Do you use birth control?

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Before I explain that question, let me ask you this one: "How long have you been in the business?" Ever have someone ask you that? Here's my answer, and it will really make you think!

I was in the business before we had the Equal Credit Opportunity Act (ECOA). ECOA went into law in 1976, and protects against discrimination based on race, color, religion, national origin, sex or marital status, or age.

So, you ask???

Well, when I was first in this business, if I were taking a loan application from a married couple that were of child bearing age and they wanted her income to be taken into consideration, I would have to document their birth control procedures!!ECOA

Yep! That's right! A letter signed by the two of them certifying they did not intend to have children, why, and then explaining their form of birth control would sometimes suffice, but not always! Imagine having to ask THAT question at the face to face loan application (which a face to face was the only kind of loan application we could accept)! Remember, back then maternity leave was not protected by law. Thus, if the wife were to get pregnant, there would be no guarantee that she would get her job back. So job stability could not be established, disallowing the income from being taken into consideration.

And to think today we're all uptight about a new Good Faith Estimate and HUD!

"We've come a long way, baby!" (Do you know what advertisement that line was used in?)

This post is included in the brand new "Financing Friday" group, which we invite you to join.

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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Re-Blogged 9 times:

Re-Blogged By Re-Blogged At
  1. Barbara S. Duncan 01/22/2010 05:37 AM
  2. Trisha P Realty Group 01/22/2010 11:45 AM
  3. Debbie White 01/22/2010 05:34 PM
  4. Joy Carter & Jeff Booker Brother and Sister Team 01/23/2010 12:34 AM
  5. Maureen McCabe 01/23/2010 12:43 AM
  6. Brad Yzermans 01/23/2010 03:25 AM
  7. Joetta Fort 01/23/2010 04:37 AM
  8. Gareth Ellzey 01/23/2010 08:08 AM
  9. Tim Duvall 02/03/2010 03:07 AM
Topic:
Mortgage / Finance
Groups:
Active Rain Newbies
Colorado Springs Neighborhoods
Colorful Colorado
Financing Friday
Keller Williams 'Rainers
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financing fridays
ecoa

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Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Teresa, I did have buyers that did the same thing!

Dagny, the comments have been very interesting, haven't they? Like reading a history book, only better because it's about OUR industry!

Tony, you read my mind.  :)

Dawn, and on the farm, if you dared to wear pants while working, and saw a car coming up the dirt road, you'd scramble to change before the car reached the porch!

Amy, Nope. Can't imagine.

Monique, so true. Very typical to go from one extreme to the other.

 

Jan 24, 2010 07:30 AM #123
Rainmaker
642,706
Dawn A Fabiszak
Private Label Realty ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Fantastic post!  That would be sooo difficult to ask people.  How invasive.  Thank goodness laws have changed.

Jan 24, 2010 08:37 AM #124
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Yes, indeed, Dawn. Can you even imagine??

Jan 24, 2010 02:15 PM #125
Rainer
64,064
Nicole Donaghy
Re/Max Purpose Driven - Lexington, SC
Helping Families Home in Lexington and Columbia

Wow!  That's crazy!  I've never heard of such a thing and can only imagine the offense I would take if asked that question today.  We have come a long way, haven't we?

Jan 25, 2010 04:44 AM #126
Rainer
61,583
Richard Green
U.S. Cybertek, Inc. - Houston, MO

What about the other form of 'birth control'?  I'm talking about not keeping in touch with your past clients which have kids who grow up and need a Realtor to represent them?  Or should we call it business control?  As a former loan officer, I'm grateful I never had to ask that question.

Jan 25, 2010 05:01 AM #127
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Nicole, Yes, crazy. Yes, people were offended. But more importantly, yes, we have in fact come a long way.  :)

Brian, Good comparison between birth and business control! Somethime to think about!

