Feedback Needed - Is it OK to Let "Ethical" Mortgage Professionals Join Loan Safe?

[Moe Bedard]

I have opened up the mortgage broker forum as a new "safe" community to obtain the latest updates and insight into the mortgage industry. This will be their forum and all visitors can watch live mortgage disscussions in a safe environment.

First I would like to get feedback as to what everyone feels about this forum and if it would upset them in any way.

Keep in mind the "sole" purpose is to educate all the members and visitors about what loans are out there and what the mortgage market is doing. Also, I will keep an eagle eye out on everyone who joins as will the rest of the Loan Safe crew.

Predators will be banned in a nano second AS ALWAYS!

Thoughts???????????

[Kimbly]

Good morning Moe!

It wouldn't upset me. I am sure there are ethical mortgage brokers out there and their insight would be helpful to all of us. That said, I think there are a lot of people desparately looking for help and I'm afraid some would grab any straw that seems available. I found another site before this one purported to be there to help consumers facing mortgage difficulties. There were many consumers there and it was meant to be a support group only. However, brokers would lurk and occassionally jump in with the "I can help you" "email me here" bs. I saw through them immediately, but several others just wanted whatever help they could find.....

I think it would be fine to have some legit mortgage brokers, loan processors or retail loan officers participating on the forum. The "inner workings" of all of the various loan products out there can be very frustrating and confusing to most homeowners.

That being said, I would suggest a simple application, vetting and approval process before participation. It could work something like this: When a person registers for the first time, they could classify them selves as homeowner, service provider, loan officer, mortgage broker, loan processor, underwriter, etc. For homeowners, keep the system the same as it is now.

For service provider, loan officer, mortgage broker, loan processor, underwriter, etc., give them reading privileges immediately, but require a simple written narrative as to why they want to be here, where they work, area of specialty, maybe a 10 question application [B]WITH contact information. Indicate that they WILL be contacted by someone from this forum.[/B] [U]Once vetted, give them writing privileges.[/U]

Explain why there is this process, for your forum's integrity, this will not be a place to troll for business. IF they do not want to take a few minutes to fill out this information, then you probably don't need them anyway, they are not legit, etc. Sure, you will get fewer active participants, but you will get better quality ones. That is what this forum needs, right? Quality people giving quality advice or information.

That is my $.02

Forgot to add that these scam loss prevention companies are heavily recruiting loan officers with their get rich schemes. We need to keep those people outta here!

[Moe Bedard]

Thanks Kimbly and good mornin to ya!

Yes, there will be no emails and websites. I feel that should be an earned privilege. I understand that everyone needs to make a living and loan officers or broker cannot devote 8 hours a day here. But if they come here and "really" pay it forward, then all of us will see that this mortgage professional has earned his keep and the right to say I work for "so and so". Not as an advertisement but so people who like what they have to say can call and discuss loans if they chose.

I want to keep this place safe, but not a communist regime where everyone is banned that is not a homeowner. Free choice & speech for all with our help in weeding out who we think are scammers or crooks.

Steve, awesome ideas man. Perfect set up for registration. Let me see how I can include that at registration, if I get good feed back from the community.

I appreciate you both taking time to give me your thoughts!

[nitag]

I think its a great idea Moe, I am looking forward to reading what they have to say!!!

[schwefls]

Count me in Moe

[Moe Bedard]

Great! Any other ideas or feelings about this from the community?

[Andrew]

Maybe have them answer questions like coronasteve stated above. Yeah it would be great having a mix of people on the board, but as long as their not pushing their business on here.

[Virginia]

I think that having mortgage industry professionals with no hidden agendas would be very informational to the consumer. There are many excellent people in every facet of the business that are willing to lend their experience and expertise to help the consumer understand the process and be smart about who they deal with.

[schwefls]

Moe:

Do you think a reputable company/law firm that cleans up credit via disputes could be considered. I know we can all use this help, as much as we can do it ourselves for free I for one do not know the ins/outs

[Andrew]

I don't think having those clean up your credit places are good. If they claim they can remove legit derogatory information thats a lie and a crime. Because when you dispute something you are saying its not yours or reported wrong. And technically if it is legit and you know it your committing a felony.

[schwefls]

Point well taken Andrew,

[cshivers]

I joined because my roommate is a Realtor working short sales and she needed help. We found this site, but when she tried to sign up with her information.. which has the word "home" in her email address... she did not get an email link to activate the account. She may have missed it in a spam filter or something though. We assumed it was because she was a Realtor. There are Realtors that really, really need this help because there is no training like this for Realtors working the "front lines" so to speak in getting correct and accurate info out to these struggling homeowners. The Realtor is often the first person contacted for help. My roommate wanted to post her situation with Countrywide and Citimortgage in loan modification and short sales. I think she is also working one with Wamu. I think it would be great to have a separate thread category for real estate professionals to share advice... WITHOUT ADVERTISING. That will ruin the forum. Real estate professionals and mortgage people should not be able to advertise or give the "call me" type advice seen on other forums. But I do think this would be a great place for real estate professionals to share the same info that the homeowners are providing... contact numbers, stories, etc. Anyway, my roommate would still like to post her issues. Just let us know who to contact. She wants to use her user name and not mine and her user name does not show up in the member directory even though she can log in... just not post.
Thanks.

