. I cannot like someone who I do not respect, trust, or talks out of their asses. Therefore, I am not hireable and either need to run my own business or work with people who are NOT just a good fit, but a GREAT FIT. No such thing as a compromise when it comes to me. Most the folks who work with me are employees who have become a great trusted and loyal friend and family and have worked together for many years. A lot of people who joined my team left shortly after working together and have returned. I guess you do not know how great you have it until it is gone. Bottom line with CEO Mike Kortas and former business partner Mat Grella is that there was great possitive energy momentum for many years since the creation of NEXA Mortgage with no visible signs of weakness or conflict within the NEXA community and its upper management and leadership. One thing I will attest to is that CEO Mike Kortas is above and beyond being fair: He is hands down generous but yet firm. Since the time I started at NEXA Mortgage (January 2nd, 2022, officially onboarded and sponsored on February 24th, 2022), CEO Kortas led the largest mortgage brokerage in the nation with pride, integrity, and honor. CEO Kortas led by example. I may not be reigious but I am extremely spiritual and believe in God. God’s got a reason for everything. There is a reason why I have CEO Mike Kortas in my life and why I am in his. God gave us one life to be the best we can be and become successful. Everyone’s definition of success is different. A blue collar worker working seven days a week, making above average income to support his family and being able to send his children to college and earning a lifetime $3,000 a month pension may be SUCCESS for him but not a different person. Nobody is above the law and has no right to demean another human being. I remember my father sitting me down when I was ten years old and having our first father and son serious meeting. The key points that was discuss that very day from my father was the making and foundation of my future and how I lived my life. I shared my thoughts with CEO Mike and Mrs. Kortas during our luncheon. It seemed like I was in the twighlight zone the day of our luncheon with CEO Mike and Mrs. Edna Kortas because the way CEO Mike grew up and my principles and beliefs were so similar. Now I like to share them with all of you because there is not a day that goes by that I do not think of the following principles.
One of the five things he preached was, son, never embarrass me no matter how old you are which I will detail more in the following paragraph.
#1. You were not born in this country so give up with any thoughts or dreams of becoming the President of the United States. It will never happen. America is you adopted country and consider yourself blessed the country welcomed you in as a guest. (I eventually became a Naturalized Citizen of the United States with the naturalization of my mother in 1982).
#2. Son, since America is your adopted country, for you to become close to becoming equal or known for you hard work you need to work twice as hard than a natural born American. To get to the top of the class you need to study twice as much and work three times as hard. Fellow student spends 20 hours for homework, you need to spend 40 hours. You will not get the same privilege as natural born citizens. Always remember that you are a guest in this country and always will be. To get ahead at the workplace and get promoted, you need to work twice as hard. Fellow co-worker works 40 hours, you work 80 hours.
#3. Always respect elders no matter their position in our social and economic class. Whether the person is homeless, a blue collar work, or professional, if God gave that person is older than you are, that person has been on our planet Earth longer that you have. Respect people older than you because experience in life is experience that cannot be thought, bought, or inherited.
# 4: Never embarrass me and the family. DO NOT lie, steal, or take anything that is NOT YOURS or DOES NOT BELONG to you. People will never forget the truth. However, you will not remember a lie as time pass. You lie, cheat, steal, or take something that do not belong to you or something that you have not earned, it is NOT if people will find out, but WHEN they will find out. Never talk out of your ass and never take credit that you know the credit does not belong to you. Be humble, and never show off by bragging. Remember that God will take things away from you if you brag or show off to people who are less fortunate.
#5: Greed is the roots of all evil. Remember and never forget where you come from. There are two types of human relationships: Business and Personal. Do not mix and match each type of relationship and learn starting today to distinctly separate the two. Business relationships can come and go. However, personal relationships can last forever only and only if under the following conditions: Both party need to make it work. If you are the only one alive
I have never met a leader who practiced and did what he said. It starts with his core foundation. I am a firm believer it is a must to take a few steps backwards to go forward. CEO Kortas has never NOT honored a word since the day I started. Any time CEO Mike said a YES, you can take that YES to the BANK. The challenge is getting him to say YES. However, with his common sense foundation of Common Sense Applies principle, and his second principle of “If I make an exception and say YES to you, than I have to do it for everyone else principle, it is hard to believe the allegations and validity of the former NEXA co-founder of his lawsuit. I am getting calls, texts, emails, hourly from not just loan officers at NEXA BUT loan officers, branch managers, and owners of smaller mortgage broker shops. By no means am I calling Mat Grella a liar or am I intending on making derogatory insunuations. I still like, and respect Mat Grella. This comment and feedback is not just directed to Mat Grella but rather everyone. A lawsuit is NOT the road to resolve a disagreement or settling a differences of opinion. We all know that CEO Mike is the alpha leader or the Bear of the company. I suggestion is Don’t Poke the Bear because the Bear will not poke you back, but you will never win and may possibly regret it. Regret is very hard to live with and is like stage-5 cancer. I bet if anyone were to sincerely ask the BEAR, let’s settle this and come to a FAIR deal and move towards strenghing our personal relationship, I bet the BEAR will take that request into serious consideration and have a common sense approach. Having lawyers involved, hurts not just the party getting sued, but everyone in an organization. Remember that you do not realize how good you got it until it is gone. Remember how you became big and the position you have accomplished and the person that opened up the road and opportunity for you. From looking things objectively, I just cannot see CEO Kortas doing something intentionally to undermine his or her partner or member of his team. Since I started at NEXA, there is not a time where CEO Mike Kortas not return my call, text, email within the hour. And this not just during business hours but seven days a week. Don’t know how he does it, but the BEAR is a machine. I always thought I was the King Crab Leg. WRONG. CEO Mike Korts is the King Crab Leg. I thought I was the Grizzly Bear. WRONG. I am just an imitation crab and just a cub. CEO Mike Kortas is the real deal. The King Crab, the GRIZZLY BEAR who practices what he says and preaches, never talks out of his ass, who hands down honors his word, and who is respected, loved, and trusted among his personal friends, business associates, third-party independent contractors, and even his competitors. Remember you are who you hang out with. Let’s all stay with the winning leader and team. See you all at the top.
https://finance.yahoo.com/news/nexa-grella-sues-kortas-over-005517593.html
finance.yahoo.com
NEXA’s Grella sues Kortas over “secret, unauthorized” aircraft-related purchases
Mat Grella says NEXA co-owner Mike Kortas retaliated against him after he refused to invest in an aircraft hangar and the purchase of a fourth jet.
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Great question and there’s so many conflicting answers to this topic.
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Yes, that is correct. Chattel units is property only and the land is not owned by the unit owner. We can definitely do financing on Chattel units but require higher down payment. Down payment assistance is available for modular and manufacturered homes fixed to a permanent foundation.
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