That is the Billion Dollar Question.
In an age of Risk Management and Restrictions…somewhere along the way, the Mortgage Industry has forgotten there are REAL People involved.
While mortgage fraud is a real thing – the number of people committing it are few when compared to the average “Joe” who’s just trying to get a home.
The Lenders, The Mortgage Insurers, and even The Mortgage Brokers…need to stop for a minute and consider something other than their Return on Investment and their Profit Margins. While they will all deny it…it really all comes down to Greed. Common Sense lending went out the window long ago – now its about trimming the fat and getting the “best cut of beef” possible.
There a real people out there that are simply trying to raise a family in a home of their own. They are caring for their sick family members. They are hard working people doing the best they can.
Not everyone has had a semi-charmed life. Not everyone has a University Degree. Not everyone comes from a place of privilege. Some people still get their hands dirty when they work. Some people lack an Investment Portfolio…So What?! They are still people that deserve the opportunity for common sense to take hold.
“Dear Mortgage Industry”…wake the FUCK UP!
Stop casting judgement, rather apply smarter lending guidelines…not more restrictive guidelines. Those who are out there committing Fraud are 2 steps ahead of you…your restrictions are only delaying their actions for the short term.
You want to know what “Smarter Lending Guidelines” look like? Then call me. I will be more than happy to show you where to look. Here’s a hint:
If your head is up your ass…you are looking in the wrong place.
Support us in our fight to make the Mortgage Industry accountable for stupidity. What’s funny is that there are other mortgage professionals who will read this and they will use this blog to throw us under the bus in an attempt to make it look like we are calling them all greedy and soulless…but they are in for a surprise…we’ve already told them!
Also…the point of this blog isn’t so we can “polish a turd”. A turd is still a turd…and at the moment, the Mortgage Industry is a Turd.
Don’t sweat it too much though…we have chosen our lending partners wisely. If we deal with them – you can rest assured that we’ve put them through fire and they are worth their salt.