Loren's Blog

Mortgage and Lending - MLS# 279272
Thoughts about Mortgages, the Real Estate market, how customers should be treated, and mabye sports!
Good afternoon! I'm sorry I've been away for the past week or so. My father-in-law has been in the hospital for an extended stay, and I've been a bit 'pre-occupied'. And yes, he's fine now and back home, so all is well.However, while I was visiting him at the hospital, I was constantly reminded o...
I found an interesting article in the Minneapolis StarTribune over lunch this afternoon....."Coldwell Banker/Burnet sued over agents' referrals" (Business section, page D2)Basically, a suit has been filed over Realtors 'steering' closings to Burnet Title, an affiliate of Coldwell Banker- without ...
Since I had gotten some good comments back from the community...I thought I would tell you what ended up happening with my 'client'.To recap: I had pre-approved a Realtor's referral after verifying income and credit. Later, the Realtor visited a home where the selling Realtor wanted to place my c...
Had a tough call to make yesterday, and thought I'd ask the community about handling it....I had a referral from a realtor. When I interviewed the client , and verified credit & income, I gave the realtor the amount they would be pre-qualified for on a 30-yr. fixed rate. At one home they stopped ...
Last week, our new Minnesota Attorney General Lori Swanson was given a copy of a ‘Final Report' from her Predatory Lending Study Group. In it, a number of recommendations were made that are being requested to include in a bill to come to a vote this legislative session. (I do have a copy of the e...
If you haven't heard, the Minnesota Legislature is looking at passing a law this session that would require a Mortgage Originator (someone who can write loans AND employ loan officers) to have a provavble net worth of at least 1.5 million dollars outside of their business. This would do 2 things-...
I'm just curious this morning.....If you are helping a client, and they ask you for a recommendation for a trusted loan officer, how many names or cards would yoiu give your client?I've heard some say 'one', others 'two' and even a couple say 'three'.What are your feelings on the subject?
As a chair of the Minnesota Association of Mortgage Brokers, I get involved with a lot of things that try and help the consumer in Real Estate transactions. However, I also get to see some of the tricks played by unprofessional Mortgage people- the 'Bad Apples'. One came to light again today- hop...
After having breakfast with a divorce attornry today, (about referral business, not for my own personal use, thank goodness!) he talked to me about a problem he sees....that Realtors are not giving honest home price listing information to the 'homebound half' of a divorce. He accused most Realtor...
After getting my 2nd call of the day yesterday from a potential client that wanted to apply for a cash-out loan because their Realtor had 'taken them off the MLS', I figured I'd better write a quick reminder.....While the majority of Realtors are above board on this.....remember- Most all lenders...

Loren Johnson

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Thoughts about Mortgages, the Real Estate market, how customers should be treated, and mabye sports!