Mortgage Fraud Up Despite Flagging Application Volume

MortgageDrummer at 05:52 2008-12-03 said:

NO! How can that be? There is no stated, ninja, w-2 stated, option armegedon, or any of the other funky loans! NO! How can that be? Oh, Ok I know. . . it's the net branching going on over at FHA! No one is supervising these net branches. . .you have the used car salesman that got in when it was good. . now going net branch. . . and "OH NO"! You mean they are still in our industry, , and "OH NO"! still unsupervised. . I'm so tired of hearing "THE BROKER DID IT" . . . did you know (or anyone reading this that is not in our industry) that there are allot of large "BROKER SWEAT SHOPS" out there still and they employ a large amount of LO'S some offices 200+ people?? Well now net branch. . . the manager is in another state!!! Now, , what would happen if these guys couldn't get that huge YSP on the backs of the tax payers , , I mean on the back of these FHA loans it might have these guys that got in when it was good. . to now go back to doing what they were doing and let the seasoned brokers (small shops) get back to lending across our desk!! size=18][/size]REMEMBER YOU CAN'T TEACH ETHICS! Permalink