Sorry folks, but there is enough blame to go around the room...twice!!

Very good points Shannon. It is my opinion that no mortgage banking firm, lending institution, etc. should be allowed to utilize their own inhouse notaries to close their loans. It is a conflict of interest that needs to be recognized and corrected in CA.

Furthermore, real estate agents should ethically tell their clients that it is their right to choose their own notary or contractor. Full disclosure of their rights is in order.

Is is not the loan signers responsibility to explain the financial ramifications of a loan.

My humble opinion.

Very good points Shannon. It is my opinion that no mortgage banking firm, lending institution, etc. should be allowed to utilize their own inhouse notaries to close their loans. It is a conflict of interest that needs to be recognized and corrected in CA.

Furthermore, real estate agents should ethically tell their clients that it is their right to choose their own notary or contractor. Full disclosure of their rights is in order.

Is is not the loan signers responsibility to explain the financial ramifications of a loan.

My humble opinion.

Very good points Shannon. It is my opinion that no mortgage banking firm, lending institution, etc. should be allowed to utilize their own inhouse notaries to close their loans. It is a conflict of interest that needs to be recognized and corrected in CA.

Furthermore, real estate agents should ethically tell their clients that it is their right to choose their own notary or contractor. Full disclosure of their rights is in order.

Is is not the loan signers responsibility to explain the financial ramifications of a loan.

My humble opinion.

Well put Shannon. I have been telling everyone that asks me the same thing - as a mortgage broker I will shoulder the responsiblity that my colleagues and I should bear, which is not insignificant as there were many of us who pushed loans and clients that had no business getting the mortgage they got. However, there's more than enough blame to go around and anyone in the industry who thinks they bear no responsibility as an industry is fooling themselves... Yes, even notaries.

Shannon,

I agree with you 100%. So disappointed that most everyone sees it this way besides some Realtors.  There is no way we can ever move forward unless people are willing to accept responsibility for their actions.

Since I started investigating mortgage and real estate fraud, and yes, we've been swamped, I have to agree everyone had their hand in the cookie jar!  If you would like to learn more check us out on the web at www.mfi-miami.com

Finally!  A voice of honesty in this industry.  Thank you, Shannon.

That's why I only take loan work from LOs I know to be 100% honest.  I only do Mortgage Accelerator Helocs and HUD-backed Reverse Mortgages.  Mostly I do non-loan work.

I missed a lot of work during the heydays because I refused to work with companies who lied or colluded with liars.  Many companies blacklisted me.  But I knew I couldn't face the mirror if I colluded.  I refused work involving  Ameriquest, Argent, HFC, BFC, and many other predatory lenders.  But I sleep at night and don't worry about being named in lawsuits.

Luckily, my area has few foreclosures.  I think it is due to the majority of people here banking at credit unions.  The CUs here don't lie to their customer/members.  And the CUs have very strong portfolios, unlike the big banks and lenders.  I would be scared to put my liquid savings anywhere but a CU or locally-owned bank these days.

Funds insured by FDIC are covered up to $100K.  But I am skeptical about how long the government would take to issue funds.  I assume it would several months.  That delay could put many seniors out in the street if they use their savings to supplement their social security checks just to make ends meet.