lo: Why We Hate Applying For A Loan - 03/19/14 07:57 AM
Standing Before The Bar / Why We Hate Applying For A Loan 
 
I was 21 and out of the Marine Corp just ten days when I went to work for a small loan company, a week later I was making loan decisions affecting peoples lives. Just two weeks more and I was in the field making collection decisions that could literally destroy peoples lives. 14 months later, and not yet 23, I was now a bank loan officer with millions (5) in authority!
I now sat in a large dark red leather chair, behind a dark cherry desk in an … (19 comments)

lo: LO’s Lie - 10/21/13 02:41 AM
My friend George wrote a very good article There Needs To Be Trust For A Loan Originator To Succeed. I once again split hairs, but I write from a different point of view, for a different audience.
"Trust" is another over used and perverted word.
All to many preach "trust me" when they can't demonstrate proper behavior.
We don't hear much anymore about the "dumbing down" of America, but it’s true we've lost the ability to reason. We say "trust" when we mean "have faith" because "faith is what we need in our Loan Originators, LO's!
To be an LO is … (8 comments)

lo: explaining Pre-paid Interest - 08/17/11 07:03 AM
Explaining Pre-Paid Interest 
Having trouble explaining pre-paid interest? I discuss this in two of my books, let me try a different approach here.
If you ask the consumer, if mortgage interest is paid in advance (before you use the money) or in the arrears (after you've used the money) the majority would say in advance and point to the pre-paid interest on the Good Faith Estimate and HUD-1 loan closing statement. If you asked the same question of a group of bankers they'd be split about equally! The truth is that all mortgage interest is paid in the arrears!
 
(18 comments)

lo: Passing the Buck / It's the LO's Fault / A Convenient Misunderstanding - 07/14/08 03:32 AM
So many people want to pass the buck,to blame anyone but themself for the mortgage crisis. The most maligned being the individual Loan Originator, LO. The LO's are an easy target because some of them are guilty with regard to their clients, but the same can be said about any and every identifiable group.
The LO's job is rarely understood.
Worst of all, LO's are vulnerable because in most states they are not even required the 90 to 180 clock hours of pass the exam class that the real estate agents call education! When the finger pointers want to it's easy … (16 comments)

 
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William J. Archambault, Jr.

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