Hello all, My name is Michael and I am a Senior Loan Officer in New Jersey.. I would like to make myself available to answer any Mortgage questions you might have...I have been writing loans for 8 years and feel comfortable I can guide you in the right direction.. I am not here to gain your business, but only to help.... Thank you and God Bless

Sounds good, are you willing to help me as a student. I don't know a lot about mortgages, but I'd like to learn. If your willing, drop me a note

As far as low credit scores based on inexperience, as a loan officer, what do you suggest the best way to build up credit in order to qualify for a loan would be

I would have to say an easy way to improve your credit would be to pick up some gas cards.. Mobil or exxon... Also. pick up some clothing store cards like macys, gap. etc.. It is pretty easy to qualify for these cards and the additional tradelines will do your scores some justice....

Michael..If you need to move from loan officer to mortgage broker and start your own mortgage brokership, What all is required. Do you need to have processor in your own mortgage broker company. And how would you persue different lenders.

akalra, I am not qualified to answer that question because I do not fully know state laws in IL. You would need to apply for a brokers license, Put up a bond, and a few other odds and ends... It would be a good idea to have your own processor, however, some companies like Flag Star will process the loan themselves for a fee of about $4-500 ... It might be more cost effective to hire your own..

You have to get those tradeliens establish I say keep all your trade lines under 50% better yet 10%. If you have a credit card thats maxed out for 4k and the limit is 5k you might want to ask them to increase your credit line or you might just want to transfer the balance to one with a higher credit line.

In CA, license is under the Department of Corporations. I've looked into NV a few months ago. In NV, there is a special license depending on what you do.

My guess for IL is that you need to become licensed as a broker and have sufficient insurance. Please enlighten us with the intricate details.

To bring your scores up quick, and if you have a trusting family member or friend.. have them add you as an authorized user to one of their credit cards with no derogs & been opened for a long period of time.. I've seen people's credit go from a 620 to a 700 because of it.

What is the cutoff number (acceptable) that is considered a good FICO score? Not necessarily to get a mortgage,but for rentals etc.
Landlords always ask what a good score is.