Loan Officer Credit Repair | Credit Repair for Realtors: Why Loan Officers and Realtors are saying, “NO!” to Credit Repair and “Yes!” to Home Sweet Home’s Home Ownership Program. The Secret Is Unlocking Massive Advertising Campaigns to Generate More Mortgage Referral Leads and Real Estate Leads – The Most IDEAL Way to Explode Your Biz! Best of All, We Pay Up To $10,000 for Your Advertising.
Loan Officer Credit Repair | Credit Repair for Realtors. Wow, I have some thoughts on this. In my humble opinion, you’ll definitely be interested in what I have to say. First off, Home Sweet Home is NOT a credit repair organization. Specifically, we are a housing organization and we offer a “mix” of services and assistance on many different fronts. Credit guidance and education is only a part of that mission.
My Take On the Real Estate Industry: How It Relates to People First
Honestly, real estate and mortgage lending aren’t for the weak of heart. I know. I was a loan officer and a real estate broker. Really, it’s hard work. But, there is hope. Truly, the key to understanding real estate ISN’T technical stuff. Moreover, real estate and lending aren’t about houses and loans. Indeed, it’s all about people. And, it’s where the money is. It’s all about the relationships you make, build, and keep.
My Experience: Loan Officer Credit Repair | Credit Repair for Realtors
When I first started out as a loan officer, I learned a lot about credit. Wet behind the ears and eager to make a lot of money, I started doing loans. Hell, I barely knew what a form 1003 was! Even so, learning how to use Calyx was almost like learning Greek.
But, as time would grind on – and yes, it was a grind, I learned what to do and how to do it. Surely, it was a battle. To make matters worse, I started doing credit repair for clients. And, I learned about underwriting. I learned about credit. Yes, I learned. I learned. I learned. Well, I don’t do credit repair anymore. But, I still help First Time Home Buyers qualify for loans. Hang in there with me. Definitely, we’ll get to that later.
What I Learned Doing Loan Officer Credit Repair | Credit Repair for Realtors: Working for Free
Please, don’t get me wrong. I love to learn. Squarely put, I will probably spend my life as a student in learning. However, this is what I don’t like: learning the hard way.
In my opinion, “working for free” really doesn’t “work” at all. Do you know why? Mainly, it’s due to human nature to think that if something is “free” then it’s worth “nothing” at all. Now, that’s not everyone. Make no mistake though, there’s a lot of people who think this way. There is no “value” in something that is “free”. You’ll find there are exceptions to the rule.
I invested my time, my advice, my efforts in doing loan officer credit repair. In many cases, all that I invested cost me dearly. Time with my family, time with friends and time to rest. Don’t get me wrong. Not everyone was thankless. To be sure, there were some. My best friend even lost invaluable time away from his son – especially watching him grow up. Even relationships with significant others suffered. In fact, we were pulling double duty. A career in real estate and a career in credit repair. On balance, that’s no way to live.
Getting Paid When It Comes to Loan Officer Credit Repair | Credit Repair for Realtors
Besides, I love to get paid for the work I do. I love to see the rewards from the personal time I invest. Equally so, I am sure most people feel this way.
What’s worse? A federal law regulating credit repair, Credit Repair Organizations Act prohibits a CRO from collecting money “upfront” from a consumer until all of the services have been rendered. I don’t know anyone who would work for free – especially in hopes of getting paid by people who generally don’t pay their bills in the first place.
First, The Problems with Loan Officer Credit Repair | Credit Repair for Realtors: The Shady Industry
In the first place, credit repair has a “nasty wrap” in the financial world. People spend their hard-earned money on credit repair services. Often they wonder, “Is this a scam?” When you deal with credit repair, it’s an uphill battle. The overall reputation of the industry is fairly much ruined. I didn’t want to be known for “credit repair”.
Frankly, I wanted to be a successful loan officer or real estate broker. In the past, I’ve done both careers. I simply wanted to devote most of my time doing good business. As luck would have it, everybody and their grandmother were chasing ‘A’ credit borrowers. From the start, I wanted to be different. But how?
Facts Concerning An Underserved Market While Opting for A Better Alternative to Loan Officer Credit Repair | Credit Repair for Realtors
Today, it’s a very different market. Very different. Especially, now that it’s post-2007-08. All things considered, how do you serve a market who is massively underserved by lenders? Generally speaking, no one wants to deal with bad credit. Furthermore, loan underwriting is very hard. Also, people with bad credit seem not to want to pay their bills.
Sure, bad credit looks bad. In much the same way, it’s just easier to do ‘A’ credit deals. Sure. Yeah, it all looks good. But, as the old saying goes, “There’s gold in them thar hills.” In my opinion, it’s true.
From my point of view, the renter market represents a huge housing segment. As a matter of fact, first time home buyer loan applications represent 34% of the overall market. What’s more, 63.7% of all families owned their own home. That’s a super big market! What’s more, there’s a massive fortune just sitting there to be collected.
A Better Alternative to Loan Officer Credit Repair | Credit Repair for Realtors
Uniquely, there had to be some other way than just doing credit repair. Agreed, credit is a massive part of the housing picture. In the end, it’s not everything.
All this taken together got me thinking. Absolutely, there had to be a more comprehensive approach to getting people into housing. Not to mention, whatever program is used, it must have teaching, coaching, advising, educating and guidance as a part of the solution. Identically, whatever plan that was to be developed had to include powerful and dynamic partnerships. In furtherance of these shared goals, our plan had to be powerful and results driven.
What Is It? The Home Ownership Program: The Answer to Outmoded and Outdated Loan Officer Credit Repair | Credit Repair for Realtors
In light of this thinking, a change had to be made. Moreover, this change had to be comprehensive in nature. Of course, real estate is more than just a credit report score. By the same token, there were scores of issues when it comes to buying a house.
