Whatever happened to our mortgage broker?
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Considering the sideshow our mortgage industry now is, I was wondering if so many very poorly served borrowers have begun to litigate against the originators of all of these "just get it closed by month end" types. I'm in a very regulated industry that requires licensing, CE, Professional Liability, etc. and I'm curious as to whether or not these Loan Officers will be held liable for there actions/inactions.
Whatever happened to our mortgage broker?First off you can't lump us all into that category, there is no black and white answer. There are a lot of people in this industry trying to help people and do the best we can to make sure people get what they want. Second, why you assume that this is all the loan officer's fault is beyond me. There are quite a few people who process, underwrite, stipulate, fund, close, and work on the loan. Any number of things can go wrong and any number of things can change from the moment the LO talks to the consumer until it is closed and funded. The problem is also with the consumer, most expect a loan for free, nothing to change, and they are uneducated about the process. Most problems arise in this area, communication, because the process needs to be simplified for people and/or it's explained in an inaccurate way. I am by no means saying that there aren't predators out there, but that's in every industry. Easiest way to solve this is to read what you sign.
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