Comments on: Will Real Estate Agents Embrace a Loan Originator with Fiduciary Duties?

By: Kary L. Krismer

Kary L. Krismer — Mon, 26 Jan 2009 16:26:52 +0000

Yes, I will recommend that.

By: Rhonda Porter

Rhonda Porter — Mon, 26 Jan 2009 16:08:15 +0000

Even if the LO’s license has expired, I think you and/or your client should file a complaint w/DFI (if the LO has done something that calls for that). DFI could be behind in updating records and this LO could try renewing their license at a later date.

By: Rhonda Porter

Rhonda Porter — Mon, 26 Jan 2009 16:06:17 +0000

I’m sure it’s less work for the county to just remove all DOT’s vs per request. Deeds of Trust were on line just a few years ago…when they were, I requested to have my DOT’s removed and I encouraged my clients to do the same.

By: Kary L. Krismer

Kary L. Krismer — Mon, 26 Jan 2009 15:59:26 +0000

The LO is expired as of 12/31/08.

I know why they don’t allow access (typically is was SSN). No other county has done that, as opposed to people simply contacting the county and having the specific DOT taken off line. I just hate the King County site because they have the stupid sign off rule, where you get signed off after XX minutes, even if your actively doing things.

By: Rhonda Porter

Rhonda Porter — Mon, 26 Jan 2009 14:32:41 +0000

Kary, it doesn’t sound good. I hope the loan originator is turned into DFI. This market has rid us of many bad apples but we cannot assume they’re all gone (because they’re not)…and unfortunately, your clients are proof of that.

The county no longer has deed of trusts on line because often times, either notaries or the lenders, were putting social security numbers or WDL #s on the document (typically under the signature line) and ID theft was happening as a result.

By: Kary L. Krismer

Kary L. Krismer — Mon, 26 Jan 2009 11:21:18 +0000

I’m sitting up tonight at 3:00 a.m. because last night before going to bed we discovered former clients have apparently ran into an unscrupulous (to put it mildly) loan broker.

Anyway, this is an example of at least two things. All professions are affected by a few bad apples and no one should buy real estate without the assistance of either an agent or an attorney. This would have raised all sorts of red flags.

By: Will Real Estate Agents Embrace a Loan Originator with Fiduciary …

Will Real Estate Agents Embrace a Loan Originator with Fiduciary … — Thu, 24 Apr 2008 20:33:35 +0000

[...] hostify wrote an interesting post today onHere’s a quick excerptThere has been a time or two when a real estate agent has told me that my job is solely to provide mortgages and not worry if the mortgage made sense or if someone is capable of making the payment in my opinion. … [...]

By: Rhonda Porter

Rhonda Porter — Fri, 18 Apr 2008 19:11:59 +0000

Once could hope. Currently the law is vague in that regard. I guess we’ll know more come June 08…by then, we may have more Federal laws too.

By: Roger Ingalls

Roger Ingalls — Fri, 18 Apr 2008 19:06:20 +0000

With any luck, the regulations will stipulate that certain loan types (30, 15 yr fixed, no prepays, etc) meet the prudent and suitable criteria, kind of like the “safe harbor” clause that was included in some proposed federal legislation.

After all, financial advisers are now fiduciaries in this state, and no investment works out 100% of the time. They must have to prove that the investments they recommend are prudent and suitable for the needs of their clients.

By: Rhonda Porter

Rhonda Porter — Fri, 18 Apr 2008 16:17:57 +0000

Ken,
I should have added that I do provide prequalication and/or preapproval letters. At that point, if the buyer is refusing to allow this, we obviously have issues with that buyer.

And I am providing more “loan commitment letters”.