OK this one got weird. OC here's my take on why Underwriters were to blame.
1. Every time a file got turned down it was because of an underwriter
2. Every time my file was late, it was also because of an underwriter
3. Most of my time was spent wondering what the underwriter would like or not like(then I would have to spend more time hiding the bad things)
4. Never really liked calling my Regional Vice President, underwriters made me do that a lot so we could go over there head.
5. If the checklist didn't say it, than it didn't make sense to them
Damn I dont know how the Letterman writers keep coming up with 10 things.
OK this one got weird. OC here's my take on why Underwriters were to blame.
1. Every time a file got turned down it was because of an underwriter
2. Every time my file was late, it was also because of an underwriter
3. Most of my time was spent wondering what the underwriter would like or not like(then I would have to spend more time hiding the bad things)
4. Never really liked calling my Regional Vice President, underwriters made me do that a lot so we could go over there head.
5. If the checklist didn't say it, than it didn't make sense to them
Damn I dont know how the Letterman writers keep coming up with 10 things.
Gee, you have some bad underwriters. A good Underwriter can kill any loan. A better Underwriter would underwrite the loan.
- no additional conditions after the initial conditions unless the loan was bad to start with.
- use the same wording on conditions so the processor knows what to hunt down.
- if fraud is found, decline the file and NO-ONE should be coming back and questioning the file to make it work.
- if an appraisal was declined due to comps, and underwriters have access to the most recent comps, then LET IT DIE.
- if an appraisal was declined due to comps and the underwriter conditioned for more comps, then get the comps, the right ones were there.
- if the appraisal listed the property as a manufactured home and the underwriter killed the deal, then let it die, the underwriter has access to county records.
TOOOOO many people not underwriters would go to their managers and push for things to get through. Yeah, it made a difficult jobs for underwriters, but now when the Feds and State compliance come back and ask the underwriter what happened; don't expect any uinderwriter to say anything other then what they did, conditioned for, and who overrode their decisions. Its NOW coming back to bite those others in the mortgage industry for what they did wrong. I have no problem witnessing in court for what a Broker did wrong and a homeowner lost their home. Its fair, the Broker looses everything in the end.
OK this one got weird. OC here's my take on why Underwriters were to blame.
1. Every time a file got turned down it was because of an underwriter
2. Every time my file was late, it was also because of an underwriter
3. Most of my time was spent wondering what the underwriter would like or not like(then I would have to spend more time hiding the bad things)
4. Never really liked calling my Regional Vice President, underwriters made me do that a lot so we could go over there head.
5. If the checklist didn't say it, than it didn't make sense to them
Damn I dont know how the Letterman writers keep coming up with 10 things.
There are so many issues, this one may not have come across your desk, but do not try to make a loan work that has bank statements and the underwriter killed the loan. Too many loans with fraudulent bank statements came through. All bank statement loans are being tracked to loan officers, Brokers and Lenders. If you have one with fraud, then your on the list. If the loan goes bad and you know it has manipulated bank statements, expect to be investigated. E&O will probably not cover this issue. Saw those, was delcining at least 12 loans a week. Those that went to the VP and came back around were pulled from the underwriter and given to another underwriter as a new loan. Does not change the fact that they are in the system and a track record exist.
Its a new season in the mortgage industry and fraud is being tracked.
The Neverwas Dyn-o-mite!
Joined: 07 Dec 2007
Posts: 257
Location: Salt Lake City, Utah
blah blah blah.. blame blame blame.. where is all this blame putting food on our tables...
damn were a bitter bunch of people. PROSECUTE THIS !! Everyone had their hand in the cookie jar, now, were out of cookies, and I'm hungry
Blame does not put food on your table, doing the right job the right way keeps the company around for a long time, THAT keeps your job around and keeps food on the table.
IF YOUR HUNGRY AND WERE UNETHICAL: THEN YOU SOWED YOUR OWN FIELD, and inconsiderately had an effect on everyone else. Guess that could make you, yourself, the number one enemy of the homeowner who lost their home, the investor who lost their shirt, the people working for the investor who lost their job, the entire team you worked with because you lost their jobs. You never thought about anyone else when you wanted to make the money, good reason for you to never be in the business again.