Jan 25, 2010 12:52 PM #128
Rainer
313,988
Nancy Murray
Keller Williams Clients Choice Realty, Colorado Springs, CO - Colorado Springs, CO
Your NICE Real Estate Agent in Colorado Springs

Holy Cow!  Can't imagine discussing that topic with my lender.  Yuck!  Just think if it was a guy!  I guessed Virginia Slims - my mom's cigarette of choice.  We were just dicussing the "good old days" with our 12 year old.  Now you gave me an idea for my own post.

Nancy

Jan 25, 2010 01:03 PM #129
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Yep, Nancy, it was Virginia Slims. I'll be watching for your post!!

Jan 25, 2010 02:29 PM #130
Rainmaker
236,177
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

I didn't know that Ruth!  What an uncomfortable situation to be in!  Well I guess loan officers can be glad they don't have to ask that question any longer!

Jan 27, 2010 10:02 AM #131
Rainer
117,698
Beverly of Bev & Bob Meaux
Keller Williams Suburban Realty - West Orange, NJ
Where Buying & Selling Works

Ok. that's my enlightment, what in the world were they thinking, lesson for the day. Thanks for sharing.

Jan 27, 2010 11:04 AM #133
Rainmaker
97,845
Kathie Burby
Coldwell Banker Mother Lode Real Estate - Sonora, CA
REALTOR, SFR, Tuolumne County Real Estate Guide

Ruth - We have come a long way, indeed! I, too remember the days when an unmarried woman could not qualify for a loan on her own. Seems even more absurd now then it did back then

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan 27, 2010 11:10 AM #134
Rainmaker
97,845
Kathie Burby
Coldwell Banker Mother Lode Real Estate - Sonora, CA
REALTOR, SFR, Tuolumne County Real Estate Guide

Ruth - We have come a long way, indeed! I, too remember the days when an unmarried woman could not qualify for a loan on her own. Seems even more absurd now then it did back then

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jan 27, 2010 11:10 AM #135
Rainmaker
273,670
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

Wow! Was "poke and hope" an accepted method? Times have changed, mostly for the better.

Jan 27, 2010 01:44 PM #136
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Patricia, you are soooo right!

Bev, glad I was able to share with you the lesson for the day!   :)

Absurd is a good word for it, Kathie!

Tigard, "Nope"!

Jan 27, 2010 03:58 PM #137
Rainer
36,550
Kathy Sperl-Bell
Active Adults Realty - Lewes, DE

Imagine my surprise when my Google Alert for my name shows up with the title of this blog - Shows as -

Real Estate Blog - Do you use birth control?
Kathy Sperl-Bell, ABR, CRS, SRES (RE/MAX Realty Group). 9:04pm • #36 ... Lisa Schmitt (Coldwell Banker Honig-Bell). 10:44pm • #45. Outside Blog ...

Guess that proves there's Google Juice in these posts!

BTW, I no longer need bc!

Jan 28, 2010 02:08 AM #138
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Kathy, I have had my comments show up with a Google Alert, too, and it amazes me each and every time. I had this post reblogged several times which is also popping up. Yet, everytime I see the title, it still catches my eye - even though I was the one that wrote it! ha-ha!

Jan 28, 2010 04:03 PM #139
Rainmaker
519,296
RJ Baxter
Fairway Independent Mortgage Corporation - Lakewood, CO
303-670-0137

Ruth-  Absolutely incredible article and nice to read that the tight guidelines that many complain about these days is not a phenomenon of only the past few years!

Feb 01, 2010 09:08 AM #140
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

RJ, time does seem to put things into perspective, doesn't it? Thanks for stopping by!

Feb 01, 2010 02:46 PM #141
Rainer
14,862
Tim Duvall
Area Manager at Guaranteed Rate, Inc - Colorado Springs, CO

Great point Ruth!  Way to look on the bright side and this is a funny way of putting our current woes with the new GFE and HUD into perspective!  For those of us born after 1976, you really have been doing this for awhile!  :)

Feb 03, 2010 03:06 AM #142
Rainmaker
454,955
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com
Watch it, Tim! :)
Feb 03, 2010 03:08 PM #143
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