Since day one, I've heard the ramblings, the rumors, the news & the views, that Banks wanted and want to put Mortgage Brokers out of commission (no pun intended). I've alway taken it a bit personally, since it's my livelihood and all. The arguments tend to be the same, that Banks have the control and us little Mortgage Brokers have no stroke. We are simply middlemen who do nothing more than pass along information and extend our arms out with an open hand waiting for a check to grace our awaiting palm. Shoot, if that's the case, I've done this job all wrong for way too long.
Years back, our local paper here in Allentown touted Mortgage Brokers as the next best thing since Cable Television. We were largely responsible for helping to put people in homes who otherwise may not be given that opportunity. More recent articles show a slight slant on that view, as now we are deemed Satan's Spawn, a widely corrupt group of gibrones who took advantage of people for a quick buck or two.
Well, in my assessment, there were plenty of yahoos that were in it for the quick buck and who were as corrupt as Al Capone on his worst day. Seems to me that it is the nature of any Industry that is 'hot' and perceived as potentially lucrative. And those folks are out....for the most part. I've seen it with my own two eyes, heard it with my own two ears, witnessed it in every shape and form. The bad apples aren't all gone, nor will they ever be...in any Industry or in this World in which we live. Yet, they've been weeded out and most of what is left is the very core of individuals who are in this for the very reasons I am, to help and to earn. Yup, to help and earn. I had always dreamed of doing something for a living that entailed me being able to help people while earning enough to live comfortably in Capitalistic America. Before me is that very something and now I hear they want to take it away...
I'm not too conscious about word counts or how long a post is so if this becomes too long, forgive me in advance. For now, I begin a tangent, not of why I was born or why I live...but of why I do what I do for a living.
To be honest, I didn't realize why I am doing this until everything hit the proverbial fan...in Real Estate & our Economy. While it was never a 9-5 job or something to do just to garner a paycheck, I wasn't really in tune of why I chose this, or this....ME.
And then it hit me, like two tons of bricks on my weary skull, I realized why I am a Mortgage Broker and why I am pretty damn proud to be one. I can feed your head with information, with knowledge, with education, with what goes on the 'Inside' even though I'm labeled as being on the 'Outside'. I'm Corporate America's Black Sheep. I'm palm-pressing with the Big Boys as a Representative to the majority who aren't. While I won't fill your mind with 'I represent the common man' jargon, I can say that I represent two things.....Humanity & Compassion. That ain't jargon folks, that's being a human being and pretty much knowing I'm in this with all of you.....I can only use my position to make your travels a tad bit easier in this life. Quite frankly, it makes my travels easier as well. That's my position and I'm sticking to it.
For all the Major Banks & Mortgage Bankers out there in Cyber-Land, I wish you no ill-will. If you truly want to put us out of business in this dog eat dog world, do your thing. I don't get my business from large billboards, 30 second commercials, or pop-ups when you log on to the Internet. My marketing dollars aren't passed on to potential clients. I'm a tad smaller than all that. The loan I closed for Joe does something similar and is less pricey. Joe talked to Sally and Sally came to me. Sally talked to Bill and I closed his loan as well. I'll market cheap and I'll compete. Your existence makes mine stronger. Your competition makes me better. I dare say that mine does the same for all of you. The bottom line to all that, better service and product for those around us. That should, in realistic theory, make all of our lives easier & I will advocate that to my dying day...
Are Mortgage Brokers The Enemy? For the consumer....I dare say, "NO!"
We are simply one of the advocates they need on their side....
Jason... you mean that I shouldn't advertise in my grass skirt with a sign on my back?
Seriously.... the real fact is yes, many brokers got people into homes. Here is my take on that, with so many out there, it's easy to say that there are more brokers out there. My beef is that there are many small ones that when they hire a loan officer, they don't train them. Not saying all... but I know of many broker shops that were so-called sweat shops.... the loan officer was told, just to get the consumer in the door at all cost. Yes, many are gone now, but there are still plenty around.
