Totally agree. Ask any buyer or seller ….. They know more than both realtors & mortgage lenders put together because a “friend” told them or they read it on the internet. 🙂
Well said. You’ve pointed out what I call the “great amnesia when we forget it was the consumer…..and mostly highly educated pounding on the Mortgage Broker’s desk demanding those loans
I completely agree. First, back when NINO 2/28 with 3 year prepays were offered but I suggested something different, my customer would tell me his friend bought a house with no money down and he wanted that loan as well. I would require my client to sign a document stating that I didn’t recommend that loan so when he lost his house it would be harder for him to sue me. Second, I still eat bacon cheeseburgers with mayo. (But I include tomato and lettuce because that makes them healthy!)
So very true. Blame someone else if your decisions come back to haunt you. Sign of the times, I guess. They cannot legislate intelligence no matter how hard they try.
Well done — what a great analogy between fast food and loans for various reasons. Yet, I explain every Disclosure and most of my clients seem to be interested in their meaning and importance. They trust me to lead them to the proper products as well. Years ago when we had the “exotic” loans, the NEG AM, you know the “pay less than the stated interest rate for a few years so the loan grew larger for a while”, I had an extra special Disclosure. This Disclosure consisted of 12 statements where they had to agree that they understood they should invest the money they were not putting towards the loan instead of buying a Yacht, etc. They understood the mortgage would grow for a certain amount of years. Seriously! Some of those Borrowers used the loan well and it was very helpful for them and all is well. I can only guess what became of others… I am surprised that more people are not far more concerned with the high calorie count at fast food places. Honestly, I would think some of their most high calorie items would be removed from the menu for lack of consumption…sigh…
Right on like usual. Looks more like Mortgage 'Guys' not Mortgage 'King' to me. 🙂 Five Guys is much better than Burger King! At least the CFBP/Gov't has not stopped me from eating what I want yet.
First off, I have had two heart attacks and open heart surgery and I still eat bacon with every meal. Even though I choose to eat the bacon, if I use the CFPB logic, I should be able to sue the fast food companies for my bad health. Also, 100% of the loans, 100 PERCENT OF THE LOANS, were done by people over 18 Years olds. What that means is if you are old enough to buy a house, you are old enough to take responsibility for your actions. If someone shoots a gun and kills someone, is the person that shot the gun or the gun manufacture that is wrong? To continue, ZERO PERCENT of the loan officers approved loans that went bad. All loans that were "wrong", were approved by underwriters. However, it is the loan officers that have undergone the vigorous classroom time, finger printing and background checks. Top it all of with a cap on what we can make on our income. Add that all up, and we are literally doing twice the work for less money. Tell me one job in the world, where if someone worked into work and their boss said, "We are going to double your work load but cut your pay by about 20%-40%", where that person does not walk out?
Well, let’s just be thankful third world war does not erupt this weekend, with all the muslim terrorists, falling jets, black student riots, Europe shootings and socialist/fascist election debates. Let’s just quietly enjoy our turkeys tonight (if we can afford that) before we stomp on each other on black friday sales.
Samuel http://imgur.com/gallery/iSlchDA
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Totally agree. Ask any buyer or seller ….. They know more than both realtors & mortgage lenders put together because a “friend” told them or they read it on the internet. 🙂
VERY CLEVER, GUYS!
Well said. You’ve pointed out what I call the “great amnesia when we forget it was the consumer…..and mostly highly educated pounding on the Mortgage Broker’s desk demanding those loans
https://youtu.be/RpbS00RNZhY
CFPB: educate…educate …educate consumer: i don’t want to know ….I don’t care….supersize me
I completely agree. First, back when NINO 2/28 with 3 year prepays were offered but I suggested something different, my customer would tell me his friend bought a house with no money down and he wanted that loan as well. I would require my client to sign a document stating that I didn’t recommend that loan so when he lost his house it would be harder for him to sue me. Second, I still eat bacon cheeseburgers with mayo. (But I include tomato and lettuce because that makes them healthy!)
Leslie, if you put avocado, onion and pickles, then it would even be healthier.
thankfully I only buy a home about every 7-10 years at best
Love it. Great job on this explanation. I do check the calories, lol.
So very true. Blame someone else if your decisions come back to haunt you. Sign of the times, I guess. They cannot legislate intelligence no matter how hard they try.
Well done — what a great analogy between fast food and loans for various reasons. Yet, I explain every Disclosure and most of my clients seem to be interested in their meaning and importance. They trust me to lead them to the proper products as well. Years ago when we had the “exotic” loans, the NEG AM, you know the “pay less than the stated interest rate for a few years so the loan grew larger for a while”, I had an extra special Disclosure. This Disclosure consisted of 12 statements where they had to agree that they understood they should invest the money they were not putting towards the loan instead of buying a Yacht, etc. They understood the mortgage would grow for a certain amount of years. Seriously! Some of those Borrowers used the loan well and it was very helpful for them and all is well. I can only guess what became of others… I am surprised that more people are not far more concerned with the high calorie count at fast food places. Honestly, I would think some of their most high calorie items would be removed from the menu for lack of consumption…sigh…
Can I have a #3 with a side of HELOC? Now that’s funny. Thanks guys
Right on like usual. Looks more like Mortgage 'Guys' not Mortgage 'King' to me. 🙂 Five Guys is much better than Burger King! At least the CFBP/Gov't has not stopped me from eating what I want yet.
First off, I have had two heart attacks and open heart surgery and I still eat bacon with every meal. Even though I choose to eat the bacon, if I use the CFPB logic, I should be able to sue the fast food companies for my bad health. Also, 100% of the loans, 100 PERCENT OF THE LOANS, were done by people over 18 Years olds. What that means is if you are old enough to buy a house, you are old enough to take responsibility for your actions. If someone shoots a gun and kills someone, is the person that shot the gun or the gun manufacture that is wrong? To continue, ZERO PERCENT of the loan officers approved loans that went bad. All loans that were "wrong", were approved by underwriters. However, it is the loan officers that have undergone the vigorous classroom time, finger printing and background checks. Top it all of with a cap on what we can make on our income. Add that all up, and we are literally doing twice the work for less money. Tell me one job in the world, where if someone worked into work and their boss said, "We are going to double your work load but cut your pay by about 20%-40%", where that person does not walk out?
You two crack me up!! That was a great show!!
Well, let’s just be thankful third world war does not erupt this weekend, with all the muslim terrorists, falling jets, black student riots, Europe shootings and socialist/fascist election debates. Let’s just quietly enjoy our turkeys tonight (if we can afford that) before we stomp on each other on black friday sales.
Samuel http://imgur.com/gallery/iSlchDA
HOW I GET MY LOAN AMOUNT @ 2% INTEREST RATE
I became desperate in getting a loan from a legit lender online. And i saw comments of different persons at different site that talked about this VICTORIA LAWSON Loan Company (marianlawson@outlook.com) where they got loan fast and easy without any stress and i follow their instruction using the details on their appreciation post, So i applied for a loan sum of ($120,000.00USD) @ 2% interest rate. The loan was approved and deposited into my bank account. That was how i Got to get my loan to refinance my business, pay off my bills and debt. I can't stop appreciating VICTORIA LAWSON Trust Loan Firm. I am advising everyone interested in getting a loan fast and easy to kindly contact VICTORIA LAWSON LOAN FIRM via email: { marianlawson@outlook.com } to get any kind of loan you need today. with below details
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