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Hello and welcome to the TLC Morgan show let me get in section 13.8. How do loan officers get paid some very handsome Lee? So I’m not. It depends on whom they work, for they work for a National Bank or mortgage Banker. Then more than likely work on a base, salary plus a commission on each loan. If they work for a mortgage broker a smaller Mortgage Bank operation and more than likely work on straight commission no clothes loans, no paycheck National prominence of a mortgage lender helps bring in the business on its own, so the loan officer spend less time developing new business. In exchange for the lender, doing most of the prospecting and coming up with the mortgage after the commission structure is typically reduced. Most often, though, loan officers are on a straight commission how much that can vary, but, Colorado Springs Mortgages generally speaking, a loan officer splits the revenue brought in on an original mortgage loan. Can you get a ,000 mortgage at 7 % pay the broker at 1 % origination fee of ,000? Then a loan officer will split the money with his company. The loan officer gets ,000 in the mortgage. Company gets ,000 loan officer. Who does 10 deals a month? Can make over ,000 a year? Keep this in mind when looking for Tulsa mortgages, but there’s the rub. It’S not easy funny New Deals and it takes skill, luck and determination to stick with the business long enough to establish a market area that can provide a loan officer with 10 loan closings each and every month. That’S why mortgage companies can be so generous with commissions, because it’s the loan officer who takes it on the chin, Colorado Springs Mortgages go out and find some business and I’ll pay you for it. Good loan officers can stay in a business for a long time if they choose bad ones, can’t because they’re unable to bring in the deals fast enough or too and apps to close the ones they do get. No loans, no paycheck. After a few months of no income, it’s quite possible loan officer will choose a different career path. Don’T you think, keep this in mind when looking for Tulsa mortgages, section 13.9, what are market gains market gain is the difference between what the mortgage price was. When you locked it with the lender and what the mortgage price is when the load is physically locked with the lender secondary department or with a mortgage brokers wholesale lender, let’s say that this morning you locked in your interest rate with your loan officer at 7 %, With one discount point – and you got your lock agreement confirming your lock, Colorado Springs Mortgages but what if the loan officer doesn’t get around to locking you right away and locks you in later on in the day, why would a loan officer take such a chance?

Of course, it could be that the loan officer simply made a mistake and forgot to lock you, but it’s also possible to loan officer, saw that the mortgage bond market was improving that day and waited until rates got just a little bit better before officially locking you In be aware of this, when looking for Tulsa mortgages, perhaps rates didn’t get lower by another quarter percent, maybe they are only 20 or 30 basis points better on a ,000 loan 30 basis. Points of this is called a market gain because, even though you locked in at 7 % the loan officer made more money simply because the market improved and rates got lower. You get your lock. Colorado Springs Mortgages The loan officer makes more money worried about basis. Points basis points reflect the cost of a particular Bond. They are not a mortgage rate. Interest rates can change in as little as a quarter or an eighth, rather percent increments. A discount point to buy down that rate can be divided into smaller units called basis. Points 1 discount point just made up of 100 basis points typically buys down and interest rate by a quarter percent and 50 basis. Points typically buys down and interest rate by 8 %. Keep this in mind when looking for Tulsa mortgages, section 13.10 are market gains legal sure there you got what you wanted. The interest rate on a loan officer got a little more money, Colorado Springs Mortgages but this isn’t regular practice. In fact, some mortgage companies prohibit market gains. The consumer wants to lock in the loan, then locking the loan and quit playing around with it. Why wouldn’t mortgage companies want to make more money on a loan if they could, for the same reason, there are market gains, are also Market losses, key lock in at 7 %. This morning you got to lock agreement and if your loan officer forgot to lock you in while rates, moved up another quarter percent for 1 discount point. It’S the lender. Who loses money. Colorado Springs Mortgages They won’t be asking you to pay more money simply because they didn’t get their lock agreement in time.

Keep this in mind when thinking about Tulsa mortgages, I’ve known loan officers over the years to try to make additional gains on almost every single loan. They close. They study the markets, watch the economic reports and listen to speeches by the chairman of the Federal Reserve board, as if it were The Sermon on the Mount they have all these loans at their clients have locked with them, but they don’t officially lock the loans in While trying to make some extra money talk about getting stressed out each day every day, they walk around hoping and praying that the markets and prove so they can make more money while they usually end up making what they usually end up. Making is more worry lines and their forehead Market games and Market losses are inside practice, seldom used by most but used. None-The-Less. Keep this in mind when looking for Tulsa mortgages, section 13.11, do all loan officers charge 1 % on every loan know your loan officer can negotiate your rate as well as whether or not your loan will include an origination fee or discount, we’ll discuss closing cost in More detail in chapter 15, but the loan officer does have some leeway by no means is 1 % a requirement. For instance, if you have a ,000 loan at 1 % of that is ,500, whereas 1 % of a ,000 loan is the loan officer still charged. You 1 %, if the difference in commission is staggering, sometimes on the bigger loans, your loan officer will quote you a half percent origination fee or maybe a flat charge to close your loan. Keep this in mind when looking for Tulsa mortgages, section 13.12, my loan officer, isn’t any good. Can I change loan officers? Colorado Springs Mortgages Sure you can just because you made a decision to work with one loan officer doesn’t mean you’re required to stay with him, especially if this individual is not doing a very good job for you, where she at is trying to take advantage of you. When you cancel a loan, application will typically be asked to send in a written cancellation notice, saying that you want to cancel your loan and transfer it to another Mortgage Company. This written notice, my not be a legal requirement and in fact you don’t have to do anything at all other than apply somewhere else. You can do that without your current loan officer. Knowing about your doing so, the written cancellation will be required, though, should you want some of your documents that your old loan officer has that you want to send to the new loan officer? The appraisal, for instance, will have to have the new company’s name on it. Keep this in mind when looking for Tulsa mortgages, section 13.13: where do I complain about my mortgage officer? Each state regulates and licenses its own loan officers, so there is no National Database of complaints. Instead, you need to find out who regulates mortgage loan officers in your state, make the complaint with them.

Some states have different Regulatory Agencies depending on whether loan officers license as a mortgage broker or mortgage Banker. You can file your complaint at the state regulatory agency and also file a complaint with the Better Business Bureau too often when people get shoddy service where they feel taken advantage of, they don’t register their feelings with the proper agencies. If you have a legitimate complaint about a loan officer, then by all means make your case with the regulatory agency that watches over him, you could be doing some one. A great favor by helping the weed out ineffective, are potentially corrupt loan officers. Keep this in mind when thinking about Tulsa mortgages, chapter 14, finding the best interest rate hahaha the Holy Grail after getting all your financing together, finding a home finding a loan program, finding a lender and finding a loan officer, it all boils down to this. Doesn’T it knowing how rates are set, how they can move and when they move can help you nail down a Rock Bottom rate. Certainly, keep this in mind when looking for Tulsa mortgages, section 14.1, who sets mortgage rates lender, set interest rates every business mornings markets open. There are various index, his butt for a fixed rate mortgages their set to a mortgage Bond and priced accordingly. A 30-year fixed-rate price will be tied to the current 30 year, Fannie Mae, coupon being traded that day at the yield on that mortgage Bond coupon goes down. Letters will drop their interest rates. If that you’ll goes up, the rate goes up for adjustable-rate mortgages. They do the very same thing to your arm is based on the one year treasury. Then your rate will move up or down depending upon the current price of a 1 year treasury. So it goes with any other loan that tracks a particular index. That index goes up or down your rate will move along with it. Keep this in mind when looking for Tulsa mortgages,