What is Digg?4 Comments
- whc1212, on 10/10/2007, -0/+0Most people will look at this comment and say that I am biased because I too am a mortgage broker. While there is a lot of blame to be placed on mortgage brokers, this is a problem that is not specific to just mortgage brokers. It is unfortunate that we are the only ones being targeted as this crisis is far more widespread throughout the mortgage and real estate industry than being reported on. It is easy to blame the small companies that are out there who do not have the resources or clout to speak on a large stage. There is just as much mortgage fraud in the retail sector or the mortgage industry as there is in the broker shops throughout the US. As the mass media targets the mortgage brokers, the mortgage bankers are laughing all the way to the bank. While the blame is being solely placed on us, the retail outfits of Countrywide, Citimortgage, Chase are limiting programs on the wholesale side while they still have many of the same mortgage programs that created this whole mess to begin with. Mortgage banks too make YSP, the main thing is that they do not have to disclose what they are making to borrower. I cannot understand why this is not a topic being discussed on the national forum. I too have worked for several retail banks so I know that this is 100% unadulterated fact. At retail banks, each mortgage professional is assigned a team of processors and underwriters who make bonuses on the number of loans closed. Meaning, there are steps that are skipped and loans that are given to people who really can't qualify and afford their mortgages. The mass media has never spoken about retail banks in any way regarding any type of accountability. I wish that someone who feels that they are a real reporter would tackle this subject. It is the job of the mass media to report an unbiased factual report on our current events. Is it that you are afraid to report on the giants of the industry? I hope that someone comes out and reports the whole truth and nothing but the truth and show that blame needs to be placed on the whole industry and not just the mortgage brokers. Some of us really do work in this industry to help people fulfill their dreams of home ownership with mortgage products that they can afford.
- whc1212, on 10/10/2007, -0/+0Most people will look at this comment and say that I am biased because I too am a mortgage broker. While there is a lot of blame to be placed on mortgage brokers, this is a problem that is not specific to just mortgage brokers. It is unfortunate that we are the only ones being targeted as this crisis is far more widespread throughout the mortgage and real estate industry than being reported on. It is easy to blame the small companies that are out there who do not have the resources or clout to speak on a large stage. There is just as much mortgage fraud in the retail sector or the mortgage industry as there is in the broker shops throughout the US. As the mass media targets the mortgage brokers, the mortgage bankers are laughing all the way to the bank. While the blame is being solely placed on us, the retail outfits of Countrywide, Citimortgage, Chase are limiting programs on the wholesale side while they still have many of the same mortgage programs that created this whole mess to begin with. Mortgage banks too make YSP, the main thing is that they do not have to disclose what they are making to borrower. I cannot understand why this is not a topic being discussed on the national forum. I too have worked for several retail banks so I know that this is 100% unadulterated fact. At retail banks, each mortgage professional is assigned a team of processors and underwriters who make bonuses on the number of loans closed. Meaning, there are steps that are skipped and loans that are given to people who really can't qualify and afford their mortgages. The mass media has never spoken about retail banks in any way regarding any type of accountability. I wish that someone who feels that they are a real reporter would tackle this subject. It is the job of the mass media to report an unbiased factual report on our current events. Is it that you are afraid to report on the giants of the industry? I hope that someone comes out and reports the whole truth and nothing but the truth and show that blame needs to be placed on the whole industry and not just the mortgage brokers. Some of us really do work in this industry to help people fulfill their dreams of home ownership with mortgage products that they can afford.
- slcmtgco, on 10/10/2007, -0/+0Wow for someone who went to Harvard the author sure does dance around the truth. Bribe or kickback for doing your job hhmmm. I guess according to her anyone who sells anything should be banned from the country. Last I checked we are still a capitalist society, the liberals like this lady are going to ruin this market not us mtg brokers. AND last I checked the three inch thick packet of papers has only 3 documents that are important to review the Note, Deed, and Settlement docs need to be reviewed and shopped(again a capitalist society means you look for the best deal or you get sold because you are lazy and dont want to check out the facts of your mtg).
- nymortgageguy, on 10/10/2007, -0/+0It's artciles like this that drive me nuts. YSP is not a legal kickback! It's a way for a mortgage broker to be compensated by selling a retail mortgage rate to a borrower! Sure eliminate YSP and how will mortgage brokers be compensated when a borrower does not want to pay a fee? I guess us mortgage brokers should just work for free?
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