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Andy's Blog

Answering people's questions can improve yourself

By Andy | Other/Just Looking in California
  • First question, In California, should loan agents obtain their own license?.........

    Posted Under: Financing, Agent2Agent  |  December 1, 2010 6:17 PM  |  1,715 views  |  1 comment

    Ten concerned issues:

    Before read it, please, be sure, you know the definitions of agent, broker, designated broker, sales person, sale associate and other business roles.

    When you think about the questions, please keep asking yourself a question you should care consumers' interests first or you, here means real estate licensees first.

    1. Should loan agent obtain separated license that is different with real estate license in California? If yes, how many levels, broker and salesperson?

    2. Should owner of real estate or loan firm be required to have broker license to be the designated broker as broker/owner?

    3. Should all of the agents or at least all of the brokers be required to be full time persons without other full time job?

    4. Should all licensed firms be prohibited to do both real estate and loan?

    5. Should agent who is not a realtor be prohibited to use CAR forms and other local realtor's forms?

    6. Should agent be prohibited to develop any other business relationship or special personal relationship with current client if they do not know each other before the agency relationship began?

    7. Should agent be prohibited to work with his/her spouse as loan originator, escrow officer, Lender's AE, appraiser and/or inspector in the same transaction? At least should he/she have to disclose that to the clients and opposite party?

    8. Should agent and/or his/her spouse be prohibited to be the current client's CPA, insurance agents security agent, licensed financial advisor and/or remodeling contractor within one year or two years after COE?

    9. Should agent be prohibited to earn commission or other substitute in agent-self transactions?

    10.   Should tele-broker who is able to supervise sales associates and multi-firm broker whose firms might have conflict of interests, be prohibited?

    You may discuss one of some of the questions. Please, let me know the question number.

  • What those loan agents owe

    Posted Under: Agent2Agent  |  December 1, 2010 6:14 PM  |  1,475 views  |  No comments

    What I am talking about here is based on the situation in CA.

    Do not you think almost all of the loan agents who have originated option ARM, stated income, home equity line or cash out refinance, have seriously owed ethical duties to their clients, especially the agents who started their loan originator business since 2001 or 2002 or the clients who have lost or are going to lose their home?

     

    Loan agents, please, do not try to point other parties who work in other related business fields. Each party has its owned duty. Moreover, do not try to point if at least, you have no legal duties. These loan agents may have the more serious and obvious legal duties far greater than the ethical duties and moral duties owed. Your behaviours have brought a lot money to you and let you improve your life, your families and maybe something else such as buying a new Lexus, Mercedes, BMW, exchanging to a new house, enjoying your vacations, and maybe having a new babies. But look at your clients' today's life.

     

    Think about that and imagine that they used their sweet words and their advices that seems very professional in their clients eyes, to originate their clients' loans. Now, so many of their clients and their families have lost or are going to lose their homes not just houses but loan agents and their families can still enjoy their homes and the houses. How amazing it is. Here, other issues like clients' jobs, cars, their children's tuition, insurances, families’ relationships, which are related to the loan problems indirectly, have been ignored because loan agents always think that they work harder than other people do.


    Do you think those loan agents are liars? Do you think they have the sin on today's market? Do you  think what they do is crime conduct not just tort or malpractice? Do you think they should be punished by law?


    It is my personal opinion but if you agree with me, you are authorized to share my opinion with whomever you would.

     

    Remember,

    Unlike the clients who are non-professional, even they may have their owned duties but loan agents are professional because they are licensed.

    Unlike sales or dealers who just solicit the products to their customers, loan agents shall not only consider and advise the advantage or benefits but all the disadvantage and risks to the clients while the agents originate the loans.

    "My clients got their dream homes or lower loan payments" can not be the reason to evade and ignore to disclose the potential risks their clients may be going to face to it.

     

    Generally, the law says

    Agent shall owe fiduciary duty to his/her client forever not only until COE.

    Agent shall treat his/her client as treat himself/herself.

    As clients' personal loan consultants, agents shall owe the greatest duties in all the parties who involved in the transactions.

  • Need your common about calREDDâ„¢, California Real Estate Dynamic Data.

    Posted Under: Agent2Agent  |  December 1, 2010 6:04 PM  |  1,752 views  |  6 comments

    I would like to know your comments about calREDDâ„¢

    , California Real Estate Dynamic Data. http://www.calredd.com/.


    Is it good or bad for realtors?

    Is it good or bad for real estate profession?

    Is it good or bad for consumers and clients?

    Is it good or bad for the real estate market?


    This is a California stuff. However, I would like to hear voice from the people from other states too.


    Welcome to talk about any point based on this but beyond. Please, use your logical and psychological sense. Do not need simple and plain sense. Be careful, I may put my comments of your comments and peaceful arguments are welcome.


    Thank you

  • If you owe your bank $$$

    Posted Under: Financing, Foreclosure  |  December 1, 2010 6:03 PM  |  1,306 views  |  No comments

    If you owe your bank $1K that's your problem. If you owe your bank $1M, that's your bank's problem and you may get away. If you owe your bank $1G, that is your country's problem and your bank may get away. If you owe your bank $1T, that is the all the countries' problem and your country may get away.
    This e-mail transmission contains privileged and confidential material. Please, do not copy or reveal any materiel or information of the e-mail to anybody without sender's authorization.
 
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