i,<br>    Is your time zone Eastern?  I forgot that we need to tak that into
consideration too.  I am two hours ahead of NY time, and 1 hr behind CA
time.<br><br>Pete

ello,<br>    I am trying to see if there is any interest in having a chat time
set up.  If you have an oponion on a theme, and or a time, then just post it
here.  Thanks for any input.<br><br>Pete

et's welcome our newest member "GBMortgage" to the club.  Feel free to speak
your mind or answer a question at any time.  Welcome!<br><br>Pete Temple

as anyone had any good luck finding a lender that offers a low rate for 100%
purchase money.  Let me know if you have any good ones.<br><br>Pete

e are looking to hire people to fill 2 open
positions. The first is a mortgage processor to work from
thier home. The second is a data input person to also
work from their homes. The data input person enters
files into the computer, orders VO's, title, and
appraisal. We have found some good candidates and are
excited about interviewing today.<br><br>The flyers for
the loan broker question refers to a lead that I got
about a month ago. I had left serveral messages for the
owner of a company and he called me back yesterday. He
employes 45 or so loan officers from his office and asked
me to send him some flyers he could stick in his
loan officers boxes who are currently in need of
processing services. So I will spend my day today putting
the flyers together and dropping them off.<br><br>We
are happy to have had the good sense to introduce
incentive plans for the loan officers that process through
us. It's not a lot of money, but it seems to help a
little bit in the motivation dept. If the LO's work
towards the $100 prize, they are really helping
themselves. Besides, no one else out here does that for LO's
- they deserve it because they work
hard!<br><br>Pete

hat position are you hiring for?<br><br>You
mentioned a loan broker wanting to distribute flyers to 45
loan officers - how is he handling that
task?<br><br>The night out program sounds like a great incentive!

ell it's Wednesday early in the A.M. I have
spent my night working on some new advertisments for a
new mortgage broker client that want's to distribute
our flyers to his 45 loan officers. I hope that goes
well. I am also trying to figure out what particular
questions to the people comming to interview for a job
opening that we have tomorow. And then just so I didn't
get board I added a bunch of new content and pages to
our web site. We have introduced a "night out on us"
program for October. Any loan officers that have us
process 10 or more loans in the month of Oct. gets a free
night out on us - up to $100. So anyway that's what I
have been up to today. Any suggestions what to ask a
propective employee? I'm new to the interviewing
process.<br><br>Pete

ello to all our new members. As Friday
approaches I just realized how busy I have been this week. I
just wanted you all to know that I have not forgotten
about you. I hope to take some extra time this weekend,
and throughout next week to put some new content into
the club. Does anyone have any suggestions? Please
let me know if there is anything in particular that
you would like to get into. Thanks for your patience,
and I will be talking to you very soon
agian.<br><br>Pete Temple

randon, first of all welcome, and second of all
Wow! It sounds like you have seen it all in the
mortgage industry. I'm with you in thinking that there are
companies out there that do not deserve to be in business.
In fact I have ended processing agreements with some
of our brokers who just refused to abide by the
rules for the state of Colorado. Most of the companies
that we dumped are either in litigation, or ran out of
money and went out of business. I think that some
regulation is a good thing, but it can also snuff out
smaller companies that are just getting started if done
wrong. We are fortunate in Colorado to have a somewhat
liberal approach while still keeping control of the
basics. For example, we just won a contract to process
for a broker company that has 90 independent loan
officers. Each loan officer is a seperate company but each
uses the name of the larger company, and it's
resources to run their loans through. Some of these loan
officers know what they are doing, and some are just
winging it. If the newer LO's stick around long enough to
learn the business well, they will be assets to the
borrowing community. I'm glad that they will at least have
a chance to give it a go. With over 3000 distinct
mortgage broker companies in Colorado, there is no
shortage of people looking to do a better job in order to
win business. <br> As our company moves into other
states, i'm sure there will be a bunch of new regulations
that we must adhere to, but thats ok, because we can
lean on the brokers a little at first, and then we get
right up to speed.<br> Thanks for your insight, and
welcome to the club.<br><br>Pete Temple

've never heard of a company offering 125% loans
with no income verification even for 700+ ficos. What
you may want to look for is a stated value lender
with an NIV program. Not sure what your success would
be on that one either. If you find one though please
let me know.

'm a new member to the group and I just wanted
to reply to Pete's post of what others think about
the regulations of the states to do mortgage
brokering. I currently work in the second worst state for
regulations of brokers, Arizona. (The worst one being Texas.)
When I first got into this business two years ago, the
company I worked for was shut down by state banking for
not submitting registration paperwork on time. The
operation was a direct lender and securitizer of high LTV
paper (125's). As standard in 125% lending all
borrowers were charged 10 points plus $1256 in hard costs
(title, processing, signing service, etc.) When the
company was shut down all current loans were ordered to
be at 0 points with no premium pricing (all par
rates). In addition, all funded loans were required to be
reimbursed of all broker fees by the company. Sorry for the
long story, but I wanted to illustrate what happens in
highly regulated states. I believe that all in all, it
greatly protects the borrowers and the employees of the
companies who work there. Companies who cannot follow the
rules of the state are most likely following other
shady business practices which we do not like to see in
the mortgage broker industry. As a footnote, I would
add that the company I worked for had indeed followed
a shady business practice. As a direct lender, when
a loan closed, they had the three day right of
recission of the borrower after which the checks were
mailed to the customer. This was not the practice. In
fact many times ten days were required to get the
checks to be written. Why? Large deposits in the
company's account accumulated interest which was free money
to the company. The company also priated Microsoft
Windows 95 and put the software on over 450 computers
used throughout the company. Microsoft sued the
company and won, the penalty was $10,000 per machine
which had the software on it. My point, I hope, is
clearly that regulations are in place in my state to
promote ethical business dealings. With no regulations,
how much longer would this company been able to get
away with their unscrupulous business dealings?

