Join us for this episode of Larry Goins Brain-Pick-A-Pro. Learn from leading experts in real estate investing and business. Get the latest information of what is working right now and their predictions for the future. Get ahead of the pack and take advantage of this insider information. Success leaves clues! See first hand what works from them, the lessons they have learned and how to avoid the mistakes they have made. Don’t miss a single episode of Larry Goins Brain-Pick-A-Pro.
Dealing with Residential Mortgage Loan Officer with Mark Ross
In today's episode, Larry talked with Mark Ross of Good Steward Lending Services. Mark shared a lot of things—how RMLO or a Residential Mortgage Loan Officer can help you assess a borrower and how to provide feedback if they have the ability to pay, among many others.
Mark's background story
His traditional lending business
Buying and selling of notes
Whose money they are using
What the Dodd-Frank Act is
What is required by the seller to comply with the Dodd-Frank Act
What CFPB or Consumer Financial Protection Bureau is
Qualified mortgage ratio
What a seller’s typical deal looks like
What APOR or Average Prime Offer Rate is
The kind of deals he is looking for
Mortgage state versus deed of trust
RMLO's services charge for a seller doing a seller finance transaction
The kind of downpayment he wants to see
"I just look at things and try to be more practical and realistic."