[Gustan Cho]

NEXA Mortgage’s New 100% Payout for MLOs

NEXA Mortgage has recently announced an exciting update to its commission structure aimed at incentivizing mortgage loan originators (MLOs). The new program, “NEXA Mortgage 100,” allows MLOs to earn 100% of the revenues under specific conditions. Here’s a detailed look at the announcement and what it means for MLOs.

Key Details of the New Commission Structure

Recruitment and Production Requirement:

Recruitment: MLOs must recruit at least one full-time independent Mortgage Loan Originator.

Production: The recruited loan officer must complete at least one monthly loan with one or all three wholesale lending mini-correspondent investors (EPM, MLB, and UWM).

100% Revenue Payout:

Earning Potential: Once the recruitment and production conditions are met, the originating MLO will earn 100% of the revenue from their loans.

Revenue Calculation: The revenue includes all the commissions and fees from the loans processed through the specified investors.

Benefits for Self-Producing MLOs

Increased Earnings:

Full Commission: MLOs can retain all their commission, significantly increasing their earnings compared to traditional commission splits.

Motivation for Recruitment: The program incentivizes MLOs to build and support a network of productive loan officers, fostering a collaborative and growth-oriented environment.

Career Advancement:

Professional Growth: Experienced MLOs can expand their influence and professional network by recruiting and mentoring new loan officers.

Leadership Opportunities: The structure encourages MLOs to take on leadership roles, contributing to their personal growth and the company’s success.

NEXA Mortgage’s Wholesale Lending Partners

The program emphasizes collaboration with three key wholesale lending mini-correspondent investors:

• EPM (Equity Prime Mortgage)
• MLB (Mortgage Lending Business)
• UWM (United Wholesale Mortgage)

These partnerships provide MLOs with various competitive loan products and services, enhancing their ability to meet diverse client needs.

How to Get Started

Join NEXA Mortgage:

Application: Interested MLOs can apply to join NEXA Mortgage, benefiting from the supportive environment and lucrative commission structure.

Training and Support: NEXA provides comprehensive training and support to ensure MLOs are equipped to succeed.

Recruit and Train:

Identify Candidates: Recruit full-time independent Mortgage Loan Originators who show potential for success.

Mentorship: Provide guidance and mentorship to help recruited loan officers meet their production goals.

NEXA Mortgage’s new 100% payout program represents a significant opportunity for self-producing MLOs to maximize their earnings and expand their professional network. By meeting the recruitment and production criteria, MLOs can benefit from retaining the full revenue from their loans, making it an attractive option for those looking to advance their careers in the mortgage industry. For more detailed information, prospective MLOs should contact NEXA Mortgage Gustan Cho Associates directly at https://gcaforums.com/career-opportunities/. This program is a testament to NEXA Mortgage’s commitment to fostering growth and success among its loan originators.

gcaforums.com

Career Opportunities

Gustan Cho Associates has career opportunities for loan officers, branch managers, independent P and L managers, and REALTOR/MLO partners

[Gustan Cho]

Do You Need to be a CPA to Write a CPA Letter for a P&L Statement Mortgage?

When applying for a P&L (Profit and Loss) statement mortgage loan, particularly for self-employed borrowers, lenders may require a CPA letter to verify the accuracy and authenticity of the financial statements provided. Here’s what you need to know:

Requirements for a CPA Letter

Certified Public Accountant (CPA):

• Many mortgage lenders specifically require that the letter verifying the P&L statement be written by a Certified Public Accountant (CPA).
• This is because CPAs are licensed professionals held to high standards of accuracy and ethics in financial reporting.

Tax Preparer:

• A tax preparer who is not a CPA might not be acceptable to many lenders.
• Tax preparers’ qualifications can vary widely, and without CPA certification, lenders may question the reliability of the financial documentation.

Why Lenders Prefer CPAs

Credibility and Trust: CPAs are trusted to provide accurate financial information due to their rigorous training, ethical standards, and ongoing education requirements.

Regulatory Compliance: CPAs are required to comply with state licensing regulations, which provide lenders with an additional layer of assurance.

Detailed Understanding: CPAs often have a comprehensive understanding of financial and tax regulations, which helps ensure that the P&L statements are prepared correctly.

