I attended a Texas Mortgage Bankers conference yesterday and to say the least the attendees were not jumping for joy at the recent events in our industry and the prospects for the foreseeable future. There was a lot of talk about where we had been and the mistakes that were made. Plenty of banter about returning to basics in the way we approach our business and who we make loans too. One speaker actually told the audience that if we required a borrower to make a down payment we would have a loan that would perform better. Now there is a shocker I wish I had thought of that. He was lucky no one was listening.
My goal is to make this Blog a light hearted place but I have warned you that I will be going off on the mortgage business and those who have tried and will continue to try to ruin it. The gentleman I work for (Bob) warned me not to get so opinionated that I would come off wrong. Bob has had to listen to me plenty and what I like about Bob is that he listens and he is an ethical, honest person. I do heed Bob’s advice as I have been known from time to time to let my mouth overload my brain. Ron White a comedian had a line in one of his bits that I should remember. I think he said, “I realize I have the right to remain silent, I just don’t have the ability”.
If you look at what happened to our business and what will continue to happen it just has everything to do with a loss of ethics and ethical treatment for the customers the mortgage lenders represent. The Predatory Lenders and those who boldly and brazenly create and perfect loan fraud (I call them the Crooks and Thieves) are imbedded in our industry are unfortunately here to stay. They have one thing in mind and that is to fleece as much money out of you as they can and they don’t mind destroying you in the process. They are out there and they are everywhere and they are all disguised as honest folks working in your best interest. There is a story about how someone asked Clyde Barrow (remember Bonnie and Clyde) why he robbed banks? His answer was because that was where the money was. The reason the MORTGAGE crooks and thieves are so successful in robbing so many for so much is because that is where the money is and you know what it is a lot easier than robbing banks or stealing cars.
I ran into my friend Sylvia at the meeting this day past and she said I wish the ethical people could get back to doing loans and the others would go away. Amen Sylvia, me too.
More to come,
Lonny
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1 comment:
Lonny,
I think the topic of your blog is as timely as it is necessary. I know my entry into the world of lending was paved with promises of giant commissions and little but lip service to lending ethics. I run into borrowers every day who are woefully ignorant to the sharks around them.
I will be forwarding your blog to everyone within my Outlook file. Hopefully, all of them will pay it some heed and get their day started off with a nod toward ethical behavior and the rewards that come with it.
Keep it going, I'll be reading!
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