The bottom line...may you be banker or broker; being honest, having integrity, and getting the job done. My last problem though, and this has to do with brokers doing FHA loans.... they aren't being upfront with the consumer, not telling them that many companies that they sell to are behind in underwriting, some up to 10 to 14 days. That is way too long and the consumer should know this, especially on semi hard to hard deals... and then dropping the ball, this is where brokers get slashed and talked about. And yes, it can happen to bankers also.... anyhoo... just be upfront... right?
PS>. on another note, I just sent you an e-mail and Ashby followed up... let us know.
Well said. What is missing is that the Banks and securities managers and yes, even the investors parlayed the cheap credit for all who would take it. The press and society lumps everyone all together. Their roles were very different. Because the bad brokers that jumped in to sell the easy credit without clearly defining the consequences and the credit poor community responded, we saw the result and crisis. But even the bad brokers would have had no voice to the wanting community had Wall Street's greed not trumped the day and greatly lowered the bench marks of higher standards that they once proudly endorsed.
Jason,
Mortgage brokers like you and your company are an essential ingredient in creating a healthy and thriving real estate market...hang in there, and keep doing what you do best...consumers will come to appreciate you and your product one borrower at a time!!! Thanks, Fran
Hi Jason,
Refferals from past clients speaks volumes about your reputation for putting your clients needs first. Keep it real you can't go wrong! :)
Hi Jason,
Great post. I totally agree with Suzanne. Also Lawyers too have been after MB's and Realtors for God knows how long. Thinking we should not be doing the Job / Jobs that we do. Keep giving and it will come back two fold.
Hi Jason: The enemy is not the mortgage broker or banker. It's the unprofessional, incompetent loan officer who steers their client into a loan the originator doesn't understand himself/herself. Whether it's a bank or a brokerage, it is our job to know our customer and our product so we can put them in the very best loan. The nice thing, in my opinion, these days is most of the bad apples are out. What's left, for the most part, are the winners who want to do right by their clients. Have a great weekend!
Paul
Missy - Absolutely! Referrals are our bread & butter, the lifeblood of our business.
Jeff - "you mean that I shouldn't advertise in my grass skirt with a sign on my back?" Do it, I dare you:-)
William - Well put, as usual. Let's turn this boat around...
Fran - Thanks man! One borrower at a time! Is there any other way?
Audrey - Tell me more about this 'war dance' thing:-)
Bryant - I tend to agree with you, regardless of my bias.
Suzanne - It sure does make it easier, doesn't it?
Patrick - You just had to bring Lawyers into this, didn't you:-) You're right amigo, enjoy your weekend!
Paul - I should hang that comment in front of my desk, that sums it up very well. You have a great weekend as well.
Ahhhh, you almost hear another impassioned commentator from Pennsylvania slipping small metal type into the galley (B.Franklin), rolling out his newspaper and paying a teenage shop boy to distribute his treatise in the market for a penny.
Blogs like these underscore the immense power of the medium, the common man's ability to self-publish and express without an editor screening his work.
A Mortgage Broker goes out on the street and gets those leads while the bank's loan department waits for institutionalized mearketing efforts to bring them in. An outward strategy will always yield the most personal contacts with folks in need of a loan. And that inherent competition is healthy since-- as you point out -- consumer education is the byproduct of your interaction.
Very nicely penned Be ... I mean Jason!
Jason,
It's not your industry...just a few bad apples...just like my industry. If you are giving the consumer the right information and are able to point them in the right direction then you are doing what you were supposed to be doing...there are some in every area of business that only care about themselves...of course we have an interest but the clients come first and I'm sure you are doing the right thing.
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Jeannie - Astutely put. Without 'consumers' there is no 'Industry'. I don't care what you do for a living...we all need to remember that.
Brad - Wow man, that's very high praise! Thank you sir!! If I encounter a strong borrower, I almost always advocate them going to their bank to get a barometer in which to compare what I can do for them. Most times, they end going with me. Sometimes though, the bank is the best option. It all depends...
