Account Executive: "You want answers?" 
Underwriter: "I think we are entitled to them!"
Account Executive: "You want answers?"
UW: (YELLING): "I want the truth!"
Account Executive: (YELLING): "You can't handle the truth!!!"
Account Executive: (Continuing): Son, we live in a world that requires loans. And the loans must be brought in by people with elite skills. People who thrive on cold-calling, rejection, and false promises. Who's going to find it? You? You, Mr. Operations? We have a greater responsibility than you can possibly fathom. You scoff at sales divisions and you curse our lucrative incentives, commissions and bonus plans. You have that luxury. You have the luxury of not knowing what we know: that while the cost of business results are excessive, it drives in the loans. And my very existence, while grotesque and incomprehensible to you, drives REVENUE! You don't want to know the truth because deep down in places you don't talk about at staff meetings......you want me on that sales call. You NEED me on that sales call. We use words like discount points, yield spread, fixed rates and purchase agreements. We use these words as the backbone of a life spent negotiating with Lenders and Borrowers. You use them as a punch line!
I have neither the time nor the inclination to explain myself to people who rise and sleep under the very blanket of revenue I provide and then question the manner in which I provide it. I would rather you just say "thank you" and went on your way. Otherwise I suggest you pick up the phone and make a sales call.
Either way, I don't give a **** what you think you are entitled to.
UW: "Did you overstate the income?"
Account Executive: "I did the job I was hired to do."
UW: (YELLING): "Did you overstate the income?"
Account Executive: (YELLING): "You're ***damn right I did!!!!"
(This was taken from a Few Good Men.....)
So many of us talk about fraud, those mortgage programs that might seem to be good to be true (Rules that aim to cut the risks on 'exotic' mortgages!!!!! ), and so many things that could make this joke come true. And Ken Stampe wrote : Pay Option Arms - Suicide in a Mortgage Loan and Brian Brady wrote : But can they afford it?
Here is a good story by Roberta Murphy -- Bad Loan Storm Ripples Now, any thoughts on these blogs???
Now, don't get me wrong, I do all kinds of loans, but where does someone draw the line? Over-step the boundaries? But then again, so many on here criticize that the foreclosure rate is running high and blame lenders and products. What about the behind the scenes picture. NOT knowing if the client just spends and buys. Goes out after the fact and buys two cars with great credit, but now their ratios after buying are now 75%. And if used in the mortgage business, as a 75% DTI, they wouldn't qualify, unless they went stated or no doc. Whose fault is this? The loan defaults, do we blame the lender? I ONLY believe it should be the blame of the lender if they were unscrupulous.
As I have said....this is not real & I didn't make this up. It's a joke that has been traveling the mortgage world for the last 6 months. But it holds some truth to it.
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