Whatever happened to our mortgage broker?
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Why would you blame loan officers for ridiculous programs lenders offered. 100% loans with mediocre credit, stated income loans to borrowers with no job verifications, over equity 2nd mortgages, 1 day out of bankruptcy, etc etc. The mortgage industry is heavily regulated. What other sales industry has to disclose every penny they earn? You are barking up the wrong tree. Let me ask you a question...A broker gets a minority client who wants a loan for an investment property. The loan fits into a wacky program offered by a wacky lender but the loan officer feels the client cant pay it and feels the program is a junk program, the client wants the loan. Does the loan officer turn the client down and face a discrimination suit and government tracking action, or should the loan officer close the loan and when it goes bad get sued by your attorneys for closing the loan. Remember that no loan is closed without approval from the Lenders underwriters. Though there are corrupt loan officers out there dont blanket them with blame for the current housing and mortgage market.
Whatever happened to our mortgage broker?We have seen more instances of loan officers (and other related real estate professionals) being convicted of fraud charges over the past years and I think its one of the best deterrents to lenders that "help people adjust their figures" to qualify or perform any other unethical acts that shame the industry.
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