Did you really need to send this to me twice? really now. Let me esplain sometin to you lucy... When I say everyone had their hand in the cookie jar, EVERYONE DID, from appraisers, to LO's to MAnagers, to Bankers, to wallstreet investors to YES, Underwriters.
Feel free to personally blame me for all the ills of the industry, Sam might get a little upset though, but, he'll get over it. Me however, I get a little pissy, do your homework, no one accused you personally of doing squat, and I dont recall saying its all the underwriters fault, .... so.. stick that in your little hat, along with your cat,
put that in your woozle, and eat some poohzle..
sheesh.
Meh, he/she sent it to me too... apparently he/she has no clue about me, or he/she would not have set that to me.
Sam I Am C-4
Joined: 09 Oct 2007
Posts: 1343
Location: In the Tank
An engineer, a physicist, and a loan officer were being interviewed for a position as chief executive officer of a large corporation. The engineer was interviewed first, and was asked a long list of questions, ending with "How much is two plus two?" The engineer excused himself, and made a series of measurements and calculations before returning to the board room and announcing, "Four."
The physicist was next interviewed, and was asked the same questions. Again, the last question was, "How much is two plus two?" Before answering the last question, he excused himself, made for the library, and did a great deal of research. After a consultation with the United States Bureau of Standards and many calculations, he also announced, "Four."
The loan officer was interviewed last, and again the final question was, "How much is two plus two?" The loan officer drew all the shades in the room, looked outside to see if anyone was there, checked the telephone for listening devices, and then whispered, "How much do you want it to be?"
Just like Loan officers, etc, branch managers, etc., there were prudent underwriters and "look the other way" underwriters. Then of course those stupid idiotic lax guidelines.
However, what everyone needs to understand is that to be prudent took guts with the type of pressure from clients, managers etc.
Many underwriters would have preferred to be prudent, but were under too much pressure otherwise. Some of them just gave up, the high stress job was bad enough.
only cowards and p*****s blame uw;s when they send in garbage and blame the uw for everything including the holocaust,
sure the uw should do my work for me,
my goodness the uw is human- oh my what a concept-
loan officers complain thats is never their fault
i'm a AE and a good one,
the shear amount of bs and lying i have to deal with is amazing, i am not blindly defendinjg uw's-= they make mistakes- far less then brokers
when they make one- i get it fixed, when the processor sends in stuff without reading the doc first, or the loan officer tells me there are no rent checks cause they are too lazy to call and ask, when we say no white out and you white out anyway, when you tell me you fudged the income, when you dont read a thing that either i or the bank sends out, when you ask for stated 6 months after we end the program, need a nonsensical exception, tell us to waive early term fees cause the borrower is some rich guy with high fico's, tel us the computer uploaded your income wrong when you get declined for dti
, ask for a favor after telling me how bad my bank is, make us jump through hoops cause your borrower took 60 days to get a doc to us,.
send in incomplete 1003's, then pushback anytime the bank asks for something missing or that needs explanation. the owrst offender is the macaroon who sits there and insists to his last dying breath that it wasnt his fault.
i have some really stand up honest brokers, those i go out on a limb for, once youve lied to me and i know it, your toast i can never believe a word you tell me anymore.
i was a loan officer once- when the refo boom hit- all credibility went out the window- it was make money at any cost loan officers coming in and being taught the same, and some ae;s encouraging it.
tryin2survive Dyn-o-mite!
Joined: 03 Aug 2007
Posts: 323
Location: Woodland Hills, CA
An engineer, a physicist, and a loan officer were being interviewed for a position as chief executive officer of a large corporation. The engineer was interviewed first, and was asked a long list of questions, ending with "How much is two plus two?" The engineer excused himself, and made a series of measurements and calculations before returning to the board room and announcing, "Four."
The physicist was next interviewed, and was asked the same questions. Again, the last question was, "How much is two plus two?" Before answering the last question, he excused himself, made for the library, and did a great deal of research. After a consultation with the United States Bureau of Standards and many calculations, he also announced, "Four."
The loan officer was interviewed last, and again the final question was, "How much is two plus two?" The loan officer drew all the shades in the room, looked outside to see if anyone was there, checked the telephone for listening devices, and then whispered, "How much do you want it to be?"
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