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Yes she's right. It is up to the L.O. no argument there.
But flash back with me just a couple of years ago...
Big Real Estate Agent: "Just got a hot lead off my last mailer, can you contact this guy and get him pre-approved?"
Typical Loan Officer: "Sure can. I'll get right on it! Oh, and thanks for the referral."
Typical Loan Officer: "I talked to the borrower, pulled his credit, submitted to an AU Engine, and have an online approval. I've attached the pre-approval letter. When can we close?"
Big Real Estate Agent: "Just read your Pre-Approval. Is that all he is qualified for?"
Now here comes the proverbial "split in the road" moment ...
Let's go with the higher road, the ethical loan officer.
Ethical Loan Officer: "Yeah, he's flipping burgers at McD's. He doesn't make much. His income is the only income they have. Nothing in savings. Nothing in Retirement. Oh, and thanks for the referral."
Big Real Estate Agent: "..................................................." (no answer, no return call, no return email, just silence)
Turns out the Big Real Estate Agent had another lender in his/her rolodex, one who perhaps was a little less ethical. They called them next. The LO did the same thing, took a loan app, went stated income, fudged this and that, and got an approval for a loan the borrower had no business being in. They delivered a much higher loan approval than the Ethical L.O. and closed yet another loan.
Many Loan Officers learned to toss their personal ethical judgements and "Make the Deal Happen". Others did not, and yet others fell somewhere in between. To pretend this scenario never happend is living in some idealistic dreamland.
This is a highly stylized and over exaggerated conversation. I don't contend that Lenn was or is in any way like the Big Real Estate Agent. I don't contend that all loan officers were ethical or unethical. But this scenario did happen and it happened more often than not. Matter of fact, it's still happening today.
Just as in the instance recently where Lenn threw out a trick contest baiting loan officers to approve a theoretical borrower situation in which the right answer was to not do the loan, how many real estate agents would have stopped at that answer. How many would have pushed the borrower to someone who answered yes? How many L.O. would have learned from the above pseudo conversation of days past and pushed the approval?
This isn't an attack on Real Estate Agents. I like Lenn, I really enjoy her writing. In this case I just don't see how she can't shoulder some of the blame (not her personally, but her industry).
This post brought to you courtesy of Mike Mueller. Feel free to ReBlog or ReTweet as you like as long as you credit the source (him). Did you know? He's for hire! He builds Blogs, Graphic Images and Widgets and Facebook Pages and besides… He knows lots of really cool stuff.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.