Getting a CPA Letter

If your mortgage lender requires a CPA to write the verification letter, here are the steps you can take:

Hire a CPA:

• You will need to hire one if you do not currently work with a CPA.
• You can find CPAs in your area or seek recommendations from other business owners.

Provide Documentation:

• The CPA will need access to your financial records, including your P&L statements, bank statements, and other relevant financial documents.
• Be prepared to provide comprehensive and accurate documentation.

CPA Review:

• The CPA will review your financial records to ensure accuracy and completeness.
• This review may involve some back-and-forth communication to clarify discrepancies or provide additional information.

CPA Letter:

• Once the CPA is satisfied with the accuracy of your financial records, they will prepare a letter verifying the P&L statement.
• This letter will typically include details about their review process and confirm the accuracy of the financial statements.

Finding a Certified Public Accountant

State Boards of Accountancy: Each state has a board of accountancy that maintains a directory of licensed CPAs. You can find a CPA by visiting your state board’s website.

Professional Organizations: The American Institute of CPAs (AICPA) offers resources for finding licensed CPAs.

Referrals and Networking: Ask for referrals from other business owners, colleagues, or your local chamber of commerce.

To meet the requirements for a P&L statement mortgage loan, you generally need a CPA to write the verification letter. CPAs provide a level of credibility and accuracy that lenders trust. Suppose you do not currently work with a CPA. In that case, you should hire someone to review your financial records and prepare the necessary documentation.

References

• American Institute of CPAs (AICPA)
• National Society of Accountants
• State Boards of Accountancy

By ensuring that a qualified CPA verifies your P&L statements, you can improve your chances of securing a P&L statement mortgage loan. However, you do not need a CPA as long as the accountant is a registered tax preparer, that is fine too.

aicpa.org

AICPA & CIMA

AICPA® & CIMA® is the most influential body of accountants and finance experts in the world, with 689,000 members, students and engaged professionals globally. We advocate for the profession, the public interest and business sustainability.

[Gustan Cho]

FHA and VA Loans During and After Chapter 13 Bankruptcy

Obtaining FHA and VA loans during and after Chapter 13 bankruptcy involves meeting specific guidelines set by the U.S. Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs (VA). Here’s a detailed overview:

FHA Loans During Chapter 13 Bankruptcy

Eligibility Requirements:

On-Time Payments: Borrowers must have made 12 months of on-time payments to their Chapter 13 repayment plan.

Court Approval: The bankruptcy court must approve the borrower’s request for a new mortgage loan.

Manual Underwriting: Loans are subject to manual underwriting, which involves a comprehensive review of the borrower’s financial situation.

Credit and Income: Borrowers need to demonstrate stable income and meet credit requirements, which typically include a minimum credit score of around 580, though this can vary by lender.

Debt-to-Income Ratio: Borrowers must meet FHA’s debt-to-income (DTI) ratio requirements, which generally allow for a maximum of 43% for front-end ratios and up to 56.9% for back-end ratios, depending on compensating factors.

FHA Loans After Chapter 13 Bankruptcy

Eligibility Requirements:

Discharge Requirements: Borrowers must wait at least two years from the discharge date of their Chapter 13 bankruptcy to qualify without manual underwriting. Suppose they have demonstrated strong credit and financial management during and after the bankruptcy. In that case, they can be eligible for an FHA loan one year after discharge.

Credit and Financial Stability: Borrowers should improve their credit score and maintain a positive credit history post-bankruptcy.

Documentation: You will need a copy of the bankruptcy discharge papers and documentation of timely payments throughout the bankruptcy period.

VA Loans During Chapter 13 Bankruptcy

Eligibility Requirements:

On-Time Payments: Similar to FHA loans, VA loans require that borrowers have made at least 12 months of on-time payments to their Chapter 13 repayment plan.

Court Approval: The bankruptcy court must approve the borrower’s request to obtain new debt.

Manual Underwriting: VA loans are also subject to manual underwriting, involving a thorough review of the borrower’s financial history and current status.

Credit and Income: Borrowers must demonstrate sufficient income and meet the VA’s credit requirements. Most lenders prefer a minimum credit score of 620.

VA Certificate of Eligibility: Borrowers must obtain a Certificate of Eligibility (COE) from the VA, verifying their entitlement to VA home loan benefits.

