Play the music to the right as you read this. This is just a straight rant and will not have any links or advertisement to it. It is raw. If I offend anyone, I am sorry.
Ok, let me start by saying this. I am fuming mad at people in this business and I have to get something off my chest. Over the last week to week and a half, I have been dealing with people that are stuck in yesterday. I feel for you and I too wish that maybe we had kept our noses a little more clean then and maybe things might be a little better today. With that said, it ain't. The mortgage and Real Estate world is in a turmoil because people like you that want to charge a 580 customer 5 points and stick them back into an adjustable rate mortgage are still out there. Now understand this, I am in this business to make money, but it is not worth it to rake my customers over the coals and rape them with a "blowing your nose" fee. Let's get real here. If that was your parents, you would rip through that loan officers GFE and make him feel 2 inches tall. WAKE UP!!!!!
And it is not ending there. I have seen title companies, appraisers, brokers, Real Estate companies, and inspectors all in cahoots to get a deal strong armed through a loan officer when they know that if a Real Estate attorney looked at the deal, it would have potential law suit all over it. It is scary what I am still seeing and it is time to forget what we could get by with in 2005 and live in 2008. Time is now and time is upon us to clean up our act. I have to ask, is that deal worth the time in prison? Not to me.
17 Comments on It's so hard to say goodbye to yesterday.
JUN
03
2008
Danny.... just one thing.... you are wrong about those that would rip through a GFE if it was a family member. I worked with a woman that even charged her family members and relatives large points and fees. I saw her charge an uncle a $1,000 application fee and a $800 commitment fee, plus high points and a high rate.
In all honesty, I don't bother with it anymore... or get upset. We can't change those people....they are people that just don't care. Hopefully many will fall out as time goes on. And another honesty comment... I am loving the market now, with less programs out there... it's harder to consumer or sucker a client now.... anyone that is average or below.... they only really fit 1 to 2 basic full doc programs.... the competition has tightened in regards to that and I love it... that alone should knock some more out of this business.
Ranting is good, but I just don't get upset about this stuff anymore... and why make this members only? Why not let the public see this and read about it... I would.
I concur with Jeff's comment above about the tightening of restrictions helping those unethical salespeople (that is what they are after all...they'd as quickly switch to selling vacuums it they thought they could make huge profits at it) out the door. It is disappointing that the salespeople you speak of and the person in Jeff's example would treat someone, even family members, that shabbily. I do understand that this type of behavior can be disheartening, but know that these people will be off to open puppy farms soon as that is the type of ethics they seem to share! It is sad and frustrating to those of us who are professionals that we constantly have to rebuke the image these scoundrels perpetuate.
Danny: Integrity is something you either have, or you don't. If you break it even once, by sticking it to someone, you will never be the same again. What goes around... eventually comes around. Somewhere, sometime, somehow.
Danny, it's hard to watch. It really is. Don't let it change YOU. It exists in every profession and in every walk of life. Be YOU, be your best. You will change the world yourself, one loan at a time. You will change each clients world, one close at a time.
Danny - I have to say I've been lucky enough to be "sheltered" from this. I was actually shocked when all of this mess was blamed on mortgage brokers. I have been with my mom, obviously forever (for me) and she's been in real estate for 30 + years. She has a loan partner, Patt Scott, who I would never question. I am now, truly, thankful to have been in the company of ethical folks all along. I've heard Terrylynn say, this is not the time to sell. I have heard Patt Scott say, this is not the time for YOU to buy. It's amazing how different it is outside my little bubble. For me these are real people who care about their clients. It sucks there are those who don't have that experience.
Chris
Danny... I see that.... it was just my opinion. Hence why I write to the consumer... if I am venting in this fashion, I think they need to know about it... to read about it... and to understand some of it... thanks
Danny, I have to agree with you. I think it is wrong of those who do overcharge someone, I have seen it for a long time. I have watched loan officers just take junks out of people and shake my head. But I never complain about them..why? Because I know I am different, I know I will never be like them. It is one thing to make a living from what you do and helping others, but it is another when your just going for all you can, and those type are not out to help the customer, only themselves and eventually their true colors will shine through and it will come back to haunt them someday.
I agree with Jeff, it is not worth getting upset over and wasting your good energy on people that we can't change. They will get theirs someday and in the end you will shine through. I also think all consumers should be aware of what is reasonable and what is not, so I am glad you made this public. Again, Danny, if I had a hat, I'd take it off!
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Danny.... just one thing.... you are wrong about those that would rip through a GFE if it was a family member. I worked with a woman that even charged her family members and relatives large points and fees. I saw her charge an uncle a $1,000 application fee and a $800 commitment fee, plus high points and a high rate.
In all honesty, I don't bother with it anymore... or get upset. We can't change those people....they are people that just don't care. Hopefully many will fall out as time goes on. And another honesty comment... I am loving the market now, with less programs out there... it's harder to consumer or sucker a client now.... anyone that is average or below.... they only really fit 1 to 2 basic full doc programs.... the competition has tightened in regards to that and I love it... that alone should knock some more out of this business.
Ranting is good, but I just don't get upset about this stuff anymore... and why make this members only? Why not let the public see this and read about it... I would.