Comments on: Countrywide Continues to Try to Calm Nervous Brokers

By: Brian

Brian — Fri, 12 Oct 2007 06:25:55 +0000

I find this email to be very different than the other 2 emails CW sent……

The first two were meant to market the broker and try to solidify broker relationships. Those initial emails were torn apart by brokers on several blogging sites. The tearing apart of the first two emails was rampant and as result those emails gained a ton of unwanted exposure.

This email looks more like a public relations move meant to make CW look like champions of the prudent lending cause. I think they were hoping that a bunch of people would tear it apart which would in turn bring more attention to it.

This attention in turn would make people say “look, Countrywide is trying to do the right thing”. And it would be more powerfull than say an add in the paper because it would appear that it was not meant for public distribution.

This reminds me of when a jerk at a bar talks loudly enough to his friend so that everyone else in the bar can hear it. Acting like he is talking to his friend but he is really trying to comunicate with everyone within hearing distance.

Brilliant idea……. But it did not work.

People just deleted the email, just like they ignore the jerk at the bar.

By: Jeremy

Jeremy — Thu, 04 Oct 2007 01:25:32 +0000

I agree with Paul 100%. If rules like this bother you, then you should not be in the business! If you were doing things they way you should the whole time, then all this form amounts to is a minor inconvenience.

By: Morgan Brown

Morgan Brown — Tue, 02 Oct 2007 00:19:57 +0000

Paul – I think that is really well said.

By: Ann

Ann — Tue, 02 Oct 2007 00:15:34 +0000

This will be interesting..I see that unlike WaMu and Florida Mortgage Broker Association, he is not asking brokers to fully disclose. New guidelines have come down from WaMu and FMBA in regards to stating that as of todays date it is up to the broker to provide proof that all fees(meaning what they are totally making on the loan) are not only disclosed but are also showed to the buyer as a “$$ amount” and not a percentage and that the buyer sign a paper stating that they “fully understand in laymens terms” the loan they are getting and agree to how much compensation the broker is getting…hmmm..wonder why Countrywide doesn’t see this as important as everyone else??

By: Paul Hiller

Paul Hiller — Tue, 02 Oct 2007 00:09:58 +0000

I’m a mortgage broker in Palm Desert, Ca. While I can find plenty not to love about Countrywide, I also think they have been piled on a little unfairly. The letter seems pretty good to me. I don’t feel that the tone of the letter was condecending. We are in a very different market and all of us are fighting for our lives to survive. Waiting for things to get better, or return to normal, whatever that means, could be a long wait. Another letter from WAMU today expressed some of the same themes. They are going further in that they are requiring us to disclose clearly all terms, pre-pays, and YSP on their form up front and send with submission. Also they will be calling borrowers prior to funding to redisclose terms. Perhaps this is all good for our profession. I remember when the public respect of my job was much higher. Going forward we will need to earn that respect.

By: Captain Ned

Captain Ned — Mon, 01 Oct 2007 23:39:26 +0000

Tangelo’s going to abide by the non-traditional guidance doc and force brokers to comply as well?

If so, that would make this state regulator’s life a whole lot easier.