A Countrywide Mortgage Blast From The Past!

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

broker bryantHi folks. Check it out. I wrote this article 4 years ago. Any wonder why Countrywide Mortgage no longer exists?


You want my buyer to do what? 

Originally posted 9-29-2007

This morning, I took my buyer back to the builder to do the contract for her purchase. This particular builder requires that buyers are pre-qualified through their preferred Lender who is on site. You don't have to close with them but you do have to qualify with them. They do this so they can remove the financing contingency from the contract.

Anyway, while our sales rep was preparing the contract my buyer and I had to go see the "mortgage momma" to get my buyer prequalified. Now folks, my buyer is a young lady and this is her first home purchase. She lives at home and over the last two years has had three different jobs. Two in her field of journalism and most currently working for her father in the family business as a marketing rep.

I guess the "mortgage momma" decided that "getting her through" would be a little difficult since my buyer hasn‘t had the same job for two years. Even though my buyer's credit scores are over 700 and she has a pretty good income. The "mortgage momma" did mention an FHA loan but thought it would be easier to just go conventional.

She then proceeded to "coach" my buyer by telling her to say she has worked for her father for two years. The kicker was to make sure dad confirmed it when they did the VOE (verification of employment) and to make sure he didn't mention that they were related. Then of course she gave us the cursory wink!!

In a nutshell, she was "coaching" my buyer on how to lie and commit mortgage fraud!!! And she did this with me sitting right there in front of her. I'm not sure she realized I was a Real Estate Broker, or she just didn't care and assumed I would just agree with her. After all, "Everyone does it".

Well, she was dead wrong! Broker Bryant don't play that crap! My buyer looked at me like "Why is she asking me to lie?" and I looked at the "mortgage momma" and told her that my buyer will not be committing mortgage fraud just to make her job easier. For some reason she seemed a little shocked!

We left "mortgage momma" and decided we would go a different way with the financing. If fraud is her normal way of doing business then doing business with her is out of the question.

I guess I need to write a letter to KB Homes on Monday to let them know their Countrywide "mortgage momma" is a disgrace to our profession. What's wrong with people? What do you think?

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas


 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX


Even 4 years ago you couldn't have been so naive as to think the builder didn't train her!

As to Countrywide there are no polight words for anyone that sold Joe Paycheck the "Option ARM!



Sep 08, 2011 10:54 AM #1
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

And we wonder why Countrywide went defunct.  There was so much of that nonsense going on in the 1990s and early 2000s and it seemed nobody cared.  I remember when one of my slow paying tenants who was an "exotic dancer" qualified to buy a house for no money down. When that happenned back in 2005, I knew trouble was coming in the mortgage world but unfortunately did not know just how bad it would be.

Sep 08, 2011 10:58 AM #2
James Loftis
Real Estate 911 Inc - West Palm Beach, FL
Real Estate 911 Inc

Interesting post, my wife who is a mortgage broker did a lot of loans with Countrywide in the past.She was very

honest with her clients however.

Sep 08, 2011 11:54 AM #3
Vic Steele
Vic Steele, Broker CA BRE 01349863 - Anaheim Hills, CA

The "wink" likely led to many fraudulent loans from individual lenders across the country doing the boom.  My compliments on standing up to her - in front of her.

Sep 08, 2011 03:39 PM #4
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yep!  Those were the days that any one could get a mortgage and the mortgage brokers would certainly make sure they qualified (on paper anyway).

Sep 09, 2011 12:50 AM #5
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Broker Bryant...mmm Earning Money seemed to motivate Mortgage Momma..Greed, Larceny, Me Me


Sep 12, 2011 04:26 PM #6
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