My real estate team and I have closed over 100 real estate sales since The Rootdown Group formed in April 2004. As Listing Agents, we’ve probably received 75 or so other contracts that never closed. Contracts that never closed because the Buyer was working with an idiot for a mortgage broker. Or a criminal. Some of these folks are really good criminals and many of them are truly idiots who can not spell in their pre-qualification letters, can not understand basic mathematics, and many times can not seem to have an address other than a PO Box or moreover a FAX number that is disconnected. Bunch of punks.
Every time we suspect that the broker is not very good, we counter with stipulating that the Buyer must pre-qualify with the broker of our choice. Someone that we know and trust – right now, we know and trust about 15-20 mortgage professionals. That’s it!
With that one simple stipulation in a Counteroffer, we eliminate many buyers. They were never buyers in the first place. They were NINJAS (y’all know – No Income, No Job, No Assets).
Yesterday, Inman News reported that “a nationwide licensing system that’s intended to help states track mortgage brokers and lenders under their jurisdiction launched today with seven states participating and 31 more expected to join by the end of next year.
The Nationwide Mortgage Licensing System (NMLS) creates a single file for each state-regulated mortgage lender, broker, branch and loan originator, simplifying the process of licensing and monitoring companies and individuals who do business in more than one state.”
I understand that in 2004, the Georgia Residential Mortgage Fraud Act made Georgia the first state to specifically criminalize mortgage fraud and to furthermore give local and state law enforcement expanded powers. Good for Georgia. We have a long way to go to eliminate fraud, but the NMLS will certainly help to curtail it.
The NMLS is a good idea. If I’m licensed, if your massage therapist is licensed, and if your barber/hair extensions specialist/cosmetologist/aesthetician is licensed, and if Atlanta’s very own Blondie Strange from The Clermont Lounge is licensed, shouldn’t your mortgage broker be licensed?