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    Re: Shoshana II

    Posted by Shoshana/Az (shoshana) on March 27, 2007, 10:29 am, in reply to "Shoshana II"
    207.200.116.198

    In AZ to be a nortgage broker requires classroom hours, passing of an exam, brick and mortar location in AZ, completing a 17 page application, $800 application fee, registering the co. with the SOS, and maybe a few other things I can't remember. In our case, I am called a responsible person because I took the classrooom hours, took the test, had my financial and personal histories scrutinized, etc. I also provided the brick and mortar location.
    At the present time, nothing is required of an LO (working for a licensed MB) except to fill out employment paperwork
    and pass the CBC. However, this is going to change very soon depending upon the requirements of the new law.
    By the way, if these subprimne lenders and brokers were this bad, you should have done your duty and reported them.
    JMHO.
    --Previous Message--
    : I wasn't concern as a Notary or Signing
    : Agent and did not state that in my
    : original post.
    :
    : In my reply to you, I responded in
    : part: "However, the Sub-Prime
    : brokers
    : and lenders that I have personally
    : met
    : (and wanted me to work with them) and
    : others whom reputation I know, are
    : anything but nice."
    :
    : This was in reference to the various
    : Sub-
    : Prime lenders and brokers who wanted
    : me
    : to work with them as both a loan
    : officer
    : and salesperson.
    :
    : These brokers/lenders discussed
    : exactly
    : how the loans were going to be
    : written,
    : so that the borrowers COULD loose
    : their
    : properties. That was the goal, plain
    : and
    : simple. The loans were not to be
    : written
    : to help the homeowner. Why? Many of
    : these brokers/lenders were also
    : investors and wanted these properties
    : for themselves (to "flip").
    :
    : Working as both a sales agent and
    : loan
    : officer, I would receive double the
    : commission. And yes, I would also be
    : the
    : notary/signing agent on these
    : properties
    : too (still more money to be made).
    :
    : However, I'm not going to knowingly
    : participate in any type of scheme to
    : deliberately cheat people out of
    : their
    : homes.
    :
    : As a sales agent, I have seen many
    : bad
    : loans. Homeowners, facing foreclosure
    : would contact me for help (or I would
    : find them while "farming").
    :
    : I would immediately refer these
    : people
    : to reputable lenders for possible
    : refinancing, so that they would not
    : have
    : to go into foreclosure (And yes, in
    : lieu
    : of doing that, I could have listed
    : the
    : properties; however, I want to do
    : what
    : is best for the homeowner.).
    :
    : Now, in California, if a sales agent
    : is
    : working for a broker, licensed under
    : the
    : Department of Real Estate, he or she
    : can
    : either be a sales agent or loan
    : officer
    : (not both).
    :
    : However, if a sales agent is working
    : for
    : a broker, licensed under the
    : Department
    : of Corporations, he or she can work
    : as
    : both a sales agent (under his or her
    : own
    : license) and as a loan officer (under
    : the broker's license).
    :
    : The glitch here is that the broker
    : has
    : to have two separate physical
    : addresses.
    : One for the real estate office and
    : the
    : other one for the mortgage company.
    :
    : There are many of these "Mom and
    : Pop"
    : companies throughout Southern
    : California.
    :
    : Question: What is currently required
    : to
    : be a loan officer or broker in
    : Arizona?
    :
    :
    : Pam
    :
    :
    :
    :
    :
    :
    :
    :
    :
    : --Previous Message--
    : Pamela, as notaries it's not our job
    : to
    : be concerned with all that. We are
    : supposed to be a neutral third party.
    : I think others may have told you that
    : before in a previous thread. Let's
    : leave this topic alone now. It's just
    : a waste of space here.
    : By the way, there is a new legislation
    : being proposed here that you can
    : either be one or the other: a licensed
    : real estate sales agent OR a licensed
    : LO.
    : Shoshana
    :
    :
    : --Previous Message--
    : "C'mon, do your job and quit
    : b###hing."
    :
    : Girlfriend you have some serious
    : issues. . .
    :
    : First of all why are you ALWAYS
    : stalking
    : me? If you notice, I no longer reply
    : to
    : any of YOUR posts (and have not done
    : so
    : in months).
    :
    : Secondly, If I had wanted YOUR
    : opinion, I
    : would have posted this on the OTHER
    : notary forum!
    :
    : Obviously, I didn't!
    :
    : Third, you DO NOT have a conscious