Matthew - I've been so out of tune on the whole 'PC' thing since Day One, when my eyes peered out into the world in the Summer of 1976. As always, thank you! Now let's start helping Jeff Belonger Market in a grass skirt:-)
Lenza - Ben Franklin huh? From what I know, I love what that guy represented. You're pretty sharp as well. And I'm sure you know that I could use an editor, want to take up the task?
Neal - I think we are of the same mold, which is more good than bad:-)
Miss Clementina Marie Giovannetti - Did you just
poop onspam my post? Your name is almost as long as yourcommentspam. No worries, you won't be deleted. It looks like a glorious open house and I do love pets. You'll receive my essay in a hot minute....:-)Hi Jason,
As Paul is saying, it is not you it is the unprofessional. We Real estate agents are having the same problem large companies and small private ones all the running around for the commission to come...... and etc, it is all the same. Well hang in there.
In my market (Boise) many mortgage brokers have closed shop and gone to work for banks. that fine, I'll still be around generating my own business and loving it! I guess they couldnt make it in this market. I do however, market to bank loan officers for turndowns. I always have a deal or two working that bankers couldn't get done, usually FHA with DPA.
I've been offered jobs at the banks sometimes. I just smile and say "no, but thanks for thinking of me!"
Jason, we LOVE our pets! Let's pack up Sirius and Baxter and you knock out a rockin' essay so we can move to beautiful Ocala!! This is the opportunity we've been waiting for!
I love your writing! Congrats on a well deserved feature!
Maybe your winning Ocala essay will get featured too!
Sharona - You got it! The solution is already amongst us in my view...
Roger - There's lots of shops that have closed around here as well, some much bigger (at one time) than ours. Marketing to Bank LO's is a very good idea on several fronts. It let's them refer a client to you that they can't help and at the same time you aren't a competitor in terms of where they hold their finances (Depositories)...so the bank still has their business.
Lenza - Yup! And I may just write a good enough essay to buy the sucker:-)
Jennifer - I'm with you hun! Baxter is going to love the grounds offered over at Ocala! And Marie is going to get a hefty commission check for advertising for the low, low, price of free on my post! Life is grand:-)
Jennifer Kladny - That it does and this is a career to most of us still involved. A career is something that is built ... one client at a time. Fran Gaspari hit the nail on the head there.
Wonderful and sober.
We are referring to the Banks only when we have a client with impeccable everything (which is quite rare), and then they get their closing costs slashed and pay peanuts for a loan.
In any situation, when there is .... a situation... we refer to mortgage brokers.
I'm still trying to decide if you look like Woodward or Bernstein in that picture...
I know that you guys aren't evil, and oddly it is less expensive than "cutting out the middleman".
Jon - I am neither, but thanks:-)
Seriously though, even the perfect borrower with A+ credit and lots of equity or money down is someone I have given a better deal than the Bank or Mortgage Banker for that matter. And sometimes they give them a better deal. None the less, you are right. If anything outside the norm arises, we are the ones that get it done.
Roland - I'm very glad you asked that question in your last sentence. I'm going to link to a pretty sharp cat named Morgan Brown. Click here for an intertesting Sunday read....
Patricia - Looking at the individual? What a concept! I wholeheartedly agree Patricia. That's how I tend to shop for most things of significant impact myself.
Lane - I'm not sure if that's a shot or a compliment:-) You bring up an interesting point because when I first started I couldn't wrap my brain around us being less expensive than this place or that place. After all, we were so small compared to their humongous corporate being. Then I thought about it, that is one of the reasons in of itself.
Jason,
The enemy is not the mortgage broker, but the lenders who CREATED the programs to begin with! We sold the products they offered and now we are to blame!
