Stop Procrastinating Mortgage Brokers!!

Stop Procrastinating and sign up for Praedo Institute's 3-hour SAFE preparation course that will count for 3 hours of mortgage continuing education and will help loan originators prepare for the SAFE exam. The course will be held at the Salt Lake Community College Miller Campus at 9750 South 300 West in Sandy from 9 am -12 pm on September 16. There are still seats available, but they are going quick!! Sign up today!

On the Road Back to Recovery

If you follow the news as closely as I do, you are starting to hear some good outlooks for the US economy. Despite global fears and a shaky European economy, things are looking up. Chairman and Chief Investment Officer of T. Rowe Price, Brian Rogers recently told Fortune magazine "We're on the long and winding road of economic recovery. I think the markets have moved faster than the global economy, yet the global economy has shown some pretty good signs of progress."

Notwithstanding the hurdles and nasty parts of the road that are yet ahead of us, no one can complain that most signs of the economy are saying that we are on the road back. Things are still fragile, but at least they are not declining. It is a good time to judge where we, and our investments for that matter, are. What did we learn? What can we do to take advantage of the present economy? As real estate agents and loan originators, what can we do to better understand the financial situations of our clients so that we can help them make more financially sound decisions? As agents and mortgage brokers, we help our clients make some of the most important financial decisions of their lives, are we properly equipped to do so?

Testing Centers Are Filling Up Fast

With SAFE testing deadlines starting to hit around the nation, mortgage brokers around the country are scrambling to register to take national and state exams. What they're coming to find out is that . . . testing centers are filled up. Usually the wait is only for a couple of days or weeks but some are finding out that if they don't want to wait a couple of months, they will have to make the drive, or even flight. Similar problems have arose in the past as students try to meet required deadlines and quickly find that testing centers are filled up in their area. They must to choose to drive to a different location (sometimes in a different state) or stop working until they can meet deadlines.

However, the situation that we currently are in is even more particular. As many states have similar deadlines, traveling to a different location (even in another state) may not be possible as many test centers may be booked past the required deadlines. If deadlines are not met, some loan originators may be forced to stop originating until they meet the deadlines. Do not wait. Register today! If you need help preparing for the test, contact us for SAFE prep materials!

Things Are Getting More Lenient

For better or worse, banks and lenders are becoming more lenient with what they are requiring from borrowers. It was only a year ago that most borrowers felt like they were being vetted to become a presidential candidate as they applied for home ownership. Instructors at the Praedo Institute have been joking with loan originators that they should learn how to draw blood, as that is certainly going to be the next required step in the application process and how they could expedite the process if they could draw blood themselves. However, the wind is starting to change direction in the market.

Fannie Mae is easing up on its requirements from borrowers to make home ownership easier in these difficult times. If you have been given the deed to your house back to the bank or done a short sale on a home, Fannie Mae regulations stated that you could not apply for a loan for four years. Fannie Mae is shortening that period to two two years. Cutting this length of time in half allows more borrowers to get back in the housing market.

The sentiment of such a change brings mixed feelings. Should forgiveness of such a magnitude be expedited or do we need more borrowers in the country in order to take up excess inventory? There are arguments that could be made on both sides. Certainly lenders are conscious of the fragile state of the housing market but executives at Fannie Mae feel that this is a move in the right direction. This expedited forgiveness also comes at a steep price, borrowers who wish to take advantage of the policy must put down a 20% down payment.

For better or worse, no one can argue that these types of changes coming form Fannie Mae are a positive thing for the housing market and urges us to be optimistic for the future of the housing market.

Praedo: Your Source For SAFE Information

Mortgage brokers across the country are just trying to keep their heads above water. The bursting of the housing bubble delivered a tough blow to loan originators last year. And now with Congress pointing the cause of the bubble burst on mortgage brokers and lenders, and the deputizing of the NMLS (Nationwide Mortgage Licensing System) to police the mortgage industry, there is more red tape and a lot more restrictions that loan officers must abide by. Staying on top of all of these state and federal laws can be agonizing, so who best to turn to for up-to-date SAFE questions than the Praedo Institute. Between blogging, YouTube, Twitter, Facebook, email blasts, our informative website, and our knowledgeable staff, we can help you stay on top of everything you need and more.

Need Mortgage Brokers? Praedo Can Help

Are you trying to recruit mortgage brokers? Whether you're starting a new venture or trying to expand your company, we can help. Managers and owners alike can contact us order to join our third party employment page. Here you and your company can have access to thousands of SAFE licensed loan originators who are looking for work. Owners should also be aware that Praedo offers corporate discounts to our already competitive pricing for qualified companies. If you are interested in participating in our third party employment pages, please contact us at support@praedo.com.

Have other ideas on how we can help your company, let us know!!