Why Steven Marshall and Mortgage Planning May Need a Reality Check

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Published: 19th January 2011
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Finally this type of adviser has the ultimate scope of the mortgage market, not only can they offer mortgage advice from the whole of market (lenders with mortgage adviser routes) but can also offer an advice only process if they identify a high street direct deal is more suitable. The 'Independent' statement indicates that the adviser must offer the consumer a fee based service if required. This means that rather than the adviser taking commission as payment for the mortgage advice, the consumer can opt for paying a broker fee and any commission is rebated to the consumer. The benefit of the fee based service is the consumer knows the adviser will not be swayed by higher commission mortgage products when selecting a suitable mortgage, however these days this is highly unlikely as the mortgage adviser must prove to the regulator why a particular mortgage is most suitable. Some occasions where the commission is quite considerable this would mean the consumer could receive more money than the broker fee paid and therefore would be better off taking the fee based approach.

Mortgage is a way of obtaining money for various purposes on credit. Mortgage refers to an agreement based on which an individual can borrow money from an organization by keeping property as collateral. Often, a mortgage is taken for getting money to build a home or open business. The catch here is that if the loan is not repaid in time, the individual loses his ownership of the collateral.

Next, the money that you will receive from a Reverse Mortgage MUST go towards paying off your mortgage. Any money that is left over will be available to you with no restrictions, but only after your current mortgage is paid off in full. This should be a goal for Reverse Mortgage applicants who have a large first mortgage or home-equity loan. An obvious benefit of using the Reverse Mortgage to remove the current mortgage is the added income you will receive from removing your monthly mortgage payments. Reverse Mortgages never require you to make a monthly payment for the rest of your life, while you are a resident of the home.

Repayment Mortgages- Pros and Cons: Repayment mortgages are the safe option in essence, so it's no wonder that they are the most popular type of mortgage in Britain. As you pay off the mortgage, you're infusing equity in the house and are more unlikely to see the property go into negative equity under the Repayment Mortgage, so when/if you decide to move house, it will be so much easier with equity in your current property. While the payments are not as flexible as an IOM, you have the capability to modify the fixed term length of the mortgage at a forthcoming date to even 30 or 35 years to keep the monthly payments down to a manageable level. It should also be pointed out that several, not all; Repayment Mortgages will allow you to make lump sum payments if you come into a sum of money at a future date. The drawbacks; any amendments in the mortgage agreement, i.e. extending the fixed term or even making an further lump sum payment, could result in the mortgage lender making a fee to sort out the changes, what the charge is will depend on the mortgage lender but it should not be too severe.

A mortgage agent is an individual who carries out mortgage activities for a mortgage brokerage under the supervision of a licensed mortgage broker. The agent can only work for one mortgage brokerage. Under the Mortgage Brokerages, Lenders and Administrators Act you have to be licensed to deal in mortgages to be licensed, unless an exemption is applicable. To be licensed, a mortgage agent has to meet educational requirements. To meet these requirements, approved education courses must be taken. Application for a licence must be within two years of successfully completing the approved education courses. These courses are provided commercially, and tuition fees are set by the provider. The courses use the same curriculum, but different providers may use different formats. All approved courses are followed by a final examination.

You will have a set amount of time to pay those taxes or else your will start to incur penalties for your taxes being past due. If you continue to keep your property taxes past due, then your local taxing authorities can begin the process of selling a tax lien certificate that was placed on your property to try to recover the delinquent taxes that you owe. The tax sale is usually publicized for potential bidders to get information on the tax sale. All counties across the country hold usually conduct property tax sale, normally monthly on a set day. For example, the 1St Tuesday of each month at the local court house or downtown. They will bid on the tax amount owed, lets say a homeowner has $500 in past due taxes. They will start the bidding at a set price, usually the price of the taxes owed, and hopefully they will sell the tax lien certificate to the highest bidder.

I have tons of tips and trick to make the most of your mortgage situation, and help take charge of for mortgage problems. Keep following up for the latest mortgage strategies for getting a lower mortgage payment regardless of your credit. In fact, you don't even need credit whether you are in foreclosure or not you can get help to lower your mortgage payment.

Steven Marshall and the "Mortgage Planning Phenomenon" that has hit our industry in the past 5 - 10 years, provides a great case study which can get us to think. What he's been doing may (1) provide us with a lesson to be learned and (2) more importantly, may eventually impact all of us, and not necessarily in a positive way. First off, I want to make it clear that I have a great deal of respect for Mr. Marshall. I think he's a brilliant man and an excellent entrepreneur. Having said that, I think the way in which he makes his living is a bit reckless, perhaps even dangerous. But I'll let you decide. I should also point out that he does not "own" the mortgage planning industry, however, in my opinion, he is the most successful at it, and that's why I'm pointing him out by name.

So what is Mr. Marshall's certification process like? How long do you think it takes to complete the certification process and posses the ability to use the designation Certified Mortgage Planner®? A week, a month, three months? Well, not exactly. It takes one day by attending a conference. And if you look at how he advertises the one day conference (certification process), he specifically uses the term "earn" in reference to obtaining the designation. He indicates attendees will be earning their designation. He also refers to those that complete the one day conference, as graduates. But no where in his literature does he mention any of the following terms: exam, pass, fail, application process, evaluation process, accreditation, compliance procedures, re-certification, course completion, etc. He does however advertise that if you purchase the VIP attendance package, and I am quoting here, you "Get Certified For Free!" You can find this info on his website. There are other organizations, such as The CMPS® Institute, which also provide a mortgage planner certification. The CMPS Institute® provides a designation known as Certified Mortgage Planning Specialist(TM) to qualified mortgage professionals.

They should re-invest some of the large profits they've made off their students, to help legitimize their students, regulate them, and weed out the bad ones. Instead of having a one day certification conference managed by high paid consultants, which costs students a lot of money, why not have an actual educator teach them, test them, and actually certify them? Why not put quality control procedures in place? Why not require CMPs® to provide disclosures to their customers that explain what they actually do for a living? Why doesn't Mr. Marshall send out mystery shoppers to test the capabilities of his mortgage planners and then take action on what he learns? Why not provide a website or forum for borrowers to provide feedback and grievances about individual Mortgage Planners? Why not provide an encrypted seal of approval for Mortgage Planners to use on their email signatures and websites, which he has the ability to take away if they don't meet expectations? Perhaps he is engaging in these activities? But he is certainly not telling anyone about them, that's for sure.

We may be dealing with a situation where state and federal agencies start re-defining our "boundaries" as well as "what and how we charge our clients". I don't know what any of that means, but it sounds like it might be painful? We have already seen steps taken by the state of Minnesota "outlawing" yield spread.

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