I feel bad now for the consumers who rightfully qualify for the loan programs that are now gone! Banks are pulling back on 2nds up to 90%. Some will only go to 65% on a piggyback refi! Banks have almost eliminated the No Doc loans. The only one available in our area is 65% with a FICO score of 700 or better.
Mortgage brokers now need to be licensed in several states, and soon all states. This is GREAT for the industry, but the industry needs to come back with programs that consumers who have great credit deserve to obtain! And the industry needs to come up with programs to save homeowners from foreclosures!
Russ - I'll save the dual-occupation debate for another time. 'Options' are just one of the things that make us appealing and needed among current and prospective homeowners.
Ann - You bring up some interesting points, one of which is those who are now paying for bad loans of the past. I like to see how every loan I ever closed is performing by giving my client a call to see how they are doing. It's a simple & small concept, yet I want to ensure I did right by them and make sure their lives are a bit better because they ran into me. As far as the purse strings loosening up for those who need it and whose history states they deserve it, in due time I'm pretty sure...
Humanity & Compassion - Wonderful way to do business. What is surprising to me is, I'm finding more lenders who are just down right rude to people.
First, here in NYC, many stockborkers came over to the mortgage side...many of these I suspect were boiler room trained....NY should have monitored this..if you lost your securities license you could still become a loan officer..even if you had screwed the bajeezaz out of a retired elderly couple.
Second, those banks that chose to scapegoat/punish brokers do not deserve the future business of brokers. Brokers associations should create a list of these baks, and without characterization publish this list(I say no characterizatio to avoid defamation or libel) and pledge to send more business to banks that still do business with brokers while increasing qulaity standards. If banks like Bank of America decide to do business again after the dust settles, brokers in my opinion would be wise to show them the door and let it hit them on the way out.
Third, the same politicians that citicize brokers may be accepting lobby money from banks.
Fourth:Banks fund the loans and are responsible for detecting more complex elements of fraud while the broker must detect fraud that is prima facie, at first look obvious as fraud. Banks audit programs, qulaity control, computerized fraud alerts, and manual observaion required by undewriters was not enforced.
Fifth, consumers claiming they didn't read the paperwork admit a reckless level of negligence and Fannie Mae will adress soon restrictions for people who didn't read a contract/mortgage that of all contracts was the most important. These consumers are part of the group that is the enemy since 90% of homeowners don't foreclose and walk away from their obligations.
Sixth, those brokers that were deceived by consumers have a higher rate of foreclosed loans and banks should develope a national data base to find these lona officers and mortgage brokers.
Seventh, another part of the enemy are title companies who knowingly ommitted real title issues that baks would have not allowed to go unadressed. Banks are now tracking and doing look backs on mortgage brokers/loan officers who used the same title comonay over and over and have foreclosures and more importantly title issues that upon a new and independent title audit reveal liens that were omitted or other issues that were circumvented by menaingless and fraudulent affidavits signed by unknowing consumers.
Eight, Lazy Legislatures who wined and dined until there waistlines challenged the leather belts that until recently had been unstretched were interrupted in the middle of their desert and forced to save face with the public who began to wonder what had the legisltors been doing to protect the people from tricky lending clearly not meant for homeowners but clearly designed to make securitization of loan portfolios more valuable for sale to and by Wall Street.
As I am no longer residential and strictly commercial these words are stated with a heavy desire for this crisis to be over but reality is that the wind may become to strong and the sails may need to be lowered so the boat does not keel over and more sailors lost to a great ocean whose waves show no mercy.
Sandra - It never pays to be rude...especially if one is looking for long-term care & solutions:-)
Lenza - I wish I could articulate how much I appreciate the way you write and express. I probably can not...so I'll just say that Mr. Sardi looks up to you...
Dave - You and me both man. I love what I do...
Bob & Carolin - They hit me hard, that spammer:-) I tried to be gentle with them and I am damn sure I don't want to delete them. Thank you for stopping by...
Mortgage Brokers are getting beat up right now in the press. The bad apples make it hard for everyone. There are many professional mortgage brokers that I am happy to work with.
