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#148386 - 06/15/07 04:18 PM Free credit reports, free appraisals...
Cool guy Offline
Major Contributor

Registered: 06/30/04
Posts: 2043
Loc: California
Is legal to advertise these two things as a loan officer?

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#148388 - 06/15/07 04:25 PM Re: Free credit reports, free appraisals... [Re: Cool guy]
Jarvis Offline
Member

Registered: 01/20/07
Posts: 13
Loc: Los Angeles, California
Yes it is!As for the credit report and free appraisals however; keep in mind that nothing is free. You will ultimately need to disclose to the client who’s paying for these fees.
The usual $15.00 or less paid for a tri-merge, has to be absorbed by someone – usually the broker in hopes of that loan(s) closing, of course.
As for the free appraisal, most appraisers want to be paid when they show up to the person’s home to appraise. If you have an agreement with an appraiser to pay him/her after close, it would be wise to have that money pulled from your own pocket, to pay him if the deal doesn’t close. Usually for closed deals, the customer will be paying for that service out of the closing costs, which will affect the interest rate. Make sure you can deliver what’s advertised! Good luck!
_________________________
Jarvis Edwards - Loan Officer
Advanced Mortgage Solutions Inc.
8350 Wilshire Blvd. Suite#200
Beverly Hills, California 90211
Direct: 323-217-9240
Fax: 323-285-5226
-----------------
http://www.advancedwebloans.com

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#148394 - 06/15/07 04:34 PM Re: Free credit reports, free appraisals... [Re: Jarvis]
Cool guy Offline
Major Contributor

Registered: 06/30/04
Posts: 2043
Loc: California
Well I was willing to pay for both the credit report and appraisal if it means I can generate more business from the mortgage side of the deal. I would have the borrower pay for the appraisal when it's done, but will give him the refund at the coe. I want to put more focus on refi's.

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#152778 - 07/03/07 08:37 PM Re: Free credit reports, free appraisals... [Re: Cool guy]
jaydee Offline
Junior Member

Registered: 07/03/07
Posts: 4
must be legal, i've seen many people do it

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