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