John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,)

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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

More info for those unfamiliar with the story:  https://www.housingwire.com/articles/guild-mortgage-outages-mean-some-wont-be-home-for-christmas/?utm_campaign=Newsletter%20-%20HousingWire%20Daily&utm_source=hs_email&utm_medium=email&utm_content=81117477&_hsenc=p2ANqtz-94Z4Yq6eCj9cih6LeYMTXWCpbsG8VHonxPs4iAdPr1d5C2MHPyEUPp85dT0A0xLehNF2WIMhoL4o_NXBKui-BQAE6uwA&_hsmi=81117477

 

This question wasn't a knock on Guild - I'm curious about 1) the impact, 2) if the cause was what I heard - an issue with an update to their proprietary system technology, and 3) what role IT and tech should play in a mortgage company (ie companies trying to build proprietary tools to stand out and save money VS using tried and true service providers 

Dec 23, 2019 02:04 PM
Rainmaker
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

"...they could not issue CDs." That must have affected 3 people.

I'm more concerned about WAWA's breach. I buy gas there.  That made in China stuff literally leaves the vault doors open.

Then there is DiTechs bankruptcy's and folks still thinking that is a good mortgage choice.

To date, no report of a Guild crossing.

Dec 23, 2019 01:26 PM
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Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

no we were not....

Dec 23, 2019 01:12 PM
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Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE

Wow, what a nightmare! As tempted as some industry professionals might be to bash on Guild, John Meussner brings up an extremely valid point about these "technology companies". The more we all rely on computers to expedite a larger volume of escrows in reduced timelines, the more susceptible we are to computer outages delaying escrows. I just hope Guild "made things right" as much as they could to their clients.

Dec 23, 2019 04:14 PM
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Not that I know of... I suppose if I had been, I would have known.

Dec 23, 2019 01:34 PM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

No

Dec 23, 2019 01:13 PM
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

No problems here John.

Dec 23, 2019 05:23 PM
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

It did not affect anyone I know. But what a tough week for this kind of delay!

Dec 23, 2019 04:45 PM
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

None of my clients were a part of this. 

Dec 23, 2019 02:34 PM
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Nope.

Dec 23, 2019 02:15 PM
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

No

Dec 24, 2019 08:03 PM
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

No. 

Dec 24, 2019 06:59 AM
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Happily I do not use them. That would be horrible for those trying to get into their new home before @christmas

Dec 24, 2019 05:26 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Simply put, no!

Dec 24, 2019 05:14 AM
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Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

I did not hear about the issue so no clients were impacted. However, I have a first time home buyer guru with Guild that I consistently refer people to. I need to have a discussion with him about the issue. I may have missed being affected this time. Don't wat to be caught if it happens again.

Dec 23, 2019 11:45 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

No problems here, but I do understand your concerns about online tech and our finances.

Dec 23, 2019 11:01 PM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Not me or any of my clients but, boy, what a rough week for those Guild clients impacted. It seems this type of breach is happening more and more these days. 

Dec 23, 2019 09:55 PM
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Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Not a problem here.

 

Dec 23, 2019 09:39 PM
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

No impact here

Dec 23, 2019 07:38 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not aware of it.

Dec 23, 2019 06:01 PM
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Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Not that I know of.

Dec 25, 2019 06:17 PM
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Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

No

Dec 25, 2019 03:39 PM
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

No effect for us, John.

Dec 25, 2019 10:20 AM
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

No effect here John Meussner 

Dec 25, 2019 08:28 AM
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John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I wish that I was so busy that I could complain about the problem. Truth...I was not aware of it until I saw your post.

Dec 24, 2019 12:02 PM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I am not familiar with Guild.

 

From the article, they had a critical system failure.  A 3 day turn-around from IBM isn't horrible, especially when you figure there may be some time required to troubleshoot.  Assuming they have an overnight shipping plan for replacement parts, I'd say they did everything as right as could be done (short of having a spare system around, which gets costly).  Sounds like they offloaded work to other servers and had contingency plans on the tech side.  The only upgrade I can suggest, based on the limited data in the article, is to have the system mirrored on a second system so that if one goes down the other can take over.  Load balancing is the typical use for this on web servers, but the concept also works well for disaster recovery when one system crashes.

This wasn't an issue with their software, but more with their hardware.  Even the "tried and true" industry software will be vulnerable to hardware issues and virtualization does not help this issue.

Dec 24, 2019 09:06 AM
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David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Guild is not a major player in my market.

One more reason to use a local lender instead of a behemoth.

Dec 24, 2019 08:07 AM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

No one I know mentioned it at all.

Dec 24, 2019 07:35 AM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

There are other lenders eager to take buisness away from company that has unstable system.

Dec 24, 2019 07:12 AM
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I guess I missed it.

 

Dec 28, 2019 12:27 PM
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Fortuntately, no.

Dec 28, 2019 11:49 AM
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J Perrin Cornell
Century 21 Exclusively, Wenatchee, WA - Wenatchee, WA
Broker, ABR, VAMRES

Heard about it but no effect here. I tend to be oriented to the loan officer over the company. But it does point to something I like to tell new agents. Computers and programs can be very beneficial. BUT they are just tools.... tools you can pick and choose to fit your business. They are not the sum of our business and or service... we are. 

Dec 26, 2019 07:27 AM