May 7th, 2010

San Fernando Valley (Sherman Oaks) Loan Officer Positions Available Now

Direct Fannie / Freddie / FHA lender now hiring experienced loan officers for our Sherman Oaks, CA office. We've been an established mortgage company for 19 years and are one of the largest direct lender-brokers in the north Los Angeles area and can offer producing loan officers the following opportunity:

* Work for a DIRECT LENDER
* Competitive commissions (commensurate with your production)
* Market competitive interest rates
* 24-48 hour underwriting approvals
* Experienced processing staff
* Reliable AMC
* Excellent LO – LO support, experienced management
* Complete broker line of non-direct products, including CalPERS, CalSTRS, USDA, CalVet, super jumbo, hard money, and more

Your Qualifications:
* Track record of funding 6 or more self-originated loans per month
* Valid CA DRE salesperson or broker license — must have or obtain
NMLS endorsement
* Prefer 3+ years verifiable experience as a mortgage originator
* Self-marketer
* Motivated, capable, professional

We could be a GREAT FIT for you IF:
* You're TIRED of dealing with slow-as-molasses big bank underwriters and small wholesalers that make it impossible to close your loans
* You're looking for a stable, reputable, and capable direct lender
* You need to close loans in 30 days or less consistently
* You don't know if your broker will be in business next week
* You're a professional and don't need hand holding
* You have solid client and referral partner relationships
* Mega-producers get Carte Blanche. If you're funding 20+ loans
per month we CAN accommodate your needs

We're NOT going to be right for you IF:
* you cannot consistently fund at least 4 loans per month
* you want to work for a nationwide lender or net branch
* you expect or need company-issued leads to produce
* you need or expect our processors to do everything for you
* You want to sell real estate too. The position is for a loan officer only.

Qualified candidates email updated resume to:
jobs1 (at) cal-lending.com. Please include your email for prompt confirmation receipt.

Note: we are not currently hiring processors or underwriters.

For High-Cost counties across the U.S., the current "temporary" loan limits have been extended through December 31st, 2010,

In California, these figures are:

• $729,950 —1 unit
• $934,200 — 2 unit
• $1,129,250 — 3 unit
• $1,403,400 — 4 unit

The "conforming" loan limit is still $417,000 — no changes there.

In addition to First Time Home Buyers, existing homeowners purchasing a home for a primary residence can now benefit from the passage of the Home Buyers Tax Credit Extension.

I'll try to answer as many as I can in this FAQ and also provide you with some links to additional information and forms, but consult with your tax advisor for information relating to your specific circumstances.

Q: Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home intended as his/her primary residence are eligible to claim this credit. The tax credit does NOT apply to second homes, vacation homes, or investment property.

Q: What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (long-time resident) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
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New data shows that cases of fraud involving the $8000 tax credit for first time homebuyers is on the rise, and the IRS is stepping up it's efforts to combat the issue. According to the Wall Street Journal today there are nearly 100,000 cases of suspected fraud currently being investigated, and nearly one million claims for the credit. Many of the fraud schemes involve people filing for the credit even when there was no real estate transaction as a basis, or claiming the credit even though they're not first-time buyers.

Here's ONE CONDITION every home buyer who has, or is in process of, receiving the $8000 credit absolutely MUST KNOW to avoid having to repay the tax credit in full, straight from the IRS:
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My good friend and respected business consultant and educator Chris Banescu has published an elightening article The Assault on American Business.

Chris's in-depth article examines the five greatest threats to American business and the utterly terrifying consequences to our economy as a result of current government policy and proposed legislation.

Chris has a comprehensive blogsite chock full of useful and insightful information for those interested in the politics of our day, particularly as it relates to what I call the cramdown of US business and our personal freedoms in today's times.

Governor Arnold Schwarzenegger approved seven new laws on October 11th that provide a range of new so-called consumer protections to home mortgage holders in a last-minute scamper session.

Absolutely NOTHING in the new legislation will help homeowners currently facing foreclosure, which was what the Democrat-sponsored bills were supposed to alleviate.
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The current "temporary" higher loan limits for all California counties are due to expire at the end of the year. This applies to both FHA and conventional loans. As in 2008, I would expect many lenders to stop accepting submissions for these larger loans in late November/early December. At this time there is no current bill in Congress that would extend the current county loan limits for High Cost Areas another year.

Unlike 2008, we have new "permanent" loan limits to fall back on. For the Los Angeles area, the new limit will be $625,500. Limits on other counties will vary.

If you're procrastinating purchasing a home in the upper tiers of today's current "expanded" loan limits in any high cost area of CA, you have until the end of this year to act.

It's still a great time to finance jumbo loans — rates are very low for well-qualified borrowers.

Inquire about a California jumbo loan online.

You didn't really believe the government could keep rates low forever, did you? Most American homeowners don't know that it's only because the U.S. government has been purchasing mortgage backed securities that rates have been kept artificially low.

But don't expect this party to last much longer. Read the rest of this entry »