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| Power Broker Blog 7/31/2008
In Lenders We Trust
Despite the economy and the depressed real estate market, many Americans are still working towards fulfilling their greatest dream, owning a home. Unlike in our parents or perhaps grandparent’s days when there was only a few choices in mortgage programs, today there are a plethora of programs for a potential homeowner to choose from. It can be a dizzying experience having to decide which program to choose. Not long ago, Americans often relied on their loan officer to help them choose which program was best for them. Unfortunately, many Americans who trusted their loan office over the last decade are now facing foreclosure. Not all loan programs are equal and the wrong one can have a homeowner faced with a payment they cannot afford. An common alternate to this story is where the homeowner is placed in a loan program where they can afford the monthly payment, however, the amount they pay does not cover the principal and interest and at some point they find themselves upside-down, owing more than the property is worth.
Common sense would dictate that for record numbers of Americans to be in foreclosure, something deceitful and unsavory had to have been going on for the last five to ten years. A big part of the problem was that the stories of financial gain in the mortgage industry lured many into this career who, frankly, did not have the integrity for this type of career. The career of a loan officer is not for everyone. As a loan officer, much like a doctor, you can sometimes hold a family’s fate in your hands. We’ve always believed we could put our faith and trust in our lenders and why; because we previously did not even want to consider that they might drive us to a program based on their commission without concern for the outcome of the homeowner.
Life is about balance and in the aftermath of the recent real estate market where greed, corruption, and self indulgence ruled, today we see a cleansing going on in the market. American learned a very painful and expensive lesson and has demanded that the industry make changes to keep history from repeating itself. Many of the morally bankrupt, unethical, and iniquitous types who reaped a fortune at the cost of American’s homes and the stability of our banking system have been driven from the industry. However, wherever we are to find a career with the potential for a large annual income, we will find a reprobate few who will not put the needs of their clients in front of their own and for whom the word trust holds no meaning.
One of the bright spots to have come of all this is a new start-up company involved in the loan industry who is trying to help the industry change for the better and is building a business based on integrity. This company is called LendEthics and was formed by an industry veteran named Lee Collins. LendEthics goal is to help steer the marketplace back towards being one of the highest standards, ethics and integrity. One where the public does not have to be suspicious of their lenders and can have confidence that a trained professional is representing their best interests and has a true desire to help families live the American Dream.
Recently, a program has been put in place where professional loan officers can actually become “Certified Loan Officers” through an intensive, extensive and expensive certification program. This program is strictly focused on ethics, integrity, and always putting the client’s best interest first. Once a loan officer is certified, they will be held to a higher standard and have greater repercussions for their actions should they deviate from serving their client’s best interests. If a loan officer were to lose his certification, his reputation amongst his peers and clientele would be career damaging to the point of no return.
LendEthics has an online business model that matches up those in need of a home loan with the “Certified Loan Officers” who can best serve their needs. Since the various certification programs for loan officers, while a huge step in the right direction, are still in their infancy, LendEthics has created their own in-house certification program which includes background checks amongst it's stringent standards. LendEthics understands that under any market conditions, people deserve three basic things:
1. A good rate
2. To work with a lender they can trust
3. To have confidence in the ability of their lender.
With this in mind, they’ve built their company on these three mandatory requirements. Lee Collins and his staff are dedicated to a philosophy that if they focus on service, and help enough clients get their “Dream Home” through a loan program that they can afford and that won’t threaten to crush their financial future when the interest rate adjusts, word of mouth and repeat customers will create a business that is not only profitable but one that will uplift the industry as a whole.
Learn more about LendEthics on their website at http://www.lendethics.com.
7/20/2008 Todays' Real Estate Opportunities
Contrary to what you hear on the news, the real estate market has not crashed. There is not such thing as a bad market, just a market that you might not be positioned well for. For those that are positioned well financially right now, this could be the best real estate market of their lives. Investors are buying real estate sometimes for as low as 30 cents on the dollar. There are so many real estate investment opportunities on the market today it is hard to follow them all. Some of the hot ones for large scale investors are developer close-outs, joint venture partnerships with developers, equity partnerships, and REO tapes (large packages of bank foreclosures). For small and midscale investors their are also a multiplicity of choices inluding short sales, foreclosures, and some incredible turnkey opportunities, some of which only require a $5000 investment! This is an incredible, exciting market and will produce incredible wealth in the years to come for those that positioned themselves properly to take advantage of it.
All the best,
Darren Prine
Blogs originally posted at http://azpowerbroker.spaces.live.com/blog/ | |
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