Posts Tagged ‘and spend too much on advertising to require their loan originators to embrace the process of Pre-Underwriting Homebuyer Development.’

Realtors, Homebuilders, and Manufactured Home Dealers Are Losing Money Because Some Loan Originators Have Not Embraced Pre-Underwriting Homebuyer Development

Posted by Joel pate in Mortgage Loans. Tagged: , , , , , , , , , , ,

“Realtors across America tell me that their loan originator is doing everything possible to get every prospect qualified, when in fact, that is not the case. Yes, they use the “what if simulator” provided by their credit report provider, proven in too many cases to be inadequate. In fact, loan originators normally turn down 10-15% of consumers during the pre-qualification process whom end up purchasing a home from another realtor within 12 months”, according to 27 year industry veteran Joel S. Pate of Mobile AL.

“Realtors, Homebuilders and Manufactured Home Dealers, work too hard, spend too much on advertising, not to require their loan originators, embrace the process of Pre-Underwriting Homebuyer Development” said Pate at the Annual Convention of the Alabama Mortgage Brokers Association meeting in September, 2013.

As a recent study by the Federal Trade Commission proves “the number of errors on credit reports (SIC) is eye opening,” according to Howard Shelanski, Director of the FTC’s Bureau of Economics. He went on to say, “The results of this first of its kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.”

“Loan Originators have been taught by credit report providers that there is nothing you can do to improve a consumer’s credit; that credit reports are materially accurate and that nothing but time can improve a consumer’s credit report,” according to Pate.

Joshua Carmona, Vice President and founder of, the credit repair industry leading provider of software and outsource services, “With an estimated of 2,000 negative, inaccurate and unverifiable trade lines entries repaired from consumer credit reports per week, it is hard to believe that an consensus can be true. We see errors on credit reports every day that are fixed or removed by the data furnishers and the credit reporting agency’s so that the consumer can go on to purchase a home sooner rather than later. Without this work, not only the consumer won’t be able to purchase a home, but the builder, seller, realtor will miss out on a transaction.”

Carmona further stated, “The Consumer Data Industry Association industry report released in May 2011 estimates that 90-98% of credit reports contain no errors, and for that, the industry should be applauded. They have a very complicated task and they are doing it better every day. But, that is little conciliation for the individual consumer that cannot purchase a home, get a car loan, or even a job, because of an error on their credit report. We work diligently every day for that mother or father.”

Pate calls on all Realtors, Builders and Manufactured Home Dealers to immediately have a conversation with their loan originators about these findings and to determine if in fact the originator is actually using all of the tools, resources and services available to help the consumer to not be one of the unfortunate statistics. maintains a list of credit repair advisors that you can refer your home-buying customers to in every market throughout the United States. To have refer a Score Way Credit Repair Business associate just call (877) 876-5921 or visit for more information.