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It’s been a while since I’ve had a “Why I hate my industry” but here’s one that may become my #1, all-time “WIHMI” king. Let me recount the story for you all.
Recently, driving home from work on the 5 freeway in South Orange County I was passed by a large blue pick up truck, with big wheels, a lift kit, custom exhaust, etc., and as they blazed by me I noticed their personalized California license plate: “MAX FEES”. Seeing as one of the favorite refrains of “top producing” loan officers echoing around the bars of Orange County over the last few years has been the term “MAX FEES”; I’m going to guess that this person is in the mortgage industry. Even if they are not they are an embarrassment to any industry. To flaunt arrogance (or is it stupidity) with a personalized license plate that champions taking advantage of people borders on the absurd.
But, I’m going to bet that this person is in the industry; and if they are, they are a terrible human being. They have reached a level of depravity that is nearly unthinkable. To the owner of that truck - are you proud of the fact that you rip people off for a living? Are you so proud of your ability to lie and to pressure a family in to signing for a toxic loan while wiping out their home equity that you go and order a CUSTOM LICENSE PLATE COMMEMORATING YOUR ACHIEVEMENT? I mean, seriously - what is wrong upstairs? What made you think that getting a license plate that says MAX FEES on it was a good idea?
It’s not a mark of pride - it’s a mark of shame. It’s a scarlet letter - that license plate is the physical manifestation of the wrong that has been perpetrated on the American public by people in the mortgage industry. It is the definition of all that I hate in the mortgage industry. Whoever is driving around with that license plate, MAX FEES, can’t call themselves a professional; unless they consider themselves a professional rip-off artist. What a joke.
Seeing that car on the freeway made me furious that there is someone in the mortgage industry that can so brazenly show-off their thievery; it made me sick to my stomach.
If there is one reason why I started Blown Mortgage it is to diffuse the power of those who choose to use their position for harm instead of for benefit. MAX FEES if you are still working in the mortgage industry your time is coming; if you’re not good riddance - I hope karma kicks your ass.
Hi Morgan,
I meet people like Max Fees every day.
They’re loan originators who have be surrounded by a culture that promotes, encourages, and rewards the behavior he or she is flaunting. (I can’t imagine that truck being driven by a woman, but I suppose all things are possible.)
In the mortgage ethics class I teach, Max Fees says something like this:
“It’s the consumer’s responsibility to figure out for himself if he’s being ripped off. I gave him all the disclosure statements. If he chooses not to read them, what am I suppose to do? He’s an adult.”
The current relationship between an LO and a consumer is a retail relationship. Max Fees is the result of his environment. He’s been raised to value money.
I’m not saying that LOs who place a high value on “consumer respect” don’t make any money. I do believe that both can co-exist.
I do believe that LOs like Max Fees are capable of growing morally. But like Aristotle taught us, first MF neeeds a good environment.
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