MONEY WORLD LENDER LINKS Financial Terminology

A Financially Rewarding Career

If you want to have a profession with a potential earning of $100,000.00 to $250,000.00 per year with a minimum of training then enter the high paid profession of the loan broker. The term loan broker needs to be defined in the context of this report. We are not talking about finders who are locating money and other items charging consumers a few hundred dollars to find what they are looking for such as a signature loan by mail or the financial service representatives who will get you a credit card regardless of credit. We are talking about the professional loan broker who becomes skilled in the finance profession, offers real estate home and commercial loans, hard money and business loans. He or she develops some nationwide and even offshore sources and makes a great impact in moving the big money and getting the hard to do loans funded.

Loan Brokers Fill A Big Need

Realizing there was a void in the conventional lending community and some definite deficiencies within certain regions, there is a new breed of financial people who have appeared during the past three decades to try and fill that void. We call these people the "Financial or Loan Brokers". Although this is a broad general title, in many ways it does fit many of the services offered today by this group of professionals. There are offshoots called financial consultants, loan arrangers, financial planners, mortgage brokers, loan finders and other financially related titles that may or may not be aptly descriptive but we will confine our definitions to the loan or financial broker. These people are not to be confused with conventional sources that also broker loans that cannot be funded by their own institution. The brokers are the people who make a profession out of a borrower and lender marriage.

Having been on both sides of the profession, it is a safe remark that no one has more potential to give assistance in securing certain types of loans in the national and international market than the professional money broker. This narrative places heavy emphasis upon the word "professional". Certainly every group of money sources have their own problems caused by people in the profession who put greed and personal gain ahead of their clients or anyone else. We have seen this repeatedly in the Savings and Loan crisis and would see more of it in the banking industry if the federal takeovers were not so sophisticated with a quick resale of the institution.

The loan brokerage industry is a growing and expanding financial service group. Not yet fully understood, it is not yet properly governed or regulated by state or federal statutes in many cases. Since there is little formal or experience requirements yet established the loan brokerage profession is today a mixed bag. Basically the broker community can be defined into three different groups of people.

(A) The type A broker was lured into the business by the sound of money. Lazy, unskilled and unwilling to put out the effort to become a professional. His clients know more than he does in most cases. He will settle for penny-ante fees because he will not perform much of a service anyway. Most direct lenders will not permit his representation and will not do business with him. The borrower will detect this type after a few intelligent questions.

(B) The type B brokers are the sharks of the business. They are the "front fee artists" that are possessed with a heart of greed and larceny. They do not have the sense of balance to perform a real service for their clients. They are on the take all of the time promising a fish and delivering a snake. They are skilled only in con games and relieving people of their money. Their presence is as plague on an otherwise helpful and professional industry.

(C) The type C brokers are skilled professionals who are ever learning, have a real desire to help their clients and they do. He or she has studied the

flaws in the conventional system and replaced those flaws with business plan and money sources that can be a real service and economic help in many areas of money need. Most of the type C brokers will become big league players on the national scene and some will specialize. Most will however get the big deals and get them funded with their sources. This group of professionals do not accept front fees except for processing or services rendered. They have the confidence in their abilities to earn their fees upon loan commitment or at the time of loan funding. They command an unbelievably high income with satisfied clients returning for and recommending their services. As they perform a great professional service the big money finds them.

Many borrowers have asked how do I find a type “C” broker in my area in good standing? After you have determined the broker you will visit, a call to the financial institutions division of your state will probably reveal if he/she is registered and in good standing. Some states however still do not have statutes regulating the loan broker. A call to the better business bureau sometimes will be helpful, although I personally do not give much credence to this if the business happens to be a member. Finally the bottom line will be if the broker is willing to be paid on performance rather than a large front fee (loan processing expense excepted). Further your use of the above descriptions in your interview should readily tell you which type you have.

In conclusion don't overlook the service that a good professional financial broker can render in leading the borrower out of the money jungle and taking them onto the national scene or to a private investor to get their loan request funded. Any financial or loan broker who has become a professional should see yearly earnings in excess of $100,000.00 and the experienced professionals will earn $250,000.00 and up.

There are many firms around the nation charging potential loan brokers thousands of dollars to go through seminars to learn how to be a loan broker. You don't need to spend thousands of dollars to become a loan broker. Just order the loan broker package (CLB-1) from Money World Network at http://www.atps.com/broker.htm