[Moe Bedard]

Cshivers,

Your roomate is Dana.......we know this already......we don't have the training section set up yet, but when the premium section is available there will be a fee for accessing the information provided there.....but for now we don't offer any type of training....
The people that come here are taught how to do this for themselves........and we don't charge for the information or the help, we volunteer our time and expertise to do this, but we will only help distressed homeowners........
For the answers she is looking for, for now, Dana will have to take continuing education classes or some online courses on Short Sales and Loan Modifications, which they do offer..........until that section is up and running and I am not able to give you a specific time frame as to when that will be.........
Sorry........

[cshivers]

Yes, Dana.. that's her. We just wanted to make sure that it was not a technical issue as to she could not get on to post. So, do you just assume that a Realtor has bad intentions or something... and that's why they would want to post? She has one short sale that she really needs help on and it is a friend of ours that has become incapable of handling any of his own issues (major medical issues with seizures where he forgets things completely). She's basically taken over the role as homeowner for the last few years for him... trying to help him keep his property. He signed away his authorization letters for the loans and said "do what you can". So... no way she can post? Why would Realtors have to join a paid forum? Why can't there be a folder dedicated to short sales? I think that a short sale folder would be helpful. I won't push the issue. Just reading the forum has been VERY helpful.. just wanted to see if we could get help for our friend. Dana's getting to the end of her patience with Citi and Countrywide and I have to listen to it. I thought I'd try to help.
Carly

[Moe Bedard]

It isn't anything against Realtors or Dana..........I am not sure why her information doesn't work........she wasn't banned or anything......
As far as the Short Sales Section......I am working on that right now....
Can you please have Dana email me at [email]***@loansafe.org[/email] and tell me this issues she is having and I will see if I can help her.
Not in Dana's case as you have explained and that is an extenuating circumstance........
The reason that Realtors and Mortgage professionals and anyone else that is charging people to do what we do for free and we volunteer countless hours to do this for the homeowners..........
Then to learn how to do this and to charge for the service you perform........then that person will have a section that they will have to pay to learn what we do........
I wouldn't think it would be fair if I taught someone to do what I do for free and then they go charge someone to do it for them........

[cshivers]

I do understand the need to keep the real estate industry separate from homeowners for the forum's sake. Moe's question about allowing "ethical" mortgage people... makes me think.. how do you know they are ethical? I guess it would take close monitoring. I also understand having a paid forum for the real estate professionals. HURRY! They need it. The training that is available for realtors gets outdated quickly and is pretty 101 vs. really detailed. Only forums like this have the most up to date info.

I told Dana to contact you. She doesn't want to take up the time of the moderators with her questions if it is perceived that Realtors should just know this stuff. She's not making a dime on the short sale deal with our friend anyway. She's done one other short sale and doesn't plan on making a career of it. The banks always want to reduce the commission anyway and the work is 500x more than a regular deal. It isn't about the money.. It is about helping people save their homes. I only mention that because you say the training on here would then be used to go and charge people to do the same thing... i am only referring to short sales. And in most cases.. from the advice I've seen.. it is the Realtor's job to do the work with the banks. Realtor's need all of the advice on here just like the homeowners.
I won't go on and on.

Looking forward to a future forum for real estate professionals... even if a paid forum. It is sorely needed.

[Kimbly]

If I may add my $.02 as respects training and helping realtors/agents through the short sale process. Before I say this, I'm sorry if I'm speaking out of turn, but this website was my lifeline and I want to do all I can do to protect it. SO...

If training will be provided to real estate agents, realtors and/or mortgage professionals, LoanSafe will have a professional liability exposure and needs to be sure they have obtained the proper E&O (Errors and Omissions) insurance. I'm sure you are well versed on this, Moe. But, the underwriter in me screams for you to please protect yourself!!!

To me, this is one of the top reasons to charge said groups for membership and/or training. If you are not charging them a fee, your E&O may not respond to alledged errors (not to mention covering your costs for obtaining the insurance!). Many E&O policies state whatever professional services "to others for a fee" either in the definition of professional services on the declarations page or within the policy form. I have seen MANY claims denied for not falling under this definition.

cshivers - your roommate (Dana was it?) may have the same issues. She really needs to confirm her E&O will pick up any services provided for 'free' or to friends/family.

[Moe Bedard]

Great points everyone. This is a tough one for me and a lot of the comments above are valid and things I will consider and ponder. Yes, Kimbly, that can be a HUGE issue.

My goal has always been to keep this place safe above all and then provide the help that homeowners in distress need. The problem I have always had was finding people in the mortgage and or real estate industry that are willing to volunteer and see my vision with Loan Safe.