Jason, You may like the unsigned comment, but I soon lost interest. Maybe it's because the spell checker is not working!
Jason,
Enjoyed your blog. My dad was a car salesman and a wonderful person who cared about his customers. He was in finance before that. I feel like I'm now, as a loan officer the 'car salesperson" in the public's eyes, but I keep on helping clients make excellent loan choices, gaining new referral partners and hold my head up high because my father taught me to to right and I too love what I do, so keep on keeping on and I hope you're a member of your local Association of Mortgage Brokers to fight the ignorance and even legislative attacks on MB's. I do believe MBs need more education, like the CMPS.
Way to go Jason...A testament to your commitment is needed in these times of turmoil.
Approx 16 years ago I took a trip into the underside of the mortgage brokering world.....I had an office building and leased out the front space to a broker and his crew..What I saw there still leaves me sick...They lived off the deposits, up front fees, last minute charges. I saw and heard the comments and the pure trash talking they indulged in after a client would leave. I was amazed at the callous disregard for the customer and how every available penny was squeezed out ....One day I saw a new trick, the installment payment mortgage fee, where the "bad underwriters" would call a day or two before closing and come up with another amount that had to be paid before closing...The customer would get mad, cry, threaten to sue...but the Wiley crew would play like they were on their side and offer to pay it for them if they would sign a promissory note and make payments......
I sold my interest in the office building, and felt scarred for life after seeing the back room shenanigans these clowns offered up as service. It wasn't until much later when I met decent, caring brokers that I saw another side of the industry, one that you clearly represent. In fact, when I felt a need for more information into the world of financing, I chose to get my own license.....One that I have never used...
What makes me mad at this business is that they are still cranking along, with a non stop advertising budget that seeks out the least qualified and takes their money in fees. I am pleased to have found Active Rain and to "meet" honest professionals that do actually care about their customers. So, Jason while I can attest that many of the bad guys are still in the business, it warms my heart to know that theirs numbers are offset with the likes of you.
Keep on doing a good Job, and you will prosper.....with a c lear conscience to boot!!
Well put Jason, I agree with every word.
Awesome blog Jason.....until I came across this comment.
" Wonderful and sober. " by Jon. Has the blog beat by a mile.
I think the Morgage Brokers ARE the bad guys (it keeps the heat off of the Realtors). :^)
[ and we KNOW the Title Guys are ALL clean ]
Congrats on the feature. nice seeing you Friday.
Glenn - Thank you kind Sir.
Christy - As far as the spammer, no clue. As far as your last sentence, true that!
Wayne - I noticed that as well....
Mary Anne - Sounds like your father raised a pretty bright and ethical daughter.
Thesa - The Spammer's love me!
Mike - Wow! Sounds like your initial introduction was a nightmare or something out of a Oliver Stone flick. Perhaps both. As always, I appreciate the kind words.
Scott - I hear you loud & clear amigo, loud and clear....
John- In this case, that is a good thing. I do await the day though that we can have the kind of debate that puts the Barack/Hillary thing to shame:-)
As a banker and former broker: I understand why banks are shying away from brokers. In my experience there are more bad seeds in broker world than banker world. Why? I don't know, because brokers usually have to pass more State mandated ethics training.
I know a lot of really good brokers who are getting their names dragged thru the mud simply because they broker instead of bank their deals.
Rob - Always a pleasure seeing you man! And you are still a goofball after all these years:-)
Tom - It's always nice to hear the perspective from somebody who has been in both worlds. I hear what you are saying, we certainly live in 'interesting times' in this Profession.
We are in a down cycle. People will be weeded out. Criminals will go to jail. It's all good for the professional!
I am much more efficient this year. In 2006, I was too busy to reflect back on ways to improve. Last Christmas, I came up with some awesome ideas that are really working well. You need to think outside of the box. There are less loans, but there is much less competition.