Equally important, any plan is going to need to incorporate the various aspects of any given real estate transaction. Partnerships would need to be the central focus as well as teamwork. So, we developed the Home Ownership Program. Teams of people helping first time home buyers buy and own their very own home.
By the same token, using a systemic approach is the best way to go. Indeed, the three stumbling blocks to getting into a home tend to always focus on 3 major issues:
- Down Payment
- Insufficient Income
The Home Ownership Program deals with all three major issues in a variety of ways. Correspondingly, this is a First Time Home Buyer Guide Program. We teach, empower and guide our clients to success. Truly, the Home Ownership Program is about TOTAL financial planning to get a home. It’s not just about credit. It’s about teaching saving skills, raising money and expanding or growing an income.
A Far More Empowering Strategy Than Providing Weak Loan Officer Credit Repair | Credit Repair for Realtors
“You can give a man a fish and he’ll eat for a day OR you can teach a man to fish and he’ll eat for a lifetime.”
So very true. In fact, that’s the whole concept of the Home Ownership Program. We teach first time home buyers HOW TO manage their credit, down payment (savings) and general finances. Too, when you provide credit repair services and work on the consumer’s credit FOR THEM, it teaches the consumer NOTHING. Truly, providing ONLY weak loan officer credit repair | credit repair for Realtors is NOT comprehensive enough.
Through the Home Ownership Program, we teach people about the front end, back end, and credit use ratios. Consequently speaking, consumers NEED to know this. Otherwise, getting loan approval may be next to impossible. If those ratios are out of whack, then the loan underwriter is going to issue a big, fat NO to getting a loan.
Beyond doubt, consumers absolutely need to know what the ranges are on ratios. Failure to advise them on these issues is a major downfall in typical credit repair scenarios.
Managing and Teaching About TOTAL Credit Is Key – NOT Just Engaging In Loan Officer Credit Repair | Credit Repair for Realtors
Really, what can you do with “credit repair”? Delete accounts? Delete some late payments. Sure, but it’s usually not enough to do just this. Credit has to “match” with your loan matrix. In the final analysis, it’s going to be how much credit does the consumer have? What are the credit scores? Are the balances on the credit accounts responsibly managed? How many open lines of credit are there? What does the charge-off or collection history look like?
Together with these variables, is what matters most. For instance, let’s say the borrowers are trying to get an FHA loan. Well, what does that entail? Normally, FHA isn’t credit score driven. But, the rule of thumb says that range is somewhere between 580 and 620 on the low end to meet loan approval. Normally, credit reports need to have at least 3 open trade lines reporting with no late payments over the last 12 months. Altogether, this is a major part of the first time home buying process.
Bad Credit or No Credit – Credit Rebuilding (and Monitoring) Is Key – Not Just Doing Loan Officer Credit Repair | Credit Repair for Realtors
As part of the Home Ownership Program, we discuss with our clients about how much credit they need. This is important to first time home buyer qualify. Even if they owned a home recently, we still show borrowers what they need to know. First, rebuild credit and get 3 credit cards (if you don’t already have this many).
Check your credit. Monitor your credit with Credit Karma so you can track your progress. Chances are you have a 1-in-3 chance of becoming a victim of ID theft. Chances are someone probably already stole your personal financial information. Watch this video on how you can protect your credit from ID theft. Don’t see it destroyed by a thief.
Additionally, the Home Ownership Program is designed to help mitigate ID theft after its occurrence. Furthermore, the program is also designed to correct personal account mistake of ownership information via the use of affidavits.
Correcting Personal Information on the Credit Report – Typically Not Part of Loan Officer Credit Repair | Credit Repair for Realtors
Amazingly, credit reports are full of errors or outdated. In many cases, it’s obsolete and useless information. To say nothing of the fact that much of the info is useless. Multiple name usages and multiple street addresses looks bad. So too, phone numbers as well as multiple employers – LOOKS WORSE STILL. Yes, we show them how to use dispute letters too.
As an underwriter, I can tell you this personal information counts. It would be a determinating factor in my underwriting. I’ve seen people move so many times, the number of addresses appearing on the credit report is staggering. In one instance, one man had 40 different addresses on the credit report. Obviously, crazy! We erase this information. Sometimes, we use an identity affidavit. Fixing this is key. We dispute these useless entries.
Addressing Legal Questions, Issues, Problems: Not At All A Part of Loan Officer Credit Repair | Credit Repair for Realtors
Yeah, it takes an attorney. When it comes to legal problems and issues, it’s important to have the advice, counsel and employ of an attorney. In real estate, it’s even more important to have a real estate attorney. Legal. Protection. Is. Important. Considering all this, we need to avoid legal pitfalls.
Typically, legal problems are money problems too. Normally, the way to handle it is to resolve it. Doing so is proactive. On the flip side, avoiding problems only makes it worse. What’s more, having an attorney to review real estate contracts is important.
In Conclusion – Exploding Your Business: Saying “No” to DYI Credit Repair: Loan Officer Credit Repair | Credit Repair for Realtors and Earn Up to $10,000 in Free Referral Advertising
Sure, you can do credit repair, loans and real estate. But, to be sure, you can’t be everything to everyone. Save yourself the hundreds of hours of labor, time, and headaches. Think strategically. Grow your business with advertising. Don’t wait. Get started TODAY!
Just enroll borrowers for the Home Ownership Program. You’ll earn up to 20% of their payments to fund your advertising campaign up to $10,000. Have even more referrals? We can run campaigns repeatedly.
The Home Sweet Home Team