65,000 Lenders and Mortgage Companies

[Mike Kennedy]

AppSystems, having read the responses, the verbiage in the answers leads me to believe that out of "65,000 lenders & mortgage companies" the responses appear to have been from individual mortgage originators versus Corp Bank Lender reps (especially re the HVCC compliance answers). Are you tracking the responder "type"? If so .....is my initial reaction incorrect? Thanks for your efforts.

 

[Stone]

Based on the comments I saw, those weren't lenders. They were Loan officers that work for mortgage brokers.

The whole friggin' world knows what they think...we've all seen Boiler Room by now.

I only saw a survey with 6 questions, is that what everyone else saw? None of the "lender" specific questions were used, telling me that this was probably a poll posted on something along the lines of broker outpost.

At any rate, I appreciate your trying, but even you are missing the point entirely.

What the lending world thinks of us is well documented at this stage...and overwhelmingly misinformed and promulgated by Brokerage owners and managers who ascribe to the "A.B.C." method of salesmanship. Nothing will change until those people are as regulated as we are. Let them spend hours trying to decide what the definition of pressure is. Let them spend hours quibbling over what is brokerage service and what is brokerage practice... and so on and so on. Seems like they have wayyyy too much time on their hands to think of the best way to squeeze all the players involved and use the virtue of other's regulatory statutes against them.

Good post.

 

[Karl]

We can't hire ourselves, until the system is changed where the honest, experienced appraisers are sought out, we don't have a fighting chance to clean up our side. The appraisal problems are just a symptom of the overall disease like Lawrence stated. We don't have the power to clean our profession up, only those who hire us do, they have to be held accountable for the loans they write to the point of desiring honest appraisals. Under the current system it only takes one bad apple to make the entire barrel rotten, and no matter what there always will be at least one as long as that is what is rewarded, even after an appraisal witch hunt. Put the fixes in at the cause and all the rotten apples will be flushed automatically.

Good Response & heading into Mr grants OP How do we sell ourselves & how do we organize ourselves enough to get the attention that is needed to adress the crisis??

Some Ideas:

1st admit to our own guilt. Expose the corruption of our own enforcement systems.

2nd Demand enforcement on ourselves. Before we demand the enforcement of others.

3rd Have a system that the Appraiser is Geo competent & is a unbiased third party.

4th????________________

 

[AppSystems]

AppSystems, having read the responses, the verbiage in the answers leads me to believe that out of "65,000 lenders & mortgage companies" the responses appear to have been from individual mortgage originators versus Corp Bank Lender reps (especially re the HVCC compliance answers). Are you tracking the responder "type" If so .....is my initial reaction incorrect? Thanks for your efforts.

Mr. Kennedy,

Yes we do keep close track in terms of client responses.

I am not 100% clear on your initial reaction.

Thank you all for your feedback.

 

[AppSystems]

YOU MUST click the link before the forum timer redirect runs out to gain access to the results.


http://www.hvcccompliant.com/survey/results.php

For those who can't find the link.