It all depends how many mortgages you can close every month. You can earn approx. 800$ for every 100,000 dollars mortgage issued. So if you have 5 clients purchasing homes with 160,000 mortgage each you would earn 6400 in commissions.

a mortgage associate meaning you work for a brokerage not for the banks makes .008 from the banks of the total mortgage and a volume bonus of .002 usually you get 90 percent of both and the brokerage gets the 10 percent of both

2.2%

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Hi my name is jane and i am living in virginia. i purchased a house in woodbridge va in dec/2004.tom was my mortgage agent. i made 10% deposit. (contract amount was $535,000.00) us express mortgage company approved first and second mortgage (1st $374k and 2nd $107k). about two months after settlement i received check book from bb&t bank (3rd lien - line of credit $125,000). i called tom (mortgage broker) and asked about the check from bb&t because i had never applied or asked raymond to open a line of credit for this property. he said "jane, you did not need a loan application and you didn't have to sign anything because you have a good credit and your woodbridge house had an immediate equity right after you closed the deal. so bb&t approved the loan based on your excellent credit and equity of your house. by the way i did not close the account and unfortunately i used the money. december, 2008, the house was foreclosed (by 1st lien holder) and 3rd mortgage lender; bb&t bank filed a lawsuit against me in the amount of $125k. i received complaint by mail in 01/15/2009. * right before foreclosure i requested all the documents regarding this loan to the entire lender including bb&t. (i was not sure what they have but i tried.) shockingly enough, there was a loan application which i have never seen and someone forged my signature. bb&t bank was not a wholesale lender. (bb&t had a wholesale department but i am not talking about them)/i didn't know at that time because tom and bank loan officer were acting like they are…/the loan officer had to contact with borrower directly but it didn't happen. someone forged my signature in loan application, credit line agreement, and credit line deed of trust (notary public? i don't know who she is and there was no seal) so they foreclosed my house and also asked me to pay. yes i did use the money. if i have to pay then i have to. but how about a fraud. (forgery and violation of lender’s liability... q #1. what should i do? do i have to pay them and bury that fraud? #2. we have 2 years of statute of limitation for fraud in virginia. someone told me that when i received the checkbook from bb&t bank i should have known that it was a fraud (he said this is common sense). what do you think? i confirmed fraud when i saw someone forged my signature on dec.2008–my deference is –“jane you did not need….. your excellent credit and equity of your house.” #3.can i fight with the lender for anything like-breach of contract or fraud or lender liability… i don’t know. thank you so much p.s. just for your information, mortgage broker and the loan officer are in federal prison committing bank fraud, money laundry etc. but not for my case.

I would look for a lawyer or attorney that specializes in that field and/or find out who the district attorney is that imprisoned them and notify them of your situation and if there is anything you can do, write a letter. Notify the BB&T co. that you are disputing their fraudulent account.

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However, as things have changed the current market forces 1 to seek alternative ways of income. i happened to come across a group of investors who negotiate short sales n buy these properties in distress. they offer a 2% finder's fee of the settlement price reached through negotiations with the bank on deals up to $500,000 n the percentage changes if the deals are larger. i would like any advice available on a scenario that follows as such: i am cold calling my mortgage leads, n i come across a client in ny who's 4 months behind on her mortgage n facing foreclosure. so i get all the client's information gather his/her documents n take the client to these investors who have the liquid cash n whom would negotiate with the bank for the short sale. upon reaching a settlement price of lets say $500,000 i receive a check for $10,000. now remember i am not a licensed real estate agent. is this legal in any way?is there anything i can do to make it an acceptable practice?

Not legal, since you are receiving commission from real estate and you are not a licensed realtor. Check your RESPA guidelines You can get into some legal issues if a borrower feels they were taken advantage of and they come back on you.

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I am 30 days late and will be 60 at the end of dec. i been calling the mortgage company several time and each time, they say i don't qualify for any program and they can not help me at this time. wonder why they will not help?my husband business is slow but we still can make payment at lease $3500 a month. our mortgage is $5600. i would think they will want to work something out with me since if they take the house, they will loose money. i have subprime loan that is 10% and will go to adj.in feb.2008 which will go 12-16%. what will happen? i try calling them and talking to them but no help from them. what will they do? we have loan with citi residential. what else can i do if they won't work with me? should i find someone that is an agent who deal with this kind of stuff?

You need to negotiate a short sale before you list it. Find a real estate BROKER, not an agent, that deals directly with banks. They will need a letter from you and then they will work out the sale for you. You may simply want to refinance though, that is a terrible loan, you should be able to do better. But, if you wait too long you will destroy your credit to the point where no one will touch you.

