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(Raising My Hand).....I did Originate Subprime Loans With a Purpose!!
This is my 1st blog and what I have chosen to write about is not in response to any other blogs, but just a topic I've chosen to write about. My hopes is that you will take it as my story and not my take of the current housing mortgage market. I come from the subprime sector of origination. I came into this market in 2003, clearly originating subprime loans because of my desire to help others obtain their dreams of homeownership. When I began working for a local mortgage broker, many Account Executives from local banks would come into our office and hold trainings, and teach us about what they could do. Stated income, 100% financing loans, low fico, even as low as 560 was the lowest 100% product non-FHA that I had come to know. Disregarding collections, and accepting non-traditional credit as acceptable became a familiar guideline that many of these Account Executives discussed during these trainings. Soon enough we would get calls from borrowers and realtors saying things like, "I just need this to be done", or "Can you get this done"? So, loan origination for me was all about being able to process and close a loan, ... more

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