    : nor empathy for these victims.
    : "Cling, Clang, let that cash
    : register
    : ring!"
    :
    : Fourth, remember, I have a real
    : estate
    : sales license. I have been asked many
    : a
    : times, to work as a Senior Loan
    : Officer,
    : partner etc. . .with various brokers
    : (including the Sub-Prime ones).
    :
    : Least YOU forget (and for which
    : you already know), I am currently
    : working on my broker's license (as
    : well
    : as taking other mortgage courses).
    :
    : Fifth, I'm not going to lie, steal
    : and
    : cheat to make $$$$. However, if you
    : feel
    : comfortable with it, DO IT!
    :
    : Enroll in classes, study hard, pass
    : the
    : exam and obtain your real estate
    : license.
    : Afterwards, partner with some
    : mortgage
    : and real estate criminals . . .It'll
    : do
    : YOU some good (take you out of the
    : "I'm
    : going to follow Pamela all over the
    : different notary forums rut"!).
    :
    : Sixth, how can you expect borrowers
    : to
    : understand clear instructions, when
    : YOU
    : do not understand, that I am NOT
    : interested in anything in which you
    : have
    : to say to me?
    :
    : Seventh, READ, MEMORIZE and
    : INTERNALIZE
    : these instructions: "STOP
    : REPLYING TO
    : PAMELA'S POSTS!"
    :
    : Since day one, you have been
    : obnoxious
    : and demeaning to me. Though you may
    : be
    : much more experienced in the notary
    : signing field, your hostilities
    : toward me
    : is inexcusable.
    :
    : For Pete's sake woman, I am a
    : stranger.
    : You do not know me from Adam, yet you
    : have
    : the gall to express your negative
    : comments
    : about me (even though, I do not
    : attack
    : you). You have some VERY serious
    : issues
    : and they all started when I said that
    : I
    : was a Social Worker. . .
    :
    : This is a very small world. You'd be
    : surprise whom you may encounter at a
    : convention etc. . .
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    : --Previous Message--
    : Social work, if this is what moves
    : you.
    : I point out the terms of EVERY loan I
    : close. If people are too stupid or too
    : desperate to understand the terms of
    : THEIR loan, it's not on me.
    : Responsibility is the key here. Don't
    : blame the stupidity or desperation of
    : others on the subprime market.
    :
    : Hell, I closed a Chase subprime @ a
    : 10.325 rate today with 3 ½ points.
    : Who's the idiot here? IMO. It's all
    : about me doing MY job. I said three
    : times (pointing out the verbiage in
    : the Note) that this is an ARM
    : amortized over 40 years and due and
    : payable in thirty years; adjustable in
    : two years with a ceiling of.....C'mon,
    : do your job and quit b###hing. People
    : ARE responsible for their own
    : actions...Or they should be...in a
    : perfect world. Why do you think the
    : government gives borrowers three days
    : to review the entire package? If they
    : choose not to, this is not my problem.
    :
    :
    : --Previous Message--
    : I was in a particular city today
    : (one of my service areas), and it
    : was astonishing to see so VERY
    : many "For Sale" signs. On
    : one street
    : alone I counted approximately twelve
    : homes!
    :
    : I was in that area about ten days
    : ago.
    : Although there were the usual
    : "For Sale"
    : signs sprinkled about, it was nothing
    : like I saw today.
    :
    : On just about every block, there were
    : three or more signs. What makes this
    : particularly interesting, is that
    : many of
    : these properties were also marked
    : "just
    : reduced" or "priced for
    : quick sale".
    :
    : I know this area very well and
    : remember
    : a few years ago, when it was a
    : seller's
    : delight! During that time, many of
    : these
    : homes, (in my opinion) though very
    : nice,
    : were price Much too high.
    :
    : Now it seems as though these home
    : can't
    : even be given away!
    :
    : Though I do not have proof (without
    : actually researching the county
    : recorder's office), I suspect many of
    : these homeowners are victims of the
    : Sub-prime lending and/or
    : "creative
    : financing" fallout.
    :
    : I wonder how many of these Sub-Prime
    : Lenders and Mortgage Brokers are
    : having
    : to face the same situation? Probably
    : zero
    : (if that much).
    :
    : [And yes, I know that many of these
    : lenders etc. . .are
    : "closing-shop", but
    : I am very sure, that THEIR
    : residential
    : properties (for which they are
    : actually
    : living) are not facing foreclosure.]
    :
    : It is really a disheartening time for
    : many.
    :
    :
    : Pam
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :

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