VA Loans After Chapter 13 Bankruptcy

Eligibility Requirements:

Discharge Requirements: Similar to FHA loans, borrowers typically need to wait at least two years from the discharge date of their Chapter 13 bankruptcy.

Credit and Financial Stability: Borrowers should improve their credit score and maintain a positive credit history post-bankruptcy.

Documentation: You need a copy of the bankruptcy discharge papers and evidence of timely payments throughout the bankruptcy period.

FHA Loans:

Chapter 13: Require at least 12 months of on-time payments, court approval, manual underwriting, and stable income.

After Chapter 13: Require a waiting period of one to two years post-discharge, improved credit, and documentation of timely payments.

VA Loans:

Chapter 13: Require at least 12 months of on-time payments, court approval, manual underwriting, sufficient income, and a Certificate of Eligibility.

After Chapter 13: Require a waiting period of up to two years post-discharge, improved credit, and documentation of timely payments.

[Gustan Cho]

FHA and VA loans are generally the only mortgage options available to borrowers still in an active Chapter 13 bankruptcy repayment plan. Here are detailed insights into why these two loan types are available and the specific requirements for qualifying under these programs:

FHA Loans During Chapter 13 BankruptcyEligibility Requirements:

One Year of Payments: Borrowers must have made 12 months of on-time payments to their Chapter 13 bankruptcy repayment plan.

Court Approval: The bankruptcy court must approve the borrower’s request for a new mortgage loan.

Manual Underwriting: Loans are subject to manual underwriting, which involves a detailed review of the borrower’s financial history, current financial status, and the reasons for the bankruptcy.

Credit and Income: Borrowers must demonstrate stable income and meet credit requirements, which vary by lender but generally require a minimum credit score of around 580.

DTI Ratio: Borrowers must meet FHA’s debt-to-income (DTI) ratio requirements, which typically allow for a maximum of 43% for front-end ratios and up to 56.9% for back-end ratios, depending on compensating factors.

VA Loans During Chapter 13 BankruptcyEligibility Requirements:

One Year of Payments: “VA Loans During Chapter 13 Bankruptcy “Similar to FHA loans, VA loans require that borrowers have made at least 12 months of on-time payments to their Chapter 13 repayment plan.

Court Approval: The bankruptcy court must approve the borrower’s request to take on new debt.

Manual Underwriting: VA loans are also subject to manual underwriting, meaning each application is carefully reviewed on a case-by-case basis.

Credit and Income: Borrowers must demonstrate sufficient income and meet the VA’s credit requirements. While there is no official minimum credit score for VA loans, most lenders prefer a score of at least 620.

VA Certificate of Eligibility: Borrowers must obtain a Certificate of Eligibility (COE) from the VA, which proves they meet the VA’s service requirements.

Non-QM Loans and Other Conventional Loans

Non-QM (Non-Qualified Mortgage) and conventional loans generally do not allow borrowers to qualify for a mortgage. At the same time, they are still in an active Chapter 13 bankruptcy repayment plan. These types of loans typically require the bankruptcy to be fully discharged or dismissed before a borrower can qualify. FHA Loans and VA Loans: Allow qualification during Chapter 13 repayment. Require at least 12 months of on-time repayment. Require court approval. Subject to manual underwriting. Have specific credit and income requirements.

Non-QM Loans and Conventional Loans: Generally, qualifications are not allowed during active Chapter 13 repayment. Require bankruptcy discharge or dismissal. Consulting with a mortgage professional or financial advisor can also provide personalized guidance tailored to individual financial situations and help navigate the complexities of obtaining a mortgage during a Chapter 13 bankruptcy repayment plan.

https://gustancho.com/fha-chapter-13-bankruptcy-guidelines/

gustancho.com

FHA Chapter 13 Bankruptcy Guidelines on FHA Loans

VA and FHA Chapter 13 Bankruptcy Guidelines allows borrowers to qualify one year into a Chapter 13 Repayment Plan via manual underwrite

[Gustan Cho]

Thank you for providing that information about Gustan Cho and his roles at Lending Network Inc. Based on what you’ve shared, Gustan Cho holds significant leadership positions in the mortgage and lending industry. Here’s a summary of the key points about Gustan Cho and Lending Network, Inc. and Mortgage Sensei:

