LoanMagic is not New News, But Good News

Posted Jun 14th 2006 7:14AM by Christi LundquistFiled under: Mortgage technology
Okay, so LoanMagic is not news to some, but to others (like me) who are new to the wonderful tools of LoanMagic - there could be some real benefits. LoanMagic was launched in 2003, but has hit my desktop today - and like a ton of bricks! There is just so much that I have wanted to do for so long, and even though I am going to enjoy my free trial, I don't think I'd want to let go of it for quite some time.

There are a few things that really grabbed me, one of which was the ability to track the activity of loans, allowing you to notify your clients of any changes in the market that may affect their loan. Aside from that, it's user friendly - even with the multitude of tools available with the program. I don't make a penny by sharing this information with you, I just truly feel like I'm spreading peanut butter on bread with a knife instead of a spoon now! It used to take me hours to compile some of the reports that I can pull up in just minutes, and I am amazed - so I had to share! Finally the word "instant" really means something to me. You can download a free trial or see a demo from their website. One of the loan officers that raved to me about it last week says it really helps her close more loans per month just due to the types of reports she pulls, impressing her clients with how easy it was to understand what she was telling them. That's what I want to hear - and I sure look forward to testing that theory myself!

Changes Needed In Mortgage Industry

Is it enough just for consumers to be aware of the issues that the mortgage industry are facing - or maybe the mortgage industry needs to take some responsibility in the relaxed regulations that govern the industry. Possibly, but since that has been a topic of debate among industry leaders due to the increase in publicized mortgage fraud there has been less of an emphasis on the more common problem with loan officers, brokers, and lenders: commission-vision. Okay, so that's not an official, but compared with tunnel-vision the affects are surprisingly similar.

When a professional in the mortgage or lending business only has one thing on their mind, the results can be disasterous for the borrower. There are laws popping up all over the country regulating title loans and payday loans, so why are there not more laws regulating the mortgage industry, designed to protect the consumer? Well, most states have laws, although they could be more defined, and more closely monitored. Some states have no regulatory laws on the industry, and fraud is rising at an alarming rate. But paycheck "boosting" doesn't seem to fit very tightly into the current laws.So how can you protect yourself as a consumer? Education.

Knowledge is power - we've all heard it, but believe it. The more you know about a subject (and are confident about that knowledge) the less likely you are to be dooped. If you were receiving advice from your doctor that you didn't believe or agree with, you may opt for a second opinion - it may be best to also get a second opinion about your mortgage options. Don't believe everything that your loan officer tells you, check it out for yourself - it could save you thousands, or even save your home. The moral of the story? Just don't put all of your marbles into one jar because if it breaks, you may end up loosing your marbles!