Holy Smokes - Who knew this?  Forget the new TIL.  Forget RESPA.

Via Ruth Vogt (LMB#100023827) WR Starkey Mortgage:

Before I explain that question, let me ask you this one: "How long have you been in the business?" Ever have someone ask you that? Here's my answer, and it will really make you think!

I was in the business before we had the Equal Credit Opportunity Act (ECOA). ECOA went into law in 1976, and protects against discrimination based on race, color, religion, national origin, sex or marital status, or age.

So, you ask???

Well, when I was first in this business, if I were taking a loan application from a married couple that were of child bearing age and they wanted her income to be taken into consideration, I would have to document their birth control procedures!!ECOA

Yep! That's right! A letter signed by the two of them certifying they did not intend to have children, why, and then explaining their form of birth control would sometimes suffice, but not always! Imagine having to ask THAT question at the face to face loan application (which a face to face was the only kind of loan application we could accept)! Remember, back then maternity leave was not protected by law. Thus, if the wife were to get pregnant, there would be no guarantee that she would get her job back. So job stability could not be established, disallowing the income from being taken into consideration.

And to think today we're all uptight about a new Good Faith Estimate and HUD!

"We've come a long way, baby!" (Do you know what advertisement that line was used in?)

This post is included in the brand new "Financing Friday" group, which we invite you to join.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

  Ruth Vogt Colorado Mortgage Lender

 Ruth Vogt, Branch Manager

   Colorado LMB #LMB100023827

   www.MyLenderOfChoice.com

   rvogt@wrstarkey.com

 

Debbie White, Broker

Prudential Southeast Alaska Real Estate

8465 Old Dairy Road #101

Juneau, AK 99801

907-723-9886 (Cell)

 
Posted by Debbie White on 01/23/2010 01:34 AM   Comments (3)  
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3 Comments on Do you use birth control?

JAN
23
2010

Thank you, I enjoyed your post.  I think its the "Good Faith" part people are scared of.
2:10am • #1

that's hysterical - wow, times have definitely changed!  good perspective... we'll look back on these changes in a year and not think too much of it... at least that's what i keep telling myself as i pour over these things now to make sure the numbers add up just right! =)
3:03am • #2
230,294 Points 14 Featured Posts Called Shot Master

Woah!  That's pretty scary.  Did you have to pee on a stick before signing the mortgage to be sure things hadn't changed? 

 
4:29pm • #3


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Debbie White

Juneau, AK

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Prudential Southeast Alaska Real Estate

Address: 8465 Old Diary Road #101, Juneau, AK, 99801

Office Phone: (907) 789-5533

Cell Phone: (907) 723-9886

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Debbie White is Broker/Owner of Prudential Southeast Alaska


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