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| *Loan,banking and credit>>>credit repair |
As a mortgage loan officer, can I repair client's credit for them if I don't charge a fee? |
When I close the loan, will that count as compensation? Is there a license I would need or do I need a Power of Attorney? Will a Borrower Authorization Form suffice? Why is it that only lawyers do this? I just want to save them some time by sending the letters for them and create some loans for myself at the same time. If there are no licensing requirements, can I charge for this service to make a small profit and make sure I'm working with serious home buyers? You can assist borrowers in fixing their dented credit scores but you cannot have power of attorney in most sates because they are your customers in a financial transaction and that is a conflict of interest. You can have draft letters you furnish them with, but don't get involved with fixing their credit because you will be conflicted and you don't want the regulators breathing down your neck. Also there are a lot of firms that do credit repair work, it is not the sole province of lawyers. I don't know why you would want to do credit repair. Seems to me like you need a good marketing plan so you can attract people that want to refinance their homes or people that want to purchase homes. Credit repair is very time consuming. Lawyers are not the only ones that can do credit repair. There are ebooks on the Internet that can be purchased and down loaded. There are credit repair companies in your city. Most fax their services to your company that you work for you just don't see or get them. You do not need a license to do credit repair, except a city license if you are working from home or out of an office. Call your city business license department for the requirements A good marketing plan will solve your problems about getting enough loans to please you and and keep you busy. Try a couple of referral seminars, and farming. Try www.loanofficer.com I think that link still work, they give a few marketing skills you might be interesting in. I hope this has been of some use to you, good luck. |
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