When I think of the last three or four loans that I closed, I know that most of them just wouldn't have gotten done without me. I truly cannot be replaced! No computer or TV ad can take my business, because a lot of situations are not cookie cutter situations. Borrowers need a smart and experienced consultant to unravel their situation, weigh all the options and steer the borrower to safety.
Wow, Jason, I am very anxious to read your next reply. :)
jc
Randall - I love your attitude and the way you've adapted. Your last sentence speaks volumes and should probably be a vow any Loan Officer/Mortgage Broker/Mortgage Consultant/etc...should adhere too...
Matt - Thank you Sir.
Eleanor - Trust is crucial and streamlines everything. Thank you for your kind words.
Sarah - Very good question and that's probably something that should be asked of all Mortgage Brokers by the very borrowers who are applying for a Mortgage Loan. I know how every loan I've ever made in 7 years performs, as I follow up with clients via email & phone pretty regularly. To answer your question....No.
I can think of two instances where I wasn't comfortable with the borrower taking the loan, one of which I actually told them that very thing. The one instance was a couple who I was helping them refinance out of an adjustable rate into a fixed rate. Unfortunately, they were more than 30 days late with their mortgage several times, to the point that the only product I had was a fixed rate that was 2% lower than the cap rate their adjustable rate could go up too. On paper, they could afford it in the Lender's eyes. However, I knew that the payment was higher than they were comfortable paying. I could of had them hold off, but their situation was one that when coupled with what was going on in the Mortgage Industry, left me advocating that they take that loan or risk not getting out of their adjustable rate at all. In retrospect, I'm not sure if I was right on that one or not. I'd make that loan again though, it saved them from the alternative....which was probably losing their home all together. To date, they are doing well...but not as comfortable as they or I would like.
The second instance was on a couple who purchased a home and it was a loan I made when I first started. I was lucky because I've always had a strong TEAM behind me and a lot of experience on staff to make up for my own shortcomings (lack of knowledge) early on. Long story short, they got denied two days prior to closing and we had to scramble around to place it elsewhere. As borrowers, they probably weren't in a proper position to buy a home (which I should of pointed out from Day One) ... yet we got it done by the settlement date. The terms with the other lender were a higher rate & payment and I told them it would be in their best interest to back-out or at least ask for an extension on the Sales Contract so we could hopefully find a better outlet. They went ahead and signed the paperwork and still own that home, but they won't be referring a deal to yours truly anytime soon. They blamed me and I accept/accepted their backlash.
"I hope you take as much pride in your ability to say no to a client as you do for putting them in a home they can actually afford." Excellent point Sarah.
Yet, yes Sarah...I've made a loan or two that the affordability for the client was questionable. It wasn't an ethical mistake on either account, it was a professional one. I should of done better by both clients.
John - There you have it man...
Consumers view everybody in the industry as people just out to take their money and cheat them. Don't feel alone...
It gets a little tiring trying to reassure everyone we're not out to get them.
Consumers have no idea how Mortgage Brokers work. They want to amke sure they get the best rates and terms.
Joan - Thank you and you are right...last time I checked, I bleed too::-) Until I cure this 'human thing' going on with me, I will try to continue to grow and evolve in my business while maintaining the highest ethical standards.
Gita - Yup, their priority is themselves which is cool because our priority should be and hopefully is....them as well.
In a different group I posted something regarding the oft-made comparison between mortgage brokers and "mortgage bankers." As I tried to imply in that post, I have nothing against either, but, contrary to what lots of folks would have people believe, "mortgage bankers," i.e. the outfits with a warehouse line that fund loans in their own name, aren't the manna from heaven that they're often made out to be. The post is located here:
http://activerain.com/blogsview/436036/Lender-Vs-Broker-What
Like so many on this post have indicated, it's more about the particular person or company than their business model.
Marcos - Thanks man, I agree on the points you mentioned.
Juan - I will definitely check out the article, thanks for giving me the heads up. I tend to agree that it is more about the particular person or company than their business model.