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I have been waiting 2 months for my buyer to get his mortgage but he is £15000 short my estate agent who is charging me £9000 to sell my property wont reduce there selling fee.i have reduced my price by £110000.so its not looking very promising.i am thinking of taking my property off the market with the estate agent and putting a private for sale board up,if the same potential buyer came back and we did a deal ,how do i stand with the estate agent,would i be liable to pay him any fees

What does your contract say? Where I am located in The United States of America, the language in the contract that you have with the agent representing you on the sale of your property will determine whether or not you awe the agent any money and the amount of money that you owe. Most contracts that I have seen do have a provision that if you cancel the listing agreement or make the property unsalable, then according to the terms of the contract you owe the listing agent a full or partial fee. However a good attorney can often find exceptions where the language of the contract might not apply in your case. For example if the listing agent did not fulfill his part of the agreement a good attonrney might be able to get you out of the agreement with out you being liable to pay the listing agent a fee. Personally this is one of the reasons that I always buy and sell property wihout the involvement of a Real Estate Agent. If I need legal advice, I consult with an atorney. If I need appraisal services I contact my own Real Estate Appraiser who is well qualified and has done a number of appraisals for me.. If I need Escrow Services or Title Insurance, I contact a title Company that I have worked with on a number of transactions over the years. IN my experience Real Estate Agents do not have a great deal of competence or training and add little if anything of any value to a transaction. If you want to cancel the contract with your Real Estate Agent, I recommend that you consult with an attorney who specializes in Real Estate Law and give the attorney a copy of the contract that you have with the Real Estate Agent who is representing you. If you try to cancel the contract that you have with the Real Estate Agent without using the advice of an attorney, there is a very good chance that you will end up owing the Real Estate agent a very large fee (9,000 Pounds) plus the agent's attorney fees which could be more than the fee itself. You definitely want to consult with your own attorney on this one before you cancel that contract. You may have cause to cancel the contract without paying a fee, however you really need the advice of an attorney to make certain that you do this exactly right so that you do not wind up owing this agent a fee plus the agent's attorney's fees.

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I've already posted something about our problem days previously regarding our currency related mortgage with one of the uk's top banks. it has proven to me at least that banks are ruthless & will only look after their own interest. it was our first time to get such type of loan and only because the broker suggested it and since we are dealing with established companies (both the bank & the agent), we did put our trust in them. we are aware that the financial crisis has affected economies worldwide and we are no exception. however, a bank with such good reputation could at least show some compassion considering that our first repayment mortgage is not even due until mid-november. this person who was handling our account, with no hesitation, chose the lowest rate he could possibly get on the day and switched our usdollar mortgage to ukpounds. whereas, if he would have chosen the better rate during the day, it would have saved us a few thousand pounds at least. at this stage, we do not know how to handle this matter and who we could contact to assist us. i would also like to know if we could request the bank to change the person who is handling our account, who we have now lost confidence fully and don't trust, and have our account handled by someone else.

It sounds like you have been misrepresented by this manager, seek a meeting with another manager immediately and try to sort this mess out.

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I closed on my house 2 months ago and have been living in it since. last week i received a call from my mortgage broker indicating that the lender cannot sell my 100% loan due to the declining market. therefore, he said my lender was willing to pay 5% of my mortgage to obtain a 95% loan to value ratio (all closing costs and fees paid by lender). a few days later he said that deal was "off the table" instead the lender was willing to drop my interest rate a quarter of a point (still nothing out of pocket for me) to restructure the deal (using my appraised value rather than the asking price to set the ltv). the appriased value would set the ltv at 83% rather than 100%. after a few days of thinking, i decided not to take the deal (just too good to be true feeling) and notified my broker. he sounded a bit upset but let it go. a little while later, i received a call from another agent saying that if the lender cannot sell my loan, they can demand an instant pay off. is this possible? i asked my broker to show me where/if that is in my contract. i am still expecting them to get back to me. since then, i have reviewed my contract and found nothing in the wording that indicates this. i am just curious if this is common practice for this to be written in or are they just trying to strong arm me into refinancing?

