Happy New Year! It’s Been a Busy Year!

Posted on December 30, 2011. Filed under: Uncategorized |

As you know, every mortgage originator must complete continuing education to maintain their Mortgage Originator license. Or perhaps you didn’t know. Well, being in the mortgage business since 2001 (10 years has passed by quickly!) means I, as well as every single loan officer, MUST fulfill continuing education in order to keep their license. This is done online or in person with an instructor. Aside from writing loans and re-doing my office and planning my 40th wedding anniverary coming up on January 9th, I’ve been busy with my licensing. I chose online courses so I had to study, print out the material so I could study it even better, then take tests for the two states I am licensed in: New York and New Jersey.

Borrowers can feel confident that I am abiding by the regulations of the New York State Banking Department, the New Jersey Department of Banking and Insurance, and the mortgage origination regulations of the Federal Government which are implemented by federal regulators and HUD. Additionally, I work with a company (Advisors Mortgage Group) that values its reputation and requires its loan officers to exhibit high ethics, dedication, knowledge, and skill. Advisors Mortgage Group is an A+ Better Business Rated company which is the highest rating a company can have. They celebrated their 12th annivesary last year and as a banker of forward and Reverse Mortgages, they are a company to be reckoned with. They can underwrite their own loans and have their own processing department. Advisors Mortgage is a direct lender, a mortgage banker, and has their full Eagle from FHA. What does this mean? Well, “in 2005, Advisors Mortgage was designated by the Federal Housing Authority as a Full Eagle FHA Underwriter. As a Full Eagle, Advisors have been able to expand their loan volume by approving loans which a majority of the competition could not dream.” (http://www.AdvisorsMortgage.com) As an FHA mortgagee, Advisors Mortgage Group can originate, underwrite, fund, service and/or own FHA insured loans. Mortgagees are also known as Full-Eagles because they perform any lender function on FHA loans. I’m thankful to be working with Advisors Mortgage, and I’m proud to be a part of this company.

Back to continuing ed: Many of us loan officers agree that some of things in our education (Ever study federal regulations? Lawyer talk isn’t easy to read!) are not necessary for us to know but are for banks or lenders or brokers to know, not the typical Mortgage Originator. Go figure: it’s WHO makes up the education and the tests that we wonder about! For instance, on the tests I took, NOT ONE SINGLE SOLITARY question was asked about Reverse Mortgages – not one! So here we are in a business that is being constantly advertised on television and in every form of media, and not one question? Pretty amazing. And what does it cost to renew a Mortgage Originator license? It all depends on the state. Ever since the implementation of required licensing, you must pay for a license AND renew each year to the tune of sometimes $500! Prior to this, if you were under the auspices of a broker or banker, you were under their license. So, for instance, if you are licensed in 5 states, such as New York, you will be paying over $250 with New York, $500 let’s say for Massachusetts and so on. It can be tough. No one disagrees that loan officers are among the hardest working members of the work force. We pride ourselves on customer service, serving our borrowers, and doing a good job.

Be that as it may, you can be confident that I as your Mortgage Originator for New York and New Jersey has fulfilled the necessary credentials and qualifications required by each state where I am licensed as well as the Federal Government’s criteria as required by the SAFE ACT (Secure and Fair Enforcement of 2008).

I haven’t written much on this blog since August due to how busy I have been writing loans and helping senior homeowners change their lives. From October till now I have also been re-doing my office with new wallpaper, ripping up the rug to reveal a beautiful oak floor, and settling in. These things take time! It was sort of my Christmas present (two months of hard work!), and my husband and the wallpaper man did a great job!

Now I am involved in planning my 40th wedding anniversary with a wonderfully funny man I met in Bethesda, Maryland in August, 1971. We were married in January of 1972, and I am sure we will have fun celebrating with our friends and relatives. The biggest stress is getting the house ready. There is so much to do, and like most people, you want things to be perfect. But, back to the subject . . .

You may have questions about Reverse Mortgages and about the programs such as the HECM SAVER program which saves borrowers on the up front Mortgage Insurance premium (though you still pay Mortgage Insurance premiums ongoing for the life of the loan and you do receive fewer proceeds than the Standad HECM product). The mortgage insurance premium is not actually paid out of pocket but included in the loan and financed.

Please feel free to call me at 888-843-9797 or my cell phone, 631-804-9044.

GOD BLESS you and HAPPY NEW YEAR! Let us pray America turns around in the financial arena and that those who love this great land will continue to prosper in the coming year.

Kathie Adler – Senior Reverse Mortgage Specialist
Advisors Mortgage Group, LLC
Kathie Adler NMLS # 65780 – Licensed New York and New Jersey
Advisors Mortgage Group, LLC — an A+ Better Business Bureau rated company and a Multi-State Mortgage Banker with Headquarters located in Central New Jersey with offices throughout the US. Headquarters are located at 5114 Route 33, Wall, NJ 07727. New York Mortgage Broker License: 206697. Licensed by the N.J. Department of Banking and Insurance. Licensed Lender and Secondary Mortgage Lender no. 631155. All loans arranged through third party providers (FHA License #1548300002).