Dually Licensed Lisa Jones
Dually LicensedForum Replies Created
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There are more and more loan officers and real estate agents leaving the housing industry. More real estate agents are now Ubering and looking for second jobs and are thinking of calling it quits. Retail Loan officers are switching to being Mortgage brokers because rates are soaring and they need to be competitive.
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I remember a client I referred to a loan officer had a tax lien and they could qualify for an FHA loan but not conventional loan. FHA loans allow federal tax liens if the borrower has a written payment agreement with the IRS and has made three timely payments. Fannie Mae allows payment agreements with the IRS but not if the borrower was seriously delinquent where it turned out to be a tax lien. Getting approved for a mortgage with a federal tax lien can be challenging, but it is possible under certain circumstances. Here are some key points to consider: Outstanding tax debt: Lenders typically want to see that any outstanding federal tax debt is being resolved through an approved payment plan or installment agreement with the IRS. Simply having an unpaid tax lien can make it difficult to qualify for a mortgage.
- Payment history: If you have an approved payment plan or installment agreement with the IRS, lenders will want to see a consistent and satisfactory payment history over a certain period, usually at least 12 months.
- Down payment and credit: You may need to compensate for the increased risk by making a larger down payment (often 20% or more) and having a strong credit score. Some lenders may also require additional cash reserves.
- Lien subordination: In some cases, the IRS may agree to subordinate (make secondary) the federal tax lien to the new mortgage. This means the lender’s interest would take priority over the IRS lien, making the lender more willing to approve the mortgage.
- Lender guidelines: Different lenders have varying policies and guidelines regarding tax liens. Some may be more flexible than others, especially if the lien is relatively small or you can demonstrate significant income and assets.
The best approach is to be proactive and work with the IRS to resolve the tax debt as soon as possible. You may need to provide documentation from the IRS confirming the payment plan, the remaining balance, and your payment history.
Additionally, consulting with a qualified mortgage lender or broker can help you understand your options and determine the best path forward. They may be able to advise you on lenders more willing to work with borrowers with tax liens or recommend steps to improve your chances of approval.
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I did extensive research on choosing the right mortgage company to work for as a mortgage loan originator. I think if you are a new loan officer, choose a mortgage company where there is a brick and mortar than a remote loan officer position. This way you can learn hands on from fellow veteran loan officers, processors, and the manager. I think for me, becoming a mortgage loan officer with a mortgage broker best suits my needs because you are not captive and you have access to many different wholesale mortgage lenders. You can get great training from wholesale account reps as a mortgage broker and wholesale lenders have great training programs.
Mortgage brokers and mortgage bankers both play key roles in the mortgage lending process, but they operate in different capacities:
Mortgage Broker:
A mortgage broker acts as an intermediary between borrowers and lenders. Brokers don’t originate loans themselves but work with multiple lenders to find the best mortgage product for their clients. They help borrowers navigate the mortgage market, comparing rates and terms from various lenders. Brokers typically earn a commission from the lender or borrower upon successful completion of a mortgage loan.
Mortgage Banker:
A mortgage banker is a direct lender. They originate, process, underwrite, and fund loans using their own capital or a line of credit. Unlike brokers, mortgage bankers have the authority to approve and fund loans directly. Mortgage bankers may offer a more streamlined process since they control the entire lending process in-house. They often service the loans they originate, meaning borrowers make payments directly to the mortgage banker.
To conclude my research, I have talked to many veteran loan officers and managers. While both mortgage brokers and mortgage bankers facilitate the home loan process, brokers act as intermediaries connecting borrowers with lenders, while bankers originate and fund loans directly. Each has its own advantages and considerations depending on the borrower’s needs and preferences.
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I am a licensed real estate broker in three states and a real estate agent is five states and am studying for my mortgage loan originator NMLS license. I have referrals for loan officer referral partners but do not make any referral fees. Can I become a loan officer for an FDIC bank without mortgage loan orignation license and be registered in 50 states without paying each state licensing fees? I have originated loan prior to the 2008 financial crisis but we did not need to have NMLS license during the era I originated loans. I am familiar in most aspects of originating loans from government-backed loans to conventional and nonprime loans.
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Bill would you mind explaining the difference between AXEN and NEXA Mortgage
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Thank you for the prompt response Bill. I am going to pick on your allegiant and knowledgeable expertise in the real estate industry if you can be nice and share your knowledge. First, many real estate companies are getting into the mortgage business. Compass Mortgage, Keller Williams, Fathom Realty and ibam sure dozens of other firms Are all taking a bath or are they profitable? How are they able to recruit with a potential conflict being a realtor and loan officer? Is Motto Mortgage the only lender with the franchise model? Are these realty owned subsidiary lenders mortgage brokers or mortgage lenders. Have you hear or know about Edge Mortgage, Barrett Financial, C2 Mortgage? Are these companies brokers or lenders? Respectfully thank you in advance
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Thank you for sharing your information. I heard of Motto Mortgage. Actually, Gustan asked me if I knew about Motto and how it worked. I know everyone has their own perks and not each company is perfect for each individual. I am a realtor but getting my NMLS LICENSE once I pass the exam. Thank you.
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Here’s another political humor about Michael Robinson Obama. This one, I found it cute. Whether it’s a Michael or Michelle, please don’t get offended by this. Just political humor and memes
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This is Fake News. Just amazing how technology can distort and photoshop people like it came from them. Funny.