MORTGAGE LENDING INTERVIEW 1.7
Um, I will caution you though, removing somebody from the title when it’s financed and they’re on the loan is a big no, no. Okay. Yeah. That’s good to know. Um, yeah I think, I think you brought up a good point cause I always get the email or the phone call, it says Hey we’re closing in two days and title needs a copy of my trust because we need to take it out. And that usually tells me okay they didn’t know about it. And also shame on the title they didn’t do their title check until two days before. They should have known well before that that this was going to be an issue. And then you know, we have disclosure clients should tell them, Hey it’s titled in the trust but they usually don’t know that they don’t know the difference. So it comes down to that trusted professional we were talking about that asks that question in front with the top Trust Attorney Las Vegas. How is the house title? And they can search it easily, especially here in Clark County. Everything’s online. You search the property address, you can see who the title owner is and what did that make sense for them to do it. And unfortunately, I hate to say this, a lot of times it just comes down the laziness. It comes down to just the loan officer not wanting to
do the extra work. Maybe they have to do a little research to figure out how to do it that way, but it’s doable. It’s just a matter of willing to do it. I, but yeah, it can be done. All right, so any other things that people should look out for when they’re, they’re looking for a qualified, trusted lender. What type of you, we talked about the interview and we talked about questions they should ask. What other things should they be on the lookout to make sure they’re dealing with someone who’s honest and knows what they’re doing? The
N M L S is the database. That’s where our, that’s where our mortgage loan originators licenses or hell, that’s the database. That’s us, that’s where our licenses are maintained and it’s open to the, so you just have to go to the N M L S consumer. You could just Google N M L S consumer and it’ll take you to the link where you could just go in there and you could punch in the loan officer’s name and you’ll get their license number. Um, and you’ll also see where they’ve worked in the past and if they have any type of derogatory fines against them with great Trust Attorney Las Vegas. So it’s all clear. It’s all public record. So you’re, you as the consumer are free to go and research that and see if there are any blemishes on the loan officer’s history. You also want to pay attention if they bounce around a lot, if you see them hopping from shop to shop every 12 months, you might not want to, you might not want to stick with that loan officer and then also look at their number.
It’s, it’s just sequential. So the higher the number means the newer they are, the lesser of the number means that they’ve, they’re, they’re more of a veteran and they’ve been around so a lower and an MLS number would be better. Um, so that, those are just some three tips that you could look for when you’re searching the database other than just interviewing the loan officer themselves and as a national mortgage licensing specialist or um, it’s a service that offers top Trust Attorney Las Vegas. Yeah. So, so that’s, that’s what the ML has just cause it’s probably hard to hear whether we’re saying MRN, so national mortgage licensing service, so and ML s.com or.org. Uh,
I believe, I believe it’s dot com well, I will research it while we talk. Yeah. Pretty, pretty easy for people to, to type either one. So that’s a great service too, to go check out. Um, as always, I think, you know, you mentioned you work by referrals. We work by referrals for solid Trust Attorney Las Vegas. Talk to people, say, Hey, who did you use? Did you have a good experience? Everything’s online now with reviews. Check out their reviews online, their Google reviews. If they’re not getting that, they’re probably one old school and maybe not as familiar with all the tech stuff and you know, all the advantages that may be out there, but also it’s, they don’t have the history there. So you want to see who’s, who’s reaching out, talking to consumers and aware of what’s going on. So those are some great things you can look out for. We covered a lot of ground here. Anything else that you want to cover before we finish up with the show today?
Eh, can we talk a little bit about credit? Yeah, I think that’s a great, great topic. Let’s talk about credit. Credit is so important and it impacts you in so many ways. And I wish, I wish I knew how important credit was when I was younger. Hmm. Because, you know, I just, I was silly when I was younger and I didn’t know the importance of it when you need Trust Attorney Las Vegas. But credit is so important when it comes to getting approved and it’s, it really will determine whether you qualify or not. Um, it, you, the secret to credit and, and, and people, people may roll their eyes and not believe me, but the secret to credit is credit cards.
Okay? Revolving debt is like 30% of your score and the fact that you’re making payments on time. So if you do not have any credit cards on your credit history, you’re eliminating about 30% of your potential score just by not having them on your, so you may never even get above a six 30 if you never had a single credit card in your life. So when I say credit cards, what I mean by that is you want to keep your balances low.
So your limit, you want to, you want to keep your balances low compared to your limits. Typically you want to keep your balances around 10 to 15% of whatever your limit amount is. And by doing that you’re showing that you are, you could responsibly manage your credit for great Trust Attorney Las Vegas right now. Uh, some people say, Oh well I’m just going to get a credit card and, and I’ll use it once and then I’ll just stop using it. Well, no, not using a credit card. Showing a zero balance just shows that you’re not managing it. It’s just sitting there dormant. It doesn’t show that you’re managing it.