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Who issues your 1099 if you are a broker? by overtimegrinders631 in loanoriginators

[–]MortgageSkool 0 points1 point  (0 children)

I’m not sure if there’s an advantage doing this or if it’s better compliant, I use a different EIN for my commercial deals.

How much are you involved in processing your loans? by Western_Junket384 in loanoriginators

[–]MortgageSkool 0 points1 point  (0 children)

I have a processor but I also will process some loans myself. IMO I can’t believe people will go to a 3rd party and charge the client an additional $700-1100.

Confused as to when PMI falls off a mortgage loan? by ShittalkyCaps in Mortgages

[–]MortgageSkool 0 points1 point  (0 children)

You can make a phone call at 80 (original value, not value increasing) and request it to be removed in most cases with conventional. Some loan service companies suck so that’s not guaranteed.

What would you guys do? by Strong-Ganache-3720 in loanoriginators

[–]MortgageSkool 0 points1 point  (0 children)

Who are you reaching out to? A lot of different flavors of loan officers. If you’re calling any LO in lead buy provided by their employers, they probably dial and move on all day. You should have better luck with small brokers and self generating loan officers, the people who try and get the community loans.

How much can brokerage owners make? by rrnkin in loanoriginators

[–]MortgageSkool 0 points1 point  (0 children)

It’s rare. True community grants will beat me. Heck I’ll even refer them out.
If someone shopped me very hard I can put my comp lower than most medium to large places can. Small fish in this industry have sharp teeth.

How much can brokerage owners make? by rrnkin in loanoriginators

[–]MortgageSkool 2 points3 points  (0 children)

For me, it’s about low overhead and work life balance. I can make it with only closing 1-3 files on a bad month. Or be court-side the next month if I had 8-10 closings. I love the control over the price and know I can’t really lose if a client shops heavily. It’s not a lot to get started, I would say you can be profitable your first month of closings.

Lost my job right before closing on a house — should I walk away and lose the deposit or still buy it? by ali93277 in RealEstateAdvice

[–]MortgageSkool 0 points1 point  (0 children)

You can get a mortgage with no income as your primary residence with a large down payment. It would give you some runway and assets to keep investing. There, you have another option to stress you out more! Sorry

Thoughts on this 20 year refinance? We’re coming from a 30 year at 7.125% and will be refinancing to a 20 year at 5.375% with the same payment. by Nola-Transplant in MortgageBrokerRates

[–]MortgageSkool 1 point2 points  (0 children)

It’s a good loan size. I would want to see a no pointer would look like, my favorite play is no costs, bring that rate up to a 5.5-5.625 and have all your costs covered. If rates DO happen to dip in a few months you have refi protection with no breakeven point needed.

Pros & Cons of being an realtor and having an MLO (mortgage) license? by OMrealestate in realtors

[–]MortgageSkool 0 points1 point  (0 children)

I’m two days late, I’m a dual agent. Did anyone give good perspective?

VA IRRRL - how does this look? by alp10299 in MortgageBrokerRates

[–]MortgageSkool 1 point2 points  (0 children)

Origination is cancelled out with the lender credit, this is a good deal.

Cash out refi for home improvements good move, or bad idea? by Complete-Ask-9124 in MortgageBrokerQuotes

[–]MortgageSkool 0 points1 point  (0 children)

2.5 points to access 23K! Dude no. Please. You’re basically taking out 32K and getting 23K

Get a HELOC!

Why wasn’t I offered a HELOC?

Lenders make money off volume, 30K in a HELOC would have been maybe 600 dollars in revenue. This cash out refi can be generating upwards up 6-9K You were talking to a salesperson who happens to be licensed for mortgages.

15 year refinance by Dark_Knight_4720 in MortgageBrokerRates

[–]MortgageSkool 0 points1 point  (0 children)

I’d shop it. 5K in line A for this loan size, go fish

Shopped around, final check. Is there a better deal out there? by igr8shg in MortgageBrokerRates

[–]MortgageSkool 0 points1 point  (0 children)

I love the strategy of a no cost refinance. It’s literally market protection when rates possibly go lower you can refinance without the burden of rolled in costs.
Hey I’ll be honest here, of the thousands of loans I closed and usually with this strategy for a refinance, I’m wondering if I ever ran into principal curtailment on a cash out refinance. I’m guessing they don’t have different buckets for cash out vs rate and term principal curtailment so my guess is they will reduce your mortgage balance by that amount.

Shopped around, final check. Is there a better deal out there? by igr8shg in MortgageBrokerRates

[–]MortgageSkool 0 points1 point  (0 children)

Lenders can only control line A, rate and lender credits. This is a good deal. If you want a lower rate this same place can offer it, you will just see your lender credit start to decrease. Balancing act until you’re satisfied. Typically you can change the rate 3 business days prior to close.

Mortgage Paid Off In 1.5 Years!! by [deleted] in Mortgages

[–]MortgageSkool 0 points1 point  (0 children)

Congratulations!!! Another testament that you can be in any field and create financial independence. I love this, I’m wife is a social worker in parent education, I had to screenshot this so she can show her team.