Bill Cosgrove MBA Chairman elect. Our features speaker this year at the MMLA conference was Bill Cosgrove. We talked about what the mortgage industry has been like over the last 28 years and what is holding back 1st time home buyers. Mr. Cosgrove will be inducted at the MBA’s Annual Convention & Expo
Dave: Hi everybody Dave Sullivan here for the MMLA Membership Committee with…
Bill: Bill Cosgrove CEO Union Home Mortgage Company and chairman-elect to the Mortgage Bankers Association.
Dave: Bill how long have you been in the industry?
Bill: 28 years as of June 1st.
Dave: Wow yes that is a long time, what has changed the most over that time? When you first got in the industry what was the mortgage process like for people who were applying for a mortgage?
Bill: Well it was as you know, we all know, if we were in the business in the mid-eighties it was much simpler time, I think it was an easier time to be able to do good business and take care of customers who want to buy homes or refinance homes more maybe a little more relaxed more intimate process..
Bill: I think that the banker really knew the individual and probably had some sort of personal relationship with them back then I still think that happens but not maybe to the extent that it was able to happen 25-30 years ago
How to Remove a Paid Collection from your credit report So I had a viewer recently ask “How to remove a paid collection from your credit report?”
Hi everybody, Dave Sullivan for the Credit Guy T,V out at Philmont Scout Ranch with my son. We’ve just hiked fifty miles went up to the summit of Mount Baldy at twelve thousand four hundred feet. This week I want to talk about how to handle a Paid Collection on your credit report and if it is worth the time to try and remove it?
One thing I’ve learned on this track is don’t focus on the negative focus on the positive. If you have a paid collection and nothing else derogatory on your credit report and it’s a few years old it could actually help you. I won’t get into that right now, you can watch future episodes for how that could be. What I would tell you is focused on the positive don’t focus on the negative. If you have a paid collection, leave it alone. Every month the goes by it will actual help improve your credit score naturally, provided you don’t have any other derogatory information at all.
When loan officers come to me looking for advice to get borrowers on the right path to home ownership or they need to pull up the credit score a little bit. This is the secret I use to help them; this is the only way to improve someone’s score quickly and safely.
How to build trust with Barry Habib. I was at the Mortgage Mastermind 2014 event during the first week of June. Barry Habib offered to do a quick interview with me on his featured presentation. Mr. Habib talked about the history of the Federal Reserve, how to build trust and the future direction of interest rates:
As a credit service provider, I often get asked, “Do student loans affect credit scores?” Yes, any loan you take out will have an impact on your credit history and your credit score. However, the way you configure your student loan obligations will determine how much of an impact it will have on your credit report and credit score. To read my entire guest blog post please go to http://blog.rossmortgage.com/do-student-loans-affect-credit-scores/
The seminar covered the CFPB rule changes — present and future.
Audrey Acquisti, MSource Training & Consulting
Kim Alexander, CMB, Towne Mortgage Co.
Allan Daniels, AA Mortgage Corp.
Howard Lax, Bodman PLC
Examination and Investigation Holly Mroz, Senior Examiner
I also cover what is a credit bureau vs what is a credit repository and how your credit report does not exist.