I do feel that you perhaps under estimate how difficult it is to have a realtor or client say that if you wont offer them the loan someone else will. Thats real pressure…its not BS.

I feel that if FNMA or another lender approves the loan then we have an obligation to present that approval to the customer. I am not certain that we have the authority or right to choose who gets loans that are available in the marketplace. We should not take on that responsibility.

We so have an obligation to consult with them. However unless there is a conforming consultation process that every loan officer must use then we may be handing our clients over to our competition.

I am a 100% referral driven broker. I have not lost the trust of my clients because we have always treated the customer the way we would want to be treated. Yes it cost more money and more labor but the result is steady business in trusting relationships. We werent one of those companies making money hand over fist during the last few refi booms. But in the long run we will make a lot more money.

http://www.pe.com/reports/2007/wealth/

Victims’ Website:

http://www.coreclient.110mb.com/

The perpetrators of this crime are still operating…are still writing loans and stealing money from victims. Check out the named businesses carefully.

Have you heard of any of these guys or done business with any of them??

What is concerning to me after spending much time researching now what I should have done then….is that these people CONTINUE to manage to operate…they still have plenty of connections in the industry to open the doors for the thievery of the goods.

This story broke almost a year ago…and yet there is no telling how many more people they have roped into refi’ing their properties to feed the PONZI scheme.

I just wanted some of the pros here to get a look at the names/alias’/and businesses to see if anyone has ever come into contact with these people.

The one that we know is still operating is named Cindi Kelly out of Ocean Ridge Equity in the San Diego area. The head mastermind, James Duncan, opened this facility for her AFTER she and her entire crew were canned from Nationstar for her insider funny business.

I have sold loans to people who had no business taking them. BUT, they were aware of the risks, understood all of their alternatives and made the choice from a fully informed position.

In these (admittedly rare) instances, the lenders wanted to make the loans, the borrower wanted the loan and I did get paid. But this was a case of informed, consenting adults (all 3 parties) making a decision they felt was in their best interests.

Sadly, most LO’s choose not to inform and guide when it might cost them a commission.

Sometimes that means full transparency and other times not, depends on the client.

There will always be a need for mortgage brokers just like some travel agents survived that industries’ disintermediation. That said I hope you see the “problem” with transparency.

Three cheers for you! You’ve said exactly the way that I try to run my business. Maybe that’s part of the reason that my business is up 25% this year compared to last year!

Keep it up!

Tom