ongradulations on your new web page Pete.  So far it looks pretty good. Keep it
up!  Mike's page looks like it's taking off too.  It's good to see you all doing
so well.  Tom

he web page is now online for testing. We have
implemented some interesting features, and have some ideas
for some other new content. We are talking with 2 web
based companies now about adding their content to our
page. One of them will allow prospective borrowers to
pull online credit reports. The other has tons of
content such as forms, calculators and how to guides. We
have also just added a couple of major clients to our
processing service. Anyone out there know of good processors
in Colorado looking for a job, we will need help!
Anyway, we are gearing up for that, and trying to save up
some cash to put up a booth at the Colorado Mortgage
Lenders Assoc. held in January. This is the nations
largest broker convention drawing over 15,000 prospective
lenders and brokers. We plan to have a booth to attract
new clients. <br> If you have the time to take a
look, head to our web page and tell me what you think.
I look forward to your comments on what brokers out
there are looking for.<br><br>Pete

ell, here is the poop on 125%'s according to
Scotsmans Guide to mortgages. Try out these guys as they
advertise 125 -135. I would call them in the order listed
as I put the most likely on the top of the list.
Good luck my man. Let me know if you get a
bite.<br><br>- Life Bank 1-888-388-5433 ext. 4039<br>- Southern
Pacific send e-mail to mharbert@...<br>-
Fieldstone Mortgage 1-800-626-3960<br>- Meritage Mortgage
1-800-396-1596<br><br>Good Luck.

ello, <br> Lets welcome our new member PSST
Enterprises to the club. She joined the club on Friday the
28th.<br> Welcome to the club and please feel free to
participate by letting us know what you would like to
see.<br><br>Pete Temple

hile you're at it...<br>Does anyone have a 125 program ("Stated value")<br>that
lends $50/60K to a 635 fico?

t,<br> Thats a good questions 125% NIV with Fico
less than 680. I will have to pull out my matrix and
see if I can find one. I will get back to you with
that info before the end of the weekend.<br> Glad to
hear business is good in your neck of the
woods!<br><br>Pete

es, Business is booming in MD and VA, however,
every once in a while I come across a tough
one....<br>Does anyone know of a lender that offers 125 cltv NIV
with a score of less than 680?<br><br>Email me<br>JT

ello John,<br> I'm curious as to how the
mortgage business is in MD and VA? We have been very busy
here, and I get conflicting reports from across the
country as to how business is doing. Here in Colorado,
you don't need to have a licence to be a broker. What
do you need to go through to get licenced there to
write loans? Welcome to the club, and we look forward
to chatting with you.<br><br>Pete Temple

i to all. My name is John, and I'm a loan
officer with a Mortgage broker in Maryland. We are
licensed in MD and VA. Thought I would join this group to
catch "the latest" from others in the industry. I've
been here for only six months, and any new
insight/info would be great...and maybe I might have something
to offer too. I look forward to chatting with each
of you. <br>John

ets welcome our newest member zhtodell.  Welcome to the club.

ur new web page will offer something that I
think many loan officers are looking for - FREE LEADS.
This will be accomplished through a referal service
that we will provide for prospective borrowers. The
page is in the final content stages, and we are
begining to test the content on the internet. The page
will include the referal service, an employment swap
section, borrower information packs, and lots and lots of
other catagories. We have reserved "LOANASSIST.COM" for
the referal section, and "MORTGAGEPROCESSOR.COM" for
the processing sections. The two pages will both be
housed under loanassist until we can cost justify the
second page.

ello, I would like to schedule a chat for everyone to attend.  Does anyone have
a time that is goof for them to come together to chat?  Let me know what you
think.<br><br>Pete

s that just the worst picture you have ever seen or what?

om,<br> Currently we are processing in 3 states.
For the most part processing is processing. The
brokers are very helpful with helping us to locate title
companies and stuff like that, and we follow all federal
guidelines so that everyone is safe. So yes, we are
processing outside of Colrado, and we expect with the new
web page, that soon we will be processing in many
more places as well.

o you run your business outside Colorado?

am just curious, what has been your experience
in the mortgage broker industry. Here in Colorado,
you do not need to be licenced to be a mortgage
broker. I suppose that is why there are over 3000 broker
companies here. <br><br>Many states require that you be
licenced to be a broker. What is your situation? What do
you think about states that do not require a licence
to be a broker.<br><br>Just Curious<br><br>Pete

ello,<br> Thanks for stopping by. This is my
first post, and my first day as founder of this club.
If you have any questions or comments this is a good
place to start. I will check in on a regular basis
throughout the day and get back to everyone who cares to
leave a message.<br> A little about me. I am the
operations manager for Parker and Associates Mortgage
Processing. I have been with the company for two years and I
am co-owner. We are currently the fastest growing
mortgage processing company in Colorado (according to my
own research of the competition). We offer the full
line of services from just after the application is
taken through funding. We have 4 people that work
with/for our company and are currently processing for
about 15 broker companies. We are getting ready to
launch our web site that will offer a variety of
services to our broker companies, not the least of which
will be Free Borrower Leads. We were recently
published in the June issue of Origination News magazine,
and are working on a press release for our new web
page.<br> Enough about me, let me know what you are up to.
Are you interested in setting up a chat schedule? Let
me know what you think. Thanks for your
time.<br><br>Pete Temple

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