*** and Andrew have been some of the few actual homeowners who are also professionals that have jumped on board out of the single premise of paying it forward. Their 8-10 months of volunteering have been nothing short of a God send to me and the community.

Now, I have more great members that are stepping up and contributing to the community. Kimbly, schwelfs, nitag and anyone I forgot to mention.

Kimbly, thank you so much on the tips. I need them sometimes. I know that my willingness to give, can be taken advantage of or come back to haunt me. You opened my eyes again to this.

I now want real estate and mortgage professionals to join Loan Safe. No links no emails etc in profiles or signatures. We need help and we need input on what is happening on the street.

I think we have proved to the community and over time that we WILL have the consumer/homeowners best interests at heart 24/7 and we will NEVER waiver from that.

Kimbly, what is your professional background?

This is a very good question. I made the 3rd post in this thread last week. It has previously been suggested with a tight confirmation and vetting process allowing a few select mortgage professionals to post will likely provide a valuable resource. They can all ready read now of course.

The suggestions as it stands now are:[LIST][*]There should be no contact information allowed[*]The mortgage person's credibility and experience should be verified [B]before[/B] writing privileges are given.[*]The screen name should be a pseudonym so the person can not be googled for contact information.[*]The mortgage person's posts should be monitored for their content, accuracy, appropriateness for the situation described, and any other breach of this forums rules.[/LIST]There are probably some other methods that should be employed to keep the homeowners here safe, and should be suggested.

It is an unfortunate situation however, and for anyone reading this please do not take the following paragraph as any kind of personal criticism or making light of anyone's personal financial situation.

Most of the homeowners posting here are in pretty deep distress with their mortgage and other credit obligations. As such, it is very unlikely given the present conditions that the homeowners would qualify for any kind of a mortgage loan. Therefore, most mortgage professionals would not spend the time searching here for viable prospects.

[quote=cshivers;16231]I do understand the need to keep the real estate industry separate from homeowners for the forum's sake. [COLOR=Blue][B]Moe's question about allowing "ethical" mortgage people... makes me think.. how do you know they are ethical? [/B][/COLOR]I guess it would take close monitoring. I also understand having a paid forum for the real estate professionals. HURRY! They need it. The training that is available for realtors gets outdated quickly and is pretty 101 vs. really detailed. Only forums like this have the most up to date info.

I told Dana to contact you. She doesn't want to take up the time of the moderators with her questions if it is perceived that Realtors should just know this stuff. She's not making a dime on the short sale deal with our friend anyway. She's done one other short sale and doesn't plan on making a career of it. The banks always want to reduce the commission anyway and the work is 500x more than a regular deal. It isn't about the money.. It is about helping people save their homes. I only mention that because you say the training on here would then be used to go and charge people to do the same thing... i am only referring to short sales. And in most cases.. from the advice I've seen.. it is the Realtor's job to do the work with the banks. Realtor's need all of the advice on here just like the homeowners.
I won't go on and on.

Looking forward to a future forum for real estate professionals... even if a paid forum. It is sorely needed.[/quote]

[Moe Bedard]

Great feedback everyone. There will be no training as of now, but if they want to join, they can as long as they agree top the TOS. I will add Steve's comments and suggestions as new rules of the TOS for professionals who want to join Loan Safe.

What do you all say?

[Kimbly]

[QUOTE=Moe;16241]Kimbly, what is your professional background?[/QUOTE]

Good morning Moe! I am an insurance underwriter with experience in personal and commercial lines (and some prior claims adjusting on the work comp side - ick!). I currently work for a large insurance company as a senior professional lines underwriter and program manager. As for my educational background, I have my bachelors in sociology and I minored in philosophy and psychology. I also completed about 1/2 of my masters program but, due to financial demands, I didn't finish.

[Moe Bedard]

True. However, there may be in the near future with the FHA changes etc, for a need for mortgage services here in the community. There actually have been quite a few refinances go through the community where members had reached out to me for help in searching for ethical loan officers. Problem was, I only knew 2 in the world

So, I would say that there is a need and in the future, a big need for it. Heck it would be better for a professional top spend time helping here at Loan Safe as opposed to that same old whining on Broker Outpost or the ML-Implode forum

[QUOTE]
Most of the homeowners posting here are in pretty deep distress with their mortgage and other credit obligations. As such, it is very unlikely given the present conditions that the homeowners would qualify for any kind of a mortgage loan. Therefore, most mortgage professionals would not spend the time searching here for viable prospects.
[/QUOTE]

[Moe Bedard]

Steve,

It isn't necessarily the Mortgage Broker that comes here in that capacity to search for viable prospects...........it is, however, the Mortgage Brokers, Real Estate Persons, and Investors..............

Turned "Loss Mitigation Specialist", and "Loan Modification Consultant" that do come here and join on a daily basis and troll all of the time here searching the forum for distressed homeowners to prey upon and free information to gleen..........

And homeowners in these situations are right up this type of persons alley........

This is the reason that something like this will have to be watched with an eagles eye.........