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Hauling Manure With My Big Boots On!

By
Mortgage and Lending with Guaranteed Home Mortgage Company, Inc.

Once again, I am on a phone call with a very kind young lady today. She tells me that she had a foreclosure 14 months ago. She had perfect credit out of college with a few student loans and minor debt. She was the first in her family (including all previous generations) to graduate from college. She was the pride of her family and of herself. She said that she was naive and now blames herself for not learning more about the loan that she was given. She said she was a victim of a very good looking, smooth talking predatory lender.

She wouldn't say much more about him and I didn't ask. She said that he put her into a loan that she should have never gotten. She was proud of her new job that had granted her a $50,000 salary plus bonus and her perfect credit. She planned on building her career and then possibly relocating. She had no idea that her mortgage payments could go so high. The last adjustment on her ARM put her at a payment so high that she could not afford to eat or pay for her car.

She had to walk away, she knew that this was never her plan. She started to cry when I asked her where she is living now. She said that she is renting an apartment in an uncomfortable place. I really felt for her then, because when I was young and single, I too rented apartments. Being a young, smart and attractive lady renting an apartment, you feel like open prey to any weirdo, freak, thieve, etc. out there. Beyond that she just was let go of her high salary position.

When I called her today, she initially thought that I was a recruiter that she had recently been speaking to. She was taken back. I was peeling her off of the ceiling. She said she was downsized out of her position in e-commerce and the recruiter was practically laughing at her previous earnings and her new request for salary and benefits. "It's just Detroit, isn't it?", she said. "Yes, it is", I said. What can I say.

So here I am, once again HAULING MANURE WITH MY BIG BOOTS ON!!!  Asking her to let me help her formulate a plan. Give her a road-map to recovery, utilize my years of history cleaning up the mess left behind by hideous, benevolent, idiots. Those that tell Realtors and borrowers everything that they want to hear instead of having the self respect to do the right thing and BE HONEST!!

My mortgage broker experience is that of 3 years. My management and underwriting experience in wholesale lending is 7+. It was my responsibility in the past to cut-off mortgage brokers and loan officers for fraud and RESPA violations. I did it with no remorse. I changed my wholesale branch and killed all disease. We reduced delinquencies by 19% in 12 months, because I would not tolerate brokers and loan officers to get away with the lies.

 The story was always the same, "I promised the Realtor that we would close, so you have to close this loan now", Sorry, wouldn't do it. Backbone my friend. If you are a Loan Officer, learn the changes, go to school, get educated on underwriting. If you are a Realtor, watch out for those that know too much and promise the best of everything! Yes, business is challenging, yet again.... We cannot forget the consequences of those people that rely on us, trust us to protect them in a house that will have a stable roof and safe plumbing and a loan that will not betray them.

It wasn't that hard to do before and it won't be hard to do in the future. We all need to PUT ON OUR BIG BOOTS AND STEP UP!!, (even in the stink of it).