NO, the lender cannot do that. It's called accelerating the loan. There's only two things that would allow the lender to accelerate your loan and call it due. The first reason is due to default. If you're making your monthly on time, then you're not in default. The second is for fraud. If the lender determines you commited fraud when you applied for the loan, that could allow acceleration. The lender's inability to sell the loan isn't your problem. Period. Don't let them scare you into thinking it is. Hope this helps. Good luck to you. Elliot L

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My fiancee and i were planning on buying a home next year. on a whim, i applied to be pre-approved. during thing time, we got fed up with our apartment complex. we moved on june 29th to a luxury apartment community. as full time students, and workers, we're barely making ends meet -- but it means that we're not getting mugged on the way into our apartment anymore. i got a call last night from the mortgage agent i applied with last month. she told me i was pre-approved for a decent amount. we just moved into our new place! our rent payment is $900 for a one-bedroom. looking in the area that we originally wanted to buy in, we can get a move-in ready home for under 70k. that's $500-$600 for at least three bedrooms - after taxes and insurance. obviously, i want to go for the house. but we have twelve months left on our lease! i think we'd have to pay 2 months to break it. and, as i said, we're broke. [the loan that the mortgage company supplies is along with a local grant for down payment assistance and closing costs; we're first time home buyers] should we pay $1700 to get out of our lease? can we write this into a purchase agreement as a clause? or should we stick it out another year? we're getting married next fall - do we want to deal with wedding planning and real estate drama? also, i'm afraid my credit rating will drop as the mortgage company's requirements go up. i feel like i need to do this, or we won't realize our home ownership dream for a number of years. help! grant is from the city that we're looking to buy it. 10k to down payment and closing costs. i work for said city, and thus know that it's not a mess-up. fiancee's credit rating brings mine down. he's working on it (has been for *years*). yep. am currently running way too tight on my budget. should have re-evaluated before moving to expensive apartment. but, again, if we were to buy a house, i would be fine.

Go for the house, then after the closing work on a deal with landlord.

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Ok, this is the deal. i am a first time buyer. will be getting an fha loan and putting down 3% only. my wife and me made an offer of 165k and that the seller pay all closing cost. the house is listed for 175k. the hours has been on the market for 8 months. bank has changed real estate agencies on three ocassions. until last friday when i submitted the offer, according to the real estate agent who has the listing which is not my rea advised my rea that they had no offers as of friday and that they were waiting on one 10 days ago but never got it. today i was advised by my rea that the bank counter offer and advised me that they did not give any amount but did advise that they currently have three offers and they want to give the buyers another chance to make another offer and they will pick the highest offer. is this the normal procedure when it comes to counter offers. is the bank trying to squeeze more money out of us. i just find it hard to believe. help...

In real estate there are two very old expressions: 1] You [the Buyer] names the price. They [the Seller] names the terms. You [the Buyer] names the terms. They [the Seller] names the price. Somewhere in the middle there might be an agreement on price and terms. 2] A property - any property - is ONLY worth what the Buyer is willing to pay for it AND what the Seller is willing to sell it for - not one dollar more or less! AND, when financing is involved, what the lender will appraise the property for and lend money for the mortgage. The bank is in the same situation everyone and every other businessis in: What is in the best interest for US. US - meaning you and your wife and your situation. US - meaning the bank and its current position with their real estate owned ["REQs"] properties. If the bank could get a Buyer with more money in the offer, with more money to put down AND without payuing the closing costs, believe me, they would take that deal. It wouldn't make any difference how long ago you had your contract presented. Without saying a word or committing themselves to you, they counter-offered in a nice way AND they "put the ball back in your court": You have to do something: Do better on the price and/or Do better on the terms. OR simply walk away. THE ONLY way you're going to find out what the Seller's bottom line is, is to make a written offer on the property. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!

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We had our house up for sale, had a deal on one house about to close which was based on our house being sold. at the last minute while we had buyers waiting to confirm financing for ours, the house we wanted slipped away to another more solid offer. the same day but after the timing was expired we firmed up and had 2 wks to get out. we signed papers with our agent to get a change of date which he denied. so we had to scramble and get a lesser house and yard and move in when our mortgage broker was on holidays and was under the impression we were with the first house. so the lawyers decided not to pay the real estate agents, and they closed the deal a month ago. now, if you're not confused and still with me (i hope!) this real estate agent of ours really messed up a lot of things, even had asked for money for us to do a change of date, he's since been fired, i did most of the work (even told me secret passwords to real estate board websites so i could search for a house). it's a whole month later, my mortgage broker hasn't paid these peope off yet *(we have to get a third mortgage to do so) but this one guy -this agent i dont want to pay bc he really messed up....so how do i do it and is it possible?

If I'm following you correctly and the deals on the houses have closed with a lawyer and the lawyer didn't pay the commission from the proceeds at closing then the real estate agent will probably have to take you to court to try to get paid. If that happens then it's up to you to prove to the judge or magistrate why you shouldn't have to pay the real estate agent. If you want to get him in trouble then you could turn him in to the board of Realtors for giving out his passwords to let you access websites that aren't for the public.