In the years of underwriting, I have found a lot of fraud committed by loan officers, real estate agents and so on. I have even experienced funders and closers committing fraud. It does happen a lot. When a loan is in funding, I have seen a funder sign a form that should have been signed by the borrowers in the beginning, but that was to easy to contact the borrower, so she signed their name. I brought this to my supervisors attention many times and it was overlooked by their department. I believe in being honest and my superiors didn't. I honestly believe there are mortgage companies that are out there for the money in the end. Get those loans closed and funded and go on to the next one. Other underwriters have been in the same position as I, seeing it be done in front of them or what ever. Needless to say, we weren't kept around very long because we as underwriters stood up for what we believe in. I don't want any party to fraud. It is called ZERO Tolerance. I felt for a lot of the underwriters involved in voiceing what they had witnessed within the company, as I personnally had not seen it happen. At least until they were relieved of their positions, then I witnessed. What really upsets me, is that it doesn't bother the people that are forging clients names to any type of document. Regardless of what it is, purchase contract, processing documents or loan documents, it is still fraud. Any ways, if anyone has any comments, please let me know. I believe all of us have been there and done that. When you open your mouth on this, you need to start looking for another job. They don't like to keep you when you are honest about things.
Thanks for your thoughts Diane. Good for your husband to turn down such accounts. There is many good people out there to work with and not the ones that cut corners
Yes, Mary, there are a lot of programs out there, but it just seems like it is easier to cut corners than to do what is right.
Thanks for your comments. It is nice knowing that there are people out there like you guys.
Fraud has been countered by Quality Control. My company has a QC department so this avoids all of this fradulent nonsense.
No doc loans are not liar loans. If a client has a high enough FICO to qualify for it he or she is rewarded to qualify for this type of documentation.
Eddy
"When you open your mouth on this, you need to start looking for another job. They don't like to keep you when you are honest about things."
That's a very sad commentary.
I guess that people figure "it's no big deal" when they sign things they know someone else should have signed but I wonder how many would actually like to spend time in jail for something like that? That's how I always felt when I worked a loan and that's how I feel when I write contracts now. There's no one out there I like that much that I'm willing to sit in a jail cell for.
Glad to see you've taken such an interest in posting.
Connie, great post, your nailing this on the head, I am glad to see your here, and telling it like it is.
By the way, no hug yet.
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