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  • CharlieX
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    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 8:10 pm

    Richard,
    several real estate agents have said the property could be sold between $4M to $6M. if so, then I think there is at least $4M of equity. The six owners are siblings and bought the property more than fifteen years ago, now the siblings have their own spouses and most don’t live there anymore, so they are looking to subdivide the property. One of my goal is to investigate finance for this project for them. It is a bit confusion at the moment, as their former mortgage company classified as a residential mortgage and now the mortgage has been bought by Pepper and Pepper has classified as a commercial mortgage. from my brief scan, also the paperwork on the property has been messed up by the mortgage company, as well as the City Council. Only two siblings have their names on the mortgage papers yet the mortgage has six splits (one to each owner), and papers at the City Council shows four owners on the Title/Rates. Any ideas on how to get these screw-ups fixed, before can get the property finance?

    Why does it has to be a business loan (No Doc Short Term)? and what exactly is that No Doc Short Term business loan, as I have yet to be in the mortgage industry?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 6:25 pm

    I also have a 5 acres project that the owners are investigating to do subdivision, between 30 to 40 homes. several developers have approached the owners to buy the property, which at the moment is about $5M. Base on limited investigations so far, the owners could easily clear that $5M in profit if they develop the property themselves.

    so the difficulty is how to find funds to do the subdivision. anyone here can help or point in the right direction?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 6:12 pm

    it seems that some lending decisions are very subjective?

    objectively, why lend if the borrower cannot service the loan, regardless whether it is residential, commercial, or industrial property?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 6:03 pm

    Richard,
    I think a bachelor degree in finance is still too broad. a finance major is almost exactly the same as an economic major, the only difference is just a few elective courses at the end of the years? most bachelor degrees are about the same?

    I also have an MBA, and I took several of courses in finance, accounting, management, leadership, and so on. but why don’t I automatically qualify to become a mortgage broker? It’s all about money from the licensing process and coming up with obstacles to filter out via creating gatekeepers who have no governmental authority, such as industry organisations and aggregators. I have no issue with the government licensing process, but I am very concern about self-regulatory organisations.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 5:46 pm

    TerryW,
    so I would have to get a lawsuit after the seller if he came back to refinance those loans in the book he sold to me? how long is the grace period for this clause? what is the industry average on drop off rate? is fixed rate loans more valuable? it seems most sensible to just buy trail books from those who are exiting the industry completely, to avoid more legal costs?

    Richard,
    if you purchase say 2 times the annual trail, how do you increase the trail’s volume? you then sell them insurance policies, vehicle finance, and so on, provided that you have the proper qualifications to do these additional revenue generating works?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 5:30 pm

    I am also looking for a mentor to satisfy the MFAA requirement too. MFAA is not a government regulatory agency, yet it is a very powerful gatekeeper to get accreditations from the lenders. I have been wondering what the roles of government regulatory agencies such as ASIC, ACCC, or VCAT, and so on are since this mortgage industry requires brokers to have memberships in non-government organisations. why the needs for COSL when there is VCAT and Australian courts? why the need for MFAA when there is ASIC who regulates the industry? why doesn’t ACCC do a darn thing when most of the aggregators are partially or fully owned by the banks, so where is the independence of advises for the best interest of the consumers?

    I have been gathering info on the mortgage broking industry, I am not too sure about the needs for a mentor. namely that a broker could spent five years in the industry yet has gained one year worth of experience, while another broker could work in the industry for one year and has gained more than five years of experience. I think it’s all depends on individual competencies, not the length of time in the industry. Coming from the civil engineering industry, I have known of engineers who have been 20 years in the field yet only knowledgeable in drainage designs. I think it would be the same in the mortgage broking industry, that some would be only knowledgeable in home loans even if they spent 20 years in the industry.

    I think the best thing in for the industry is a series of competency examinations?

    • This reply was modified 9 years, 10 months ago by  CharlieX.
    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 10, 2015 - 7:28 am

    not guaranteed that all clients will stay with me the day after my purchase of the loan book?
    at that 1.3 times ratio, then a trail book that generates an annual $120,000 revenues would cost me $156,000?
    which I have no control over, so this $120k could go down to half within a month or $5k per month?
    seems very risky, unless all the clients are within the clawback period say 18 months so a client exiting his loan would cost him to repay back the upfront commission that was paid to the seller? or is there not such exit clause for the borrower/client?

    • This reply was modified 9 years, 10 months ago by  CharlieX.
    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 9, 2015 - 9:39 pm

    if I don’t have to be in the industry to buy trail books, then how do I get the trails to be transfer to me once I buy from the sellers? what are the costs involved, and how secure are the trails meaning what if the clients move within a few days of me being owner of the book? what’s the guaranteed that the seller will not return to rewrite the loans to his clients?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 9, 2015 - 7:36 pm

    i’m looking for a mentor as I am going thru the basic two courses. i’m in Melbourne, so any accredited broker willing to welcome me under his/her wing?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 9, 2015 - 7:24 pm

    so the minimum to get my own credit license is two years?
    any competency test?

    i’m looking for a mentor to get thru the first two years, i’m in Melbourne. i’m willing to share my upfront commission with my mentor. I’ve been in engineering for about twenty years, and done education at universities to mba. i’m doing the broking and management courses this month. please help?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    February 9, 2015 - 5:58 pm

    i’m still at that decision stage of whether to buy a franchise or be on my own. which aggregators will take on new entrants into the industry? please help

    mortgage choice and smartline seem to be the big ones in franchise, but they are not cheap to get into with the upfront cost of the franchise plus monthly ongoing expenses.

    some of the licensing models cost a great deal too, considering that they don’t do much to help you but just be your aggregator or get you mentor thru the first two years as required by the industry association MFAA. MFAA seems to be nothing more then the gatekeeper because many lenders will not give you accreditation if you don’t join this organisation. I have been wondering if this association do get kickbacks from the lenders, which would be anti-competitive?

    other more concerning things would be that most of the aggregators are fully owned or partially owned by the banks too, yet ACCC doesn’t seem to care nor want the independenceness of these two industries.

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    January 27, 2015 - 11:31 pm

    to invest in the USA, what is the best way to get the money there to buy the properties you want? if your partner is a US citizen, does that make it better and which financial institutions to work with is the best from Australia?

    CharlieX
    Participant
    @charliex
    Join Date: 2015
    Post Count: 98
    January 27, 2015 - 9:46 pm

    i’m looking to get into the mortgage industry from an engineering career, my thought was to buy trail books to get some cashflow at the beginning. so my question is, do you have to be in the mortgage industry already to be able to buy trail books? that is do you have to already been licensed as a mortgage broker before you are allowed to buy trail books?

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