Gustan Cho has two primary roles:

• • CEO of Lending Network Inc.
  • COO of GCA Mortgage Forums

Gustan Cho likely focuses on:

• Mortgage Solutions
• Consulting services
• Educational resources for consumers and professionals
• Possibly mortgage brokerage and loan origination services

Lending Network Inc. is a premier national commercial mortgage broker and correspondent lender:

• Lending Network is a comprehensive lending service provider
• Offering various loan products, including residential mortgages and commercial loans
• Providing financial products and services for individuals and businesses

Gustan Cho‘s leadership roles suggest he has:

• Significant influence in the mortgage lending industry

Responsibilities include strategic decision-making and business development, as well as oversight of daily operations in both organizations. As you mentioned, specific details about Howell’s work and these organizations’ services may be private. For the most accurate and up-to-date information, it is best to consult the official websites of these organizations or seek out Howell’s professional profiles on business networking platforms.

This information provides a general overview of Gustan Cho’s professional standing in the mortgage and lending industry, highlighting his leadership roles in two seemingly influential organizations.

Lending Network, Inc.

https://www.lendingnetwork.org/

lendingnetwork.org

Home - Lending Network, LLC

COMMERCIAL LOANS, COMMERCIAL REAL ESTATE

[Gustan Cho]

Pleasure to meet you, George. Like to discuss this matter over the phone when you are available rather than on online message board. I am available anytime if you can text me on my cell phone at 262-627-1965. I am CDT. Thank you George.

[Gustan Cho]

You’ve raised some important concerns about the current economic situation. Let’s break down the factors you’ve mentioned and their potential impact:

Inflation: High inflation rates can put financial pressure on households and businesses. However, while significant, the current inflation is not unprecedented in U.S. history. The early 1980s saw even higher rates.

Home prices: High home prices make it difficult for many to enter the housing market. This can increase demand for rentals, potentially driving up rental costs.

Mortgage rates: High mortgage rates (nearly 8%) make home-buying less affordable, which could cool the housing market.

Rent increases: Rising rents without corresponding wage increases can strain household budgets.

Wage stagnation: If wages aren’t keeping pace with inflation, it reduces purchasing power.

Potential consequences: Increased financial stress for many households. Difficulty in meeting basic expenses and debt obligations. Potential increase in credit card usage to bridge gaps.

Regarding bankruptcies, an increase in filings is possible if economic conditions worsen. However, bankruptcy rates don’t always directly correlate with economic downturns. Other factors, like changes in bankruptcy laws, can also influence filing rates.

It’s important to note that economic predictions are inherently uncertain. Government policies, market adjustments, and other factors can influence outcomes. Individual financial situations vary greatly. While your concerns are valid, it’s difficult to predict with certainty that bankruptcy rates will increase “like never before.” The economy is complex, and various factors can mitigate or exacerbate financial stresses. If you’re concerned about your financial situation, it may be wise to:

• Review your budget and expenses
• Build an emergency fund if possible
• Seek financial advice if needed

Stay informed about assistance programs or resources in your area. Remember, while economic conditions can be challenging, they tend to be cyclical. It’s important to stay informed and maintain perspective.

[Gustan Cho]

Joe Biden is one of the biggest lying idiot in the 🌎 world. Nobody respects this crazy lunatic.

[Gustan Cho]

A great thank you, Peter. You have been consistent daily, seven days a week, and committed. A lot of things we write, we are ranking on first page on Google. That means we are getting higher domain authority which is what we want. The key is whatever keyword or topic we want, we want the search engines to pick it up. This happens with having a high DA which is high domain authority. Our other websites have high domain authority and that is how you found us. For example, let me go over just a few keywords you can enter on Google and see if it shows up on first page or second page:

1. Dan Bongino versus Bill O’Reilly

2. IS KAMALA HARRIS THAT MUCH OF AN IDIOT

3. AXEN MORTGAGE VS NEXA MORTGAGE

4. PETER ARCURI MORTGAGE

Anyways, we have hundreds of keywords ranking on first page of Google and are literally improving on domain rating rank. Thank you again and we will see you at the top, my friend. Congratualtions. Heared you are closing on your home on July 18th. July 18th will come so fast you will not know what happened. Lol.